Condensed Consolidating Financial Information | 3 Months Ended |
Mar. 31, 2015 |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |
Condensed Consolidating Financial Information | Note 13 – Condensed Consolidating Financial Information |
During October 2013, the Operating Partnership issued $275.0 million aggregate principal amount of 4.50% senior notes at 99.038% of face value in a private placement. The senior notes are jointly and severally, fully and unconditionally guaranteed by DCT and certain of the Company’s wholly owned subsidiaries. During May 2014, we completed the exchange of these notes for SEC registered notes having substantially identical terms. |
The following tables present the condensed consolidated financial information for (a) DCT Industrial Trust, Inc. (“Parent” and a guarantor), (b) DCT Industrial Operating Partnership LP (“Subsidiary Issuer”), (c) on a combined basis, the guarantor subsidiaries (“Subsidiary Guarantors”), and (d) on a combined basis, the non-guarantor subsidiaries (“Non-Guarantor Subsidiaries”). Additional columns present consolidating adjustments and consolidated totals as of March 31, 2015 and December 31, 2014 and for the three months ended March 31, 2015 and 2014. |
Certain of our subsidiaries may be released from their guarantees, primarily due to the disposition of properties. These changes in guarantors are reflected retrospectively for all periods presented. |
Separate financial statements of the Subsidiary Guarantors are not presented because the guarantee by each 100% owned Subsidiary Guarantor is full and unconditional, joint and several. Furthermore, there are no significant legal restrictions on the Parent’s ability to obtain funds from its subsidiaries by dividend or loan. |
Investments in consolidated subsidiaries are accounted for using the equity method for purposes of the combined presentation. The consolidating adjustments principally relate to the elimination of investments in consolidated subsidiaries and intercompany balances and transactions. |
Condensed Consolidated Balance Sheets |
31-Mar-15 |
(in thousands) |
(unaudited) |
|
| Parent | | | Subsidiary | | | Subsidiary | | | Non-Guarantor | | | Consolidating | | | Total | |
Issuer | Guarantors | Subsidiaries | Adjustments | Consolidated |
ASSETS | | | | | | | | | | | | | | | | | | | | | | | |
Land | $ | - | | | $ | - | | | $ | 821,082 | | | $ | 150,912 | | | $ | - | | | $ | 971,994 | |
Buildings and improvements | | - | | | | - | | | | 2,460,184 | | | | 419,729 | | | | - | | | | 2,879,913 | |
Intangible lease assets | | - | | | | - | | | | 63,527 | | | | 27,465 | | | | - | | | | 90,992 | |
Construction in progress | | - | | | | - | | | | 74,851 | | | | 15,714 | | | | - | | | | 90,565 | |
Total investment in properties | | - | | | | - | | | | 3,419,644 | | | | 613,820 | | | | - | | | | 4,033,464 | |
Less accumulated depreciation and amortization | | - | | | | - | | | | (610,243 | ) | | | (103,950 | ) | | | - | | | | (714,193 | ) |
Net investment in properties | | - | | | | - | | | | 2,809,401 | | | | 509,870 | | | | - | | | | 3,319,271 | |
Investments in and advances to unconsolidated | | - | | | | 92,242 | | | | 605 | | | | - | | | | - | | | | 92,847 | |
