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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Cash flows from operating activities:      
Net income $ 35,014 $ 13,148 $ 19,827
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization expense 93,426 97,916 81,267
Amortization of above market lease (158) 635 (365)
Gain on sale of properties, less applicable income tax (23,662) (940) (2,158)
Equity in losses of non-consolidated REITs 1,451 1,760 1,358
Increase (decrease) in allowance for doubtful accounts (195) 275 (1,250)
Changes in operating assets and liabilities:      
Restricted cash 719 (99) (68)
Tenant rent receivables 2,030 94 (2,103)
Straight-line rents (2,448) (4,737) (5,782)
Lease acquisition costs (1,487) (440) (1,146)
Prepaid expenses and other assets 422 700 (1,547)
Accounts payable, accrued expenses and other items 5,505 206 11,137
Accrued compensation (32) 773 445
Tenant security deposits 581 222 1,538
Payment of deferred leasing commissions (8,276) (6,347) (9,125)
Net cash provided by operating activities 102,890 103,166 92,028
Cash flows from investing activities:      
Property acquisitions (66,104)   (454,447)
Property improvements, fixtures and equipment (21,750) (18,370) (19,120)
Office computers and furniture (179) (191) (355)
Acquired real estate leases (10,604)   (100,143)
Investment in non-consolidated REITs     4,858
Distributions in excess of earnings from non-consolidated REITs 107 107 108
Investment in related party mortgage loan receivable (25,000) (11,170) (8,200)
Repayment of related party mortgage loan receivable   17,275 2,350
Proceeds received on sales of real estate assets 85,426 14,192 12,301
Net cash provided by (used in) investing activities (38,104) 1,843 (562,648)
Cash flows from financing activities:      
Distributions to stockholders (76,142) (76,142) (69,588)
Proceeds from equity offering     241,500
Offering costs     (10,818)
Borrowings under bank note payable 110,000 15,000 160,000
Repayments of bank note payable (88,000) (53,500) (70,250)
Borrowing of term loan payable     220,000
Deferred financing costs   (2,471) (1,868)
Net cash provided by (used in) financing activities (54,142) (117,113) 468,976
Net increase (decrease) in cash and cash equivalents 10,644 (12,104) (1,644)
Cash and cash equivalents, beginning of year 7,519 19,623 21,267
Cash and cash equivalents, end of period 18,163 7,519 19,623
Cash paid for:      
Interest 22,963 25,623 19,556
Taxes on income 803 668 515
Non-cash investing and financing activities:      
Accrued costs for purchase of real estate assets $ 3,211 $ 1,788 $ 3,570