| 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 | ||||||||
53,345 | 48,025 | 41,699 | 35,301 | 28,228 | 20,614 | 0 | 0 | 0 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation and amortization | ||||||||
46,637 | 42,745 | 38,876 | 36,498 | 34,004 | 31,352 | 0 | 0 | 0 |
Amortization of lease incentive | ||||||||
700 | 282 | 249 | 214 | 178 | 159 | 0 | 0 | 0 |
Amortization of above/below market leases and right of use assets, net | ||||||||
443 | 534 | 582 | 515 | 369 | 336 | 0 | 0 | 0 |
Amortization of deferred financing costs and other assets | ||||||||
2,662 | 2,815 | 2,990 | 3,160 | 3,038 | 2,798 | 0 | 0 | 0 |
Loss on repayment of secured borrowings | ||||||||
0 | - | - | - | - | - | - | - | - |
Provision for impairment of real estate | ||||||||
1,918 | 2,918 | 2,898 | 3,668 | 4,054 | 4,503 | 0 | 0 | 0 |
Provision for loan losses | ||||||||
0 | - | - | - | - | - | - | - | - |
Gain on dispositions of investments, net | ||||||||
12,131 | 10,932 | 8,582 | 5,950 | 4,889 | 5,445 | 0 | 0 | 0 |
Straight-line rent receivable | ||||||||
12,607 | 12,322 | 11,922 | 11,192 | 10,064 | 8,812 | 0 | 0 | 0 |
Share and unit based compensation expense | ||||||||
0 | - | - | - | 0 | - | - | - | - |
Adjustment to rental revenue for tenant credit | ||||||||
- | - | - | - | 0 | - | - | - | - |
Equity-based compensation expense | ||||||||
- | - | - | - | - | 2,440 | 0 | 0 | 0 |
Adjustment to rental revenue for tenant credit/allowance for doubtful accounts | ||||||||
- | - | - | - | - | 385 | 0 | 0 | 0 |
Changes in other assets and liabilities: | ||||||||
Prepaid expenses and other assets | ||||||||
-3,491 | -1,242 | 2,595 | 4,822 | -858 | 767 | 0 | 0 | 0 |
Accrued liabilities and other payables | ||||||||
-181 | 1,190 | 3,141 | 1,588 | -1,978 | -1,646 | 0 | 0 | 0 |
Net cash provided by operating activities | ||||||||
97,935 | 88,568 | 78,046 | 68,179 | 57,678 | 45,917 | 0 | 0 | 0 |
Cash flows from investing activities: | ||||||||
Proceeds from sales of investments, net | ||||||||
75,885 | 66,765 | 71,252 | 71,173 | 63,205 | 60,446 | 0 | 0 | 0 |
Principal collections on loans and direct financing lease receivables | ||||||||
9,564 | 9,519 | 4,708 | 4,703 | 77 | 74 | 0 | 0 | 0 |
Investments in loans receivable | ||||||||
102,454 | 94,637 | 0 | 0 | 0 | - | - | - | - |
Deposits for prospective real estate investments | ||||||||
850 | -530 | 5,553 | 379 | -240 | 1,712 | 0 | 0 | 0 |
Investment in real estate, including capital expenditures | ||||||||
611,007 | 570,025 | 506,985 | 495,825 | 545,865 | 490,040 | 0 | 0 | 0 |
Investment in construction in progress | ||||||||
20,378 | 17,858 | 13,329 | 12,258 | 11,292 | 15,258 | 0 | 0 | 0 |
Lease incentives paid | ||||||||
1,033 | 2,133 | 0 | 0 | 0 | - | - | - | - |
Net cash used in investing activities | ||||||||
-650,273 | -607,839 | -515,535 | -469,893 | -511,215 | -461,863 | 0 | 0 | 0 |
Cash flows from financing activities: | ||||||||
Proceeds from issuance of notes payable to related parties | ||||||||
- | - | - | - | - | 154,000 | 0 | 0 | 0 |
Payments of principal on notes payable to related parties | ||||||||
- | - | - | - | - | 384,000 | 0 | 0 | 0 |
Repayments of secured borrowings | ||||||||
340,136 | 279,123 | 7,909 | 7,811 | 7,715 | 7,816 | 0 | 0 | 0 |
Borrowings under term loan facilities | ||||||||
0 | - | - | - | - | - | - | - | - |
Borrowings under revolving credit facility | ||||||||
476,000 | 459,000 | 0 | 0 | 0 | - | - | - | - |
Repayments under revolving credit facility | ||||||||
411,000 | 447,000 | 0 | 0 | 0 | - | - | - | - |
Deferred financing costs | ||||||||
- | - | - | - | - | 3,065 | 0 | 0 | 0 |
Capital contributions by members in Predecessor | ||||||||
- | - | - | - | - | 50,000 | 0 | 0 | 0 |
Proceeds from issuance of common stock, net | ||||||||
374,093 | 411,635 | 0 | 0 | 0 | - | - | - | - |
Offering costs | ||||||||
0 | - | - | - | - | - | - | - | - |
Dividends paid | ||||||||
70,109 | 63,903 | 0 | 0 | 0 | - | - | - | - |
Net cash provided by financing activities | ||||||||
652,387 | 524,351 | 389,631 | 279,627 | 556,389 | 412,755 | 0 | 0 | 0 |
Net increase (decrease) in cash and cash equivalents and restricted cash | ||||||||
100,049 | 5,080 | -47,858 | -122,087 | 102,852 | -3,191 | 0 | 0 | 0 |
Supplemental disclosure of cash flow information: | ||||||||
Cash paid for interest, net of amounts capitalized | ||||||||
28,431 | 29,485 | 28,571 | 25,909 | 26,500 | 27,901 | 0 | 0 | 0 |
Cash paid for income taxes | ||||||||
0 | - | - | - | - | 55 | 0 | 0 | 0 |
Non-cash investing and financing activities: | ||||||||
Adjustment upon adoption of ASC 326 | ||||||||
0 | - | - | - | - | - | - | - | - |
Reclassification from construction in progress upon project completion | ||||||||
0 | - | - | - | - | 18,009 | 0 | 0 | 0 |
Non-cash investments in real estate and loan receivable activity | ||||||||
- | 10,439 | 0 | 0 | 0 | - | - | - | - |
Lease liabilities arising from the recognition of right of use assets | ||||||||
- | 8,355 | 0 | 0 | 0 | - | - | - | - |
Unrealized losses on cash flow hedges | ||||||||
0 | - | - | - | - | - | - | - | - |
Payable and accrued offering costs | ||||||||
0 | - | - | - | 0 | - | - | - | - |
Discounts and fees on capital raised through issuance of common stock | ||||||||
0 | - | - | - | 0 | - | - | - | - |
Payable and accrued deferred financing costs | ||||||||
- | - | - | - | 0 | - | - | - | - |