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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:      
Net income $ 304,500 $ 292,925 $ 171,495
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 91,727 81,303 61,563
Impairment of vessels 18,830 3,033 0
Gain on sale of vessel 0 0 (7,770)
Amounts reclassified to/(from) other comprehensive income 214 (1,091) 0
Amortization of derivative assets’ premium 4,271 1,123 0
Amortization of deferred financing costs 5,526 11,233 8,279
Amortization of original issue premium of notes/premium on repurchase of notes 0 762 8,615
Amortization of intangible liabilities - charter agreements (8,080) (41,158) (45,430)
Fair value adjustment on derivative asset 5,372 (9,685) 0
Prepayment fees on debt repayment 0 15,197 3,230
Share based compensation expense 10,189 10,104 3,510
Changes in operating assets and liabilities:      
Increase in accounts receivable and other assets (669) (26,017) (33,211)
Increase in inventories (3,527) (827) (5,094)
Increase in derivative assets 0 (15,370) (7,000)
(Decrease)/increase in accounts payable and other liabilities (5,890) 11,835 10,417
Decrease/(increase) in related parties' balances, net 192 2,253 (1,107)
(Decrease)/increase in deferred revenue (9,306) 21,968 104,160
Payments for drydocking and special survey costs (38,341) (30,105) (23,704)
Unrealized foreign exchange (gain)/loss 0 1 0
Net cash provided by operating activities 375,008 327,484 247,953
Cash flows from investing activities:      
Acquisition of vessels and intangibles (123,300) 0 (463,750)
Cash paid for vessel expenditures (19,586) (5,460) (4,611)
Net proceeds from sale of vessels 5,940 0 16,514
Advances for vessel acquisitions and other additions (9,587) (3,772) (3,276)
Time deposits acquired (5,450) (650) (7,900)
Net cash used in investing activities (151,983) (9,882) (463,023)
Cash flows from financing activities:      
Proceeds from issuance of 2024 Notes 0 0 22,701
Repurchase of 2022 Notes, including premium 0 0 (239,183)
Repurchase of 2024 Notes, including premium 0 (119,871) 0
Proceeds from drawdown of credit facilities and sale and leaseback 76,000 60,000 744,506
Proceeds from 2027 Secured Notes 0 350,000 0
Repayment of credit facilities and sale and leaseback (202,348) (167,056) (115,502)
Repayment of refinanced debt, including prepayment fees 0 (276,671) (152,862)
Deferred financing costs paid (1,140) (9,655) (13,790)
Net proceeds from offering of Class A common shares, net of offering costs 0 0 67,549
Cancellation of Class A common shares (21,969) (20,011) (10,000)
Proceeds from offering of Series B preferred shares, net of offering costs 0 (17) 51,234
Class A common shares - dividend paid (53,249) (50,497) (27,940)
Series B Preferred Shares - dividend paid (9,536) (9,536) (8,263)
Net cash (used in)/provided by financing activities (212,242) (243,314) 318,450
Net increase in cash and cash equivalents and restricted cash 10,783 74,288 103,380
Cash and cash equivalents and restricted cash at beginning of the year 269,930 195,642 92,262
Cash and cash equivalents and restricted cash at end of the year 280,713 269,930 195,642
Supplementary Cash Flow Information:      
Cash paid for interest 67,997 51,490 49,528
Cash received from interest rate caps 32,549 9,245 0
Non-cash investing activities:      
Unpaid advances for vessel’s acquisitions and other additions 0 0 1,499
Acquisition of vessels and intangibles 0 0 96,344
Non-cash financing activities:      
Issuance of 2024 Notes for the acquisition of vessels 0 0 35,000
Premium on the 2024 Notes issued for the acquisition of vessels 0 0 1,680
Unpaid offering costs 0 283 0
Unrealized (loss)/gain on derivative assets $ (16,625) $ 31,221 $ 227