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Condensed Consolidated Statement of Cash Flows - USD ($)
$ in Thousands
5 Months Ended 12 Months Ended
Dec. 31, 2022
Dec. 31, 2023
Dec. 31, 2022
Aug. 09, 2022
Cash flows from operating activities:        
Net loss $ (881) $ (21,004)    
Adjustments to reconcile net loss to cash provided by operating activities:        
Management fee 3,050 22,224    
Performance participation allocation 4,189 12,467    
Depreciation and amortization 10,859 73,375    
Lease right of use asset amortization 0 410    
Straight-line rent adjustment (2,480) (20,958)    
Accretion of tenant loan receivable 0 (10,440)    
Amortization of below-market lease intangibles (35) (187)    
Amortization of deferred financing costs 1,857 3,306    
Impairment of intangibles 0 9,033    
Income from unconsolidated real estate affiliates (300) (13,965) $ (300)  
Lease right of use asset amortization 191 655    
Amortization of mortgage note premium/discount 45 407    
Amortization of restricted stock units 0 336    
Amortization of off-market caps 0 11,021    
Distribution of earnings from unconsolidated real estate affiliates 771 21,391    
Non-cash interest expense on affiliate line of credit 1,336 16,589    
Provision for current expected credit losses 0 9,481    
Other 0 (85)    
Change in assets and liabilities:        
Decrease (increase) in other assets (3,383) 14,305    
Increase (decrease) in due to affiliates 4,529 (3,345)    
Increase in accounts payable and accrued expenses 12,404 16,425    
Increase in other liabilities 4,604 4,845    
Net cash provided by operating activities 36,756 146,286    
Cash flows from investing activities:        
Acquisitions of real estate (1,076,554) (434,277)    
Acquisitions of real estate under development (229,384) 0    
Acquisitions of intangible assets (119,268) (8,939)    
Payments for other intangible assets 0 (2,624)    
Capital improvements to real estate (45,965) (78,809)    
Investment in leases - financing receivable (519,212) (47,855)    
Purchase of investments in real estate debt (73,789) (49,367)    
Sale of investments in real estate debt 0 36,442    
Investment in unconsolidated real estate affiliates (6,986) (738,013)    
Return of capital from investment in unconsolidated real estate affiliates 0 31,486    
Investment in off-market interest rate caps (8,345) (11,888)    
Cash flows from off-market interest rate caps 0 12,044    
Net cash used in investing activities (2,094,455) (1,291,800)    
Cash flows from financing activities:        
Proceeds from issuance of common shares 740,315 1,247,005    
Payment of distributions to common shares (3,208) (47,056)    
Proceeds from issuance of non-controlling interests 251 126    
Payment of distributions to non-controlling interests (2,979) (19,846)    
Redemption of non-controlling interests 0 (22,554)    
Repurchase of common shares (49,665) (38,467)    
Proceeds from DST Program 0 13,694    
Proceeds from affiliate line of credit 250,000 0    
Repayment of affiliate line of credit 0 (50,000)    
Borrowings of term loan credit facility 953,000 142,500    
Borrowings under revolving credit facility 316,000 304,682    
Repayment of revolving credit facility 0 (391,659)    
Borrowings under mortgage notes 0 44,654    
Repayment of mortgage notes 0 (27,242)    
Borrowings under secured financings of investments in real estate debt 0 3,741    
Payment of deferred financing costs (12,079) (5,115)    
Net cash provided by financing activities 2,191,635 1,154,463    
Net change in cash and cash equivalents and restricted cash 133,936 8,949    
Cash and cash equivalents and restricted cash, beginning of period   133,578    
Effects of currency translation on cash, cash equivalents, and restricted cash (358) (5,857)    
Cash and cash equivalents and restricted cash, end of period 133,578 136,670 133,578  
Cash and cash equivalents 29,232 59,087 29,232  
Restricted cash 104,346 77,583 104,346  
Total cash and cash equivalents and restricted cash 133,578 136,670 $ 133,578 $ 0
Supplemental disclosures:        
Interest paid 12,650 87,850    
Accrued unpaid amounts for capital improvements to real estate 26,674 2,869    
Accrued unpaid amounts for other intangible assets 0 28,027    
Non-cash investing and financing activities:        
Assumption of mortgage notes in conjunction with acquisitions of real estate 520,970 0    
Assumption of accounts payable in conjunction with acquisitions of real estate 34,950 0    
Acquisition of restricted cash in conjunction with acquisitions of real estate 152,849 0    
Issuance of NLT OP units as consideration for acquisitions of real estate under development 351,034 0    
Issuance of Class I Shares as consideration for acquisitions of real estate 27,772 0    
Issuance of redeemable Class I Shares as interest payment for the affiliate line of credit 1,336 16,640    
Issuance of redeemable Class I Shares as settlement of the management fee 1,014 19,426    
Redeemable non-controlling interest issued as settlement of performance participation allocation 1,685 16,428    
Offering costs due to affiliates 4,559 6,593    
Accrued unpaid stockholder servicing fees 26,532 30,490    
Allocation to redeemable non-controlling interest 42 586    
Allocation to redeemable common shares 7 (4)    
Distribution reinvestment 3,375 40,679    
Accrued distributions for common shares 4,479 11,101    
Accrued distributions for non-controlling interests 1,700 1,693    
Oak Street Net Lease Trust        
Cash flows from investing activities:        
Pre-acquisition costs and deposits $ (14,952) $ 0