joint ventures |
Net investment in real estate | | - | | | | 92,242 | | | | 2,810,006 | | | | 509,870 | | | | - | | | | 3,412,118 | |
Cash and cash equivalents | | - | | | | 14,400 | | | | - | | | | - | | | | (3,661 | ) | | | 10,739 | |
Restricted cash | | - | | | | 1 | | | | 162 | | | | 3,439 | | | | - | | | | 3,602 | |
Deferred loan costs, net | | - | | | | 7,061 | | | | 53 | | | | 372 | | | | - | | | | 7,486 | |
Straight-line rent and other receivables, net | | - | | | | 165 | | | | 48,528 | | | | 8,311 | | | | - | | | | 57,004 | |
Other assets, net | | - | | | | 3,886 | | | | 7,101 | | | | 4,437 | | | | - | | | | 15,424 | |
Intercompany receivables, net | | 24,740 | | | | 95,731 | | | | 8,862 | | | | - | | | | (129,333 | ) | | | - | |
Investment in subsidiaries | | 1,756,428 | | | | 2,876,591 | | | | 28,055 | | | | - | | | | (4,661,074 | ) | | | - | |
Total assets | $ | 1,781,168 | | | $ | 3,090,077 | | | $ | 2,902,767 | | | $ | 526,429 | | | $ | (4,794,068 | ) | | $ | 3,506,373 | |
| | | | | | | | | | | | | | | | | | | | | | | |
LIABILITIES AND EQUITY | | | | | | | | | | | | | | | | | | | | | | | |
Liabilities: | | | | | | | | | | | | | | | | | | | | | | | |
Accounts payable and accrued expenses | $ | - | | | $ | 12,801 | | | $ | 53,652 | | | $ | 14,760 | | | $ | (3,661 | ) | | $ | 77,552 | |
Intercompany payables, net | | - | | | | 24,740 | | | | 26,043 | | | | 78,550 | | | | (129,333 | ) | | | - | |
Distributions payable | | 24,740 | | | | 1,302 | | | | - | | | | - | | | | - | | | | 26,042 | |
Tenant prepaids and security deposits | | - | | | | - | | | | 25,119 | | | | 3,686 | | | | - | | | | 28,805 | |
Other liabilities | | - | | | | 330 | | | | 14,014 | | | | 3,810 | | | | - | | | | 18,154 | |
Intangible lease liabilities, net | | - | | | | - | | | | 19,081 | | | | 4,354 | | | | - | | | | 23,435 | |
Line of credit | | - | | | | 69,000 | | | | - | | | | - | | | | - | | | | 69,000 | |
Senior unsecured notes | | - | | | | 1,122,676 | | | | - | | | | - | | | | - | | | | 1,122,676 | |
Mortgage notes | | - | | | | - | | | | 19,578 | | | | 249,899 | | | | - | | | | 269,477 | |
Total liabilities | | 24,740 | | | | 1,230,849 | | | | 157,487 | | | | 355,059 | | | | (132,994 | ) | | | 1,635,141 | |
| | | | | | | | | | | | | | | | | | | | | | | |
Equity: | | | | | | | | | | | | | | | | | | | | | | | |
Stockholders' equity | | 1,756,428 | | | | 1,859,228 | | | | 2,745,280 | | | | 171,370 | | | | (4,775,878 | ) | | | 1,756,428 | |
Noncontrolling interests | | - | | | | - | | | | - | | | | - | | | | 114,804 | | | | 114,804 | |
Total equity | | 1,756,428 | | | | 1,859,228 | | | | 2,745,280 | | | | 171,370 | | | | (4,661,074 | ) | | | 1,871,232 | |
Total liabilities and equity | $ | 1,781,168 | | | $ | 3,090,077 | | | $ | 2,902,767 | | | $ | 526,429 | | | $ | (4,794,068 | ) | | $ | 3,506,373 | |
|
|
|
|
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) |
For the Three Months Ended March 31, 2015 |
(in thousands) |
(unaudited) |
|
| Parent | | | Subsidiary | | | Subsidiary | | | Non-Guarantor | | | Consolidating | | | Total | |
Issuer | Guarantors | Subsidiaries | Adjustments | Consolidated |
