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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash Flows from Operating Activities      
Net income $ 153,035 $ 122,876 $ 91,972
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 133,570 95,729 66,758
Amortization from above (below) market lease intangibles, net 33,337 24,284 15,885
Amortization from financing costs, credit facility costs and debt discount 4,065 2,360 1,444
Stock-based compensation 6,464 4,798 4,702
Straight-line accrued rent (13,176) (11,857) (7,818)
Provision for impairment 1,015 1,919 4,137
Settlement of interest rate swap 28,414 16,748 (22,668)
(Gain) loss on sale of assets (5,341) (14,941) (8,004)
Write-off of unamortized financing costs upon debt extinguishment 0 1,250 0
(Increase) decrease in accounts receivable 799 (4,447) (4,165)
(Increase) decrease in other assets 4,891 (3,231) (1,503)
Increase (decrease) in accounts payable, accrued expenses, and other liabilities 15,048 10,827 2,216
Net Cash Provided by Operating Activities 362,121 246,315 142,956
Cash Flows from Investing Activities      
Acquisition of real estate investments and other assets (1,578,511) (1,400,685) (1,326,696)
Development of real estate investments and other assets, net of reimbursements (including capitalized interest of $1,261 in 2022, $249 in 2021, and $109 in 2020) (81,875) (41,464) (19,617)
Payment of leasing costs (503) (468) (1,227)
Net proceeds from sale of assets 44,914 56,002 47,698
Net Cash Used in Investing Activities (1,615,975) (1,386,615) (1,299,842)
Cash Flows from Financing Activities      
Proceeds from Series A preferred stock offering, net 0 170,308 0
Proceeds from common stock offerings, net 1,257,823 744,847 896,118
Repurchase of common shares (1,912) (1,813) (1,641)
Unsecured revolving credit facility borrowings 1,035,000 594,000 743,000
Unsecured revolving credit facility repayments (1,095,000) (526,000) (740,000)
Payments of mortgage notes payable (24,490) (799) (3,683)
Payments of unsecured term loans 0 (240,000) 0
Proceeds from senior unsecured notes 297,513 640,623 349,745
Payment of Series A preferred dividends (7,438) (1,529) 0
Payment of common stock dividends (220,304) (194,296) (116,112)
Distributions to non-controlling interest (971) (1,042) (824)
Payments for financing costs (2,708) (6,704) (3,919)
Net Cash Provided by Financing Activities 1,237,513 1,177,595 1,122,684
Net Increase (Decrease) in Cash and Cash Equivalents and Cash Held in Escrow (16,341) 37,295 (34,202)
Cash and cash equivalents and cash held in escrow, beginning of period 45,250 7,955 42,157
Cash and cash equivalents and cash held in escrow, end of period 28,909 45,250 7,955
Supplemental Disclosure of Cash Flow Information      
Cash paid for interest (net of amounts capitalized) 58,784 56,150 37,710
Cash paid for income tax 2,395 1,816 1,150
Supplemental Disclosure of Non-Cash Investing and Financing Activities      
Lease right of use assets added under new ground leases 1,816 6,302 1,064
Mortgage note payable assumed, net of $2,548 mortgage debt discount 39,702 0 0
Dividends declared and unpaid 22,345 16,881  
Change in accrual of development, construction and other real estate investment costs 3,199 (5,537) 10,465
Preferred Stock [Member]      
Cash Flows from Operating Activities      
Net income 7,437 2,148 0
Supplemental Disclosure of Non-Cash Investing and Financing Activities      
Dividends declared and unpaid 620 620 0
Common Stock [Member]      
Supplemental Disclosure of Non-Cash Investing and Financing Activities      
Dividends declared and unpaid $ 21,725 $ 16,261 $ 34,545