| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 |
|---|---|---|---|---|---|---|---|---|
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
Net income | ||||||||
99,037 | 106,763 | 100,491 | 81,921 | 56,859 | 40,052 | 31,612 | 10,716 | -10,779 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation and amortization | ||||||||
152,925 | 141,633 | 129,251 | 108,652 | 95,702 | 80,722 | 65,785 | 64,327 | 68,967 |
Amortization of above/below market leases | ||||||||
-254 | -580 | -598 | 541 | 520 | -556 | -823 | -1,505 | -1,650 |
Amortization of deferred financing costs and hedge amortization | ||||||||
3,338 | 2,370 | 1,676 | 1,333 | 1,246 | 1,897 | 1,739 | 1,681 | 1,556 |
Gain on real estate disposal | ||||||||
- | - | - | - | 36 | -1,208 | - | - | - |
Gain on early extinguishment of debt | ||||||||
- | - | - | - | - | - | - | - | 939 |
Share-based compensation | ||||||||
14,384 | 12,038 | 8,946 | 8,892 | 7,114 | 6,125 | 6,770 | 5,650 | 2,958 |
Amortization of discount to fair market value of acquired loan | ||||||||
- | - | - | - | - | - | - | - | 687 |
Bad debt expense (recovery) | ||||||||
291 | -229 | 1,338 | 398 | 201 | 648 | 244 | 544 | 292 |
Changes in operating assets and liabilities: | ||||||||
Accounts receivable | ||||||||
2,836 | -10,923 | 5,087 | 13,199 | 2,146 | 599 | 682 | 3,657 | 1,523 |
Due to and due from related parties | ||||||||
- | - | - | - | - | - | - | - | -2 |
Deferred rent receivable | ||||||||
-4,827 | 3,124 | 3,645 | 7,083 | 7,799 | 4,245 | 2,248 | 3,966 | 4,986 |
Deferred leasing costs | ||||||||
13,422 | 11,672 | 13,315 | 14,395 | 17,555 | 21,390 | 6,852 | 4,105 | 4,215 |
Other assets | ||||||||
8,132 | 4,079 | 10,924 | 8,819 | 5,535 | 4,459 | 7,157 | 2,465 | 515 |
Accounts payable and accrued expenses | ||||||||
8,208 | 3,502 | 1,224 | 4,910 | 6,532 | -4,160 | 3,756 | 2,245 | 7,273 |
Unearned revenue, prepaid rent and other liabilities | ||||||||
-9,097 | -1,275 | -2,235 | 8,696 | 9,561 | 7,350 | 262 | -1,611 | 2,820 |
Deferred rent payable | ||||||||
- | - | - | - | -1,051 | -661 | 5,317 | 794 | 1,258 |
Operating leases | ||||||||
2,316 | 2,491 | 2,234 | -240 | - | - | - | - | - |
Net cash provided by operating activities | ||||||||
251,585 | 258,761 | 209,356 | 170,525 | 142,573 | 99,516 | 97,723 | 68,648 | 61,206 |
Tenant improvements | ||||||||
4,014 | 5,247 | 7,850 | 5,878 | 7,736 | 5,893 | 7,128 | 6,075 | 5,328 |
Real estate improvements | ||||||||
342,187 | 239,715 | 153,956 | 293,359 | 122,196 | 100,299 | 185,452 | 83,837 | 112,196 |
Acquisition of NY2 | ||||||||
- | - | - | - | - | - | 21,889 | - | - |
Business combinations and asset acquisitions | ||||||||
26,060 | 10,681 | 12,158 | 64,965 | - | - | - | 2,581 | - |
Proceeds from real estate disposal | ||||||||
- | - | - | - | -2,399 | - | - | - | - |
Net cash used in investing activities | ||||||||
-372,261 | -255,643 | -173,964 | -364,202 | -127,533 | -106,192 | -214,469 | -83,802 | -112,559 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
Changes in reserves for capital improvements | ||||||||
- | - | - | - | - | - | - | -8,691 | -4,965 |
Proceeds from exercise of stock options | ||||||||
364 | 310 | 4,820 | 1,290 | 1,393 | 2,354 | 925 | 1,564 | 31 |
Offering costs | ||||||||
- | - | - | - | - | 147 | 27 | 4,190 | 17 |
Proceeds from Issuance of Preferred Stock, Preference Stock, and Warrants | ||||||||
- | - | - | - | - | - | - | 115,000 | - |
Proceeds from revolving credit facility | ||||||||
397,298 | 253,036 | 274,000 | 299,500 | 87,000 | 88,250 | 174,250 | 72,750 | 5,000 |
Payments on revolving credit facility | ||||||||
546,299 | 211,036 | 298,500 | 247,750 | 163,250 | 44,000 | - | 77,750 | - |
Proceeds from unsecured debt | ||||||||
500,000 | 150,000 | 275,000 | 250,000 | 150,000 | 100,000 | - | - | - |
Proceeds from mortgage loans payable | ||||||||
- | - | - | - | - | - | - | - | 6,440 |
Repayments of mortgage loans payable | ||||||||
- | - | - | - | - | 58,250 | 1,500 | 57,114 | 14,189 |
Payments of loan fees and costs | ||||||||
6,337 | 5,038 | 2,410 | 2,981 | 2,315 | 1,000 | 2,621 | 503 | 1,745 |
Payments to net settle equity awards | ||||||||
- | - | - | - | 4,256 | 1,410 | - | - | - |
Redemption of preferred stock | ||||||||
- | - | -115,000 | - | - | - | - | - | - |
Dividends and distributions | ||||||||
223,901 | 193,038 | 172,484 | 108,807 | 87,420 | 73,772 | 57,098 | 33,101 | 23,785 |
Net cash provided by (used in) financing activities | ||||||||
121,125 | -5,766 | -34,574 | 191,252 | -18,848 | 12,025 | 113,929 | 16,656 | -28,265 |
Net change in cash and cash equivalents | ||||||||
449 | -2,648 | 818 | -2,425 | -3,808 | 5,349 | -2,817 | 1,502 | -79,618 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | ||||||||
Cash paid for interest, net of capitalized amounts | ||||||||
31,123 | 32,579 | 22,252 | 11,528 | 6,219 | 4,072 | 2,044 | 4,278 | 4,360 |
Cash paid for operating lease liabilities | ||||||||
25,206 | 21,994 | 20,764 | 20,184 | - | - | - | - | - |
NON-CASH INVESTING AND FINANCING ACTIVITY | ||||||||
Construction costs payable capitalized to real estate | ||||||||
64,776 | 41,328 | 32,228 | 28,805 | 37,033 | 16,142 | -19,821 | -10,520 | -5,564 |
NON-CASH OPERATING ACTIVITY | ||||||||
Lease liabilities arising from obtaining right-of-use assets | ||||||||
1,040 | 114,989 | 8,330 | 73,575 | - | - | - | - | - |