| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | |
|---|---|---|---|---|---|---|
Cash flow from operating activities: | ||||||
Net income | ||||||
31,665 | -7,175 | 1,457 | 24,685 | 24,129 | 19,103 | |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||
Depreciation and amortization | ||||||
160,528 | 143,354 | 136,585 | 120,805 | 83,605 | 55,327 | |
Amortization of above and below market leases | ||||||
200 | 500 | 900 | 659 | -117 | - | |
Amortization of deferred loan costs | ||||||
3,877 | 3,856 | 3,640 | 3,285 | 3,181 | 2,673 | |
Amortization of senior notes discount | ||||||
- | - | 229 | 261 | 247 | 98 | |
Distributions from unconsolidated entity | ||||||
3,280 | - | - | - | - | - | |
Equity in net loss of unconsolidated entity | ||||||
-1,473 | - | - | - | - | - | |
Loss on extinguishment of debt | ||||||
- | - | -19,912 | - | - | - | |
Equity-based compensation expense | ||||||
16,412 | 14,972 | 13,863 | 10,584 | 6,964 | 4,153 | |
Bad debt expense | ||||||
2,406 | -2,275 | 3,519 | 1,752 | 1,323 | 600 | |
Gain on sale of real estate, net | ||||||
14,769 | -6,994 | - | - | - | - | |
Write off of deferred loan costs | ||||||
1,500 | 600 | 80 | 224 | 468 | 870 | |
Deferred tax expense (benefit) | ||||||
348 | 2,970 | 10,742 | 10,171 | 10,065 | - | |
Integration, impairment & restructuring costs | ||||||
11,462 | 19,575 | 9,027 | 1,927 | - | - | |
Foreign currency remeasurement income | ||||||
-50 | - | - | - | - | - | |
Loss on sale of property | ||||||
- | - | - | - | -164 | - | |
Non-cash transaction, integration and impairment costs | ||||||
- | - | - | - | 3,117 | - | |
Changes in operating assets and liabilities | ||||||
Rents and other receivables, net | ||||||
27,234 | 6,495 | 12,881 | 17,101 | 1,138 | 1,745 | |
Prepaid expenses | ||||||
3,406 | 3,063 | -755 | -158 | 2,182 | 1,266 | |
Due to/from affiliates, net | ||||||
-9,284 | - | - | - | - | - | |
Other assets | ||||||
-35 | -4,518 | -282 | 561 | 5,016 | 73 | |
Accounts payable and accrued liabilities | ||||||
2,973 | 8,573 | -5,071 | 6,290 | 9,467 | -8,663 | |
Advance rents, security deposits and other liabilities | ||||||
-5,845 | 2,069 | 5,491 | 5,959 | -763 | 41 | |
Deferred income | ||||||
5,928 | 8,270 | 3,312 | 5,038 | -3,597 | 2,639 | |
Net cash provided by operating activities | ||||||
199,490 | 191,273 | 170,323 | 153,794 | 109,787 | 73,757 | |
Cash flow from investing activities: | ||||||
Proceeds from sale of property, net | ||||||
54,427 | 2,779 | - | - | 648 | - | |
Acquisitions, net of cash acquired | ||||||
76,383 | 117,029 | 127,038 | 173,067 | 292,685 | 91,064 | |
Investments in unconsolidated entity | ||||||
4,144 | - | - | - | - | - | |
Additions to property and equipment | ||||||
361,160 | 484,303 | 307,314 | 279,905 | 320,058 | 201,145 | |
Net cash used in investing activities | ||||||
-387,260 | -598,553 | -434,352 | -452,972 | -612,095 | -292,209 | |
Cash flow from financing activities: | ||||||
Credit facility proceeds | ||||||
399,028 | 483,000 | 888,000 | 574,000 | 671,162 | 270,500 | |
Credit facility repayments | ||||||
334,000 | 362,000 | 696,000 | 459,002 | 386,998 | 290,000 | |
Debt Proceeds | ||||||
- | - | 1,920 | - | - | - | |
5.75% Senior Notes Repayment | ||||||
- | - | 300,000 | - | - | - | |
4.75% Notes Issuance | ||||||
- | - | 400,000 | - | - | 297,633 | |
Payment of debt extinguishment costs | ||||||
- | - | 13,218 | - | - | - | |
Payment of deferred financing costs | ||||||
5,130 | 3,964 | 10,862 | 4,177 | 3,649 | 9,864 | |
