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CONSOLIDATED STATEMENTS OF CASH FLOW - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Cash flow from operating activities:    
Net income $ 8,120 $ 21,148
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 43,373 37,247
Amortization of above and below market leases 90 64
Amortization of deferred loan costs 987 978
Distributions from unconsolidated entity 300  
Equity in net loss of unconsolidated entity 677 274
Equity-based compensation expense 4,875 3,300
Bad debt expense 3,719 239
Gain on sale of real estate, net   (13,408)
Deferred tax expense (benefit) (270) 111
Foreign currency remeasurement income (159)  
Changes in operating assets and liabilities    
Rents and other receivables, net 2,888 (2,043)
Prepaid expenses (3,164) (2,762)
Due to/from affiliates, net (4,428)  
Other assets (238) (419)
Accounts payable and accrued liabilities 7,173 (7,140)
Advance rents, security deposits and other liabilities 6,727 1,653
Deferred income 392 4,926
Net cash provided by operating activities 71,062 44,168
Cash flow from investing activities:    
Proceeds from sale of property, net   52,722
Acquisitions, net of cash acquired (1,797)  
Additions to property and equipment (171,218) (101,234)
Net cash used in investing activities (173,015) (48,512)
Cash flow from financing activities:    
Credit facility proceeds 212,917 93,000
Credit facility repayments   (210,000)
Payment of deferred financing costs (5) (173)
Payment of preferred stock dividends (7,045) (7,045)
Payment of common stock dividends (25,627) (20,961)
Distribution to noncontrolling interests (2,934) (2,735)
Proceeds from exercise of stock options 808 2,687
Payment of tax withholdings related to equity-based awards (2,293) (2,062)
Principal payments on finance lease obligations (620) (799)
Mortgage principal debt repayments (12) (9)
Common stock issuance proceeds, net of costs 83,260 159,360
Net cash provided by financing activities 258,449 11,263
Effect of foreign currency exchange rates on cash and cash equivalents (192)  
Net change in cash and cash equivalents 156,304 6,919
Cash and cash equivalents, beginning of period 15,653 11,759
Cash and cash equivalents, end of period 171,957 18,678
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION    
Cash paid for interest (excluding deferred financing costs and amounts capitalized) 9,370 9,461
Noncash investing and financing activities:    
Accrued capital additions 125,750 69,963
Net decrease in other assets/liabilities related to change in fair value of derivative contracts (35,097) (9,853)
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 44 918
Accrued preferred stock dividends 5,938 5,938
Qualitytech, LP    
Cash flow from operating activities:    
Net income 8,120 21,148
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 43,373 37,247
Amortization of above and below market leases 90 64
Amortization of deferred loan costs 987 978
Distributions from unconsolidated entity 300  
Equity in net loss of unconsolidated entity 677 274
Equity-based compensation expense 4,875 3,300
Bad debt expense 3,719 239
Gain on sale of real estate, net   (13,408)
Deferred tax expense (benefit) (270) 111
Foreign currency remeasurement income (159)  
Changes in operating assets and liabilities    
Rents and other receivables, net 2,888 (2,043)
Prepaid expenses (3,164) (2,762)
Due to/from affiliates, net (4,428)  
Other assets (238) (419)
Accounts payable and accrued liabilities 7,173 (7,140)
Advance rents, security deposits and other liabilities 6,727 1,653
Deferred income 392 4,926
Net cash provided by operating activities 71,062 44,168
Cash flow from investing activities:    
Proceeds from sale of property, net   52,722
Acquisitions, net of cash acquired (1,797)  
Additions to property and equipment (171,218) (101,234)
Net cash used in investing activities (173,015) (48,512)
Cash flow from financing activities:    
Credit facility proceeds 212,917 93,000
Credit facility repayments   (210,000)
Payment of deferred financing costs (5) (173)
Payment of preferred stock dividends (7,045) (7,045)
Payment of cash dividends (25,627) (20,961)
Partnership distributions (2,934) (2,735)
Proceeds from exercise of stock options 808 2,687
Payment of tax withholdings related to equity-based awards (2,293) (2,062)
Principal payments on finance lease obligations (620) (799)
Mortgage principal debt repayments (12) (9)
Common stock issuance proceeds, net of costs 83,260 159,360
Net cash provided by financing activities 258,449 11,263
Effect of foreign currency exchange rates on cash and cash equivalents (192)  
Net change in cash and cash equivalents 156,304 6,919
Cash and cash equivalents, beginning of period 15,653 11,759
Cash and cash equivalents, end of period 171,957 18,678
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION    
Cash paid for interest (excluding deferred financing costs and amounts capitalized) 9,370 9,461
Noncash investing and financing activities:    
Accrued capital additions 125,750 69,963
Net decrease in other assets/liabilities related to change in fair value of derivative contracts (35,097) (9,853)
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 44 918
Accrued preferred stock dividends $ 5,938 $ 5,938