XML 24 R7.htm IDEA: XBRL DOCUMENT v3.22.2.2
Consolidated Statements of Cash Flows - USD ($)
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 38,826,000 $ 23,069,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization of real estate assets 175,305,000 162,979,000
Impairment of real estate assets 0 6,754,000
Depreciation and amortization of corporate assets 2,703,000 2,850,000
Net amortization of above- and below-market leases (3,161,000) (2,633,000)
Amortization of deferred financing expenses 2,516,000 3,581,000
Amortization of debt and derivative adjustments 1,838,000 1,133,000
Gain on disposal of property, net (4,151,000) (31,678,000)
Change in fair value of earn-out liability 1,809,000 23,000,000
Straight-line rent (9,086,000) (6,884,000)
Share-based compensation 11,355,000 8,831,000
Return on investment in unconsolidated joint ventures 1,247,000 1,520,000
Other 297,000 1,213,000
Changes in operating assets and liabilities:    
Other assets, net (8,620,000) (7,470,000)
Accounts payable and other liabilities 17,885,000 12,048,000
Net cash provided by operating activities 228,763,000 198,313,000
CASH FLOWS FROM INVESTING ACTIVITIES:    
Real estate acquisitions (229,895,000) (88,954,000)
Capital expenditures (74,348,000) (49,315,000)
Proceeds from sale of real estate, net 27,286,000 180,340,000
Investment in third parties 0 (3,000,000)
Return of investment in unconsolidated joint ventures 3,682,000 4,278,000
Investment in marketable securities (3,000,000) (5,514,000)
Net cash (used in) provided by investing activities (276,275,000) 37,835,000
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from revolving credit facility 282,000,000 9,000,000
Payments on revolving credit facility (227,000,000) (9,000,000)
Proceeds from loans payable 0 480,000,000
Payments on mortgages and loans payable (80,628,000) (1,077,422,000)
Distributions paid, net of DRIP (94,118,000) (75,669,000)
Distributions to noncontrolling interests (12,859,000) (11,344,000)
Proceeds from issuance of common stock 90,124,000 547,401,000
Payments of Stock Issuance Costs (1,090,000) (39,042,000)
Repurchases of Class B common stock 0 (77,765,000)
Other 0 (29,000)
Net cash used in financing activities (43,571,000) (253,870,000)
NET DECREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH (91,083,000) (17,722,000)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH:    
Beginning of period 115,529,000 131,937,000
End of period 24,446,000 114,215,000
RECONCILIATION TO CONSOLIDATED BALANCE SHEETS:    
Cash and cash equivalents 4,789,000 24,455,000
Restricted cash 19,657,000 89,760,000
Cash, cash equivalents, and restricted cash at end of period 24,446,000 114,215,000
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:    
Cash paid for interest 47,352,000 53,463,000
SUPPLEMENTAL SCHEDULE OF NON-CASH ACTIVITIES:    
Settlement of earn-out liability 54,245,000 0
Right-of-use (“ROU”) assets obtained in exchange for new lease liabilities 0 239,000
Accrued capital expenditures 6,887,000 4,075,000
Change in distributions payable 27,000 (7,715,000)
Change in distributions payable - noncontrolling interests (710,000) (1,029,000)
Change in accrued share repurchase obligation 0 (77,642,000)
Distributions reinvested $ 0 $ 7,368,000