Payment of preferred stock dividends | ||||||
28,180 | 10,728 | - | - | - | - | |
Payment of common stock dividends | ||||||
94,085 | 82,579 | 74,592 | 62,585 | - | - | |
Payment of cash dividends | ||||||
- | - | - | - | 45,892 | 32,198 | |
Distribution to noncontrolling interests | ||||||
11,533 | 10,759 | 10,289 | 9,619 | 8,865 | 9,049 | |
Proceeds from exercise of stock options | ||||||
3,857 | 246 | 4,972 | 858 | 559 | - | |
Payment of tax withholdings related to equity based awards | ||||||
3,900 | 2,205 | 4,725 | 2,584 | 1,088 | - | |
Principal payments on finance lease obligations | ||||||
2,855 | 7,626 | 12,224 | 12,600 | 7,677 | 753 | |
Mortgage principal debt repayments | ||||||
65 | 66 | 54 | - | 86,600 | 2,239 | |
Preferred stock issuance proceeds, net of costs | ||||||
268,259 | 407,477 | 107,549 | 275,663 | 369,372 | - | |
Net cash provided by financing activities | ||||||
191,396 | 410,796 | 262,692 | 299,954 | 500,324 | 224,030 | |
Effect of foreign currency exchange rates on cash and cash equivalents | ||||||
268 | - | - | - | - | - | |
Net change in cash and cash equivalents | ||||||
3,894 | 3,516 | -1,337 | 776 | -1,984 | 5,578 | |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | ||||||
Cash paid for interest (excluding deferred financing costs and amounts capitalized) | ||||||
56,023 | 51,380 | 44,357 | 19,897 | 18,027 | 4,950 | |
Noncash investing and financing activities: | ||||||
Accrued capital additions | ||||||
92,206 | 76,890 | 75,965 | 40,431 | 52,552 | 39,129 | |
Net decrease in other assets/liabilities related to change in fair value of derivative contracts | ||||||
-28,952 | 895 | - | - | - | - | |
Equity received in unconsolidated entity in exchange for real estate assets | ||||||
25,280 | - | - | - | - | - | |
Accrued deferred financing costs | ||||||
- | 76 | 458 | 39 | 1 | 2,858 | |
Accrued equity issuance costs | ||||||
30 | 115 | 25 | - | 57 | - | |
Accrued preferred stock dividends | ||||||
5,938 | 5,938 | - | - | - | - | |
Capital lease and lease financing obligations assumed | ||||||
- | - | - | - | 43,832 | - | |
Acquisitions, net of cash acquired: | ||||||
Goodwill | ||||||
- | - | - | - | 174,697 | - | |
Total acquisitions, net of cash acquired | ||||||
76,383 | 117,029 | 127,038 | 173,067 | 292,685 | 91,064 | |
Qualitytech, LP | ||||||
Net income | ||||||
31,665 | -7,175 | 1,457 | 24,685 | - | - | |
Depreciation and amortization | ||||||
160,528 | 143,354 | 136,585 | 120,805 | - | - | |
Amortization of above and below market leases | ||||||
187 | 465 | 865 | 659 | - | - | |
Amortization of deferred loan costs | ||||||
3,877 | 3,856 | 3,640 | 3,285 | - | - | |
Amortization of senior notes discount | ||||||
- | - | 229 | 261 | - | - | |
Distributions from unconsolidated entity | ||||||
3,280 | - | - | - | - | - | |
Equity in net loss of unconsolidated entity | ||||||
-1,473 | - | - | - | - | - | |
Loss on extinguishment of debt | ||||||
- | - | -19,912 | - | - | - | |
Equity-based compensation expense | ||||||
16,412 | 14,972 | 13,863 | 10,584 | - | - | |
Bad debt expense | ||||||
2,406 | -2,275 | 3,519 | 1,752 | - | - | |
Gain on sale of real estate, net | ||||||
14,769 | -6,994 | - | - | - | - | |
Write off of deferred loan costs | ||||||
1,532 | 605 | 80 | 224 | - | - | |
Deferred tax expense (benefit) | ||||||
348 | 2,970 | 10,742 | 10,171 | - | - | |
Integration, impairment & restructuring costs | ||||||
11,462 | 19,575 | 9,027 | 1,927 | - | - | |
Foreign currency remeasurement income | ||||||
-50 | - | - | - | - | - | |
