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Condensed Consolidated Statements of Cash Flows - USD ($)
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash flows from operating activities    
Net income $ 75,264,000 $ 55,266,000
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and amortization 29,101,000 18,680,000
Loss on exchange of Exchangeable Senior Notes 125,000  
Other non-cash adjustments 127,000 47,000
Stock-based compensation 8,816,000 4,233,000
Amortization of discounts on short-term investments (513,000) (199,000)
Amortization of debt discount and issuance costs 689,000 1,174,000
Changes in assets and liabilities    
Other assets, net 2,568,000 220,000
Accounts payable, accrued expenses and other liabilities (1,290,000) 2,278,000
Rent received in advance and tenant security deposits 7,094,000 7,693,000
Net cash provided by operating activities 121,981,000 89,392,000
Cash flows from investing activities    
Purchases of investments in real estate (129,562,000) (99,073,000)
Funding of draws for tenant improvements and construction (291,408,000) (152,052,000)
Funding of construction loan and other investments (21,360,000) (6,000,000)
Deposits in escrow for acquisitions (600,000) (150,000)
Purchases of short-term investments (219,040,000) (439,878,000)
Maturities of short-term investments 235,000,000 410,000,000
Net cash used in investing activities (426,970,000) (287,153,000)
Cash flows from financing activities    
Issuance of common stock, net of offering costs 351,988,000  
Gross proceeds from issuance of Notes due 2026   300,000,000
Payment of deferred financing costs from issuance of Notes due 2026   (6,484,000)
Dividends paid to common stockholders (84,339,000) (61,387,000)
Dividends paid to preferred stockholders (676,000) (676,000)
Taxes paid related to net share settlement of equity awards (2,441,000) (3,384,000)
Net cash provided by financing activities 264,532,000 228,069,000
Net (decrease) increase in cash, cash equivalents and restricted cash (40,457,000) 30,308,000
Cash, cash equivalents and restricted cash, beginning of period 86,419,000 126,006,000
Cash, cash equivalents and restricted cash, end of period 45,962,000 156,314,000
Supplemental disclosure of cash flow information:    
Cash paid during the period for interest 8,876,000 2,696,000
Supplemental disclosure of non-cash investing and financing activities:    
Accrual for draws for tenant improvements and construction funding 31,210,000 60,670,000
Deposits applied for acquisitions 25,000 200,000
Accrual for common and preferred stock dividends declared 49,439,000 33,922,000
Accrual for deferred financing costs   $ 196,000
Exchange of Exchangeable Senior Notes for common stock 26,665,000  
Operating lease liability for obtaining right of use asset $ 1,017,000