REVENUES: | | | | | | | | | | | | | | | | | | | | | | | |
Rental revenues | $ | - | | | $ | - | | | $ | 73,802 | | | $ | 14,260 | | | $ | - | | | $ | 88,062 | |
Institutional capital management and other fees | | - | | | | 25 | | | | - | | | | 434 | | | | (81 | ) | | | 378 | |
Total revenues | | - | | | | 25 | | | | 73,802 | | | | 14,694 | | | | (81 | ) | | | 88,440 | |
| | | | | | | | | | | | | | | | | | | | | | | |
OPERATING EXPENSES: | | | | | | | | | | | | | | | | | | | | | | | |
Rental expenses | | - | | | | - | | | | 8,906 | | | | 1,242 | | | | - | | | | 10,148 | |
Real estate taxes | | - | | | | - | | | | 11,870 | | | | 2,635 | | | | - | | | | 14,505 | |
Real estate related depreciation and amortization | | - | | | | - | | | | 32,862 | | | | 6,134 | | | | - | | | | 38,996 | |
General and administrative | | - | | | | 6,473 | | | | 81 | | | | 782 | | | | - | | | | 7,336 | |
Total operating expenses | | - | | | | 6,473 | | | | 53,719 | | | | 10,793 | | | | - | | | | 70,985 | |
Operating income (loss) | | - | | | | (6,448 | ) | | | 20,083 | | | | 3,901 | | | | (81 | ) | | | 17,455 | |
| | | | | | | | | | | | | | | | | | | | | | | |
OTHER INCOME (EXPENSE): | | | | | | | | | | | | | | | | | | | | | | | |
Equity in earnings of unconsolidated joint | | - | | | | 726 | | | | - | | | | - | | | | 81 | | | | 807 | |
ventures, net |
Gain on acquisitions and dispositions of real | | - | | | | (20 | ) | | | - | | | | 26,174 | | | | - | | | | 26,154 | |
estate interests |
Interest expense | | - | | | | (10,913 | ) | | | (622 | ) | | | (2,769 | ) | | | 400 | | | | (13,904 | ) |
Interest and other income (expense) | | - | | | | 402 | | | | (16 | ) | | | (4 | ) | | | (400 | ) | | | (18 | ) |
Income tax expense and other taxes | | - | | | | (143 | ) | | | (44 | ) | | | (6 | ) | | | - | | | | (193 | ) |
Income (loss) from continuing operations | | - | | | | (16,396 | ) | | | 19,401 | | | | 27,296 | | | | - | | | | 30,301 | |
Equity in earnings of consolidated subsidiaries | | 28,745 | | | | 46,544 | | | | 14 | | | | - | | | | (75,303 | ) | | | - | |
Consolidated net income | | 28,745 | | | | 30,148 | | | | 19,415 | | | | 27,296 | | | | (75,303 | ) | | | 30,301 | |
Net income attributable to noncontrolling interests | | - | | | | - | | | | - | | | | - | | | | (1,556 | ) | | | (1,556 | ) |
Net income attributable to common stockholders | | 28,745 | | | | 30,148 | | | | 19,415 | | | | 27,296 | | | | (76,859 | ) | | | 28,745 | |
Distributed and undistributed earnings allocated to | | - | | | | (143 | ) | | | - | | | | - | | | | - | | | | (143 | ) |
participating securities |
Adjusted net income attributable to | $ | 28,745 | | | $ | 30,005 | | | $ | 19,415 | | | $ | 27,296 | | | $ | (76,859 | ) | | $ | 28,602 | |
common stockholders |
| | | | | | | | | | | | | | | | | | | | | | | |
Net income | $ | 28,745 | | | $ | 30,148 | | | $ | 19,415 | | | $ | 27,296 | | | $ | (75,303 | ) | | $ | 30,301 | |
Other comprehensive income (loss): | | | | | | | | | | | | | | | | | | | | | | | |
Net derivative loss on cash flow hedging instruments | | - | | | | (364 | ) | | | - | | | | (149 | ) | | | - | | | | (513 | ) |
