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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Operating activities:    
Net income $ 18,227 $ 9,828
Adjustments to reconcile net income to net cash provided by operating activities:    
Real estate-related depreciation and amortization 64,354 33,907
Straight-line rent and amortization of above- and below-market leases (4,018) (3,177)
Gain on sale of real estate property (83,524) (27,342)
Performance participation allocation 18,379 3,995
Equity in income of unconsolidated joint venture partnership (708) 0
Impairment of real estate property 0 758
Amortization of debt and financing obligation costs 7,478 6,104
Amortization of UPREIT valuation adjustment 8,686 (282)
Other 1,463 (3,245)
Changes in operating assets and liabilities 19,283 1,317
Net cash provided by operating activities 49,620 21,863
Investing activities:    
Real estate acquisitions (1,180,365) (162,664)
Capital expenditures (13,960) (14,840)
Proceeds from disposition of real estate property 251,822 48,960
Principal collections on debt-related investments 1,336 2,406
Investment in unconsolidated joint venture partnerships (47,904) 0
Investment in debt-related investments (3,655) (402)
Other (48) (10)
Net cash used in investing activities (992,774) (126,550)
Financing activities:    
Repayments of mortgage notes (1,157) (1,597)
Net proceeds from (repayments of) line of credit 127,000 (23,000)
Proceeds from term loan 275,000 0
Redemptions of common stock (28,500) (35,380)
Distributions paid to common stockholders, redeemable noncontrolling interest holders and noncontrolling interest holders (23,274) (18,041)
Proceeds from issuance of common stock 230,603 93,179
Proceeds from financing obligations, net 393,330 100,302
Offering costs for issuance of common stock and private placements (8,667) (5,376)
Redemption of noncontrolling interests (3,365) (2,322)
Redemption of redeemable noncontrolling interests (7,724) 0
Deferred financing costs paid (6) 0
Other 0 (2,464)
Net cash provided by financing activities 953,240 105,301
Net increase in cash, cash equivalents and restricted cash 10,086 614
Cash, cash equivalents and restricted cash, at beginning of period 14,352 21,734
Cash, cash equivalents and restricted cash, at end of period $ 24,438 $ 22,348