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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities:    
Net income $ 28,750 $ 19,227
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization (including below-market ground leases) 13,462 12,252
Amortization of deferred financing costs 614 609
Unrealized losses on other real estate related investments, net 612 454
Amortization of stock-based compensation 2,120 936
Straight-line rental income 7 7
Amortization of below market rent (575) 0
Noncash interest income (425) 150
(Gain) loss on sale of real estate, net (11) 70
Impairment of real estate investments 2,744 1,886
Change in operating assets and liabilities:    
Accounts and other receivables (15) (33)
Prepaid expenses and other assets, net (322) 61
Accounts payable, accrued liabilities and deferred rent liabilities 1,859 (499)
Net cash provided by operating activities 48,820 35,120
Cash flows from investing activities:    
Acquisitions of real estate, net of deposits applied (66,619) 0
Purchases of equipment, furniture and fixtures and improvements to real estate (398) (2,019)
Investment in real estate related investments and other loans receivable (52,165) 0
Principal payments received on real estate related investments and other loans receivable 0 15,143
Escrow deposits for potential acquisitions of real estate (4,105) (17,172)
Net proceeds from sales of real estate 46 3,230
Net cash used in investing activities (123,241) (818)
Cash flows from financing activities:    
Proceeds from the issuance of common stock, net 269,787 (501)
Borrowings under unsecured revolving credit facility 0 10,000
Payments of deferred financing costs (24) (21)
Net-settle adjustment on restricted stock (2,483) (1,479)
Dividends paid on common stock (36,531) (27,409)
Contributions from noncontrolling interests 444 0
Distributions to noncontrolling interests (47) 0
Net cash provided by (used in) financing activities 231,146 (19,410)
Net increase in cash and cash equivalents 156,725 14,892
Cash and cash equivalents as of the beginning of period 294,448 13,178
Cash and cash equivalents as of the end of period 451,173 28,070
Supplemental disclosures of cash flow information:    
Interest paid 3,771 6,671
Supplemental schedule of noncash investing and financing activities:    
Increase in dividends payable 4,661 393
Right-of-use asset obtained in exchange for new operating lease obligation 0 369
Transfer of pre-acquisition costs to acquired assets 5 0
Sale of real estate settled with note receivable $ 1,000 $ 0