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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Cash Flows from Operating Activities      
Net income $ 45,797 $ 39,762 $ 18,913
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation 15,274 11,530 8,486
Amortization 8,133 4,956 2,617
Amortization from financing and credit facility costs 720 689 951
Stock-based compensation 2,257 1,992 1,987
Impairment charge 0 0 3,020
Write-off of deferred costs 333 181 0
(Gain) loss on sale of assets (9,964) (12,135) 405
(Increase) decrease in accounts receivable (4,117) (2,911) (1,245)
(Increase) decrease in other assets (109) (197) 344
Increase (decrease) in accounts payable 1,984 1,043 (311)
Increase (decrease) in deferred revenue 115 (463) (463)
Increase (decrease) in accrued interest 1,247 241 251
Increase (decrease) in tenant deposits 65 (8) (4)
Net Cash Provided by Operating Activities 61,735 44,680 34,951
Cash Flows from Investing Activities      
Acquisition of real estate investments (297,868) (223,871) (143,273)
Development of real estate investments and other (including capitalized interest of $210 in 2016, $39 in 2015, and $263 in 2014 (27,919) (6,970) (16,527)
Payment of leasing costs (686) (66) (354)
Net proceeds from sale of assets 28,919 28,132 12,456
Net Cash Used In Investing Activities (297,554) (202,775) (147,698)
Cash Flows from Financing Activities      
Proceeds from common stock offering, net 228,011 92,260 73,302
Repurchase of common shares (712) 0 0
Unsecured revolving credit facility borrowings 252,000 161,000 148,623
Unsecured revolving credit facility repayments (256,000) (158,000) (143,123)
Payments of mortgage notes payable (31,578) (5,178) (12,767)
Unsecured term loan proceeds 60,283 0 65,000
Payments of unsecured term loans (239) 0 0
Senior unsecured notes proceeds 60,000 100,000 0
Dividends paid (42,058) (32,992) (25,403)
Limited partners' distributions paid (657) (636) (591)
Debt extinguishment costs 0 (150) 0
Payments for financing costs (2,548) (896) (1,432)
Net Cash Provided by Financing Activities 266,502 155,408 103,609
Net (Decrease) Increase in Cash and Cash Equivalents 30,683 (2,687) (9,138)
Cash and Cash Equivalents, beginning of period 2,712 5,399 14,537
Cash and Cash Equivalents, end of period 33,395 2,712 5,399
Supplemental Disclosure of Cash Flow Information      
Cash paid for interest (net of amounts capitalized) 13,822 11,548 7,825
Cash paid for income tax 8 1 0
Supplemental Disclosure of Non-Cash Investing and Financing Activities      
Shares issued under equity incentive plans (in dollars) 3,517 2,864 2,390
Real estate acquisitions financed with debt assumption $ 0 $ 0 $ 5,631