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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Cash flows from operating activities:    
Net income $ 12,311 $ 13,133
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization (including a below-market ground lease) 18,419 15,191
Amortization of deferred financing costs 1,131 1,117
Loss on extinguishment of debt 11,883 326
Amortization of stock-based compensation 1,136 868
Straight-line rental income (115) 0
Non-cash interest income (320) (515)
Interest income distribution from other real estate investment 1,500 0
Impairment of real estate investment 890 0
Change in operating assets and liabilities:    
Accounts and other receivables (3,414) (1,743)
Prepaid expenses and other assets (311) (291)
Accounts payable and accrued liabilities 1,791 27
Net cash provided by operating activities 44,901 28,113
Cash flows from investing activities:    
Acquisitions of real estate (96,641) (144,149)
Improvements to real estate (598) (170)
Purchases of equipment, furniture and fixtures (233) (89)
Sale of other real estate investment 7,500 0
Escrow deposit for acquisitions of real estate (4,335) 0
Net cash used in investing activities (94,307) (144,408)
Cash flows from financing activities:    
Proceeds from the issuance of common stock, net 170,485 105,889
Proceeds from the issuance of senior unsecured notes payable 300,000 0
Proceeds from the issuance of senior unsecured term loan 0 100,000
Borrowings under unsecured revolving credit facility 63,000 115,000
Payments on senior unsecured notes payable (267,639) 0
Payments on unsecured revolving credit facility (158,000) (92,000)
Payments on the mortgage notes payable 0 (95,022)
Payments of deferred financing costs (5,511) (1,332)
Net-settle adjustment on restricted stock (866) (515)
Dividends paid on common stock (24,497) (17,548)
Net cash provided by financing activities 76,972 114,472
Net increase (decrease) in cash and cash equivalents 27,566 (1,823)
Cash and cash equivalents beginning of period 7,500 11,467
Cash and cash equivalents end of period 35,066 9,644
Supplemental disclosures of cash flow information:    
Interest paid 10,585 10,791
Supplemental schedule of noncash investing and financing activities:    
Increase in dividends payable 2,973 2,143
Increase in deferred financing costs payable 525 0
Increase in offering costs payable 50 218
Application of escrow deposit to acquisition of real estate $ 700 $ 1,250