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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities:      
Net income $ 73,357 $ 59,488 $ 33,728
Adjustments to reconcile net income to cash flows from operating activities:      
Depreciation and amortization 9,562 9,433 9,379
Stock-based compensation expense 1,750 1,744 1,582
Deferred operating lease income (33,727) (35,004) (35,165)
Non-cash interest income from sales-type leases (43,808) (30,131) (6,547)
Non-cash interest expense 11,772 10,986 2,865
Amortization of real estate-related intangibles, net 2,424 2,648 2,509
Loss on early extinguishment of debt 216 0 2,011
(Earnings) losses from equity method investments (6,279) (3,304) 403
Distributions from operations of equity method investments 1,973 1,213  
Selling profit from sales-type leases (1,833)    
Amortization of premium, discount and deferred financing costs on debt obligations, net 3,771 2,281 2,257
Non-cash management fees 14,865 12,684 7,461
Other operating activities 4,469 2,201 1,586
Changes in assets and liabilities:      
Changes in deferred expenses and other assets, net (286) (143) 301
Changes in accounts payable, accrued expenses and other liabilities (11,309) 1,615 (24,333)
Cash flows provided by (used in) operating activities 26,917 35,711 (1,963)
Cash flows from investing activities:      
Acquisitions of real estate   (57,879) (28,816)
Origination/acquisition of net investment in sales-type leases and Ground Lease receivables (1,247,980) (474,083) (1,364,682)
Contributions to equity method investments (39,455)   (127,970)
Deposits on Ground Lease investments (2,083) 1,550 250
Other investing activities 1,527 (229) 443
Cash flows used in investing activities (1,287,991) (530,641) (1,520,775)
Cash flows from financing activities:      
Proceeds from issuance of common stock 243,345 271,206 511,900
Proceeds from debt obligations 1,848,439 693,970 1,183,739
Repayments of debt obligations (830,000) (377,000) (351,500)
Payments for debt prepayment or extinguishment costs     (1,358)
Payments for deferred financing costs (14,063) (6,784) (18,468)
Dividends paid to common shareholders (35,947) (32,002) (16,622)
Payment of offering costs (8,710) (4,756) (9,778)
Distributions to noncontrolling interests (46) (43) (2,945)
Contributions from noncontrolling interests 105   250,000
Other financing activities   24 127
Cash flows provided by financing activities 1,203,123 544,615 1,545,095
Changes in cash, cash equivalents and restricted cash (57,951) 49,685 22,357
Cash, cash equivalents and restricted cash at beginning of period 96,467 46,782 24,425
Cash, cash equivalents and restricted cash at end of period $ 38,516 $ 96,467 $ 46,782