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CONSOLIDATED FINANCIAL STATEMENTS STATEMENTS OF CASH FLOW - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Dec. 31, 2016
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Cash flow from operating activities:        
Net income (loss) $ 5,481 $ 1,457 $ 24,685 $ 24,129
Adjustments to reconcile net income to net cash provided by operating activities:        
Depreciation and amortization   136,585 120,805 83,605
Above/Below Market Lease Amortization   865 659 (117)
Amortization of deferred loan costs   3,640 3,285 3,181
Amortization of senior notes discount   229 261 247
Loss on extinguishment of debt   19,912    
Equity-based compensation expense   13,863 10,584 6,964
Bad debt expense   3,519 1,752 1,323
Write off of deferred loan costs   80 224 468
Deferred tax benefit   (10,742) (10,171) (10,065)
Loss on sale of property       (164)
Non-cash transaction, integration and impairment costs   9,027 1,927 3,117
Changes in operating assets and liabilities        
Rents and other receivables, net   (12,881) (17,101) (1,138)
Prepaid expenses   755 158 (2,182)
Other assets   282 (561) (5,016)
Accounts payable and accrued liabilities   (5,071) 6,290 9,467
Advance rents, security deposits and other liabilities   5,491 5,959 (763)
Deferred income   3,312 5,038 (3,597)
Net cash provided by operating activities   170,323 153,794 109,787
Cash flow from investing activities:        
Proceeds from sale of property       648
Acquisitions, net of cash acquired   (127,038) (173,067) (292,685)
Additions to property and equipment   (307,314) (279,905) (320,058)
Net cash used in investing activities   (434,352) (452,972) (612,095)
Cash flow from financing activities:        
Credit facility proceeds   888,000 574,000 671,162
Credit facility repayments   (696,000) (459,002) (386,998)
Debt proceeds   1,920    
5.75% Senior Notes Repayment   (300,000)    
4.75% Notes Issuance   400,000    
Payment of debt extinguishment costs   (13,218)    
Payment of deferred financing costs   (10,862) (4,177) (3,649)
Payment of cash dividends   (74,592) (62,585) (45,892)
Distribution to noncontrolling interests   (10,289) (9,619) (8,865)
Proceeds from exercise of stock options   4,972 858 559
Payment of tax withholdings related to equity based awards   (4,725) (2,584) (1,088)
Principal payments on capital lease obligations   (12,224) (12,600) (7,677)
Dulles, VA Vault Capital Lease Repayment   (17,785)    
Mortgage principal debt repayments   (54)   (86,600)
Equity proceeds, net of costs   107,549 275,663 369,372
Net cash provided by financing activities   262,692 299,954 500,324
Net (decrease) increase in cash and cash equivalents   (1,337) 776 (1,984)
Cash and cash equivalents, beginning of period   9,580 8,804 10,788
Cash and cash equivalents, end of period 9,580 8,243 9,580 8,804
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION        
Cash paid for interest (excluding deferred financing costs and amounts capitalized)   29,934 19,897 18,027
Noncash investing and financing activities:        
Accrued capital additions   75,965 40,431 52,552
Accrued deferred financing costs   458 39 1
Accrued equity issuance costs   25   57
Capital lease and lease financing obligations assumed       43,832
Acquisitions, net of cash acquired:        
Land 7,602 9,363 7,602 3,030
Buildings, improvements and equipment 80,975 14,341 80,975 80,818
Construction in Progress 62,884 103,334 62,884 12,127
Rents and other receivables, net (2,042)   (2,042) 13,704
Acquired intangibles 34,521   34,521 93,400
Deferred costs 4,414   4,414  
Prepaid expenses 574   574 1,653
Goodwill     (7,895) 174,697
Other assets 309   309 633
Capital lease and lease financing obligations       43,832
Accounts payable and accrued liabilities (922)   (922) (8,586)
Advance rents, security deposits and other liabilities (1,343)   (1,343) (2,468)
Deferred income 35   35 (10,818)
