| Dec'19 | Dec'18 | Dec'17 | Dec'16 | |||
|---|---|---|---|---|---|---|
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||
Net income | ||||||
52,498 | 74,388 | 80,103 | 86,898 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||
Depreciation | ||||||
38,177 | 18,781 | 17,738 | 17,563 | |||
Net amortization of debt issuance costs, premiums and discounts | ||||||
2,017 | 1,244 | -494 | -292 | |||
Amortization of acquired real estate leases and assumed real estate lease obligations | ||||||
21,465 | 8,592 | 8,434 | 8,419 | |||
Amortization of deferred leasing costs | ||||||
1,113 | 820 | 771 | 706 | |||
Provision for losses on rents receivable | ||||||
0 | 1,198 | 704 | 257 | |||
Straight line rental income | ||||||
4,345 | 4,739 | 5,762 | 6,202 | |||
Other non-cash expenses | ||||||
1,109 | 927 | 0 | 0 | |||
Income (Loss) from Equity Method Investments | ||||||
666 | 0 | 0 | - | |||
Distributions of earnings from Affiliates Insurance Company | ||||||
666 | 0 | 0 | - | |||
Change in assets and liabilities: | ||||||
Rents receivable | ||||||
1,497 | 1,727 | -436 | -301 | |||
Deferred leasing costs | ||||||
1,457 | 1,745 | 693 | 910 | |||
Due from related persons | ||||||
114 | 1,390 | 0 | 0 | |||
Other assets | ||||||
594 | -3,591 | 4,431 | -56 | |||
Accounts payable and other liabilities | ||||||
3,095 | 1,618 | 245 | 295 | |||
Rents collected in advance | ||||||
3,438 | 210 | -743 | 2,122 | |||
Security deposits | ||||||
550 | 456 | 33 | 42 | |||
Due to related persons | ||||||
845 | -5,461 | 7,114 | 0 | |||
Net cash provided by operating activities | ||||||
116,300 | 96,763 | 103,455 | 109,255 | |||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||
Real estate acquisitions and deposits | ||||||
884,570 | 121,891 | 281 | 0 | |||
Real estate improvements | ||||||
17,157 | 5,004 | 6,026 | 1,356 | |||
Distributions in excess of earnings from Affiliates Insurance Company | ||||||
8,334 | 0 | 0 | - | |||
Investment in Affiliates Insurance Company | ||||||
0 | 8,632 | 0 | 0 | |||
Net cash used in investing activities | ||||||
-893,393 | -135,527 | -6,307 | -1,356 | |||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||
Proceeds from issuance of common shares, net | ||||||
0 | 444,309 | 0 | 0 | |||
Proceeds from issuance of mortgage notes payable | ||||||
1,000,000 | 0 | 0 | - | |||
Borrowings under revolving credit facility | ||||||
744,000 | 193,000 | 750,000 | 0 | |||
Repayments of revolving credit facility | ||||||
847,000 | 530,000 | 0 | 0 | |||
Repayment of mortgage notes payable | ||||||
0 | 0 | 14,344 | 16 | |||
Repayment of SIR note | ||||||
0 | 0 | 750,000 | 0 | |||
Payment of debt issuance costs | ||||||
8,775 | 5,378 | 1,724 | 0 | |||
Distributions to common shareholders | ||||||
85,937 | 60,482 | 0 | 0 | |||
Repurchase of common shares | ||||||
253 | 52 | 0 | 0 | |||
Contributions | ||||||
0 | 16,162 | 72,807 | 46,210 | |||
Distributions | ||||||
0 | 9,187 | 153,887 | 154,093 | |||
Net cash provided by financing activities | ||||||
802,035 | 48,372 | -97,148 | -107,899 | |||
(Decrease) increase in cash, cash equivalents and restricted cash | ||||||
24,942 | 9,608 | 0 | 0 | |||
SUPPLEMENTAL DISCLOSURES: | ||||||
Interest paid | ||||||
46,072 | 14,749 | 2,752 | 2,554 | |||
Income taxes paid | ||||||
164 | 0 | 0 | - | |||
Interest capitalized | ||||||
187 | 0 | 0 | - | |||
NON-CASH INVESTING ACTIVITIES: | ||||||
Real estate acquired by assumption of mortgage notes payable | ||||||
-56,980 | 0 | 0 | - | |||
NON-CASH FINANCING ACTIVITIES: | ||||||
Distribution to SIR of ownership interest | ||||||
0 | 0 | -1,304,043 | 0 | |||
Issuance of SIR note | ||||||
0 | 0 | 750,000 | 0 | |||
Issuance of common shares | ||||||
0 | 0 | 554,043 | 0 | |||
Assumption of mortgage notes payable | ||||||
56,980 | 0 | 0 | - | |||