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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Operating activities    
Net income $ 63,993 $ 46,780
Adjustments to reconcile net income including non-controlling interests to net cash provided by operating activities:    
Depreciation and amortization including intangibles associated with investment in rental property 67,476 60,570
Provision for impairment of investment in rental properties 1,380 2,012
Amortization of debt issuance costs charged to interest expense 1,704 1,799
Stock-based compensation expense 2,310 2,720
Straight-line rent, financing and sales-type lease adjustments (8,513) (9,609)
Cost of debt extinguishment 126
Gain on sale of real estate (5,267) (8,571)
Change in fair value of earnout liability 4,480
Other non-cash items 628 139
Changes in assets and liabilities, net of acquisition:    
Tenant and other receivables (326) 986
Prepaid expenses and other assets 1,040 1,088
Accounts payable and other liabilities (6,079) (3,367)
Accrued interest payable (387) (138)
Net cash provided by operating activities 117,959 99,015
Investing activities    
Acquisition of rental property accounted for using the operating method (377,966) (284,300)
Capital expenditures and improvements (18,289) (1,336)
Proceeds from disposition of rental property, net 16,402 43,144
Change in deposits on investments in rental property (118) (220)
Net cash used in investing activities (379,971) (242,712)
Financing activities    
Proceeds from issuance of common stock, net of $3,229 and $10,842 offering costs, discounts, and commissions in 2022 and 2021, respectively 202,628 253,647
Principal payments on mortgages and unsecured term loans (61,389) (51,593)
Borrowings on unsecured revolving credit facility 380,783 175,600
Repayments on unsecured revolving credit facility (161,000) (175,600)
Cash distributions paid to stockholders (88,361) (73,278)
Cash distributions paid to non-controlling interests (5,647) (5,927)
Cash paid for earnout liability (1,926)
Debt issuance and extinguishment costs paid (3,795) (946)
Net cash (used in) provided by financing activities 263,219 119,977
Net increase (decrease) in cash and cash equivalents and restricted cash 1,207 (23,720)
Cash and cash equivalents and restricted cash at beginning of period 27,769 110,728
Cash and cash equivalents and restricted cash at end of period 28,976 87,008
Reconciliation of cash and cash equivalents and restricted cash    
Cash and cash equivalents at beginning of period 21,669 100,486
Restricted cash at beginning of period 6,100 10,242
Cash and cash equivalents and restricted cash at beginning of period 27,769 110,728
Cash and cash equivalents at end of period 16,813 78,987
Restricted cash at end of period 12,163 8,021
Cash and cash equivalents and restricted cash at end of period $ 28,976 $ 87,008