Net reclassification adjustment on cash flow hedging | | - | | | | 1,116 | | | | - | | | | 37 | | | | - | | | | 1,153 | |
instruments |
Other comprehensive income (loss) | | - | | | | 752 | | | | - | | | | (112 | ) | | | - | | | | 640 | |
Comprehensive income | | 28,745 | | | | 30,900 | | | | 19,415 | | | | 27,184 | | | | (75,303 | ) | | | 30,941 | |
Comprehensive income attributable to | | - | | | | - | | | | - | | | | - | | | | (1,511 | ) | | | (1,511 | ) |
noncontrolling interests |
Comprehensive income attributable to | $ | 28,745 | | | $ | 30,900 | | | $ | 19,415 | | | $ | 27,184 | | | $ | (76,814 | ) | | $ | 29,430 | |
common stockholders |
|
|
Condensed Consolidated Statements of Cash Flows |
For the Three Months Ended March 31, 2015 |
(in thousands) |
(unaudited) |
|
| Parent | | | Subsidiary | | | Subsidiary | | | Non-Guarantor | | | Consolidating | | | Total | |
Issuer | Guarantors | Subsidiaries | Adjustments | Consolidated |
OPERATING ACTIVITIES: | | | | | | | | | | | | | | | | | | | | | | | |
Net cash provided by (used in) operating activities | $ | - | | | $ | (9,750 | ) | | $ | 47,401 | | | $ | 70 | | | $ | (3,549 | ) | | $ | 34,172 | |
| | | | | | | | | | | | | | | | | | | | | | | |
INVESTING ACTIVITIES: | | | | | | | | | | | | | | | | | | | | | | | |
Real estate acquisitions | | - | | | | - | | | | (52,735 | ) | | | (31,404 | ) | | | - | | | | (84,139 | ) |
Capital expenditures and development activities | | - | | | | - | | | | (45,294 | ) | | | (2,249 | ) | | | - | | | | (47,543 | ) |
Proceeds (loss) from dispositions of real estate | | - | | | | (20 | ) | | | - | | | | 85,635 | | | | - | | | | 85,615 | |
investments |
Investments in unconsolidated joint ventures | | - | | | | (91 | ) | | | - | | | | - | | | | - | | | | (91 | ) |
Distributions of investments in unconsolidated | | - | | | | 710 | | | | - | | | | - | | | | - | | | | 710 | |
joint ventures |
Other investing activities | | - | | | | (787 | ) | | | 2 | | | | (28 | ) | | | - | | | | (813 | ) |
Net cash provided by (used in) investing activities | | - | | | | (188 | ) | | | (98,027 | ) | | | 51,954 | | | | - | | | | (46,261 | ) |
| | | | | | | | | | | | | | | | | | | | | | | |
FINANCING ACTIVITIES: | | | | | | | | | | | | | | | | | | | | | | | |
Proceeds from senior unsecured revolving line of | | - | | | | 53,000 | | | | - | | | | - | | | | - | | | | 53,000 | |
credit |
Repayments of senior unsecured revolving line of | | - | | | | (21,000 | ) | | | - | | | | - | | | | - | | | | (21,000 | ) |
credit |
Principal payments on mortgage notes | | - | | | | - | | | | (169 | ) | | | (2,084 | ) | | | - | | | | (2,253 | ) |
Net settlement on issuance of stock-based compensation | | (402 | ) | | | (402 | ) | | | - | | | | - | | | | 402 | | | | (402 | ) |
awards |
Net payments relating to intercompany financing | | 25,075 | | | | (985 | ) | | | 50,795 | | | | (49,810 | ) | | | (25,075 | ) | | | - | |
Redemption of noncontrolling interests | | - | | | | (38 | ) | | | - | | | | - | | | | - | | | | (38 | ) |
Dividends to common stockholders | | (24,673 | ) | | | (24,673 | ) | | | - | | | | - | | | | 24,673 | | | | (24,673 | ) |
Distributions to noncontrolling interests | | - | | | | (1,307 | ) | | | - | | | | (130 | ) | | | - | | | | (1,437 | ) |
