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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Cash flows from operating activities:    
Net income $ 20,965 $ 5,031
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization (including a below-market ground lease) 23,444 17,093
Amortization of deferred financing costs 1,678 1,649
Write-off of deferred financing costs 326 1,208
Amortization of stock-based compensation 1,207 1,095
Straight-line rental income (78) 0
Noncash interest income (587) (697)
Change in operating assets and liabilities:    
Accounts receivable (3,246) (2,945)
Accounts receivable due from related party 0 2,275
Prepaid expenses and other assets 3 (90)
Accounts payable and accrued liabilities 5,801 4,416
Net cash provided by operating activities 49,513 29,035
Cash flows from investing activities:    
Acquisitions of real estate (185,284) (231,501)
Improvements to real estate (258) (143)
Purchases of equipment, furniture and fixtures (139) (256)
Preferred equity investments (4,531) 0
Escrow deposit for acquisition of real estate (1,000) 0
Net proceeds from sale of vacant land 0 30
Net cash used in investing activities (191,212) (231,870)
Cash flows from financing activities:    
Proceeds from the issuance of common stock, net 108,395 163,466
Proceeds from the issuance of senior unsecured term loan 100,000 0
Borrowings under unsecured revolving credit facility 150,000 45,000
Payments on unsecured revolving credit facility (92,000) 0
Borrowings under senior secured revolving credit facility 0 35,000
Repayments of borrowings under senior secured revolving credit facility 0 (35,000)
Payments on the mortgage notes payable (95,022) (2,509)
Payments of deferred financing costs (1,352) (2,113)
Net-settle adjustment on restricted stock (515) (145)
Dividends paid on common stock (27,396) (14,086)
Net cash provided by financing activities 142,110 189,613
Net increase (decrease) in cash and cash equivalents 411 (13,222)
Cash and cash equivalents beginning of period 11,467 25,320
Cash and cash equivalents end of period 11,878 12,098
Supplemental disclosures of cash flow information:    
Interest paid 12,173 12,338
Supplemental schedule of noncash investing and financing activities:    
Increase in dividends payable 2,169 3,758
Increase in offering costs payable 0 503
Application of escrow deposit to acquisition of real estate $ 1,250 $ 500