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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash flows from operating activities:    
Net income $ 4,716 $ 24,907
Adjustments to reconcile net income to cash flows from operating activities:    
Depreciation and amortization 2,398 2,402
Stock-based compensation expense 4,680 282
Deferred operating lease income (7,827) (7,914)
Non-cash interest income from sales-type leases (20,380) (15,848)
Non-cash interest expense 3,026 3,058
Amortization of real estate-related intangibles, net 576 577
Provision for credit losses 2,242  
Earnings from equity method investments (2,262) (2,276)
Distributions from operations of equity method investments 547 531
Amortization of premium, discount and deferred financing costs on debt obligations, net 1,796 1,320
Non-cash management fees 5,199 4,457
Other operating activities 1,573 1,280
Changes in assets and liabilities:    
Changes in deferred expenses and other assets, net (3,586) 256
Changes in accounts payable, accrued expenses and other liabilities 489 11,567
Cash flows (used in) provided by operating activities (6,813) 24,599
Cash flows from investing activities:    
Origination/acquisition of net investment in sales-type leases and Ground Lease receivables (69,904) (532,268)
Origination of loans receivable, net (114,450)  
Payment for merger consideration (88,685)  
Cash and cash equivalents acquired upon merger 3,213  
Contributions to equity method investments (140)  
Funding reserves received from Ground Lease tenant net of disbursements (218) 98,064
Other investing activities 251 (981)
Cash flows used in investing activities (269,933) (435,185)
Cash flows from financing activities:    
Proceeds from issuance of common stock   309,160
Proceeds from debt obligations 280,000 940,000
Repayments of debt obligations 0 (720,000)
Payments for deferred financing costs (4,610) (4,455)
Dividends paid to common shareholders (22,144) (9,672)
Payment of offering costs   (4,731)
Payments for withholding taxes upon vesting of stock-based compensation   (970)
Distributions to noncontrolling interests (515) (11)
Contributions from noncontrolling interests 23,914 18
Contributions from redeemable noncontrolling interests   19,000
Cash flows provided by financing activities 276,645 528,339
Changes in cash, cash equivalents and restricted cash (101) 117,753
Cash, cash equivalents and restricted cash at beginning of period 48,390 38,516
Cash, cash equivalents and restricted cash at end of period $ 48,289 $ 156,269