Net cash provided by (used in) financing activities | | - | | | | 4,595 | | | | 50,626 | | | | (52,024 | ) | | | - | | | | 3,197 | |
Net change in cash and cash equivalents | | - | | | | (5,343 | ) | | | - | | | | - | | | | (3,549 | ) | | | (8,892 | ) |
Cash and cash equivalents, beginning of period | | - | | | | 19,743 | | | | - | | | | - | | | | (112 | ) | | | 19,631 | |
Cash and cash equivalents, end of period | $ | - | | | $ | 14,400 | | | $ | - | | | $ | - | | | $ | (3,661 | ) | | $ | 10,739 | |
|
|
|
|
Condensed Consolidated Balance Sheets |
31-Dec-14 |
(in thousands) |
(unaudited) |
|
| Parent | | | Subsidiary | | | Subsidiary | | | Non-Guarantor | | | Consolidating | | | Total | |
Issuer | Guarantors | Subsidiaries | Adjustments | Consolidated |
ASSETS | | | | | | | | | | | | | | | | | | | | | | | |
Land | $ | - | | | $ | - | | | $ | 796,902 | | | $ | 154,061 | | | $ | - | | | $ | 950,963 | |
Buildings and improvements | | - | | | | - | | | | 2,340,574 | | | | 447,385 | | | | - | | | | 2,787,959 | |
Intangible lease assets | | - | | | | - | | | | 62,828 | | | | 23,687 | | | | - | | | | 86,515 | |
Construction in progress | | - | | | | - | | | | 122,310 | | | | 12,628 | | | | - | | | | 134,938 | |
Total investment in properties | | - | | | | - | | | | 3,322,614 | | | | 637,761 | | | | - | | | | 3,960,375 | |
Less accumulated depreciation and amortization | | - | | | | - | | | | (580,310 | ) | | | (123,530 | ) | | | - | | | | (703,840 | ) |
Net investment in properties | | - | | | | - | | | | 2,742,304 | | | | 514,231 | | | | - | | | | 3,256,535 | |
Investments in and advances to unconsolidated | | - | | | | 94,122 | | | | 606 | | | | - | | | | - | | | | 94,728 | |
joint ventures |
Net investment in real estate | | - | | | | 94,122 | | | | 2,742,910 | | | | 514,231 | | | | - | | | | 3,351,263 | |
Cash and cash equivalents | | - | | | | 19,743 | | | | - | | | | - | | | | (112 | ) | | | 19,631 | |
Restricted cash | | - | | | | 3 | | | | 162 | | | | 3,614 | | | | - | | | | 3,779 | |
Deferred loan costs, net | | - | | | | 7,580 | | | | 54 | | | | 392 | | | | - | | | | 8,026 | |
Straight-line rent and other receivables, net | | - | | | | 101 | | | | 45,067 | | | | 9,015 | | | | - | | | | 54,183 | |
Other assets, net | | - | | | | 3,525 | | | | 6,907 | | | | 4,220 | | | | - | | | | 14,652 | |
Intercompany receivables, net | | 24,706 | | | | 153,557 | | | | 14,823 | | | | - | | | | (193,086 | ) | | | - | |
Investment in subsidiaries | | 1,749,832 | | | | 2,770,752 | | | | 21,892 | | | | - | | | | (4,542,476 | ) | | | - | |
Assets held for sale | | - | | | | - | | | | - | | | | - | | | | - | | | | - | |
Total assets | $ | 1,774,538 | | | $ | 3,049,383 | | | $ | 2,831,815 | | | $ | 531,472 | | | $ | (4,735,674 | ) | | $ | 3,451,534 | |
| | | | | | | | | | | | | | | | | | | | | | | |
LIABILITIES AND EQUITY | | | | | | | | | | | | | | | | | | | | | | | |
Liabilities: | | | | | | | | | | | | | | | | | | | | | | | |
Accounts payable and accrued expenses | $ | - | | | $ | 10,257 | | | $ | 55,511 | | | $ | 17,887 | | | $ | (112 | ) | | $ | 83,543 | |
