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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Cash Flows from Operating Activities    
Net income $ 30,278 $ 21,370
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 21,489 14,132
Amortization from above (below) market lease intangibles, net 4,756 3,809
Amortization from financing and credit facility costs 425 323
Stock-based compensation 1,499 1,014
Settlement of interest rate swaps 501 (17)
(Gain) loss on sale of assets (2,945) (1,645)
(Increase) decrease in accounts receivable (2,932) (1,284)
(Increase) decrease in other assets 6,803 50
Increase (decrease) in accounts payable, accrued expenses, and other liabilities (14,079) (9,056)
Net Cash Provided by Operating Activities 45,795 28,696
Cash Flows from Investing Activities    
Acquisition of real estate investments and other assets (397,044) (229,586)
Development of real estate investments, net of reimbursements (including capitalized interest of $75 in 2021, $25 in 2020) (1,683) 1,217
Payment of leasing costs (240) (189)
Net proceeds from sale of assets 8,422 24,383
Net Cash Used in Investing Activities (387,179) (206,609)
Cash Flows from Financing Activities    
Proceeds from common stock offerings, net 258,105 104,615
Repurchase of common shares (1,780) (1,627)
Unsecured revolving credit facility borrowings (repayments), net 146,000 153,000
Payments of mortgage notes payable (195) (3,005)
Dividends paid (60,957) (24,811)
Distributions to non-controlling interest (359) (203)
Payments for financing costs (16) (73)
Net Cash Provided by Financing Activities 340,798 227,896
Net Increase (Decrease) in Cash and Cash Equivalents and Cash Held in Escrow (586) 49,983
Cash and cash equivalents and cash held in escrow, beginning of period 7,955 42,157
Cash and cash equivalents and cash held in escrow, end of period 7,369 92,140
Supplemental Disclosure of Cash Flow Information    
Cash paid for interest (net of amounts capitalized) 15,836 9,669
Cash paid for income tax 1,794 760
Supplemental Disclosure of Non-Cash Investing and Financing Activities    
Additional operating lease right of use assets added under new ground leases after January 1, 2019 6,302  
Dividends and limited partners' distributions declared and unpaid 13,350 26,880
Accrual of development, construction and other real estate investment costs $ 7,179 $ 3,034