v3.8.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Operating activities      
Net income $ 59,555 $ 40,268 $ 20,890
Adjustments to reconcile net income including non-controlling interest to net cash provided by operating activities:      
Depreciation and amortization including intangibles associated with investment in rental property 62,759 45,839 28,819
Provision for impairment of investment in rental properties 2,608 0 0
Amortization of debt issuance costs charged to interest expense 1,893 1,626 1,181
Straight-line rent and financing lease adjustments (17,132) (13,847) (7,593)
Cost (gain) of debt extinguishment 5,151 81 (1,213)
(Gain) loss on sale of real estate (12,992) (5,925) 713
Settlement of interest rate swap, liability (1,965)    
Leasing fees paid (3,339) (2,932) (4,411)
Other non-cash items (1,258) 405 35
Changes in assets and liabilities:      
Tenant and other receivables (542) 214 (1,280)
Prepaid expenses and other assets (8) 212 88
Accounts payable and other liabilities 1,501 1,060 887
Accrued interest payable 1,709 188 500
Net cash provided by operating activities 97,940 67,189 38,616
Investing activities      
Acquisition of rental property accounted for using the operating method, net of mortgages assumed of $5,205 in 2017 and $0 in 2016 and 2015 (657,286) (500,061) (484,657)
Related party acquisition of rental property accounted for using the operating method, net of mortgage assumed of $6,721 in 2017 and $0 in 2016 and 2015 (7,531)    
Acquisition of rental property accounted for using the direct financing method (3,546) (544) (7,189)
Capital expenditures and improvements (6,606) (1,938) (10,560)
Issuance of notes receivable   (2,827)  
Proceeds from disposition of rental property, net 63,310 34,890 17,962
Increase in tenant and capital reserves (176) (93) (175)
Decrease (Increase) in restricted cash 724 (1,381) 4,150
Net cash used in investing activities (611,111) (471,954) (480,469)
Financing activities      
Proceeds from issuance of common stock, net 272,827 246,453 299,657
Redemptions of common stock (9,439) (8,154) (3,054)
Borrowings on mortgages, notes payable and unsecured term notes, net of mortgages assumed of $11,926 in 2017 and $0 in 2016 and 2015 515,000 114,000 280,000
Principal payments on mortgages, notes payable and unsecured term notes (386,080) (11,387) (5,712)
Borrowings on unsecured revolver 494,000 308,500 332,000
Repayments on unsecured revolver (323,000) (206,500) (408,500)
Cash distributions paid to stockholders (44,540) (35,731) (23,805)
Cash distributions paid to non-controlling interests (7,574) (6,967) (3,421)
Debt issuance and extinguishment costs paid (10,303) (864) (2,390)
Net cash provided by financing activities 500,891 399,350 464,775
Net (decrease) increase in cash and cash equivalents (12,280) (5,415) 22,922
Cash and cash equivalents at beginning of year 21,635 27,050 4,128
Cash and cash equivalents at end of year $ 9,355 $ 21,635 $ 27,050