| Mar'20 | Dec'19 | Sep'19 | Jun'19 | Mar'19 | Dec'18 | Sep'18 | Jun'18 | Mar'18 |
|---|---|---|---|---|---|---|---|---|
Cash flows from operating activities: | ||||||||
Net income | ||||||||
14,043 | 14,626 | 14,105 | 10,571 | 8,723 | 8,300 | 7,707 | 3,498 | 1,109 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation and amortization | ||||||||
13,012 | 12,378 | 11,142 | 10,105 | 9,120 | 8,509 | 8,764 | 7,611 | 6,468 |
Amortization of lease incentive | ||||||||
475 | 76 | 74 | 75 | 57 | 43 | 39 | 39 | 38 |
Amortization of above/below market leases and right of use assets, net | ||||||||
80 | 5 | 220 | 138 | 171 | 53 | 153 | -8 | 138 |
Amortization of deferred financing costs and other assets | ||||||||
663 | 641 | 647 | 711 | 816 | 816 | 817 | 589 | 576 |
Loss on repayment of secured borrowings | ||||||||
-924 | - | - | - | - | - | - | - | - |
Provision for impairment of real estate | ||||||||
400 | 997 | 0 | 521 | 1,400 | 977 | 770 | 907 | 1,849 |
Provision for loan losses | ||||||||
468 | - | - | - | - | - | - | - | - |
Gain on dispositions of investments, net | ||||||||
1,875 | 2,695 | 4,087 | 3,474 | 676 | 345 | 1,455 | 2,413 | 1,232 |
Straight-line rent receivable | ||||||||
3,188 | 3,442 | 2,982 | 2,995 | 2,903 | 3,042 | 2,252 | 1,867 | 1,651 |
Share and unit based compensation expense | ||||||||
1,508 | - | - | - | 1,242 | - | - | - | - |
Adjustment to rental revenue for tenant credit | ||||||||
- | - | - | - | 4 | - | - | - | - |
Equity-based compensation expense | ||||||||
- | - | - | - | - | 1,042 | 1,051 | 169 | 178 |
Adjustment to rental revenue for tenant credit/allowance for doubtful accounts | ||||||||
- | - | - | - | - | 74 | 181 | 77 | 53 |
Changes in other assets and liabilities: | ||||||||
Prepaid expenses and other assets | ||||||||
-1,950 | -2,891 | -1,386 | 2,736 | 299 | 946 | 841 | -2,944 | 1,924 |
Accrued liabilities and other payables | ||||||||
-2,084 | -297 | 1,826 | 374 | -713 | 1,654 | 273 | -3,192 | -381 |
Net cash provided by operating activities | ||||||||
26,349 | 27,657 | 25,074 | 18,855 | 16,982 | 17,135 | 15,207 | 8,354 | 5,221 |
Cash flows from investing activities: | ||||||||
Proceeds from sales of investments, net | ||||||||
19,601 | 15,053 | 19,485 | 21,746 | 10,481 | 19,540 | 19,406 | 13,778 | 7,722 |
Principal collections on loans and direct financing lease receivables | ||||||||
66 | 4,830 | 25 | 4,643 | 21 | 19 | 20 | 17 | 18 |
Investments in loans receivable | ||||||||
8,024 | 35,772 | 35,299 | 23,359 | 207 | - | - | - | - |
Deposits for prospective real estate investments | ||||||||
-608 | -4,521 | 5,609 | 370 | -1,988 | 1,562 | 435 | -249 | -36 |
Investment in real estate, including capital expenditures | ||||||||
155,878 | 165,485 | 132,176 | 157,468 | 114,896 | 102,445 | 121,016 | 207,508 | 59,071 |
Investment in construction in progress | ||||||||
3,655 | 5,480 | 6,624 | 4,619 | 1,135 | 951 | 5,553 | 3,653 | 5,101 |
Lease incentives paid | ||||||||
900 | 95 | 38 | 0 | 2,000 | - | - | - | - |
Net cash used in investing activities | ||||||||
-148,182 | -182,428 | -160,236 | -159,427 | -105,748 | -90,124 | -114,594 | -200,749 | -56,396 |
Cash flows from financing activities: | ||||||||
Proceeds from issuance of notes payable to related parties | ||||||||
- | - | - | - | - | 0 | 0 | 109,000 | 45,000 |
Payments of principal on notes payable to related parties | ||||||||
- | - | - | - | - | 0 | 0 | 334,000 | 50,000 |
Repayments of secured borrowings | ||||||||
62,978 | 273,155 | 2,014 | 1,989 | 1,965 | 1,941 | 1,916 | 1,893 | 2,066 |
Borrowings under term loan facilities | ||||||||
180,000 | - | - | - | - | - | - | - | - |
Borrowings under revolving credit facility | ||||||||
69,000 | 181,000 | 159,000 | 67,000 | 52,000 | - | - | - | - |
Repayments under revolving credit facility | ||||||||
50,000 | 290,000 | 71,000 | 0 | 86,000 | - | - | - | - |
Deferred financing costs | ||||||||
- | - | - | - | - | -240 | 21 | 3,266 | 18 |
Capital contributions by members in Predecessor | ||||||||
- | - | - | - | - | 0 | 0 | 0 | 50,000 |
Proceeds from issuance of common stock, net | ||||||||
198,162 | 101,867 | 74,064 | 0 | 235,704 | - | - | - | - |
Offering costs | ||||||||
203 | - | - | - | - | - | - | - | - |
Dividends paid | ||||||||
19,395 | 17,652 | 16,917 | 16,145 | 13,189 | - | - | - | - |
Net cash provided by financing activities | ||||||||
314,586 | 149,868 | 143,440 | 44,493 | 186,550 | 15,148 | 33,436 | 321,255 | 42,916 |
Net increase (decrease) in cash and cash equivalents and restricted cash | ||||||||
192,753 | -4,903 | 8,278 | -96,079 | 97,784 | -57,841 | -65,951 | 128,860 | -8,259 |
Supplemental disclosure of cash flow information: | ||||||||
Cash paid for interest, net of amounts capitalized | ||||||||
5,245 | 6,722 | 8,497 | 7,967 | 6,299 | 5,808 | 5,835 | 8,558 | 7,700 |
Cash paid for income taxes | ||||||||
52 | - | - | - | - | 7 | 21 | 3 | 24 |
Non-cash investing and financing activities: | ||||||||
Adjustment upon adoption of ASC 326 | ||||||||
188 | - | - | - | - | - | - | - | - |
Reclassification from construction in progress upon project completion | ||||||||
4,225 | - | - | - | - | 3,558 | 12,884 | 0 | 1,567 |
Non-cash investments in real estate and loan receivable activity | ||||||||
- | 1,263 | 3,428 | 0 | 5,748 | - | - | - | - |
Lease liabilities arising from the recognition of right of use assets | ||||||||
- | 3,533 | 0 | 0 | 4,822 | - | - | - | - |
Unrealized losses on cash flow hedges | ||||||||
38,432 | - | - | - | - | - | - | - | - |
Payable and accrued offering costs | ||||||||
259 | - | - | - | 1,066 | - | - | - | - |
Discounts and fees on capital raised through issuance of common stock | ||||||||
8,077 | - | - | - | 9,821 | - | - | - | - |
Payable and accrued deferred financing costs | ||||||||
- | - | - | - | 67 | - | - | - | - |