XML 26 R6.htm IDEA: XBRL DOCUMENT v3.10.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Cash Flows from Operating Activities      
Net income $ 58,798 $ 58,790 $ 45,797
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation 24,699 19,586 15,274
Amortization 18,999 12,166 8,133
Amortization from financing and credit facility costs 1,055 979 720
Stock-based compensation 2,948 2,393 2,257
Provision for impairment 2,319 0 0
Write-off of deferred costs 0 0 333
(Gain) loss on sale of assets (11,180) (14,193) (9,964)
(Increase) decrease in accounts receivable (6,855) (4,216) (4,117)
(Increase) decrease in other assets (463) 444 (109)
Increase (decrease) in accounts payable and accrued expenses (1,265) 5,265 1,984
Increase (decrease) in deferred revenue 2,790 14 115
Increase (decrease) in accrued interest 1,367 1,202 1,247
Increase (decrease) in deferred income taxes 0 (230) 0
Increase (decrease) in tenant deposits 35 3 65
Net Cash Provided by Operating Activities 93,247 82,203 61,735
Cash Flows from Investing Activities      
Acquisition of real estate investments and other assets (611,129) (319,572) (297,868)
Development of real estate investments and other assets (including capitalized interest of $448 in 2018, $570 in 2017, and $210 in 2016) (21,481) (43,302) (27,919)
Payment of leasing costs (1,337) (568) (686)
Net proceeds from sale of assets 65,830 44,343 28,919
Net Cash Used In Investing Activities (568,117) (319,099) (297,554)
Cash Flows from Financing Activities      
Proceeds from common stock offerings, net 339,744 222,695 228,011
Repurchase of common shares (1,145) (1,111) (712)
Unsecured revolving credit facility borrowings 363,000 203,000 252,000
Unsecured revolving credit facility repayments (358,000) (203,000) (256,000)
Payments of mortgage notes payable (27,576) (2,412) (31,578)
Unsecured term loan proceeds 100,000 0 60,283
Payments of unsecured term loans (761) (739) (239)
Senior unsecured notes proceeds 125,000 100,000 60,000
Dividends paid (67,638) (55,146) (42,058)
Distributions to Non-Controlling Interest (737) (695) (657)
Payments for financing costs (1,824) (309) (2,548)
Net Cash Provided by Financing Activities 470,063 262,283 266,502
Net Increase (Decrease) in Cash and Cash Equivalents (4,807) 25,387 30,683
Cash and cash equivalents and cash held in escrow, beginning of period 58,782 33,395 2,712
Cash and cash equivalents and cash held in escrow, end of period 53,975 58,782 33,395
Supplemental Disclosure of Cash Flow Information      
Cash paid for interest (net of amounts capitalized) 23,015 17,331 13,822
Cash paid (refunded) for income tax 452 257 153
Supplemental Disclosure of Non-Cash Investing and Financing Activities      
Shares issued under equity incentive plans (in dollars) 2,781 4,298 3,517
Dividends and limited partners' distributions declared and unpaid 21,031 16,303 13,124
Real Estate acquisitions financed with debt assumption $ 0 $ 21,500 $ 0