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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 31,543 $ 26,671
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 55,904 46,518
Amortization of (below) above market lease intangibles, net (5,071) (3,651)
Amortization of debt issuance costs 724 689
Amortization of (premium) discount on notes payable, net (75) 3
Gain on sale of real estate 0 4,810
Equity based compensation expense 7,279 5,288
Straight-line rent (7,884) (3,308)
Change in working capital components:    
Rents and other receivables 1,369 1,339
Deferred leasing costs (3,949) (3,436)
Other assets (5,518) (1,222)
Accounts payable, accrued expenses and other liabilities (1,345) (3,112)
Tenant security deposits (3,320) 1,516
Prepaid rents 1,522 (937)
Net cash provided by operating activities 71,179 61,548
CASH FLOWS FROM INVESTING ACTIVITIES:    
Acquisition of investments in real estate 117,952 458,978
Capital expenditures (33,253) (22,244)
Payments for deposits on real estate acquisitions (59,112) (4,215)
Proceeds from sale of real estate 0 11,055
Net cash used in investing activities (210,317) (474,382)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Issuance of common stock, net 374,382 457,220
Proceeds from notes payable 0 35,000
Repayment of notes payable (225) (35,078)
Debt issuance costs (2,242) 0
Dividends paid to preferred stockholders (7,273) (4,847)
Dividends paid to common stockholders (46,063) (34,735)
Distributions paid to common unitholders (1,492) (977)
Distributions paid to preferred unitholders (1,130) (270)
Repurchase of common shares to satisfy employee tax withholding requirements (1,236) (816)
Net cash provided by financing activities 314,721 415,497
Increase in cash, cash equivalents and restricted cash 175,583 2,663
Cash, cash equivalents and restricted cash, beginning of period 78,857 180,601
Cash, cash equivalents and restricted cash, end of period 254,440 183,264
Supplemental disclosure of cash flow information:    
Cash paid for interest (net of capitalized interest of $1,943 and $1,682 for the six months ended June 30, 2020 and 2019, respectively) 13,901 11,884
Supplemental disclosure of noncash transactions:    
Operating lease right-of-use assets obtained in exchange for lease liabilities upon adoption of ASC 842 on January 1, 2019 0 3,262
Operating lease right-of-use assets obtained in exchange for lease liabilities subsequent to adoption of ASC 842 1,353 3,457
Issuance of operating partnership units and cumulative redeemable convertible preferred units in connection with acquisition of real estate 0 27,359
Assumption of debt in connection with acquisition of real estate including loan premium 48,759 0
Accrual for capital expenditures 8,439 3,221
Accrual of dividends 27,532 20,823
OP Units    
Supplemental disclosure of noncash transactions:    
Issuance of operating partnership units and cumulative redeemable convertible preferred units in connection with acquisition of real estate 67,482 0
4.00% Cumulative Redeemable Convertible Preferred Units    
Supplemental disclosure of noncash transactions:    
Issuance of operating partnership units and cumulative redeemable convertible preferred units in connection with acquisition of real estate $ 40,787 $ 0