Intercompany payables, net | | - | | | | 24,706 | | | | 26,080 | | | | 142,300 | | | | (193,086 | ) | | | - | |
Distributions payable | | 24,706 | | | | 1,267 | | | | - | | | | - | | | | - | | | | 25,973 | |
Tenant prepaids and security deposits | | - | | | | - | | | | 25,873 | | | | 4,666 | | | | - | | | | 30,539 | |
Other liabilities | | - | | | | 150 | | | | 11,007 | | | | 2,921 | | | | - | | | | 14,078 | |
Intangible lease liabilities, net | | - | | | | - | | | | 19,168 | | | | 3,772 | | | | - | | | | 22,940 | |
Line of credit | | - | | | | 37,000 | | | | - | | | | - | | | | - | | | | 37,000 | |
Senior unsecured notes | | - | | | | 1,122,621 | | | | - | | | | - | | | | - | | | | 1,122,621 | |
Mortgage notes | | - | | | | - | | | | 19,742 | | | | 229,682 | | | | - | | | | 249,424 | |
Liabilities related to assets held for sale | | - | | | | - | | | | - | | | | - | | | | - | | | | - | |
Total liabilities | | 24,706 | | | | 1,196,001 | | | | 157,381 | | | | 401,228 | | | | (193,198 | ) | | | 1,586,118 | |
| | | | | | | | | | | | | | | | | | | | | | | |
Equity: | | | | | | | | | | | | | | | | | | | | | | | |
Stockholders' equity | | 1,749,832 | | | | 1,853,382 | | | | 2,674,434 | | | | 130,244 | | | | (4,658,060 | ) | | | 1,749,832 | |
Noncontrolling interests | | - | | | | - | | | | - | | | | - | | | | 115,584 | | | | 115,584 | |
Total equity | | 1,749,832 | | | | 1,853,382 | | | | 2,674,434 | | | | 130,244 | | | | (4,542,476 | ) | | | 1,865,416 | |
Total liabilities and equity | $ | 1,774,538 | | | $ | 3,049,383 | | | $ | 2,831,815 | | | $ | 531,472 | | | $ | (4,735,674 | ) | | $ | 3,451,534 | |
|
|
|
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) |
For the Three Months Ended March 31, 2014 |
(in thousands) |
(unaudited) |
|
| Parent | | | Subsidiary | | | Subsidiary | | | Non-Guarantor | | | Consolidating | | | Total | |
Issuer | Guarantors | Subsidiaries | Adjustments | Consolidated |
REVENUES: | | | | | | | | | | | | | | | | | | | | | | | |
Rental revenues | $ | - | | | $ | - | | | $ | 64,007 | | | $ | 18,612 | | | $ | - | | | $ | 82,619 | |
Institutional capital management and other fees | | - | | | | 380 | | | | - | | | | 468 | | | | (84 | ) | | | 764 | |
Total revenues | | - | | | | 380 | | | | 64,007 | | | | 19,080 | | | | (84 | ) | | | 83,383 | |
| | | | | | | | | | | | | | | | | | | | | | | |
OPERATING EXPENSES: | | | | | | | | | | | | | | | | | | | | | | | |
Rental expenses | | - | | | | - | | | | 9,769 | | | | 2,633 | | | | - | | | | 12,402 | |
Real estate taxes | | - | | | | - | | | | 9,770 | | | | 3,427 | | | | - | | | | 13,197 | |
Real estate related depreciation and amortization | | - | | | | - | | | | 28,059 | | | | 8,374 | | | | - | | | | 36,433 | |
General and administrative | | - | | | | 6,381 | | | | 93 | | | | 360 | | | | - | | | | 6,834 | |
Impairment losses | | - | | | | - | | | | 587 | | | | 3,772 | | | | - | | | | 4,359 | |
Total operating expenses | | - | | | | 6,381 | | | | 48,278 | | | | 18,566 | | | | - | | | | 73,225 | |
Operating income (loss) | | - | | | | (6,001 | ) | | | 15,729 | | | | 514 | | | | (84 | ) | | | 10,158 | |
| | | | | | | | | | | | | | | | | | | | | | | |
OTHER INCOME (EXPENSE): | | | | | | | | | | | | | | | | | | | | | | | |
