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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash Flows from Operating Activities      
Net income $ 122,876 $ 91,972 $ 80,763
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 95,729 66,758 45,703
Amortization from above (below) market lease intangibles, net 24,284 15,885 13,501
Amortization from financing and credit facility costs 2,360 1,444 1,284
Stock-based compensation 4,798 4,702 3,980
Provision for impairment 1,919 4,137 1,609
Gain (loss) on settlement of interest rate swaps 16,748 (22,668) 788
(Gain) loss on sale of assets (14,941) (8,004) (13,306)
Write-off of unamortized finance costs upon debt extinguishment 1,250 0 0
(Increase) decrease in accounts receivable (16,304) (11,983) (6,071)
(Increase) decrease in other assets (3,231) (1,503) (2,150)
Increase (decrease) in accounts payable, accrued expenses, and other liabilities 10,827 2,216 606
Net Cash Provided by Operating Activities 246,315 142,956 126,707
Cash Flows from Investing Activities      
Acquisition of real estate investments and other assets (1,400,685) (1,326,696) (708,144)
Development of real estate investments and other assets, net of reimbursements (including capitalized interest of $249 in 2021, $109 in 2020, and $410 in 2019) (41,464) (19,617) (24,428)
Payment of leasing costs (468) (1,227) (411)
Net proceeds from sale of assets 56,002 47,698 65,464
Net Cash Used in Investing Activities (1,386,615) (1,299,842) (667,519)
Cash Flows from Financing Activities      
Proceeds from Series A preferred stock offering, net 170,308 0 0
Proceeds from common stock offerings, net 744,847 896,118 472,746
Repurchase of common shares (1,813) (1,641) (1,406)
Unsecured revolving credit facility borrowings (repayments), net 68,000 3,000 70,000
Payments of mortgage notes payable (799) (3,683) (24,404)
Payments of unsecured term loans (240,000) 0 (18,543)
Proceeds from senior unsecured notes 640,623 349,745 125,000
Payment of Series A preferred dividends (1,529) 0 0
Payment of common stock dividends (194,296) (116,112) (90,257)
Distributions to non-controlling interest (1,042) (824) (782)
Payments for financing costs (6,704) (3,919) (3,360)
Net Cash Provided by Financing Activities 1,177,595 1,122,684 528,994
Net Increase (Decrease) in Cash and Cash Equivalents and Cash Held in Escrow 37,295 (34,202) (11,818)
Cash and cash equivalents and cash held in escrow, beginning of period 7,955 42,157 53,975
Cash and cash equivalents and cash held in escrow, end of period 45,250 7,955 42,157
Supplemental Disclosure of Cash Flow Information      
Cash paid for interest (net of amounts capitalized) 56,150 37,710 29,925
Cash paid for income tax 1,816 1,150 666
Supplemental Disclosure of Non-Cash Investing and Financing Activities      
Operating lease right of use assets added upon implementation of leases standard on January 1, 2019 0 0 7,505
Additional lease right of use assets added under new ground leases after January 1, 2019 6,302 1,064 12,167
Operating lease right of use assets disposed of upon acquisition of underlying ground leased land 0 0 (3,059)
Dividends and Distributions Payable 16,881 34,545  
Change in accrual of development, construction and other real estate investment costs (5,537) 10,465 4,330
Preferred Stock [Member]      
Cash Flows from Operating Activities      
Net income 2,148 0 0
Supplemental Disclosure of Non-Cash Investing and Financing Activities      
Dividends and Distributions Payable 620 0 0
Common Stock [Member]      
Supplemental Disclosure of Non-Cash Investing and Financing Activities      
Dividends and Distributions Payable $ 16,261 $ 34,545 $ 25,014