XML 71 R7.htm IDEA: XBRL DOCUMENT v3.19.3
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Operating Activities:    
Net income $ 39,087 $ 18,769
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation of building and building improvements 57,473 44,390
Amortization of leasing costs and intangibles, including ground leasehold interests and leasing costs 54,838 44,868
Amortization of (below) above market leases (2,639) (135)
Amortization of deferred financing costs and debt premium 4,926 2,293
Amortization of swap interest 94 94
Deferred rent (9,655) (10,210)
Deferred rent, ground lease 1,129  
Termination fee revenue - receivable from tenant, net (7,501) (6,304)
Gain from sale of depreciable operating property (8,441) (1,158)
Unrealized loss on interest rate swap 0 2
(Gain) loss from investment in unconsolidated entities (1,919) 1,617
(Gain) loss from investment 457 0
Stock-based compensation 1,673 37
Performance distribution allocation (non-cash) (2,604)  
Change in operating assets and liabilities:    
Deferred leasing costs and other assets (5,380) 1,118
Restricted reserves (79) (30)
Accrued expenses and other liabilities (8,943) 7,441
Due to affiliates, net 6,907 478
Net cash provided by operating activities 119,423 103,270
Investing Activities:    
Cash acquired in connection with the Mergers, net of acquisition costs 25,321 0
Acquisition of properties, net (37,781) (182,250)
Proceeds from disposition of properties 46,784 1,383
Real estate acquisition deposits 0 (3,350)
Reserves for tenant improvements 2,030 3
Payments for construction in progress (29,447) (17,934)
Investment in unconsolidated joint venture 0 (3,266)
Distributions of capital from investment in unconsolidated entities 13,189 5,627
Purchase of investments (8,353) 0
Net cash provided by (used in) investing activities 11,743 (199,787)
Financing Activities:    
Proceeds from borrowings - Term Loan 627,000 0
Proceeds from borrowings - Revolver Loan 215,854 0
Proceeds from borrowings - Revolver Loan - EA-1 0 96,100
Principal payoff of secured indebtedness - Mortgage Debt 0 (18,954)
Principal payoff of secured indebtedness - Revolver Loan (44,439) 0
Principal payoff of secured indebtedness - Unsecured Credit Facility - EA-1 (715,000) (106,253)
Principal amortization payments on secured indebtedness (4,903) (4,896)
Deferred financing costs (5,737) (24)
Offering costs (1,707) 0
Repurchase of common stock (98,928) (76,912)
Issuance of common stock, net of discounts and underwriting costs 2,789 0
Issuance of perpetual convertible preferred shares 0 125,000
Payment of offering costs - preferred shares 0 (4,727)
Distributions to noncontrolling interests (12,506) (3,556)
Distributions to preferred units subject to redemption (6,141) 0
Distributions to common stockholders (69,558) (53,817)
Net cash used in financing activities (113,276) (48,039)
Net increase (decrease) in cash, cash equivalents and restricted cash 17,890 (144,556)
Cash, cash equivalents and restricted cash at the beginning of the period 64,285 214,867
Cash, cash equivalents and restricted cash at the end of the period 82,175 70,311
Supplemental Disclosures of Significant Non-Cash Transactions:    
Cash paid for interest 45,759 3,721
Increase (decrease) in fair value swap agreement (28,080) 7,182
Increase (decrease) in distributions payable to common stockholders 3,306 (97)
Increase (decrease) in distributions payable to noncontrolling interests 1,294 (13)
Common stock issued pursuant to the distribution reinvestment plan 28,378 33,667
Common stock redemptions funded subsequent to period-end 0 39,107
Issuance of limited partnership units 25,000 0
Increase in redemptions payable 100,362 0
Issuance of stock dividends 6,165 0
Net assets acquired in Merger in exchange for common shares 751,278 0
Implied EA-1 common stock and operating partnership units issued in exchange for net assets acquired in Merger 751,278 $ 0
Operating lease right-of-use assets obtained in exchange for lease liabilities upon adoption of ASC 842 on January 1, 2019 $ 16,919