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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Cash flows from operating activities:    
Net income $ 10,281 $ 5,502
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization (including a below-market ground lease) 9,080 7,293
Amortization of deferred financing costs 561 556
Write-off of deferred financing costs 0 326
Amortization of stock-based compensation 536 431
Straight-line rental income (72) 0
Noncash interest income (155) (254)
Change in operating assets and liabilities:    
Accounts and other receivables (1,964) 115
Prepaid expenses and other assets 13 12
Accounts payable and accrued liabilities 1,886 1,013
Net cash provided by operating activities 20,166 14,994
Cash flows from investing activities:    
Acquisitions of real estate (54,568) (68,000)
Improvements to real estate (89) (27)
Purchases of equipment, furniture and fixtures (117) (17)
Escrow deposit for acquisition of real estate (700) (15,730)
Net cash used in investing activities (55,474) (83,774)
Cash flows from financing activities:    
Proceeds from the issuance of common stock, net 108,166 106,026
Proceeds from the issuance of senior unsecured term loan 0 100,000
Borrowings under unsecured revolving credit facility 45,000 52,000
Payments on unsecured revolving credit facility (113,000) (92,000)
Payments on the mortgage notes payable 0 (95,022)
Payments of deferred financing costs 0 (1,324)
Dividends paid on common stock (11,075) (7,704)
Net cash provided by financing activities 29,091 61,976
Net decrease in cash and cash equivalents (6,217) (6,804)
Cash and cash equivalents beginning of period 7,500 11,467
Cash and cash equivalents end of period 1,283 4,663
Supplemental disclosures of cash flow information:    
Interest paid 1,513 2,103
Supplemental schedule of noncash investing and financing activities:    
Increase in dividends payable 2,347 2,141
Increase in offering costs payable 44 291
Application of escrow deposit to acquisition of real estate $ 700 $ 1,250