17. Supplemental Cash Flow Disclosures

Cash paid for interest was $32,429, $28,147 and $20,974 for the years ended December 31, 2017, 2016, and 2015, respectively. Cash paid for state income and franchise taxes was $655, $310 and $44 for the years ended December 31, 2017, 2016, and 2015, respectively.

The following are non-cash transactions and have been excluded from the accompanying Consolidated Statements of Cash Flows:

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During the years ended December 31, 2017, 2016, and 2015, the Company issued 499, 391, and 258 shares, respectively, of common stock with a value of approximately $38,848, $27,615, and $18,046, respectively, under the terms of the Distribution Reinvestment Plan (see Note 14).

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During the year ended December 31, 2015, the Company issued 139 shares with a value of $10,000 to the Manager in exchange for 100 preferred units of the Manager (see Note 3).

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During the years ended December 31, 2017, 2016, and 2015, the Company issued 161, 97, and 793 membership units, respectively, in exchange for property contributed in UPREIT transactions valued at $12,913, $7,190, and $57,583, respectively (see Note 12).

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During the year ended December 31, 2016, the Company issued a note receivable for $3,700 in connection with the sale of real estate (see Note 8).

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At December 31, 2017 and 2016, dividend amounts declared and accrued but not yet paid amounted to $8,449 and $6,643, respectively.

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In connection with real estate transactions conducted during the years ended December 31, 2017 and 2016, the Company accepted tenant improvement allowances and credits for rent in advance of $2,777 and $1,730, and $8,649 and $2,367, respectively, in exchange for a reduction to the cash paid for the associated real estate assets.