COMBINED 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 |
$ 143,355
|
$ 157,780
|
$ 174,510
|
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
| Depreciation, amortization and impairment on real estate investments |
128,372
|
95,522
|
89,563
|
| Amortization of above and below market lease intangibles, net |
(8,968)
|
(11,184)
|
(10,979)
|
| Amortization of deferred financing fees |
2,072
|
0
|
0
|
| Accretion of direct financing lease |
(1,351)
|
(1,207)
|
(1,078)
|
| Amortization of leasing costs and other intangibles |
6,519
|
4,859
|
3,624
|
| Stock-based compensation |
2,439
|
0
|
0
|
| Straight-lining of rental income, net |
(163)
|
(294)
|
(252)
|
| (Gain) loss on real estate dispositions |
(632)
|
61
|
15
|
| Income tax benefit |
(370)
|
0
|
0
|
| Other |
(298)
|
36
|
(37)
|
| Changes in operating assets and liabilities, net of effects of the September acquisition: |
|
|
|
| Increase in other assets |
(11,085)
|
(4,832)
|
(6,885)
|
| Decrease in restricted cash |
0
|
0
|
518
|
| Increase in tenant deposits |
5,627
|
15,466
|
7,021
|
| Increase (decrease) in accounts payable and other liabilities |
1,657
|
(1,125)
|
(6,293)
|
| Net cash provided by operating activities |
267,174
|
255,082
|
249,727
|
| Cash flows from investing activities: |
|
|
|
| Net investment in real estate property |
(455,498)
|
(13,194)
|
(11,791)
|
| Investment in loans receivable |
(21,463)
|
(799)
|
(450)
|
| Proceeds from real estate disposals |
6,020
|
975
|
10,350
|
| Proceeds from loans receivable |
2,422
|
1,226
|
10,535
|
| Development project expenditures |
(22,854)
|
(11,163)
|
(8,792)
|
| Capital expenditures |
(15,738)
|
(6,022)
|
(1,407)
|
| Purchase of redeemable noncontrolling interest |
0
|
0
|
(2,950)
|
| Net cash used in investing activities |
(507,111)
|
(28,977)
|
(4,505)
|
| Cash flows from financing activities: |
|
|
|
| Net change in borrowings under credit facility |
1,543,000
|
0
|
0
|
| Payment of deferred financing costs |
(20,209)
|
0
|
0
|
| Purchase of noncontrolling interest |
(3,100)
|
0
|
0
|
| Distributions to noncontrolling interest |
(375)
|
(420)
|
(482)
|
| Net contribution from (distribution to) parent prior to separation |
103,714
|
(225,428)
|
(249,318)
|
| Distribution to parent |
(1,273,000)
|
0
|
0
|
| Cash distribution to common stockholders |
(95,522)
|
0
|
0
|
| Net cash provided by (used in) financing activities |
254,508
|
(225,848)
|
(249,800)
|
| Net increase (decrease) in cash |
14,571
|
257
|
(4,578)
|
| Cash at beginning of period |
2,424
|
2,167
|
6,745
|
| Cash at end of period |
16,995
|
2,424
|
2,167
|
| Supplemental disclosure of cash flow information: |
|
|
|
| Interest paid |
10,105
|
0
|
0
|
| Income taxes paid |
55
|
0
|
0
|
| Supplemental schedule of non-cash activities: |
|
|
|
| Issuance of common stock for acquisition of specialty valuation firm |
11,546
|
0
|
0
|
| Other acquisition-related investing activities |
151,511
|
0
|
0
|
| Transfer of remaining net parent investment to additional paid-in capital |
1,250,545
|
0
|
0
|
| Change in accrued capital expenditures |
$ 3,771
|
$ 0
|
$ 0
|