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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Cash Flows from Operating Activities:      
Net income $ 261,183,000 $ 3,310,000 $ 1,374,000
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 141,102,000 158,847,000 164,289,000
Impairment charges on real estate 8,706,000 0 0
Equity in loss (income) of unconsolidated entities 1,443,000 (2,088,000) 1,000
Deferred rents (6,224,000) (9,063,000) (12,402,000)
Loss due to property damage 0 0 8,401,000
Bad debt expense 0 1,230,000 1,863,000
Amortization of above- and below-market leases, net (3,515,000) (5,350,000) (6,710,000)
Amortization of deferred financing costs 5,385,000 6,356,000 4,952,000
Loss from extinguishment of debt 2,229,000 225,000 766,000
Unrealized losses (gains) on derivative instruments 35,664,000 (11,192,000) (10,509,000)
Gain on sale of real estate (327,211,000) (11,942,000) 0
Changes in operating assets and liabilities:      
Rents and other receivables (10,600,000) (11,230,000) (5,220,000)
Prepaid expenses and other assets (32,947,000) (21,476,000) (25,126,000)
Accounts payable and accrued liabilities (933,000) 1,236,000 5,373,000
Other liabilities (7,114,000) 1,154,000 (2,731,000)
Due to affiliates 3,460,000 910,000 118,000
Net cash provided by operating activities 70,628,000 100,927,000 124,439,000
Cash Flows from Investing Activities:      
Improvements to real estate (79,931,000) (88,721,000) (81,949,000)
Proceeds from sale of real estate, net 931,489,000 41,649,000 0
Proceeds from the sale of equity securities 16,186,000 0 0
Payments for construction in progress (21,706,000) (34,229,000) (45,734,000)
Investment in an unconsolidated entity 0 (426,000) (33,708,000)
Payments of post-closing acquisition costs 1,014,000 0 0
Purchase of joint venture partner's equity interest 0 (28,268,000) 0
Escrow deposits for tenant improvements 972,000 1,111,000 (2,084,000)
Insurance proceeds received for property damage 867,000 4,629,000 0
Net cash provided by (used in) investing activities 846,863,000 (104,255,000) (163,475,000)
Cash Flows from Financing Activities:      
Proceeds from notes payable 377,589,000 507,909,000 942,184,000
Principal payments on notes payable (1,107,369,000) (335,243,000) (778,670,000)
Payments of deferred financing costs (2,609,000) (3,243,000) (11,206,000)
Payments to redeem common stock (100,996,000) (96,064,000) (61,871,000)
Payments of prepaid other offering costs (264,000) 0 0
Payments of other offering costs (16,000) (15,000) (12,000)
Distributions paid to common stockholders (110,592,000) (59,464,000) (57,971,000)
Net cash (used in) provided by financing activities (944,257,000) 13,880,000 32,454,000
Net (decrease) increase in cash, cash equivalents and restricted cash (26,766,000) 10,552,000 (6,582,000)
Cash, cash equivalents and restricted cash, beginning of period 76,038,000 65,486,000 72,068,000
Cash, cash equivalents and restricted cash, end of period 49,272,000 76,038,000 65,486,000
Supplemental Disclosure of Cash Flow Information:      
Interest paid, net of capitalized interest of $1,711, $2,832 and $2,433 for the years ended December 31, 2019, 2018 and 2017, respectively 75,471,000 76,107,000 58,472,000
Supplemental Disclosure of Noncash Investing and Financing Activities:      
Equity securities received in connection with the portfolio sale 271,000,000 0 0
Distributions payable 9,392,000 9,801,000 9,982,000
Distributions paid to common stockholders through common stock issuances pursuant to the dividend reinvestment plan 51,704,000 56,136,000 59,785,000
Redeemable common stock payable 0 31,647,000 18,869,000
Accrued improvements to real estate 26,310,000 17,426,000 24,731,000
Construction in progress payable 2,144,000 5,148,000 4,360,000
Acquisition fee related to construction in progress due to affiliate 1,133,000 916,000 566,000
Acquisition fee on unconsolidated joint venture due to affiliate 0 0 290,000
Real estate consolidated in connection with joint venture purchase 0 132,100,000 0
Note payable assumed in connection with joint venture purchase 0 66,570,000 0
Liabilities assumed in connection with joint venture purchase $ 0 $ 3,173,000 $ 0