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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities:      
Net income $ 134,742 $ 96,211 $ 42,528
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 88,562 69,146 59,406
Amortization of lease incentive 3,480 3,074 3,847
Amortization of above/below market leases and right of use assets, net (217) 749 9
Amortization of deferred financing costs and other non-cash interest expense 3,099 2,738 2,532
Loss on debt extinguishment 2,138 4,461 924
Provision for impairment of real estate 20,164 6,120 8,399
Change in provision for credit losses 88 (204) 830
Gain on dispositions of real estate, net (30,647) (9,338) (5,821)
Straight-line rent receivable, net (20,811) (20,160) (15,137)
Equity based compensation expense 9,489 5,683 6,085
Adjustment to rental revenue for tenant credit 371 (2,900) 3,601
Payments made in settlement of cash flow hedges 0 (4,836) 0
Changes in other assets and liabilities:      
Rent receivables, prepaid expenses and other assets 4,507 2,216 (12,058)
Accrued liabilities and other payables (3,943) 14,433 4,243
Net cash provided by operating activities 211,022 167,393 99,388
Cash flows from investing activities:      
Proceeds from sales of investments, net 126,610 58,381 82,889
Principal collections on loans and direct financing lease receivables 70,439 100,488 286
Investments in loans receivable (115,016) (136,391) (60,480)
Deposits for prospective real estate investments (26) (590) 475
Investment in real estate, including capital expenditures (728,727) (840,027) (541,307)
Investment in construction in progress (51,870) (9,348) (14,423)
Lease incentives paid (7,488) (2,197) (12,949)
Net cash used in investing activities (706,078) (829,684) (545,509)
Cash flows from financing activities:      
Repayment of secured borrowings 0 (175,781) (65,909)
Borrowings under term loan facilities 397,523 0 180,000
Borrowings under revolving credit facility 299,000 393,000 87,000
Repayments under revolving credit facility (443,000) (267,000) (115,000)
Proceeds from issuance of Senior Unsecured Notes 0 396,600 0
Proceeds from issuance of common stock, net 403,884 458,267 461,006
Payments for taxes related to net settlement of equity awards (2,452) (353) 0
Payments of debt extinguishment costs (467) 0 0
Deferred financing costs (4,991) (2,120) (25)
Offering costs (1,008) (1,220) (2,805)
Dividends paid (141,691) (112,334) (86,475)
Net cash provided by financing activities 506,798 689,059 457,792
Net increase in cash and cash equivalents and restricted cash 11,742 26,768 11,671
Cash and cash equivalents and restricted cash, beginning of period 59,758 32,990 21,319
Cash and cash equivalents and restricted cash, end of period 71,500 59,758 32,990
Reconciliation of cash and cash equivalents and restricted cash:      
Cash and cash equivalents 62,345 59,758 26,602
Restricted cash 9,155 0 6,388
Cash and cash equivalents and restricted cash, end of period 71,500 59,758 32,990
Supplemental disclosure of cash flow information:      
Cash paid for interest, net of amounts capitalized 36,832 24,162 27,071
Cash paid for income taxes 1,214 637 546
Non-cash investing and financing activities:      
Adjustment upon adoption of ASC 326 0 0 188
Reclassification from construction in progress upon project completion 26,948 4,478 22,643
Net settlement of proceeds on the sale of investments (28,938) (960) 860
Non-cash investments in real estate and loans receivable 22,679 1,227 (860)
Unrealized (gains) losses on cash flow hedges (56,615) (27,890) 44,920
Payable and accrued offering costs 30 0 0
Discounts and fees on capital raised through issuance of common stock 9,931 10,933 16,674
Discounts and fees on issuance of debt 2,477 3,400 0
Dividends declared and unpaid $ 39,398 $ 32,610 $ 25,703