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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities:    
Net income $ 142,144 $ 99,221
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 74,779 64,441
Amortization of lease incentives 1,455 2,653
Amortization of above/below market leases and right of use assets, net (211) 555
Amortization of deferred financing costs and other non-cash interest expense 4,486 3,788
Loss on debt extinguishment 116 2,138
Provision for impairment of real estate 1,645 10,541
Change in provision for credit losses (85) 136
Gain on dispositions of real estate, net (19,320) (18,082)
Straight-line rent receivable, net (20,034) (16,097)
Equity-based compensation expense 6,836 7,257
Adjustment to rental revenue for tenant credit 501 (451)
Changes in other assets and liabilities:    
Rent receivables, prepaid expenses and other assets (4,968) (217)
Accrued liabilities and other payables (5,362) (1,306)
Net cash provided by operating activities 181,982 154,577
Cash flows from investing activities:    
Proceeds from sales of real estate, net 107,459 80,027
Principal collections on loans and direct financing lease receivables 23,206 58,636
Investments in loans receivable (10,200) (96,907)
Deposits for prospective real estate investments (601) (1,105)
Investment in real estate, including capital expenditures (628,305) (471,000)
Investment in construction in progress (61,776) (34,967)
Lease incentives paid 0 (708)
Net cash used in investing activities (570,217) (466,024)
Cash flows from financing activities:    
Borrowings under term loan facilities 172,972 250,000
Borrowings under revolving credit facility 70,000 299,000
Repayments under revolving credit facility (70,000) (443,000)
Proceeds from issuance of common stock, net 316,718 403,914
Payments for taxes related to net settlement of equity awards (3,649) (2,436)
Payment of debt extinguishment costs 0 (467)
Deferred financing costs (2,301) (7,333)
Offering costs (701) (752)
Dividends paid (124,286) (103,009)
Net cash provided by financing activities 358,753 395,917
Net decrease in cash and cash equivalents and restricted cash (29,482) 84,470
Cash and cash equivalents and restricted cash, beginning of period 71,500 59,758
Cash and cash equivalents and restricted cash, end of period 42,018 144,228
Reconciliation of cash and cash equivalents and restricted cash:    
Cash and cash equivalents 36,106 136,303
Restricted cash 5,912 7,925
Cash and cash equivalents and restricted cash, end of period 42,018 144,228
Supplemental disclosure of cash flow information:    
Cash paid for interest, net of amounts capitalized 38,045 19,525
Cash paid for income taxes 1,366 1,050
Non-cash investing and financing activities:    
Reclassification from construction in progress upon project completion 28,964 14,254
Non-cash repayment of term loan facility 200,000 0
Non-cash debt issuance costs 2,028 0
Non-cash investments in real estate and loan receivable activity 0 22,679
Unrealized gains on cash flow hedges 28,152 58,676
Accrued debt issuance costs 100 0
Payable and accrued offering costs 197 204
Discounts and fees on capital raised through issuance of common stock 38 9,931
Dividends declared and unpaid $ 43,943 $ 38,682