Financial Statements

As Reported Financials

Document Name As Of Date Currency Code (in thousands) 2015 Y 10-K 12/31/2015 USD 2016 Y 10-K 12/31/2016 USD 2017 Y 10-K 12/31/2017 USD 2018 Y 10-K 12/31/2018 USD 2019 Q2 YTD 10-Q 6/30/2019 USD
Document Name As Of Date Currency Code 2015 Y 10-K 12/31/2015 USD 2016 Y 10-K 12/31/2016 USD 2017 Y 10-K 12/31/2017 USD 2018 Y 10-K 12/31/2018 USD 2019 Q2 YTD 10-Q 6/30/2019 USD

Cash flows from operating activities

Net (loss) income 89,187 119,288 19,612 25,630 (3,418)

Adjustments to reconcile net (loss) income to net cash provided by operating activities

Depreciation and amortization 108,935 108,406 112,056 121,228 64,968
Credit (recoveries) losses on lease related receivables 1,368 1,706 882 2,136 (133)
Deferred tax benefit 0 (698) (84) 0 NA
Real estate impairment 5,909 (676) 33,152 1,886 8,374
Loss (gain) on sale of real estate (91,107) (101,704) (24,915) (2,495) 1,046
Share-based compensation expense 5,112 3,491 4,771 6,746 4,527
Amortization of debt premiums, discounts and related financing costs 3,486 3,187 1,897 2,101 1,404
Loss on extinguishment of debt 119 0 0 1,178 0
Changes in operating other assets (10,496) (15,713) (20,199) (8,674) (5,781)
Changes in operating other liabilities (3,195) (2,562) 3,454 (2,367) (10,444)
Net cash provided by operating activities 109,318 114,725 130,626 147,369 60,543

Cash flows from investing activities

Real estate acquisitions, net (151,917) (227,413) (138,371) (106,400) (458,604)
Net cash received for sale of real estate 136,930 243,624 30,798 174,297 31,334
Capital improvements to real estate (41,507) (57,094) (60,515) (71,070) (18,634)
Development in progress (31,203) (22,572) (18,150) (34,806) (19,445)
Real estate deposits, net 0 0 (6,250) 0 (1,744)
Insurance proceeds 0 883 0 0 NA
Non-real estate capital improvements (2,129) (920) (3,866) (963) (121)
Net cash (used in) provided by investing activities (89,826) (63,492) (196,354) (38,942) (467,214)

Cash flows from financing activities

Line of credit borrowings, net 55,000 15,000 46,000 22,000 30,000
Dividends paid (61,510) (85,648) (91,666) (95,059) (72,274)
Contributions from noncontrolling interests 5 NA NA NA NA
Principal payments - mortgage notes payable (4,512) (270,061) (52,571) (170,081) (1,231)
Borrowing under construction loan 4,558 NA NA NA NA
Notes payable repayments (150,000) NA NA NA NA
Repayments of unsecured term loan debt NA 0 0 (150,000) 0
Proceeds from term loan 150,000 100,000 50,000 250,000 450,000
Payment of financing costs (5,095) (1,590) (319) (5,650) (1,219)
Distributions to noncontrolling interests 0 (196) (4,199) (14) (8)
Net proceeds from equity offerings 5,215 172,936 113,194 35,472 NA
Proceeds from dividend reinvestment program 0 700 2,576 1,973 1,673
Payment of tax withholdings for restricted share awards (2,071) (1,960) (2,286) (2,051) (504)
Net cash provided by (used in) financing activities (8,410) (70,819) 60,729 (113,410) 406,437
Net decrease in cash, cash equivalents and restricted cash 11,082 (19,586) (4,999) (4,983) (234)
Cash, cash equivalents and restricted cash at beginning of period 26,126 37,208 17,622 12,623 7,640
Cash, cash equivalents and restricted cash at end of period 37,208 17,622 12,623 7,640 7,406

Supplemental disclosure of cash flow information

Cash paid for interest, net of amounts capitalized 57,179 51,054 45,730 49,058 26,418
Cash paid for income taxes 261 65 17 0 NA
Change in accrued capital improvements and development costs (4,229) (3,788) 3,264 (2,769) (5,277)
Dividend payable 20,434 22,414 23,581 24,022 NA
Operating partnership units issued with acquisition NA 0 376 0 NA
Accrued selling costs related to sale of 2445 M Street NA NA NA NA 0

Reconciliation of cash, cash equivalents and restricted cash

Cash and cash equivalents 23,825 11,305 9,847 6,016 5,756
Restricted cash 13,383 6,317 2,776 1,624 1,650
Cash, cash equivalents and restricted cash 37,208 17,622 12,623 7,640 7,406
Data shown on this page is extracted directly from the company’s documents. S&P makes every effort to line up fields, captions and headers that represent the same data over time, despite variations in how the company may report these items in different documents. In certain instances the variation in the company’s presentation over time may be too significant, potentially resulting in repeating and/or disordered items. Despite possible issues with the presentation, S&P, as always, stands by its commitment to the quality of the data.