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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash flows - operating activities    
Net income $ 22,286 $ 20,622
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation and amortization 9,704 8,236
Gain on disposal of land, building, and equipment 0 (431)
Non-cash revenue adjustments 530 506
Amortization of financing costs 468 543
Stock-based compensation expense 1,500 1,371
Changes in assets and liabilities:    
Derivative assets and liabilities 164 1,935
Straight-line rent adjustment (1,642) (2,011)
Rent received in advance (540) (1,783)
Other assets and liabilities 2,338 2,861
Net cash provided by operating activities 34,808 31,849
Cash flows - investing activities    
Purchases of real estate investments (43,264) (36,096)
Proceeds from sale of real estate investments 0 3,343
Advance refunds on acquisition of operating real estate (7) (140)
Net cash used in investing activities (43,271) (32,893)
Cash flows - financing activities    
Net proceeds from ATM equity issuance 0 4,659
Proceeds from issuance of senior notes 125,000 0
Payment of deferred financing costs (1,035) (27)
Proceeds from revolving credit facility 28,000 46,000
Repayment of revolving credit facility (64,000) (22,000)
Payment of dividends to shareholders (26,655) (24,091)
Distributions to non-controlling interests (38) (51)
Employee shares withheld for taxes (1,000) (3,027)
Net cash provided by financing activities 60,272 1,463
Net increase in cash and cash equivalents, including restricted cash 51,809 419
Cash and cash equivalents, including restricted cash, at beginning of period 6,300 11,064
Cash and cash equivalents, including restricted cash, at end of period 58,109 11,483
Supplemental disclosures:    
Interest paid 1,641 2,207
Income taxes paid 9 25
Operating lease payments received (lessor) 43,985 39,271
Operating lease payments remitted (lessee) 236 220
Non-cash activities:    
Dividends declared but not paid 26,668 24,147
Change in fair value of derivative instruments $ 15,244 $ 6,071