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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Operating Activities:      
Net (loss) income $ (5,774) $ 37,044 $ 22,038
Adjustments to reconcile net (loss) income to net cash provided by operating activities:      
Depreciation of building and building improvements 93,980 80,394 60,120
Amortization of leasing costs and intangibles, including ground leasehold interests and leasing costs 67,076 73,031 59,048
Amortization of below market leases, net (2,292) (3,201) (685)
Amortization of deferred financing costs and debt premium 2,607 5,562 3,071
Amortization of swap interest 126 126 126
Deferred rent (25,687) (19,519) (8,571)
Deferred rent, ground lease 2,065 1,640 0
Termination fee revenue - receivable from tenant, net 0 (6,000) (3,114)
Gain from sale of depreciable operating property (4,083) (29,940) (1,231)
Gain on fair value of earn-out (2,657) (1,461) 0
Unrealized loss on interest rate swap 0 0 2
Loss from investment in unconsolidated entities 2,071 5,307 2,254
Investment in unconsolidated entities valuation adjustment 4,453 0 0
Loss from investments 31 307 0
Impairment provision 23,472 30,734 0
Performance distribution allocation (non-cash) 0 (2,604) 0
Stock-based compensation 4,107 2,623 38
Change in operating assets and liabilities:      
Deferred leasing costs and other assets 4,383 (7,775) (13,503)
Restricted reserves 27 14 57
Accrued expenses and other liabilities 4,203 (9,505) 3,463
Due to affiliates, net (3,570) 4,072 (2,254)
Net cash provided by operating activities 164,538 160,849 120,859
Investing Activities:      
Cash acquired in connection with the EA Merger, net of acquisition costs 0 25,320 0
Acquisition of properties, net (16,584) (38,775) (182,250)
Proceeds from disposition of properties 51,692 139,446 11,442
Real estate acquisition deposits 1,047 (1,047) (3,350)
Reserves for tenant improvements   1,039  
Reserves for tenant improvements (1,530)   (357)
Payments for construction in progress (58,938) (46,346) (24,398)
Investment in unconsolidated joint venture (8,160) 0 (3,274)
Distributions of capital from investment in unconsolidated entities 8,531 14,603 7,691
Payments to Acquire Other Investments (1,029) (8,422) 0
Net cash (used in) provided by investing activities (24,971) 85,818 (194,496)
Financing Activities:      
Proceeds from borrowings - KeyBank Loans 0 627,000 0
Proceeds from borrowings - Revolver/KeyBank Loans 215,000 315,854 0
Proceeds from borrowings - Revolver Loan - EA-1 0 0 96,100
Principal payoff of secured indebtedness - Revolver Loan (53,000) (104,439) 0
Principal payoff of secured indebtedness - Mortgage Debt 0 0 (18,954)
Principal payoff of secured indebtedness - Unsecured Credit Facility - EA-1 0 (715,000) (106,253)
Principal amortization payments on secured indebtedness (7,362) (6,577) (6,494)
Deferred financing costs (4,725) (5,737) (24)
Offering costs (594) (2,384) (4,959)
Issuance of perpetual convertible preferred shares 0 0 125,000
Repurchase of common stock (107,821) (200,013) (83,574)
Repurchase of noncontrolling interest (1,137) (53) 0
Issuance of common stock, net of discounts and underwriting costs 4,698 8,826 0
Repurchase of common shares to satisfy employee tax withholding requirements (751) 0 0
Dividends paid on preferred units subject to redemption (8,396) (8,188) (1,228)
Distributions to noncontrolling interests (13,290) (16,865) (4,737)
Distributions to common stockholders (72,143) (90,116) (71,822)
Net cash used in financing activities (49,521) (197,692) (76,945)
Net increase (decrease) in cash, cash equivalents and restricted cash 90,046 48,975 (150,582)
Cash, cash equivalents and restricted cash at the beginning of the period 113,260 64,285 214,867
Cash, cash equivalents and restricted cash at the end of the period 203,306 113,260 64,285
Supplemental disclosure of cash flow information:      
Cash paid for interest 80,155 65,040 50,736
Supplemental disclosures of non-cash investing and financing transactions:      
Goodwill -Self Administration Transaction 0 0 229,948
Affiliates - receivables and other related party assets acquired in Self Administration Transaction 0 0 19,878
Distributions payable to common stockholders 6,864 13,035 9,799
Distributions payable to noncontrolling interests 943 1,758 402
Common stock issued pursuant to the distribution reinvestment plan 24,497 41,060 40,838
Common stock redemptions funded subsequent to period-end (5,345) 96,648 0
Issuance of stock dividends 5,747 14,139 0
Mortgage debt assumed in conjunction with the acquisition of real estate assets plus a premium of $109 18,884 0 0
Payable for construction in progress 472 0 0
Accrued tenant obligations 30,011 11,802 0
Limited partnership units issued in exchange for net assets acquired in Self Administration Transaction 0 25,000 205,000
Due to affiliates- Self Administration Transaction 0 0 41,114
Other liabilities assumed in Self Administration Transaction 0 0 7,951
Decrease in fair value swap agreement (29,704) (22,303) (5,427)
Decrease in stockholder servicing fee payable (1,388) 0 0
Net assets acquired in Merger in exchange for common shares 0 751,277 0
Implied EA-1 common stock and operating partnership units issued in exchange for net assets acquired in Merger 0 751,277 0
Operating lease right-of-use assets obtained in exchange for lease liabilities upon adoption of ASC 842   16,919  
Distributions to redeemable noncontrolling interests attributable to common stockholders as reflected on the consolidated statements of operations $ 0 $ 0 $ 355