XML 18 R7.htm IDEA: XBRL DOCUMENT v3.20.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2020
Mar. 31, 2020
Jun. 30, 2019
Mar. 31, 2019
Jun. 30, 2020
Jun. 30, 2019
Dec. 31, 2019
Jun. 30, 2020
Dec. 31, 2019
Jun. 30, 2019
Cash flows from operating activities:                    
Net income $ 10,444 $ 14,043 $ 10,571 $ 8,723 $ 24,488 $ 19,294        
Adjustments to reconcile net income to net cash provided by operating activities:                    
Depreciation and amortization         26,476 19,225        
Amortization of lease incentive         969 132        
Amortization of above/below market leases and right of use assets, net         597 309        
Amortization of deferred financing costs and other assets         1,282 1,527        
Loss on repayment and repurchase of secured borrowings 0   4,353   924 4,353        
Provision for impairment of real estate 1,486   481   1,859 1,921        
Provision for loan losses 48   0   516 0        
Gain on dispositions of investments, net         (2,968) (4,150)        
Straight-line rent receivable         (3,099) (5,898)        
Share and unit based compensation expense         3,348 2,473        
Adjustment to rental revenue for tenant credit         (2,063) 25        
Changes in other assets and liabilities:                    
Rent receivables, prepaid expenses and other assets         (11,816) (3,035)        
Accrued liabilities and other payables         (4,059) (339)        
Net cash provided by operating activities         36,454 35,837        
Cash flows from investing activities:                    
Proceeds from sales of investments, net         22,964 32,227        
Principal collections on loans and direct financing lease receivables         130 4,664        
Investments in loans receivable         (9,656) (23,566)        
Deposits for prospective real estate investments         1,970 1,618        
Investment in real estate, including capital expenditures         (190,365) (272,364)        
Investment in construction in progress         (9,706) (5,754)        
Lease incentives paid         (7,703) (2,000)        
Net cash used in investing activities         (192,366) (265,175)        
Cash flows from financing activities:                    
Repayments of secured borrowings         (63,943) (3,954)        
Repurchase of secured borrowings         0 (201,400)        
Principal received on repurchased secured borrowings         0 564        
Borrowings under term loan facilities         180,000 200,000        
Borrowings under revolving credit facility         69,000 119,000        
Repayments under revolving credit facility         (115,000) (86,000)        
Proceeds from issuance of common stock, net         215,275 235,704        
Deferred financing costs         0 (2,471)        
Offering costs         (545) (1,066)        
Dividends paid         (40,690) (29,334)        
Net cash provided by financing activities         244,097 231,043        
Net increase in cash and cash equivalents and restricted cash         88,185 1,705        
Cash and cash equivalents and restricted cash, beginning of period   21,319   16,239 21,319 16,239 $ 16,239      
Cash and cash equivalents and restricted cash, end of period 109,504   17,944   109,504 17,944 21,319      
Reconciliation of cash and cash equivalents and restricted cash:                    
Cash and cash equivalents               $ 100,839 $ 8,304 $ 7,816
Restricted cash               8,665 13,015 10,128
Cash and cash equivalents and restricted cash, end of period $ 109,504 $ 21,319 $ 17,944 $ 16,239 109,504 17,944 $ 16,239 109,504 21,319 17,944
Supplemental disclosure of cash flow information:                    
Cash paid for interest, net of amounts capitalized         12,772 14,266        
Cash paid for income taxes         52 0        
Non-cash operating, investing and financing activities:                    
Adjustment upon adoption of ASC 326         188 0        
Reclassification from construction in progress upon project completion         10,869 4,960        
Non-cash investments in real estate and loan receivable activity         0 5,748        
Lease liabilities arising from the recognition of right of use assets         0 4,822        
Unrealized losses on cash flow hedges         44,891 3,873        
Payable and accrued offering costs         191 0        
Discounts and fees on capital raised through issuance of common stock         8,468 9,821        
Payable and accrued deferred financing costs         $ 0 $ 0        
Dividend payable               $ 21,545 $ 19,395 $ 16,917