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CONSOLIDATED STATEMENTS OF CASH FLOW - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Cash flow from operating activities:    
Net income $ 18,329 $ 28,683
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 89,183 77,019
Amortization of above and below market leases 180 121
Amortization of deferred loan costs 1,978 1,957
Distributions from unconsolidated entity 600  
Equity in net loss of unconsolidated entity 1,267 675
Equity-based compensation expense 10,956 7,596
Bad debt expense 5,072 250
Gain on sale of real estate, net   (13,408)
Deferred tax expense (benefit) (238) 197
Foreign currency remeasurement (income) loss (159) 40
Changes in operating assets and liabilities    
Rents and other receivables, net (536) (1,998)
Prepaid expenses (1,259) 35
Due to/from affiliates, net (1,085) 7,314
Other assets (127) (425)
Accounts payable and accrued liabilities 2,548 (11,815)
Advance rents, security deposits and other liabilities 2,374 (3,601)
Deferred income 4,283 6,791
Net cash provided by operating activities 133,366 99,431
Cash flow from investing activities:    
Proceeds from sale of property, net   52,722
Acquisitions, net of cash acquired (1,797) (44,150)
Additions to property and equipment (377,655) (205,487)
Net cash used in investing activities (379,452) (196,915)
Cash flow from financing activities:    
Credit facility proceeds 298,405 213,311
Credit facility repayments (108,000) (210,000)
Payment of deferred financing costs (101) (141)
Payment of preferred stock dividends (14,090) (14,090)
Payment of common stock dividends (54,020) (45,332)
Distribution to noncontrolling interests (6,068) (5,669)
Proceeds from exercise of stock options 882 3,357
Payment of tax withholdings related to equity-based awards (3,327) (2,523)
Principal payments on finance lease obligations (1,275) (1,560)
Mortgage principal debt repayments (29) (26)
Common stock issuance proceeds, net of costs 134,077 159,026
Net cash provided by financing activities 246,454 96,353
Effect of foreign currency exchange rates on cash and cash equivalents 453 9
Net change in cash and cash equivalents 821 (1,122)
Cash and cash equivalents, beginning of period 15,653 11,759
Cash and cash equivalents, end of period 16,474 10,638
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION    
Cash paid for interest (excluding deferred financing costs and amounts capitalized) 28,059 27,828
Noncash investing and financing activities:    
Accrued capital additions 118,627 43,780
Net decrease in other assets/liabilities related to change in fair value of derivative contracts (38,688) (28,459)
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 405 385
Accrued preferred stock dividend 5,938 5,938
Qualitytech, LP    
Cash flow from operating activities:    
Net income 18,329 28,683
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 89,183 77,019
Amortization of above and below market leases 180 121
Amortization of deferred loan costs 1,978 1,957
Distributions from unconsolidated entity 600  
Equity in net loss of unconsolidated entity 1,267 675
Equity-based compensation expense 10,956 7,596
Bad debt expense 5,072 250
Gain on sale of real estate, net   (13,408)
Deferred tax expense (benefit) (238) 197
Foreign currency remeasurement (income) loss (159) 40
Changes in operating assets and liabilities    
Rents and other receivables, net (536) (1,998)
Prepaid expenses (1,259) 35
Due to/from affiliates, net (1,085) 7,314
Other assets (127) (425)
Accounts payable and accrued liabilities 2,548 (11,815)
Advance rents, security deposits and other liabilities 2,374 (3,601)
Deferred income 4,283 6,791
Net cash provided by operating activities 133,366 99,431
Cash flow from investing activities:    
Proceeds from sale of property, net   52,722
Acquisitions, net of cash acquired (1,797) (44,150)
Additions to property and equipment (377,655) (205,487)
Net cash used in investing activities (379,452) (196,915)
Cash flow from financing activities:    
Credit facility proceeds 298,405 213,311
Credit facility repayments (108,000) (210,000)
Payment of deferred financing costs (101) (141)
Payment of preferred stock dividends (14,090) (14,090)
Payment of cash dividends (54,020) (45,332)
Partnership distributions (6,068) (5,669)
Proceeds from exercise of stock options 882 3,357
Payment of tax withholdings related to equity-based awards (3,327) (2,523)
Principal payments on finance lease obligations (1,275) (1,560)
Mortgage principal debt repayments (29) (26)
Common stock issuance proceeds, net of costs 134,077 159,026
Net cash provided by financing activities 246,454 96,353
Effect of foreign currency exchange rates on cash and cash equivalents 453 9
Net change in cash and cash equivalents 821 (1,122)
Cash and cash equivalents, beginning of period 15,653 11,759
Cash and cash equivalents, end of period 16,474 10,638
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION    
Cash paid for interest (excluding deferred financing costs and amounts capitalized) 28,059 27,828
Noncash investing and financing activities:    
Accrued capital additions 118,627 43,780
Net decrease in other assets/liabilities related to change in fair value of derivative contracts (38,688) (28,459)
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 405 385
Accrued preferred stock dividend $ 5,938 $ 5,938