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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash flows from operating activities:    
Net income $ 62,630 $ 38,775
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 42,387 32,830
Amortization of lease incentive 576 2,530
Amortization of above/below market leases and right of use assets, net 373 68
Amortization of deferred financing costs and other non-cash interest expense 1,471 1,274
Loss on debt extinguishment 2,138 4,461
Provision for impairment of real estate 10,193 6,120
Change in provision for loan losses 167 (128)
Gain on dispositions of real estate, net (11,752) (7,498)
Straight-line rent receivable, net (12,269) (9,909)
Share-based compensation expense 5,023 3,451
Adjustment to rental revenue for tenant credit (415) (3,020)
Payments made in settlement of cash flow hedges 0 (4,836)
Changes in other assets and liabilities:    
Rent receivables, prepaid expenses and other assets (48) (671)
Accrued liabilities and other payables 1,513 5,838
Net cash provided by operating activities 101,987 69,285
Cash flows from investing activities:    
Proceeds from sales of real estate, net 44,514 43,819
Principal collections on loans and direct financing lease receivables 35,460 1,025
Investments in loans receivable (63,982) (85,365)
Deposits for prospective real estate investments (570) (2,686)
Investment in real estate, including capital expenditures (322,707) (339,278)
Investment in construction in progress (18,455) (386)
Lease incentives paid (108) (2,366)
Net cash used in investing activities (325,848) (385,237)
Cash flows from financing activities:    
Repayments of secured borrowings 0 (175,780)
Borrowings under revolving credit facility 264,000 167,000
Repayments under revolving credit facility (190,000) (185,000)
Proceeds from issuance of Senior Unsecured Notes 0 396,600
Proceeds from issuance of common stock, net 190,577 264,422
Payments for taxes related to net settlement of equity awards (2,235) 0
Payment of debt extinguishment costs (467) 0
Deferred financing costs (4,045) (1,656)
Offering costs (570) (846)
Dividends paid (66,943) (52,101)
Net cash provided by financing activities 190,317 412,639
Net (decrease) increase in cash and cash equivalents and restricted cash (33,544) 96,687
Cash and cash equivalents and restricted cash, beginning of period 59,758 32,990
Cash and cash equivalents and restricted cash, end of period 26,214 129,677
Reconciliation of cash and cash equivalents and restricted cash:    
Cash and cash equivalents 17,993 126,465
Restricted cash 8,221 3,212
Cash and cash equivalents and restricted cash, end of period 26,214 129,677
Supplemental disclosure of cash flow information:    
Cash paid for interest, net of amounts capitalized 8,777 14,668
Cash paid for income taxes 1,050 419
Non-cash operating, investing and financing activities:    
Reclassification from construction in progress upon project completion 5,332 0
Non-cash investments in real estate and loan receivable activity 22,679 960
Unrealized gains on cash flow hedges (35,100) (34,137)
Accrued deferred debt restructuring costs 191 0
Discounts and fees on capital raised through issuance of common stock 1,713 8,728
Discounts and fees on issuance of senior unsecured notes 0 3,400
Dividends declared $ 36,066 $ 29,698