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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash flows from operating activities:    
Net income $ 36,823 $ 33,399
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 40,442 30,367
Amortization of lease incentive 1,215 206
Amortization of above/below market leases and right of use assets, net 107 529
Amortization of deferred financing costs and other assets 1,907 2,174
Loss on repayment of secured borrowings 924 4,353
Provision for impairment of real estate 5,080 1,921
Provision for loan losses 531 0
Gain on dispositions of real estate, net (3,971) (8,237)
Straight-line rent receivable (11,584) (8,880)
Share and unit based compensation expense 4,699 5,216
Adjustment to rental revenue for tenant credit 2,631 25
Changes in other assets and liabilities:    
Rent receivables, prepaid expenses and other assets (12,598) (1,649)
Accrued liabilities and other payables 2,562 1,487
Net cash provided by operating activities 68,768 60,911
Cash flows from investing activities:    
Proceeds from sales of real estate, net 42,599 51,712
Principal collections on loans and direct financing lease receivables 207 4,689
Investments in loans receivable (9,656) (58,865)
Deposits for prospective real estate investments (5,935) (3,991)
Investment in real estate, including capital expenditures (336,670) (404,540)
Investment in construction in progress (13,062) (12,378)
Lease incentives paid (10,209) (2,038)
Net cash used in investing activities (332,726) (425,411)
Cash flows from financing activities:    
Repayments of secured borrowings (64,920) (5,968)
Repurchase of secured borrowings 0 (201,400)
Principal received on repurchased secured borrowings 0 1,419
Borrowings under term loan facilities 180,000 200,000
Borrowings under revolving credit facility 69,000 278,000
Repayments under revolving credit facility (115,000) (157,000)
Proceeds from issuance of common stock, net 426,708 309,768
Deferred financing costs 0 (2,472)
Offering costs (1,547) (1,613)
Dividends paid (62,233) (46,251)
Net cash provided by financing activities 432,008 374,483
Net increase in cash and cash equivalents and restricted cash 168,050 9,983
Cash and cash equivalents and restricted cash, beginning of period 21,319 16,239
Cash and cash equivalents and restricted cash, end of period 189,369 26,222
Reconciliation of cash and cash equivalents and restricted cash:    
Cash and cash equivalents and restricted cash, end of period 189,369 26,222
Supplemental disclosure of cash flow information:    
Cash paid for interest, net of amounts capitalized 19,918 22,763
Cash paid for income taxes 389 60
Non-cash operating, investing and financing activities:    
Adjustment upon adoption of ASC 326 188 0
Reclassification from construction in progress upon project completion 17,951 3,474
Net settlement of proceeds on the purchase and sale of investments 0 4,960
Non-cash investments in real estate and loan receivable activity 0 9,176
Lease liabilities arising from the recognition of right of use assets 0 4,822
Unrealized losses on cash flow hedges 44,267 5,977
Conversion of equity in Secondary Offering 0 237,795
Payable and accrued offering costs 259 122
Discounts and fees on capital raised through issuance of common stock 16,159 10,758
Payable and accrued deferred financing costs $ 0 $ 0