Investing Activities. The net cash used in investing activities for the three months ended March 31, 2019 was primarily due to capital expenditures of $364.0 million as a result of our expansion activity, purchase of certificates of deposit of $9.3 million, and purchases of real estate of $5.7 million, partially offset by proceeds from sales of investments of $0.5 million. The net cash used in investing activities for the three months ended March 31, 2018 was primarily due to capital expenditures of $349.7 million as a result of our expansion activity, purchase of certificates of deposit of $29.3 million, and purchases of real estate of $14.7 million, partially offset by proceeds from sales and maturities of investments of $28.8 million.
We anticipate our IBX expansion construction activity will increase from our 2018 levels. If the opportunity to expand is greater than planned and we have sufficient funding to pursue such expansion opportunities, we may further increase the level of capital expenditure to support this growth as well as pursue additional business and real estate acquisitions or joint ventures.
Financing Activities. The net cash provided by financing activities for the three months ended March 31, 2019 was primarily due to sale of 2,985,575 shares of common stock in a public equity offering for net proceeds of approximately $1,213.4 million and proceeds from employee stock purchase plan of $27.6 million. The proceeds were partially offset by (i) dividend distributions of $204.6 million; (ii) repayments of finance lease liabilities of $31.2 million and (iii) repayments of mortgage and loans payable of $18.3 million. The net cash provided by financing activities for the three months ended March 31, 2018 was primarily due to the issuance of €750.0 million 2.875% Euro Senior Notes due 2024, or approximately $929.9 million in U.S. Dollars, at the exchange rate in effect on March 14, 2018 and proceeds from employee awards of $25.8 million. The proceeds were partially offset by (i) dividend distributions of $187.0 million; (ii) repayments of capital lease and other financing obligations of $55.8 million; (iii) payment of debt extinguishment costs of $20.7 million; (iv) payment of debt issuance costs of $11.6 million and (v) repayments of mortgage and loans payable of $6.6 million.
Going forward, we expect that our financing activities will include repayment and refinancing of our existing debt and incremental financings needed to support expansion opportunities, additional acquisitions or joint ventures, and the payment of our regular cash dividends.
Contractual Obligations and Off-Balance-Sheet Arrangements
We lease a majority of our IBX data centers and certain equipment under lease agreements expiring through 2065. The following represents our debt maturities, financings, leases and other contractual commitments as of March 31, 2019 (in thousands):
2019 (9 months remaining)
Term loans and other loans payable (1)
Senior notes (1)
Finance leases (3)
Operating leases (3)
Other contractual commitments (4)
Asset retirement obligations (5)
Represents principal and unamortized mortgage premium only.
Represents interest on mortgage payable, loans payable, senior notes and term loans based on their respective interest rates as of March 31, 2019, as well as the credit facility fee for the revolving credit facility.
Represents lease payments under finance and operating lease arrangements, including renewal options that are certain to be exercised.
Represents off-balance sheet arrangements. Other contractual commitments are described below.
Represents liability, net of future accretion expense.
In connection with certain of our leases and other contracts requiring deposits, we entered into 43 irrevocable letters of credit totaling $69.4 million under the revolving credit facility. These letters of credit were provided in lieu of cash deposits. If beneficiaries of the letters of credit were to draw down on these letters of credit triggered by an event of default under the lease, we will be required to fund these letters of credit either through cash collateral or borrowing under the revolving credit facility. These contingent commitments are not reflected in the table above.