Development profit, net of taxes | | - | | | | - | | | | - | | | | 728 | | | | - | | | | 728 | |
Equity in earnings (loss) of unconsolidated | | - | | | | 3,557 | | | | (28 | ) | | | - | | | | 84 | | | | 3,613 | |
joint ventures, net |
Gain on acquisitions and dispositions of real | | - | | | | 1,947 | | | | - | | | | 98 | | | | - | | | | 2,045 | |
estate interests |
Interest expense | | - | | | | (12,529 | ) | | | (1,285 | ) | | | (2,792 | ) | | | 550 | | | | (16,056 | ) |
Interest and other income (expense) | | - | | | | 552 | | | | (22 | ) | | | 55 | | | | (557 | ) | | | 28 | |
Income tax benefit (expense) and other taxes | | - | | | | (68 | ) | | | 83 | | | | (72 | ) | | | - | | | | (57 | ) |
Income (loss) from continuing operations | | - | | | | (12,542 | ) | | | 14,477 | | | | (1,469 | ) | | | (7 | ) | | | 459 | |
Income from discontinued operations | | - | | | | - | | | | - | | | | 2 | | | | 7 | | | | 9 | |
Equity in earnings of consolidated subsidiaries | | 317 | | | | 12,877 | | | | 728 | | | | - | | | | (13,922 | ) | | | - | |
Consolidated net income (loss) | | 317 | | | | 335 | | | | 15,205 | | | | (1,467 | ) | | | (13,922 | ) | | | 468 | |
Net income attributable to noncontrolling interests | | - | | | | - | | | | - | | | | - | | | | (151 | ) | | | (151 | ) |
Net income (loss) attributable to common | | 317 | | | | 335 | | | | 15,205 | | | | (1,467 | ) | | | (14,073 | ) | | | 317 | |
stockholders |
Distributed and undistributed earnings allocated to | | - | | | | (166 | ) | | | - | | | | - | | | | - | | | | (166 | ) |
participating securities |
Adjusted net income attributable to | $ | 317 | | | $ | 169 | | | $ | 15,205 | | | $ | (1,467 | ) | | $ | (14,073 | ) | | $ | 151 | |
common stockholders |
| | | | | | | | | | | | | | | | | | | | | | | |
Net income (loss) | $ | 317 | | | $ | 335 | | | $ | 15,205 | | | $ | (1,467 | ) | | $ | (13,922 | ) | | $ | 468 | |
Other comprehensive income (loss) | | | | | | | | | | | | | | | | | | | | | | | |
Net derivative loss on cash flow hedging instruments | | - | | | | (152 | ) | | | - | | | | (176 | ) | | | - | | | | (328 | ) |
Net reclassification adjustment on cash flow hedging | | - | | | | 1,118 | | | | - | | | | 38 | | | | - | | | | 1,156 | |
instruments |
Other comprehensive income (loss) | | - | | | | 966 | | | | - | | | | (138 | ) | | | - | | | | 828 | |
Comprehensive income (loss) | | 317 | | | | 1,301 | | | | 15,205 | | | | (1,605 | ) | | | (13,922 | ) | | | 1,296 | |
Comprehensive loss attributable to noncontrolling | | - | | | | - | | | | - | | | | - | | | | (265 | ) | | | (265 | ) |
interests |
Comprehensive income (loss) attributable to | $ | 317 | | | $ | 1,301 | | | $ | 15,205 | | | $ | (1,605 | ) | | $ | (14,187 | ) | | $ | 1,031 | |
common stockholders |
|
Condensed Consolidated Statements of Cash Flows |
For the Three Months Ended March 31, 2014 |
(in thousands) |
(unaudited) |
|
| Parent | | | Subsidiary | | | Subsidiary | | | Non-Guarantor | | | Consolidating | | | Total | |
Issuer | Guarantors | Subsidiaries | Adjustments | Consolidated |
OPERATING ACTIVITIES: | | | | | | | | | | | | | | | | | | | | | | | |
