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CONSOLIDATED STATEMENTS OF CASH FLOW
$ in Thousands
12 Months Ended
Dec. 31, 2018
USD ($)
Dec. 31, 2017
USD ($)
Dec. 31, 2016
USD ($)
Cash flow from operating activities:      
Net income (loss) $ (7,175) $ 1,457 $ 24,685
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation and amortization 143,354 136,585 120,805
Above/Below Market Lease Amortization 465 865 659
Amortization of deferred loan costs 3,856 3,640 3,285
Amortization of senior notes discount   229 261
Loss on extinguishment of debt   19,912  
Equity-based compensation expense 14,972 13,863 10,584
Bad debt expense (recoveries) (2,275) 3,519 1,752
Write off of deferred loan costs 605 80 224
Deferred tax benefit (2,970) (10,742) (10,171)
Loss on sale of property 6,994    
Integration, impairment & restructuring costs 19,575 9,027 1,927
Changes in operating assets and liabilities      
Rents and other receivables, net (6,495) (12,881) (17,101)
Prepaid expenses (3,063) 755 158
Other assets 4,518 282 (561)
Accounts payable and accrued liabilities 8,573 (5,071) 6,290
Advance rents, security deposits and other liabilities 2,069 5,491 5,959
Deferred income 8,270 3,312 5,038
Net cash provided by operating activities 191,273 170,323 153,794
Cash flow from investing activities:      
Proceeds from sale of property 2,779    
Acquisitions, net of cash acquired (117,029) (127,038) (173,067)
Additions to property and equipment (484,303) (307,314) (279,905)
Net cash used in investing activities (598,553) (434,352) (452,972)
Cash flow from financing activities:      
Credit facility proceeds 483,000 888,000 574,000
Credit facility repayments (362,000) (696,000) (459,002)
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 (3,964) (10,862) (4,177)
Payment of Preferred Stock dividend (10,728)    
Payment of common stock dividends (82,579) (74,592) (62,585)
Distribution to noncontrolling interests (10,759) (10,289) (9,619)
Proceeds from exercise of stock options 246 4,972 858
Payment of tax withholdings related to equity based awards (2,205) (4,725) (2,584)
Principal payments on capital lease obligations (7,626) (12,224) (12,600)
Dulles, VA Vault Capital Lease Repayment   (17,785)  
Mortgage principal debt repayments (66) (54)  
Preferred stock issuance proceeds, net of costs 407,477    
Common stock issuance proceeds, net of costs   107,549 275,663
Net cash provided by financing activities 410,796 262,692 299,954
Net increase (decrease) in cash and cash equivalents 3,516 (1,337) 776
Cash and cash equivalents, beginning of period 8,243 9,580 8,804
Cash and cash equivalents, end of period 11,759 8,243 9,580
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION      
Cash paid for interest (excluding deferred financing costs and amounts capitalized) 24,532 29,934 19,897
Noncash investing and financing activities:      
Accrued capital additions 76,890 75,965 40,431
Accrued preferred stock dividends 5,939    
Accrued deferred financing costs 76 458 39
Accrued equity issuance costs 115 25  
Acquisitions, net of cash acquired:      
Land   9,363 7,602
Buildings, improvements and equipment 445 14,341 80,975
Construction in Progress 114,283 103,334 62,884
Rents and other receivables, net     (2,042)
Acquired intangibles 2,301   34,521
Deferred costs     4,414
Prepaid expenses     574
Goodwill     (7,895)
Other assets     309
Accounts payable and accrued liabilities     (922)
Advance rents, security deposits and other liabilities     (1,343)
Deferred income     35
Deferred income taxes     6,045
Total acquisitions, net of cash acquired 117,029 127,038 173,067
Qualitytech, LP      
Cash flow from operating activities:      
Net income (loss) (7,175) 1,457 24,685
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation and amortization 143,354 136,585 120,805
Above/Below Market Lease Amortization 465 865 659
Amortization of deferred loan costs 3,856 3,640 3,285
Amortization of senior notes discount   229 261
Loss on extinguishment of debt   19,912  
Equity-based compensation expense 14,972 13,863 10,584
Bad debt expense (recoveries) (2,275) 3,519 1,752
Write off of deferred loan costs 605 80 224
Deferred tax benefit (2,970) (10,742) (10,171)
Loss on sale of property 6,994    
Integration, impairment & restructuring costs 19,575 9,027 1,927
Changes in operating assets and liabilities      
Rents and other receivables, net (6,495) (12,881) (17,101)
Prepaid expenses (3,063) 755 158
Other assets 4,518 282 (561)
Accounts payable and accrued liabilities 8,573 (5,071) 6,290
Advance rents, security deposits and other liabilities 2,069 5,491 5,959
Deferred income 8,270 3,312 5,038
Net cash provided by operating activities 191,273 170,323 153,794
Cash flow from investing activities:      
Proceeds from sale of property 2,779    
Acquisitions, net of cash acquired (117,029) (127,038) (173,067)
Additions to property and equipment (484,303) (307,314) (279,905)
Net cash used in investing activities (598,553) (434,352) (452,972)
Cash flow from financing activities:      
Credit facility proceeds 483,000 888,000 574,000
Credit facility repayments (362,000) (696,000) (459,002)
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 (3,964) (10,862) (4,177)
Payment of Preferred Stock dividend (10,728)    
Payment of cash dividends (82,579) (74,592) (62,585)
Proceeds from exercise of stock options 246 4,972 858
Payment of tax withholdings related to equity based awards (2,205) (4,725) (2,584)
Principal payments on capital lease obligations (7,626) (12,224) (12,600)
Dulles, VA Vault Capital Lease Repayment   (17,785)  
Mortgage principal debt repayments (66) (54)  
Preferred stock issuance proceeds, net of costs 407,477    
Common stock issuance proceeds, net of costs   107,549 275,663
Partnership distributions (10,759) (10,289) (9,619)
Net cash provided by financing activities 410,796 262,692 299,954
Net increase (decrease) in cash and cash equivalents 3,516 (1,337) 776
Cash and cash equivalents, beginning of period 8,243 9,580 8,804
Cash and cash equivalents, end of period 11,759 8,243 9,580
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION      
Cash paid for interest (excluding deferred financing costs and amounts capitalized) 24,532 29,934 19,897
Noncash investing and financing activities:      
Accrued capital additions 76,890 75,965 40,431
Accrued preferred stock dividends 5,939    
Accrued deferred financing costs 76 458 39
Accrued equity issuance costs 115 25  
Acquisitions, net of cash acquired:      
Land   9,363 7,602
Buildings, improvements and equipment 445 14,341 80,975
Construction in Progress 114,283 103,334 62,884
Rents and other receivables, net     (2,042)
Acquired intangibles 2,301   34,521
Deferred costs     4,414
Prepaid expenses     574
Goodwill     (7,895)
Other assets     309
Accounts payable and accrued liabilities     (922)
Advance rents, security deposits and other liabilities     (1,343)
Deferred income     35
Deferred income taxes     6,045
Total acquisitions, net of cash acquired $ 117,029 $ 127,038 $ 173,067