Financial Statements

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As Reported Financials

Source Document Currency Code (in thousands) 2014 Y 12/31/2016 USD 2015 Y 12/31/2017 USD 2016 Y 12/31/2017 USD 2017 Y 12/31/2017 USD 2018 Q2 YTD 6/30/2018 USD
Source Document Currency Code 2014 Y 12/31/2016 USD 2015 Y 12/31/2017 USD 2016 Y 12/31/2017 USD 2017 Y 12/31/2017 USD 2018 Q2 YTD 6/30/2018 USD

Cash flows from operating activities

Net income 111,601 89,187 119,288 19,612 14,049

Adjustments to reconcile net income to net cash provided by operating activities

Depreciation and amortization 96,011 108,935 108,406 112,056 59,847
Provision for losses on accounts receivable 1,402 1,368 1,706 882 778
Real estate impairment NA NA NA NA 1,886
Gain on sale of real estate (106,555) (91,107) (101,704) (24,915) (2,495)
Share-based compensation expense 4,995 5,112 3,491 4,771 3,370
Deferred tax benefit 0 0 (698) (84) 0
Real estate impairment and casualty (gain), net 0 5,909 (676) 33,152 NA
Amortization of debt premiums, discounts and related financing costs 3,588 3,486 3,187 1,897 1,015
Loss on extinguishment of debt 0 119 0 0 1,178
Changes in operating other assets (23,306) (10,496) (15,713) (20,199) (998)
Changes in operating other liabilities (4,619) (3,195) (2,562) 3,454 (7,925)
Net cash provided by operating activities 83,117 109,318 114,725 130,626 70,705

Cash flows from investing activities

Real estate acquisitions, net (194,536) (151,917) (227,413) (138,371) (106,400)
Net cash received for sale of real estate 190,864 136,930 243,624 30,798 175,024
Capital improvements to real estate (57,810) (41,507) (57,094) (60,515) (18,094)
Development in progress (43,264) (31,203) (22,572) (18,150) (15,428)
Cash released from replacement reserve escrows, net (1,417) NA NA NA NA
Real estate deposits, net NA 0 0 (6,250) NA
Insurance proceeds 0 0 883 0 NA
Non-real estate capital improvements (1,719) (2,129) (920) (3,866) (465)
Net cash provided by (used in) investing activities (107,882) (89,826) (63,492) (196,354) 34,637

Cash flows from financing activities

Line of credit borrowings, net 50,000 55,000 15,000 46,000 3,000
Dividends paid (80,277) (61,510) (85,648) (91,666) (71,002)
Contributions from noncontrolling interests 9 5 0 0 NA
Principal payments - mortgage notes payable (3,954) (4,512) (270,061) (52,571) (137,083)
Borrowing under construction loan 20,393 4,558 0 0 NA
Notes payable repayments (100,000) (150,000) 0 0 NA
Repayments of unsecured term loan debt NA NA NA NA (150,000)
Proceeds from term loan 0 150,000 100,000 50,000 250,000
Payment of financing costs (742) (5,095) (1,590) (319) (5,565)
Distributions to noncontrolling interests (3,454) 0 (196) (4,199) (7)
Proceeds from dividend reinvestment program 0 0 700 2,576 1,245
Net proceeds from equity issuances 30,690 5,215 172,936 113,194 0
Payment of tax withholdings for restricted share awards (2,416) (2,071) (1,960) (2,286) (300)
Net cash (used in) provided by financing activities (89,751) (8,410) (70,819) 60,729 (109,712)
Net increase (decrease) in cash and cash equivalents (114,516) NA NA NA NA
Cash and cash equivalents at beginning of period 130,343 NA NA NA NA
Cash and cash equivalents at end of period 15,827 NA NA NA NA
Net decrease in cash, cash equivalents and restricted cash NA 11,082 (19,586) (4,999) (4,370)
Cash, cash equivalents and restricted cash at beginning of period NA 26,126 37,208 17,622 12,623
Cash, cash equivalents and restricted cash at end of period NA 37,208 17,622 12,623 8,253

Supplemental disclosure of cash flow information

Cash paid for interest, net of amounts capitalized 58,023 57,179 51,054 45,730 25,196
Cash paid for income taxes 156 261 65 17 NA
Change in accrued capital improvements and development costs (4,154) (4,229) (3,788) 3,264 885
Dividends payable 0 20,434 22,414 23,581 NA
Mortgage notes payable assumed in connection with the acquisition of real estate 100,861 NA NA NA NA
Accrued selling costs related to sale of 2445 M Street NA NA NA NA 727
Operating partnership units issued with acquisition NA NA NA NA 0

Reconciliation of cash, cash equivalents and restricted cash

Cash and cash equivalents NA 23,825 11,305 9,847 5,952
Restricted cash NA 13,383 6,317 2,776 2,301
Cash, cash equivalents and restricted cash NA 37,208 17,622 12,623 8,253
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.