Rents and other receivables, net | ||||||
27,234 | 6,495 | 12,881 | 17,101 | - | - | |
Prepaid expenses | ||||||
3,406 | 3,063 | -755 | -158 | - | - | |
Due to/from affiliates, net | ||||||
-9,284 | - | - | - | - | - | |
Other assets | ||||||
-35 | -4,518 | -282 | 561 | - | - | |
Accounts payable and accrued liabilities | ||||||
2,973 | 8,573 | -5,071 | 6,290 | - | - | |
Advance rents, security deposits and other liabilities | ||||||
-5,845 | 2,069 | 5,491 | 5,959 | - | - | |
Deferred income | ||||||
5,928 | 8,270 | 3,312 | 5,038 | - | - | |
Net cash provided by operating activities | ||||||
199,490 | 191,273 | 170,323 | 153,794 | - | - | |
Proceeds from sale of property, net | ||||||
54,427 | 2,779 | - | - | - | - | |
Acquisitions, net of cash acquired | ||||||
76,383 | 117,029 | 127,038 | 173,067 | - | - | |
Investments in unconsolidated entity | ||||||
4,144 | - | - | - | - | - | |
Additions to property and equipment | ||||||
361,160 | 484,303 | 307,314 | 279,905 | - | - | |
Net cash used in investing activities | ||||||
-387,260 | -598,553 | -434,352 | -452,972 | - | - | |
Credit facility proceeds | ||||||
399,028 | 483,000 | 888,000 | 574,000 | - | - | |
Credit facility repayments | ||||||
334,000 | 362,000 | 696,000 | 459,002 | - | - | |
Debt Proceeds | ||||||
- | - | 1,920 | - | - | - | |
5.75% Senior Notes Repayment | ||||||
- | - | 300,000 | - | - | - | |
4.75% Notes Issuance | ||||||
- | - | 400,000 | - | - | - | |
Payment of debt extinguishment costs | ||||||
- | - | 13,218 | - | - | - | |
Payment of deferred financing costs | ||||||
5,130 | 3,964 | 10,862 | 4,177 | - | - | |
Payment of preferred stock dividends | ||||||
28,180 | 10,728 | - | - | - | - | |
Payment of cash dividends | ||||||
94,085 | 82,579 | 74,592 | 62,585 | - | - | |
Partnership distributions | ||||||
11,533 | 10,759 | 10,289 | 9,619 | - | - | |
Proceeds from exercise of stock options | ||||||
3,857 | 246 | 4,972 | 858 | - | - | |
Payment of tax withholdings related to equity-based awards | ||||||
3,900 | 2,205 | 4,725 | 2,584 | - | - | |
Principal payments on finance lease obligations | ||||||
2,855 | 7,626 | 12,224 | 12,600 | - | - | |
Mortgage principal debt repayments | ||||||
65 | 66 | 54 | - | - | - | |
Preferred stock issuance proceeds, net of costs | ||||||
268,259 | 407,477 | 107,549 | 275,663 | - | - | |
Net cash provided by financing activities | ||||||
191,396 | 410,796 | 262,692 | 299,954 | - | - | |
Effect of foreign currency exchange rates on cash and cash equivalents | ||||||
268 | - | - | - | - | - | |
Net change in cash and cash equivalents | ||||||
3,894 | 3,516 | -1,337 | 776 | - | - | |
Cash paid for interest (excluding deferred financing costs and amounts capitalized) | ||||||
56,023 | 51,380 | 44,357 | 19,897 | - | - | |
Accrued capital additions | ||||||
92,206 | 76,890 | 75,965 | 40,431 | - | - | |
Net decrease in other assets/liabilities related to change in fair value of derivative contracts | ||||||
-28,952 | 895 | - | - | - | - | |
Equity received in unconsolidated entity in exchange for real estate assets | ||||||
25,280 | - | - | - | - | - | |
Accrued deferred financing costs | ||||||
- | 76 | 458 | 39 | - | - | |
Accrued equity issuance costs | ||||||
30 | 115 | 25 | - | - | - | |
Accrued preferred stock dividends | ||||||
5,938 | 5,938 | - | - | - | - | |
Total acquisitions, net of cash acquired | ||||||
76,383 | 117,029 | 127,038 | 173,067 | - | - | |
Dulles, Virginia | ||||||
Principal payments on finance lease obligations | ||||||
- | - | 17,785 | - | - | - | |