| Dec'19 | Dec'18 | Dec'17 | ||||
|---|---|---|---|---|---|---|
Cash flows from operating activities | ||||||
Net income | ||||||
23,475 | 6,985 | -72 | ||||
Adjustments to reconcile net income to net cash provided by operating activities | ||||||
Depreciation | ||||||
8,599 | 2,629 | 915 | ||||
Stock-based compensation | ||||||
2,495 | 1,465 | 1,719 | ||||
Amortization of discounts on short-term investments | ||||||
-3,738 | -955 | 0 | ||||
Amortization of debt discounts and issuance costs | ||||||
1,678 | - | 0 | ||||
Changes in assets and liabilities | ||||||
Other assets, net | ||||||
619 | 173 | 155 | ||||
Accounts payable and accrued expenses | ||||||
1,427 | 886 | 992 | ||||
Rent received in advance and tenant security deposits | ||||||
11,617 | 4,856 | 1,616 | ||||
Net cash provided by operating activities | ||||||
44,934 | 15,693 | 5,015 | ||||
Purchases of investments in real estate | ||||||
259,889 | 57,474 | 32,734 | ||||
Reimbursements of tenant improvements and construction funding | ||||||
84,677 | 22,293 | 5,911 | ||||
Deposits in escrow for acquisitions | ||||||
650 | - | 0 | ||||
Purchases of short-term investments | ||||||
255,664 | 184,988 | 0 | ||||
Maturities of short-term investments | ||||||
260,250 | 65,500 | 0 | ||||
Net cash used in investing activities | ||||||
-340,630 | -199,255 | -38,645 | ||||
Cash flows from financing activities | ||||||
Issuance of common stock, net of offering costs | ||||||
286,292 | 193,223 | 0 | ||||
Payment of Class A common stock offering costs | ||||||
0 | 0 | 276 | ||||
Issuance of Series A Preferred Stock, net of offering costs | ||||||
0 | 0 | 14,009 | ||||
Net proceeds from issuance of exchangeable senior notes | ||||||
138,545 | - | 0 | ||||
Dividends paid to common stockholders | ||||||
22,584 | 6,642 | 1,050 | ||||
Dividends paid to preferred stockholders | ||||||
1,352 | 1,337 | 0 | ||||
Taxes paid related to net share settlement of equity awards | ||||||
939 | 390 | 298 | ||||
Net cash provided by financing activities | ||||||
399,962 | 184,854 | 12,385 | ||||
Net increase in cash, cash equivalents and restricted cash | ||||||
-104,266 | 1,292 | 21,245 | ||||
Supplemental disclosure of cash flow information: | ||||||
Cash paid during the period for interest | ||||||
3,055 | - | 0 | ||||
Supplemental disclosure of non-cash investing and financing cash flow information: | ||||||
Accrual for reimbursements of tenant improvements and construction funding | ||||||
24,968 | 2,433 | 20 | ||||
Accrual for stock issuance costs | ||||||
22 | 0 | 41 | ||||
Operating lease liability for obtaining right of use asset | ||||||
1,211 | - | 0 | ||||