XML 22 R8.htm IDEA: XBRL DOCUMENT v3.3.1.900
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Cash flows from operating activities:      
Net income $ 52,931 $ 57,988 $ 34,842
Adjustments to reconcile net income to net cash provided by operating activities:      
Change in fair value of derivatives 10 10 7
Gains on sales of properties (11) (6,069) 0
Gain on casualty settlement 0 0 (77)
Depreciation and amortization of deferred leasing costs 43,270 41,203 49,130
Amortization of deferred debt costs 1,433 1,327 1,257
Non cash compensation costs of stock grants and options 1,434 1,240 1,145
Provision for credit losses 915 680 968
Increase in accounts receivable and accrued income (5,207) (3,320) (3,669)
Additions to deferred leasing costs (5,563) (4,048) (5,876)
Increase in prepaid expenses (570) (60) (152)
(Increase) decrease in other assets 1,535 (694) 353
Increase (decrease) in accounts payable, accrued expenses and other liabilities (937) 1,149 (3,286)
Decrease in deferred income (344) (2,838) (1,115)
Net cash provided by operating activities 88,896 86,568 73,527
Cash flows from investing activities:      
Acquisitions of real estate investments (4,894) (57,494) [1] (5,124)
Additions to real estate investments (18,855) (14,986) (13,999)
Additions to development and redevelopment projects (45,870) (17,788) (7,316)
Proceeds from sale of properties 32 6,679 0
Proceeds from casualty settlement 0 0 405
Net cash used in investing activities (69,587) (83,589) (26,034)
Cash flows from financing activities:      
Proceeds from mortgage notes payable 46,000 0 [1] 101,600
Repayments on mortgage notes payable (52,963) (22,071) (71,308)
Proceeds from construction loans payable 39,817 5,391 0
Proceeds from revolving credit facility 20,000 90,000 142,000
Repayments on revolving credit facility (35,000) (47,000) (180,000)
Additions to deferred debt costs (296) (1,264) (3,219)
Proceeds from the issuance of:      
Common stock 15,583 15,596 22,292
Partnership units 5,673 8,877 4,144
Preferred stock redemption costs 0 0 (9)
Distributions to:      
Preferred stockholders (12,375) (13,474) (14,561)
Common stockholders (35,645) (32,346) (29,205)
Noncontrolling interests (12,228) (11,117) (9,956)
Net cash used in financing activities (21,434) (8,148) (42,329)
Net increase (decrease) in cash and cash equivalents (2,125) (5,169) 5,164
Cash and cash equivalents, beginning of year 12,128 17,297 12,133
Cash and cash equivalents, end of year 10,003 12,128 17,297
Supplemental disclosure of cash flow information:      
Cash paid for interest 45,965 45,443 45,743
Notes Assumed   11,000  
Series C Preferred Stock      
Proceeds from the issuance of:      
Series C preferred stock 0 39,260 135,221
Distributions to:      
Preferred stockholders (12,375) (9,625) (6,095)
Series A Preferred Stock      
Proceeds from the issuance of:      
Preferred stock redemption payments 0 (40,000) (60,000)
Distributions to:      
Preferred stockholders 0 (3,849) (5,213)
Series B Preferred Stock      
Proceeds from the issuance of:      
Preferred stock redemption payments 0 0 (79,328)
Distributions to:      
Preferred stockholders $ 0 $ 0 $ (3,253)
[1] The 2014 acquisition of real estate and proceeds from notes payable each exclude $11,000 in connection with the sale and leaseback of the Company's Olney property.