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INTERIM CONSOLIDATED STATEMENTS OF CASH FLOW - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended 15 Months Ended
Jun. 30, 2019
Mar. 31, 2019
Jun. 30, 2018
Mar. 31, 2018
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Cash flow from operating activities:              
Net income (loss) $ 7,535 $ 21,148 $ (6,433) $ (252) $ 28,683 $ (6,685)  
Adjustments to reconcile net income (loss) to net cash provided by operating activities:              
Depreciation and amortization         77,019 70,804  
Amortization of above and below market leases 100   100   121 270  
Amortization of deferred loan costs 1,000   1,000   1,957 1,923 $ 1,000
Equity in (earnings) loss of unconsolidated entity (401)       (675)    
Equity-based compensation expense         7,596 7,480  
Bad debt expense (recoveries)         250 (1,230)  
(Gain) loss on sale of assets, net         (13,408) 2,846  
Deferred tax expense (benefit)         197 (2,443)  
Restructuring costs, net of cash paid           10,065  
Foreign currency remeasurement (gain) loss         40    
Changes in operating assets and liabilities              
Rents and other receivables, net         (1,998) (1,914)  
Prepaid expenses         35 (3,925)  
Due from affiliates         7,314    
Other assets         (425) 1,867  
Accounts payable and accrued liabilities         (11,815) 3,535  
Advance rents, security deposits and other liabilities         (3,601) 1,369  
Deferred income         6,791 7,564  
Net cash provided by operating activities         99,431 91,526  
Cash flow from investing activities:              
Proceeds from sale of property, net         52,722 1,496  
Acquisitions, net of cash acquired         (44,150) (24,626)  
Additions to property and equipment         (205,487) (248,852)  
Net cash used in investing activities         (196,915) (271,982)  
Cash flow from financing activities:              
Credit facility proceeds         213,311 231,000  
Credit facility repayments         (210,000) (362,000)  
Payment of deferred financing costs         (141) (606)  
Payment of preferred stock dividends         (14,090) (635)  
Payment of common stock dividends         (45,332) (40,641)  
Distribution to noncontrolling interests         (5,669) (5,289)  
Proceeds from exercise of stock options         3,357 18  
Payment of tax withholdings related to equity-based awards         (2,523) (1,233)  
Principal payments on finance lease obligations         (1,560) (4,316)  
Mortgage principal debt repayments         (26) (32)  
Preferred stock issuance proceeds, net of costs       103,200   408,415  
Common stock issuance proceeds, net of costs         159,026    
Net cash provided by financing activities         96,353 224,681  
Effect of foreign currency exchange rates on cash and cash equivalents         9    
Net increase (decrease) in cash and cash equivalents         (1,122) 44,225  
Cash and cash equivalents, beginning of period   11,759   8,243 11,759 8,243  
Cash and cash equivalents, end of period 10,638   52,468   10,638 52,468 10,638
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION              
Cash paid for interest (excluding deferred financing costs and amounts capitalized)         27,828 25,647  
Noncash investing and financing activities:              
Accrued capital additions         43,780 67,708  
Net increase (decrease) in other assets/liabilities related to change in fair value of derivative contracts         (28,459) 8,545  
Equity received in unconsolidated entity in exchange for real estate assets         25,280    
Increase in assets in exchange for finance lease obligation         45,024    
Accrued equity issuance costs         385 777  
Accrued preferred stock dividend         5,938 2,576  
Accrued deferred financing costs           14  
Qualitytech, LP              
Cash flow from operating activities:              
Net income (loss) 7,535 21,148 (6,433) (252) 28,683 (6,685)  
Adjustments to reconcile net income (loss) to net cash provided by operating activities:              
Depreciation and amortization         77,019 70,804  
Amortization of above and below market leases         121 270  
Amortization of deferred loan costs         1,957 1,923  
Equity in (earnings) loss of unconsolidated entity (401)       (675)    
Equity-based compensation expense         7,596 7,480  
Bad debt expense (recoveries)         250 (1,230)  
(Gain) loss on sale of assets, net         (13,408) 2,846  
Deferred tax expense (benefit)         197 (2,443)  
Restructuring costs, net of cash paid           10,065  
Foreign currency remeasurement (gain) loss         40    
Changes in operating assets and liabilities              
Rents and other receivables, net         (1,998) (1,914)  
Prepaid expenses         35 (3,925)  
Due from affiliates         7,314    
Other assets         (425) 1,867  
Accounts payable and accrued liabilities         (11,815) 3,535  
Advance rents, security deposits and other liabilities         (3,601) 1,369  
Deferred income         6,791 7,564  
Net cash provided by operating activities         99,431 91,526  
Cash flow from investing activities:              
Proceeds from sale of property, net         52,722 1,496  
Acquisitions, net of cash acquired         (44,150) (24,626)  
Additions to property and equipment         (205,487) (248,852)  
Net cash used in investing activities         (196,915) (271,982)  
Cash flow from financing activities:              
Credit facility proceeds         213,311 231,000  
Credit facility repayments         (210,000) (362,000)  
Payment of deferred financing costs         (141) (606)  
Payment of preferred stock dividends         (14,090) (635)  
Payment of cash dividends         (45,332) (40,641)  
Partnership distributions         (5,669) (5,289)  
Proceeds from exercise of stock options         3,357 18  
Payment of tax withholdings related to equity-based awards         (2,523) (1,233)  
Principal payments on finance lease obligations         (1,560) (4,316)  
Mortgage principal debt repayments         (26) (32)  
Preferred stock issuance proceeds, net of costs           408,415  
Common stock issuance proceeds, net of costs         159,026    
Net cash provided by financing activities         96,353 224,681  
Effect of foreign currency exchange rates on cash and cash equivalents         9    
Net increase (decrease) in cash and cash equivalents         (1,122) 44,225  
Cash and cash equivalents, beginning of period   $ 11,759   $ 8,243 11,759 8,243  
Cash and cash equivalents, end of period $ 10,638   $ 52,468   10,638 52,468 $ 10,638
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION              
Cash paid for interest (excluding deferred financing costs and amounts capitalized)         27,828 25,647  
Noncash investing and financing activities:              
Accrued capital additions         43,780 67,708  
Net increase (decrease) in other assets/liabilities related to change in fair value of derivative contracts         (28,459) 8,545  
Equity received in unconsolidated entity in exchange for real estate assets         25,280    
Increase in assets in exchange for finance lease obligation         45,024    
Accrued equity issuance costs         385 777  
Accrued preferred stock dividend         $ 5,938 2,576  
Accrued deferred financing costs           $ 14