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CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Cash flows - operating activities    
Net income $ 34,081 $ 109,085
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation and amortization 10,829 10,288
Gain on disposal of land, building, and equipment (3,291) 0
Amortization of financing costs 813 796
Stock-based compensation expense 1,198 742
Deferred income taxes (39) (80,675)
Changes in assets and liabilities:    
Derivative assets 62 436
Deferred rental asset (4,795) (5,191)
Deferred rental revenue 254 (74)
Other assets and liabilities 122 (2,138)
Net cash provided by operating activities 39,234 33,269
Cash flows - investing activities    
Purchases of fixed assets (64,013) (24)
Net proceeds from sale of fixed assets 5,001 0
Advance deposits on acquisition of operating real estate (122) 0
Cash used in investing activities (59,134) (24)
Cash flows - financing activities    
Net proceeds from equity issuance 28,871 0
Proceeds from issuance of senior notes 125,000 0
Payment of deferred financing costs (1,690) 0
Proceeds from revolving credit facility 36,000 0
Payment of dividend to shareholders (29,054) (92,586)
Distribution to non-controlling interests (249) 0
Redemption of non-controlling interests (988) 0
Repayment of debt assumed in purchase of real estate investments (2,305) 0
Repayment of revolving credit facility (81,000) 0
Net cash provided by (used in) financing activities 74,585 (92,586)
Net increase (decrease) in cash and cash equivalents 54,685 (59,341)
Cash and cash equivalents, beginning of period 26,643 98,073
Cash and cash equivalents, end of period 81,328 38,732
Supplemental disclosures:    
Dividends declared but not paid 14,820 14,509
Interest paid 7,724 6,556
Taxes paid 333 2,295
Non-cash investing and financing activities:    
Repayment of debt assumed in purchase of real estate investments 2,305  
Change in fair value of derivative instruments 793 0
Operating partnership units issued in exchange for real estate investments $ 3,608 $ 0