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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
OPERATING ACTIVITIES      
Net income $ 29,925 $ 42,755 $ 31,183
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation of buildings and tenant improvements 25,974 23,453 18,678
Amortization of leasing costs and in-place lease intangibles 11,347 11,875 4,475
Accrued straight-line rental revenue (1,222) (1,091) (1,924)
Amortization of leasing incentives and above or below-market rents (195) (85) 738
Accrued straight-line ground rent expense 530 371 290
Bad debt expense 564 203 131
Noncash stock compensation 1,323 1,082 931
Impairment charges 110 355 41
Noncash interest expense 1,274 980 1,006
Noncash loss on extinguishment of debt 50 82 512
Gain on real estate dispositions (8,087) (30,533) (18,394)
Change in the fair value of interest rate derivatives (1,127) 941 229
Changes in operating assets and liabilities:      
Property assets (2,415) (2,964) (2,283)
Property liabilities 2,504 3,761 2,326
Construction assets 17,573 (6,385) (17,337)
Construction liabilities (20,110) 15,189 12,664
Net cash provided by operating activities 58,018 59,989 33,266
INVESTING ACTIVITIES      
Development of real estate investments (45,730) (57,425) (52,719)
Tenant and building improvements (12,252) (6,698) (5,157)
Acquisitions of real estate investments, net of cash received (30,026) (195,645) (68,445)
Dispositions of real estate investments 12,557 96,670 79,566
Notes receivable issuances (23,290) (51,721) (7,825)
Government development grants 0 0 300
Leasing costs (2,235) (2,374) (2,118)
Leasing incentives (274) (236) (1,563)
Contributions to equity method investments (1,176) (8,824) 0
Net cash used for investing activities (102,426) (226,253) (57,961)
FINANCING ACTIVITIES      
Proceeds from sales of common stock 96,044 68,475 46,462
Offering costs (4,663) (1,453) (427)
Debt issuances, credit facility and construction loan borrowings 162,585 316,852 214,407
Debt and credit facility repayments, including principal amortization (160,661) (186,533) (206,889)
Debt issuance costs (2,403) (1,796) (1,887)
Redemption of operating partnership units (5,155) (58) (241)
Dividends and distributions (43,616) (33,843) (27,024)
Net cash provided by financing activities 42,131 161,644 24,401
Net decrease in cash, cash equivalents, and restricted cash (2,277) (4,620) (294)
Cash, cash equivalents, and restricted cash, beginning of period 25,193 29,813 30,107
Cash, cash equivalents, and restricted cash, end of period 22,916 25,193 29,813
Supplemental cash flow information:      
Cash paid for interest (16,318) (15,326) (12,993)
Cash refunded (paid) for income taxes (371) (121) 276
Common shares and OP Units issued for acquisitions [1] 506 47,278 15,169
Change in accrued capital improvements and development costs (10,899) 8,183 1,825
Debt principal extinguished in conjunction with real estate sales 5,594 6,400 0
Debt principal assumed in conjunction with real estate acquisitions $ 0 $ 21,150 $ 13,824
[1] (1) 2017 issuance consists of OP Units contingently issuable upon the satisfaction of certain conditions relating to the Johns Hopkins Village property