Deferred income taxes (6,045)   (6,045) (21,673)
Total acquisitions, net of cash acquired   127,038 173,067 292,685
Qualitytech, LP        
Cash flow from operating activities:        
Net income (loss) 5,481 1,457 24,685 24,129
Adjustments to reconcile net income to net cash provided by operating activities:        
Depreciation and amortization   136,585 120,805 83,605
Above/Below Market Lease Amortization   865 659 (117)
Amortization of deferred loan costs   3,640 3,285 3,181
Amortization of senior notes discount   229 261 247
Loss on extinguishment of debt   19,912    
Equity-based compensation expense   13,863 10,584 6,964
Bad debt expense   3,519 1,752 1,323
Write off of deferred loan costs   80 224 468
Deferred tax benefit   (10,742) (10,171) (10,065)
Loss on sale of property       (164)
Non-cash transaction, integration and impairment costs   9,027 1,927 3,117
Changes in operating assets and liabilities        
Rents and other receivables, net   (12,881) (17,101) (1,138)
Prepaid expenses   755 158 (2,182)
Other assets   282 (561) (5,016)
Accounts payable and accrued liabilities   (5,071) 6,290 9,467
Advance rents, security deposits and other liabilities   5,491 5,959 (763)
Deferred income   3,312 5,038 (3,597)
Net cash provided by operating activities   170,323 153,794 109,787
Cash flow from investing activities:        
Proceeds from sale of property       648
Acquisitions, net of cash acquired   (127,038) (173,067) (292,685)
Additions to property and equipment   (307,314) (279,905) (320,058)
Net cash used in investing activities   (434,352) (452,972) (612,095)
Cash flow from financing activities:        
Credit facility proceeds   888,000 574,000 671,162
Credit facility repayments   (696,000) (459,002) (386,998)
Debt proceeds   1,920    
5.75% Senior Notes Repayment   (300,000)    
4.75% Notes Issuance   400,000    
Payment of debt extinguishment costs   (13,218)    
Payment of deferred financing costs   (10,862) (4,177) (3,649)
Payment of cash dividends   (74,592) (62,585) (45,892)
Partnership distributions   (10,289) (9,619) (8,865)
Proceeds from exercise of stock options   4,972 858 559
Payment of tax withholdings related to equity based awards   (4,725) (2,584) (1,088)
Principal payments on capital lease obligations   (12,224) (12,600) (7,677)
Dulles, VA Vault Capital Lease Repayment   (17,785)    
Mortgage principal debt repayments   (54)   (86,600)
Equity proceeds, net of costs   107,549 275,663 369,372
Net cash provided by financing activities   262,692 299,954 500,324
Net (decrease) increase in cash and cash equivalents   (1,337) 776 (1,984)
Cash and cash equivalents, beginning of period   9,580 8,804 10,788
Cash and cash equivalents, end of period 9,580 8,243 9,580 8,804
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION        
Cash paid for interest (excluding deferred financing costs and amounts capitalized)   29,934 19,897 18,027
Noncash investing and financing activities:        
Accrued capital additions   75,965 40,431 52,552
Accrued deferred financing costs   458 39 1
Accrued equity issuance costs   25   57
Capital lease and lease financing obligations assumed       43,832
Acquisitions, net of cash acquired:        
Land 7,602 9,363 7,602 3,030
Buildings, improvements and equipment 80,975 14,341 80,975 80,818
Construction in Progress 62,884 103,334 62,884 12,127
Rents and other receivables, net (2,042)   (2,042) 13,704
Acquired intangibles 34,521   34,521 93,400
Deferred costs 4,414   4,414  
Prepaid expenses 574   574 1,653
Goodwill     (7,895) 174,697
Other assets 309   309 633
Capital lease and lease financing obligations       43,832
Accounts payable and accrued liabilities (922)   (922) (8,586)
Advance rents, security deposits and other liabilities (1,343)   (1,343) (2,468)
Deferred income 35   35 (10,818)
Deferred income taxes $ (6,045)   (6,045) (21,673)
Total acquisitions, net of cash acquired   $ 127,038 $ 173,067 $ 292,685