XML 21 R8.htm IDEA: XBRL DOCUMENT v3.20.2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 62,740 $ 39,619
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 84,715 72,014
Amortization of (below) above market lease intangibles, net (7,822) (5,716)
Amortization of debt issuance costs 1,097 1,036
Amortization of (premium) discount on notes payable, net (141) 4
Gain on sale of real estate (13,669) (5,705)
Equity based compensation expense 10,381 7,956
Straight-line rent (10,972) (5,388)
Change in working capital components:    
Rents and other receivables 337 575
Deferred leasing costs (6,695) (5,639)
Other assets (2,997) (218)
Sales-type lease receivable 20,302 0
Accounts payable, accrued expenses and other liabilities 10,040 7,152
Tenant security deposits (1,997) 2,301
Prepaid rents 1,329 (346)
Net cash provided by operating activities 146,648 107,645
CASH FLOWS FROM INVESTING ACTIVITIES:    
Acquisition of investments in real estate (188,134) (684,880)
Capital expenditures (57,531) (34,588)
Return of (payments for) deposits on real estate acquisitions 875 (8,415)
Proceeds from sale of real estate 22,692 12,253
Net cash used in investing activities (222,098) (715,630)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Issuance of preferred stock, net 0 83,287
Issuance of common stock, net 374,359 507,072
Proceeds from notes payable 0 135,000
Repayment of notes payable (430) (35,117)
Debt issuance costs (2,242) (143)
Dividends paid to preferred stockholders (10,909) (7,271)
Dividends paid to common stockholders (72,677) (55,037)
Distributions paid to common unitholders (2,410) (1,498)
Distributions paid to preferred unitholders (1,838) (570)
Repurchase of common shares to satisfy employee tax withholding requirements (1,254) (831)
Net cash provided by financing activities 282,599 624,892
Increase in cash, cash equivalents and restricted cash 207,149 16,907
Cash, cash equivalents and restricted cash, beginning of period 78,857 180,601
Cash, cash equivalents and restricted cash, end of period 286,006 197,508
Supplemental disclosure of cash flow information:    
Cash paid for interest (net of capitalized interest of $3,106 and $2,993 for the nine months ended September 30, 2020 and 2019, respectively) 22,950 18,585
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   3,457
Other Significant Noncash Transaction, Value of Consideration Given 0 27,359
Assumption of debt in connection with acquisition of real estate including loan premium 48,759 0
Accrual for capital expenditures 7,489 4,164
Accrual of dividends and distributions 27,532 21,034
Lease reclassification from operating lease to sales-type lease:    
Sales-type lease receivable 20,302 0
Investments in real estate, net (16,117) 0
Deferred rent receivable, net (63) 0
Deferred leasing costs, net (164) 0
Acquired lease intangible assets, net (136) 0
Gain on sale recognized due to lease reclassification 3,822 0
OP Units    
Supplemental disclosure of noncash transactions:    
Other Significant Noncash Transaction, Value of Consideration Given 67,482 0
4.00% Cumulative Redeemable Convertible Preferred Units    
Supplemental disclosure of noncash transactions:    
Other Significant Noncash Transaction, Value of Consideration Given $ 40,787 $ 0