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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Cash flows from operating activities:    
Net income $ 23,622 $ 20,965
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization (including a below-market ground lease) 28,168 23,444
Amortization of deferred financing costs 1,615 1,678
Loss on extinguishment of debt 11,883 326
Amortization of stock-based compensation 1,792 1,207
Straight-line rental income (117) (78)
Non-cash interest income (496) (587)
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 (6,948) (3,246)
Prepaid expenses and other assets (182) 3
Accounts payable and accrued liabilities 5,206 5,801
Net cash provided by operating activities 66,933 49,513
Cash flows from investing activities:    
Acquisitions of real estate (222,463) (185,284)
Improvements to real estate (621) (258)
Purchases of equipment, furniture and fixtures (359) (139)
Preferred equity investments 0 (4,531)
Sale of other real estate investment 7,500 0
Escrow deposits for acquisition of real estate (1,000) (1,000)
Net cash used in investing activities (216,943) (191,212)
Cash flows from financing activities:    
Proceeds from the issuance of common stock, net 170,414 108,395
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 158,000 150,000
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 (6,047) (1,352)
Net-settle adjustment on restricted stock (866) (515)
Dividends paid on common stock (38,544) (27,396)
Net cash provided by financing activities 157,318 142,110
Net increase in cash and cash equivalents 7,308 411
Cash and cash equivalents, beginning of period 7,500 11,467
Cash and cash equivalents, end of period 14,808 11,878
Supplemental disclosures of cash flow information:    
Interest paid 19,349 12,173
Supplemental schedule of noncash operating, investing and financing activities:    
Increase in dividends payable 2,971 2,169
Application of escrow deposit to acquisition of real estate $ 700 $ 1,250