Net cash provided by (used in) operating activities | $ | - | | | $ | (10,994 | ) | | $ | 33,926 | | | $ | 9,757 | | | $ | - | | | $ | 32,689 | |
| | | | | | | | | | | | | | | | | | | | | | | |
INVESTING ACTIVITIES: | | | | | | | | | | | | | | | | | | | | | | | |
Real estate acquisitions | | - | | | | - | | | | (43,200 | ) | | | (29 | ) | | | - | | | | (43,229 | ) |
Capital expenditures and development activities | | - | | | | - | | | | (33,909 | ) | | | (4,784 | ) | | | - | | | | (38,693 | ) |
Proceeds from dispositions of real estate investments | | - | | | | 1,760 | | | | - | | | | 1,101 | | | | - | | | | 2,861 | |
Investments in unconsolidated joint ventures | | - | | | | (771 | ) | | | - | | | | - | | | | - | | | | (771 | ) |
Proceeds from casualties and involuntary conversion | | - | | | | - | | | | 201 | | | | 4 | | | | - | | | | 205 | |
Distributions of investments in unconsolidated joint | | - | | | | 16,487 | | | | - | | | | - | | | | - | | | | 16,487 | |
ventures |
Other investing activities | | - | | | | 6,864 | | | | 2 | | | | (151 | ) | | | - | | | | 6,715 | |
Net cash provided by (used in) investing activities | | - | | | | 24,340 | | | | (76,906 | ) | | | (3,859 | ) | | | - | | | | (56,425 | ) |
| | | | | | | | | | | | | | | | | | | | | | | |
FINANCING ACTIVITIES: | | | | | | | | | | | | | | | | | | | | | | | |
Proceeds from senior unsecured revolving line of credit | | - | | | | 12,000 | | | | - | | | | - | | | | - | | | | 12,000 | |
Repayments of senior unsecured revolving line of credit | | - | | | | (17,000 | ) | | | - | | | | - | | | | - | | | | (17,000 | ) |
Principal payments on mortgage notes | | - | | | | - | | | | (3,739 | ) | | | (1,543 | ) | | | - | | | | (5,282 | ) |
Proceeds from issuance of common stock | | 44,251 | | | | 44,251 | | | | - | | | | - | | | | (44,251 | ) | | | 44,251 | |
Net settlement on issuance of stock-based compensation | | (271 | ) | | | (271 | ) | | | - | | | | - | | | | 271 | | | | (271 | ) |
awards |
Offering costs for issuance of common stock and OP | | (559 | ) | | | (559 | ) | | | - | | | | - | | | | 559 | | | | (559 | ) |
Units |
Net payments relating to intercompany financing | | (20,981 | ) | | | (44,250 | ) | | | 46,719 | | | | (2,469 | ) | | | 20,981 | | | | - | |
Redemption of noncontrolling interests | | - | | | | (707 | ) | | | - | | | | - | | | | - | | | | (707 | ) |
Dividends to common stockholders | | (22,440 | ) | | | (22,440 | ) | | | - | | | | - | | | | 22,440 | | | | (22,440 | ) |
Distributions to noncontrolling interests | | - | | | | (1,360 | ) | | | - | | | | (84 | ) | | | - | | | | (1,444 | ) |
Other financing activity | | - | | | | (13 | ) | | | - | | | | - | | | | - | | | | (13 | ) |
Net cash provided by (used in) financing activities | | - | | | | (30,349 | ) | | | 42,980 | | | | (4,096 | ) | | | - | | | | 8,535 | |
Net change in cash and cash equivalents | | - | | | | (17,003 | ) | | | - | | | | 1,802 | | | | - | | | | (15,201 | ) |
Cash and cash equivalents, beginning of period | | - | | | | 28,098 | | | | - | | | | 4,128 | | | | - | | | | 32,226 | |
Cash and cash equivalents, end of period | $ | - | | | $ | 11,095 | | | $ | - | | | $ | 5,930 | | | $ | - | | | $ | 17,025 | |
|