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INTERIM CONSOLIDATED FINANCIAL STATEMENTS STATEMENTS OF CASH FLOW - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Cash flow from operating activities:    
Net income (loss) $ (6,685) $ 10,176
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 70,804 66,443
Amortization of above and below market leases 270 479
Amortization of deferred loan costs 1,923 1,815
Amortization of senior notes discount   136
Equity-based compensation expense 7,480 6,815
Bad debt expense (recoveries) (1,230) 1,105
Deferred tax benefit (2,443) (2,979)
Loss on sale of equipment 2,846  
Restructuring costs, net of cash paid 10,065  
Changes in operating assets and liabilities    
Proceeds from sale of property 1,496  
Rents and other receivables, net (1,914) (3,599)
Prepaid expenses (3,925) (1,957)
Other assets 1,867 (595)
Accounts payable and accrued liabilities 3,535 (7,640)
Advance rents, security deposits and other liabilities 1,369 5,745
Deferred income 7,564 1,440
Net cash provided by operating activities 91,526 77,384
Cash flow from investing activities:    
Acquisitions, net of cash acquired (24,626) (5,019)
Additions to property and equipment (248,852) (139,818)
Net cash used in investing activities (271,982) (144,837)
Cash flow from financing activities:    
Credit facility proceeds 231,000 109,000
Credit facility repayments (362,000)  
Debt proceeds   1,920
Payment of deferred financing costs (606) (38)
Payment of Preferred Stock dividend (635)  
Payment of common stock dividends (40,641) (35,958)
Distribution to noncontrolling interests (5,289) (5,087)
Proceeds from exercise of stock options 18 662
Payment of tax withholdings related to equity-based awards (1,233) (2,464)
Principal payments on capital lease obligations (4,316) (6,547)
Mortgage principal debt repayments (32) (22)
Preferred stock issuance proceeds, net of costs 408,415  
Common stock issuance proceeds, net of costs   39,011
Net cash provided by financing activities 224,681 100,477
Net increase in cash and cash equivalents 44,225 33,024
Cash and cash equivalents, beginning of period 8,243 9,580
Cash and cash equivalents, end of period 52,468 42,604
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION    
Cash paid for interest (excluding deferred financing costs and amounts capitalized) 14,265 11,517
Noncash investing and financing activities:    
Accrued capital additions 67,708 46,894
Increase in other assets related to change in fair value of interest rate swaps 8,545 1,499
Accrued equity issuance costs 777  
Accrued preferred stock dividend 2,576  
Accrued deferred financing costs 14  
Qualitytech, LP    
Cash flow from operating activities:    
Net income (loss) (6,685) 10,176
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 70,804 66,443
Amortization of above and below market leases 270 479
Amortization of deferred loan costs 1,923 1,815
Amortization of senior notes discount   136
Equity-based compensation expense 7,480 6,815
Bad debt expense (recoveries) (1,230) 1,105
Deferred tax benefit (2,443) (2,979)
Loss on sale of equipment 2,846  
Restructuring costs, net of cash paid 10,065  
Changes in operating assets and liabilities    
Proceeds from sale of property 1,496  
Rents and other receivables, net (1,914) (3,599)
Prepaid expenses (3,925) (1,957)
Other assets 1,867 (595)
Accounts payable and accrued liabilities 3,535 (7,640)
Advance rents, security deposits and other liabilities 1,369 5,745
Deferred income 7,564 1,440
Net cash provided by operating activities 91,526 77,384
Cash flow from investing activities:    
Acquisitions, net of cash acquired (24,626) (5,019)
Additions to property and equipment (248,852) (139,818)
Net cash used in investing activities (271,982) (144,837)
Cash flow from financing activities:    
Credit facility proceeds 231,000 109,000
Credit facility repayments (362,000)  
Debt proceeds   1,920
Payment of deferred financing costs (606) (38)
Payment of Preferred Stock dividend (635)  
Payment of cash dividends (40,641) (35,958)
Proceeds from exercise of stock options 18 662
Payment of tax withholdings related to equity-based awards (1,233) (2,464)
Principal payments on capital lease obligations (4,316) (6,547)
Mortgage principal debt repayments (32) (22)
Preferred stock issuance proceeds, net of costs 408,415  
Common stock issuance proceeds, net of costs   39,011
Partnership distributions (5,289) (5,087)
Net cash provided by financing activities 224,681 100,477
Net increase in cash and cash equivalents 44,225 33,024
Cash and cash equivalents, beginning of period 8,243 9,580
Cash and cash equivalents, end of period 52,468 42,604
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION    
Cash paid for interest (excluding deferred financing costs and amounts capitalized) 14,265 11,517
Noncash investing and financing activities:    
Accrued capital additions 67,708 46,894
Increase in other assets related to change in fair value of interest rate swaps 8,545 $ 1,499
Accrued equity issuance costs 777  
Accrued preferred stock dividend 2,576  
Accrued deferred financing costs $ 14