XML 18 R8.htm IDEA: XBRL DOCUMENT v3.22.2.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Cash flows from operating activities:        
Net income $ 16,653 $ 11,564 $ 86,135 $ 16,064
Adjustments to reconcile net income to cash flow from operating activities:        
Depreciation and amortization 49,722 17,384 200,688 50,699
Accretion of loan discounts and premiums, net     (8,245) 0
Amortization of deferred financing costs, net     2,727 1,154
Stock compensation expense     6,238 5,914
Gain on sale of real estate assets, net 0 (11,492) (94,712) (11,492)
Amortization related to derivative instruments     958 920
Casualty (gains) losses, net (191) 0 (7,176) 359
Loss from equity method investments 1,477 0 2,411 0
Other (income) expense     (1,249) 0
Changes in assets and liabilities:        
Other assets     (2,266) (2,518)
Accounts payable and accrued expenses     5,507 12,834
Accrued interest payable     3,844 (268)
Other liabilities     (3,619) 59
Cash flow provided by operating activities     191,241 73,725
Cash flows from investing activities:        
Acquisition of real estate properties     (201,777) (139,231)
Investments in unconsolidated real estate entities     (51,426) (13,561)
Return of investment in unconsolidated real estate entities     3,406 0
Disposition of real estate properties, net     155,639 39,182
Capital expenditures     (55,648) (31,827)
Additions to real estate under development     (40,009) 0
Proceeds from insurance claims     15,653 0
Cash flow used in investing activities     (174,162) (145,437)
Cash flows from financing activities:        
Proceeds from issuance of common stock     48,751 41,481
Proceeds from unsecured credit facility and term loans     687,500 387,500
Unsecured credit facility and term loan repayments     (666,525) (234,800)
Mortgage principal repayments     (5,514) (79,582)
Payments for deferred financing costs     (1,654) (1,261)
Distributions on common stock     (74,479) (37,249)
Distributions to noncontrolling interests     (1,891) (228)
Repurchase of shares related to equity award tax withholding     (5,881) (2,906)
Payments for interest rate collars     (3,475) 0
Cash flow (used in) provided by financing activities     (23,168) 72,955
Net change in cash and cash equivalents, and restricted cash     (6,089) 1,243
Cash and cash equivalents, and restricted cash, beginning of period     65,671 13,615
Cash and cash equivalents, and restricted cash, end of the period 59,582 14,858 59,582 14,858
Reconciliation of cash, cash equivalents, and restricted cash to the Consolidated Balance Sheet        
Cash and cash equivalents 23,753 8,720 23,753 8,720
Restricted cash 35,829 6,138 35,829 6,138
Total cash, cash equivalents, and restricted cash, end of period $ 59,582 $ 14,858 $ 59,582 $ 14,858