XML 52 R6.htm IDEA: XBRL DOCUMENT v3.2.0.727
STATEMENTS OF CASH FLOW (UNAUDITED) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Cash flow from operating activities:    
Net income $ 10,557 $ 9,249
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and amortization 33,475 25,668
Amortization of deferred loan costs 1,585 1,314
Amortization of senior notes discount 123  
Equity-based compensation expense 3,138 1,976
Bad debt expense 366 269
Write off of deferred loan costs 83 110
Deferred tax benefit (3,135)  
Changes in operating assets and liabilities    
Rents and other receivables, net (1,556) 1,592
Prepaid expenses (2,760) (2,501)
Other assets (326) (252)
Accounts payable and accrued liabilities (1,823) (7,996)
Advance rents, security deposits and other liabilities (454) (64)
Deferred income 1,888 285
Net cash provided by operating activities 41,161 29,650
Cash flow from investing activities:    
Acquisitions, net of cash acquired (288,865) (73,300)
Additions to property and equipment (170,150) (114,157)
Cash used in investing activities (459,015) (187,457)
Cash flow from financing activities:    
Credit facility proceeds 350,162 182,500
Debt repayment (260,000)  
Payment of deferred financing costs (512) (924)
Payment of cash dividend (19,673) (15,368)
Distribution to noncontrolling interest (4,414) (4,654)
Principal payments on capital lease obligation (1,227) (367)
Scheduled mortgage principal debt repayments (16,600) (1,100)
Equity proceeds, net of costs 370,074  
Net cash provided by financing activities 417,810 160,087
Net (decrease) increase in cash and cash equivalents (44) 2,279
Cash and cash equivalents, beginning of period 10,788 5,210
Cash and cash equivalents, end of period 10,744 7,489
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION    
Cash paid for interest (excluding deferred financing costs and amounts capitalized) 8,866 2,973
Noncash investing and financing activities:    
Accrued capital additions 56,366 32,638
Capital lease and lease financing obligations acquired 43,832  
Qualitytech, LP [Member]    
Cash flow from operating activities:    
Net income 10,557 9,249
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and amortization 33,475 25,668
Amortization of deferred loan costs 1,585 1,314
Amortization of senior notes discount 123  
Equity-based compensation expense 3,138 1,976
Bad debt expense 366 269
Write off of deferred loan costs 83 110
Deferred tax benefit (3,135)  
Changes in operating assets and liabilities    
Rents and other receivables, net (1,556) 1,592
Prepaid expenses (2,760) (2,501)
Other assets (326) (252)
Accounts payable and accrued liabilities (1,823) (7,996)
Advance rents, security deposits and other liabilities (454) (64)
Deferred income 1,888 285
Net cash provided by operating activities 41,161 29,650
Cash flow from investing activities:    
Acquisitions, net of cash acquired (288,865) (73,300)
Additions to property and equipment (170,150) (114,157)
Cash used in investing activities (459,015) (187,457)
Cash flow from financing activities:    
Credit facility proceeds 350,162 182,500
Debt repayment (260,000)  
Payment of deferred financing costs (512) (924)
Payment of cash dividend (19,673) (15,368)
Partnership distributions (4,414) (4,654)
Principal payments on capital lease obligation (1,227) (367)
Scheduled mortgage principal debt repayments (16,600) $ (1,100)
Equity proceeds, net of costs 370,074  
Net cash provided by financing activities 417,810 $ 160,087
Net (decrease) increase in cash and cash equivalents (44) 2,279
Cash and cash equivalents, beginning of period 10,788 5,210
Cash and cash equivalents, end of period 10,744 7,489
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION    
Cash paid for interest (excluding deferred financing costs and amounts capitalized) 8,866 2,973
Noncash investing and financing activities:    
Accrued capital additions 56,366 $ 32,638
Capital lease and lease financing obligations acquired $ 43,832