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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Cash Flows from Operating Activities      
Net income $ 58,790 $ 45,797 $ 39,762
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation 19,586 15,274 11,530
Amortization 12,166 8,133 4,956
Amortization from financing and credit facility costs 979 720 689
Stock-based compensation 2,393 2,257 1,992
Write-off of deferred costs 0 333 181
(Gain) loss on sale of assets (14,193) (9,964) (12,135)
(Increase) decrease in accounts receivable (4,216) (4,117) (2,911)
(Increase) decrease in other assets 444 (109) (197)
Increase (decrease) in accounts payable 5,265 1,984 1,043
Increase (decrease) in deferred revenue 14 115 (463)
Increase (decrease) in accrued interest 1,202 1,247 241
Increase (decrease) in deferred taxes (230) 0 0
Increase (decrease) in tenant deposits 3 65 (8)
Net Cash Provided by Operating Activities 82,203 61,735 44,680
Cash Flows from Investing Activities      
Acquisition of real estate investments and other assets (319,572) (297,868) (223,871)
Development of real estate investments and other assets (including capitalized interest of $570 in 2017, $210 in 2016, and $39 in 2015) (43,302) (27,919) (6,970)
Payment of leasing costs (568) (686) (66)
Cash held in escrows on sale of assets (7,975) 0 0
Net proceeds from sale of assets 44,343 28,919 28,132
Net Cash Used In Investing Activities (327,074) (297,554) (202,775)
Cash Flows from Financing Activities      
Proceeds from common stock offerings, net 222,695 228,011 92,260
Repurchase of common shares (1,111) (712) 0
Unsecured revolving credit facility borrowings 203,000 252,000 161,000
Unsecured revolving credit facility repayments (203,000) (256,000) (158,000)
Payments of mortgage notes payable (2,412) (31,578) (5,178)
Unsecured term loan proceeds 0 60,283 0
Payments of unsecured term loans (739) (239) 0
Senior unsecured notes proceeds 100,000 60,000 100,000
Dividends paid (55,146) (42,058) (32,992)
Distributions to Non-Controlling Interest (695) (657) (636)
Debt extinguishment costs 0 0 (150)
Payments for financing costs (309) (2,548) (896)
Net Cash Provided by Financing Activities 262,283 266,502 155,408
Net Increase (Decrease) in Cash and Cash Equivalents 17,412 30,683 (2,687)
Cash and Cash Equivalents, beginning of period 33,395 2,712 5,399
Cash and Cash Equivalents, end of period 50,807 33,395 2,712
Supplemental Disclosure of Cash Flow Information      
Cash paid for interest (net of amounts capitalized) 17,331 13,822 11,548
Cash paid (refunded) for income tax 257 153 155
Supplemental Disclosure of Non-Cash Investing and Financing Activities      
Shares issued under equity incentive plans (in dollars) 4,298 3,517 2,864
Dividends and limited partners' distributions declared and unpaid 16,303 13,124 9,758
Real Estate acquisitions financed with debt assumption $ 21,500 $ 0 $ 0