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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Operating activities    
Net income (loss) $ 41,374 $ 28,441
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 39,093 33,132
Provision for impairment of investment in rental properties 1,473 0
Amortization of debt issuance costs charged to interest expense 960 830
Stock-based compensation expense 1,879 929
Straight-line rent, financing and sales-type lease adjustments (6,980) (3,584)
Gain on sale of real estate (3,415) (1,196)
Other non-cash items 350 2,275
Changes in assets and liabilities, net of acquisition:    
Tenant and other receivables 262 150
Prepaid expenses and other assets 215 804
Accounts payable and other liabilities (3,418) (6,049)
Accrued interest payable 2,583 3,372
Net cash provided by operating activities 74,376 59,104
Investing activities    
Acquisition of rental property accounted for using the operating method (5,319) (211,902)
Capital expenditures and improvements (15,583) (778)
Proceeds from disposition of rental property, net 50,410 5,020
Change in deposits on investments in rental property 125 (18)
Net cash used in investing activities 29,633 (207,678)
Financing activities    
Proceeds from issuance of common stock, net of $170 and $2,132 offering costs, discounts, and commissions in 2023 and 2022, respectively (170) 134,412
Principal payments on mortgages and unsecured term loans (736) (60,700)
Borrowings on unsecured revolving credit facility 29,000 250,783
Repayments on unsecured revolving credit facility (118,000) (88,000)
Cash distributions paid to stockholders (51,844) (43,503)
Cash distributions paid to non-controlling interests (2,989) (2,845)
Debt issuance and extinguishment costs paid 0 (3,795)
Net cash (used in) provided by financing activities (144,739) 186,352
Net increase (decrease) in cash and cash equivalents and restricted cash (40,730) 37,778
Cash and cash equivalents and restricted cash at beginning of period 60,040 27,769
Cash and cash equivalents and restricted cash at end of period 19,310 65,547
Reconciliation of cash and cash equivalents and restricted cash    
Cash and cash equivalents at beginning of period 21,789 21,669
Restricted cash at beginning of period 38,251 6,100
Cash and cash equivalents and restricted cash at beginning of period 60,040 27,769
Cash and cash equivalents at end of period 15,412 54,103
Restricted cash at end of period 3,898 11,444
Cash and cash equivalents and restricted cash at end of period $ 19,310 $ 65,547