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Condensed Consolidated Statements of Cash Flows - USD ($)
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash flows from operating activities    
Net income $ 112,880,000 $ 85,360,000
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and amortization 45,001,000 29,571,000
Loss on exchange of Exchangeable Senior Notes 125,000  
Other non-cash adjustments 158,000 97,000
Stock-based compensation 13,195,000 6,424,000
Amortization of discounts on short-term investments (1,068,000) (283,000)
Amortization of debt discount and issuance costs 1,017,000 2,011,000
Changes in assets and liabilities    
Other assets, net (6,555,000) (3,598,000)
Accounts payable, accrued expenses and other liabilities 5,339,000 4,308,000
Rent received in advance and tenant security deposits 8,683,000 17,069,000
Net cash provided by operating activities 178,775,000 140,959,000
Cash flows from investing activities    
Purchases of investments in real estate (150,090,000) (130,853,000)
Funding of draws for tenant improvements and construction (316,469,000) (254,182,000)
Funding of construction loan and other investments (21,360,000) (12,077,000)
Deposits in escrow for acquisitions (100,000) (1,500,000)
Purchases of short-term investments (278,717,000) (499,862,000)
Maturities of short-term investments 365,000,000 565,000,000
Net cash used in investing activities (401,736,000) (333,474,000)
Cash flows from financing activities    
Issuance of common stock, net of offering costs 351,960,000  
Gross proceeds from issuance of Notes due 2026   300,000,000
Payment of deferred financing costs from issuance of Notes due 2026   (6,824,000)
Dividends paid to common stockholders (133,440,000) (94,971,000)
Dividends paid to preferred stockholders (1,014,000) (1,014,000)
Taxes paid related to net share settlement of equity awards (2,441,000) (3,384,000)
Net cash provided by financing activities 215,065,000 193,807,000
Net (decrease) increase in cash, cash equivalents and restricted cash (7,896,000) 1,292,000
Cash, cash equivalents and restricted cash, beginning of period 86,419,000 126,006,000
Cash, cash equivalents and restricted cash, end of period 78,523,000 127,298,000
Supplemental disclosure of cash flow information:    
Cash paid during the period for interest 8,997,000 5,391,000
Supplemental disclosure of non-cash investing and financing activities:    
Accrual for draws for tenant improvements and construction funding 35,195,000 61,674,000
Deposits applied for acquisitions 25,000 200,000
Accrual for common and preferred stock dividends declared 50,841,000 $ 36,321,000
Exchange of Exchangeable Senior Notes for common stock 26,682,000  
Operating lease liability for obtaining right of use asset $ 1,017,000