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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES      
Net income $ 87,254 $ 79,795 $ 55,516
Adjustments to reconcile net income to net cash provided by operating activities      
Straight-line rents (8,683) (361) (2,597)
Amortization of lease intangibles (7,686) (5,420) (4,682)
Depreciation and amortization 50,687 45,875 44,015
Loss on extinguishment of debt 0 0 189
Gain on sales of real estate investments (16,627) (26,766) (9,391)
Deferred financing cost amortization 1,335 1,391 1,562
Deferred senior secured loan fee amortization 0 (57) (531)
Stock-based compensation 9,554 9,826 10,644
Changes in assets and liabilities      
Other assets (3,669) (3,911) (1,579)
Accounts payable and other liabilities 20,043 678 1,542
Net cash provided by operating activities 132,208 101,050 94,688
CASH FLOWS FROM INVESTING ACTIVITIES      
Cash paid for property acquisitions (644,956) (98,088) (238,661)
Proceeds from sales of real estate investments, net 41,082 70,685 47,133
Additions to construction in progress (11,274) (8,989) (27,884)
Additions to buildings, improvements and leasing costs (51,290) (31,611) (32,070)
Repayments on senior secured loan 0 15,915 0
Net cash used in investing activities (666,438) (52,088) (251,482)
CASH FLOWS FROM FINANCING ACTIVITIES      
Issuance of common stock 462,386 64,767 278,058
Issuance costs on issuance of common stock (5,683) (940) (4,023)
Repurchase of common stock related to employee awards (582) (9,837) (3,959)
Borrowings on credit facility 75,000 0 17,000
Payments on credit facility (75,000) 0 (36,000)
Payments on term loans payable 0 0 (50,000)
Borrowings on senior unsecured notes 275,000 0 100,000
Payments on mortgage loans payable (11,271) (33,077) (1,514)
Payment of deferred financing costs (4,027) 0 (943)
Dividends paid to common stockholders (84,628) (74,778) (63,565)
Net cash provided by (used in) financing activities 631,195 (53,865) 235,054
Net increase (decrease) in cash and cash equivalents and restricted cash 96,965 (4,903) 78,260
Cash and cash equivalents and restricted cash at beginning of year 107,836 112,739 34,479
Cash and cash equivalents and restricted cash at end of year 204,801 107,836 112,739
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION      
Cash paid for interest, net of capitalized interest 15,144 16,315 18,351
Supplemental disclosures of non-cash transactions      
Accounts payable related to capital improvements 16,873 10,552 12,498
Non-cash issuance of common stock to the deferred compensation plan (7,651) (7,546) 0
Non-cash repayment of senior secured loan 0 0 (39,085)
Lease liability arising from recognition of right-of-use asset 3,287 0 647
Reconciliation of cash paid for property acquisitions      
Acquisition of properties 681,970 100,391 250,506
Assumption of other assets and liabilities (37,014) (2,303) (11,845)
Net cash paid for property acquisitions $ 644,956 $ 98,088 $ 238,661