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Consolidated Statements of Cash Flows
$ in Thousands
12 Months Ended
Dec. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
Dec. 31, 2017
USD ($)
Cash Flows from Operating Activities:      
Net income / (loss) $ 23,475 $ 6,985 $ (72)
Adjustments to reconcile net income/ (loss) to net cash provided by operating activities      
Depreciation 8,599 2,629 915
Stock-based compensation 2,495 1,465 1,719
Amortization of discounts on short-term investments (3,738) (955) 0
Amortization of debt discounts and issuance costs 1,678   0
Changes in assets and liabilities      
Other assets, net (619) (173) (155)
Accounts payable and accrued expenses 1,427 886 992
Rent received in advance and tenant security deposits 11,617 4,856 1,616
Net cash provided by operating activities 44,934 15,693 5,015
Cash Flows from Investing Activities:      
Purchases of investments in real estate (259,889) (57,474) (32,734)
Reimbursements of tenant improvements and construction funding (84,677) (22,293) (5,911)
Deposits in escrow for acquisitions (650)   0
Purchases of short-term investments (255,664) (184,988) 0
Maturities of short-term investments 260,250 65,500 0
Net cash used in investing activities (340,630) (199,255) (38,645)
Cash Flows from Financing Activities:      
Issuance of common stock, net of offering costs 286,292 193,223 0
Payment of Class A common stock offering costs 0   276
Issuance of Series A Preferred Stock, net of offering costs 0   14,009
Net proceeds from issuance of exchangeable senior notes 138,545   0
Dividends paid to common stockholders (22,584) (6,642) (1,050)
Dividends paid to preferred stockholders (1,352) (1,337) 0
Taxes paid related to net share settlement of equity awards (939) (390) (298)
Net cash provided by financing activities 399,962 184,854 12,385
Net increase in cash, cash equivalents and restricted cash (104,266) (1,292) 21,245
Cash, cash equivalents and restricted cash, beginning of period 13,050 11,758 33,003
Cash, cash equivalents and restricted cash, end of period 117,316 13,050 11,758
Supplemental disclosure of cash flow information:      
Cash paid during the period for interest 3,055   0
Supplemental disclosure of non-cash investing and financing activities:      
Accrual for reimbursements of tenant improvements and construction funding 24,968 2,433 20
Accrual for common and preferred stock dividends declared 12,975 $ 3,759 1,198
Accrual for stock issuance costs 22   41
Operating lease liability for obtaining right of use asset $ 1,211   $ 0