| Mar'20 | Dec'19 | Sep'19 | Jun'19 | Mar'19 | Dec'18 | Sep'18 | Jun'18 | Mar'18 | Dec'17 | Sep'17 | Jun'17 | Mar'17 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | ||||||||||||
0 | - | - | - | 0 | - | - | - | - | - | - | - | - |
Net income | ||||||||||||
- | - | - | - | - | 74,388 | 71,369 | 76,130 | 78,979 | 80,103 | 0 | 0 | 0 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||
Depreciation | ||||||||||||
43,615 | 38,177 | 32,227 | 26,011 | 20,159 | 18,781 | 18,157 | 17,828 | 17,809 | 17,738 | 0 | 0 | 0 |
Net amortization of debt issuance costs, premiums and discounts | ||||||||||||
0 | - | 0 | 0 | 0 | - | 0 | 0 | 0 | - | 0 | 0 | 0 |
Amortization of acquired real estate leases and assumed real estate lease obligations | ||||||||||||
24,685 | 21,465 | 17,373 | 13,236 | 9,797 | 8,592 | 8,410 | 8,424 | 8,429 | 8,434 | 0 | 0 | 0 |
Amortization of deferred leasing costs | ||||||||||||
1,049 | 1,113 | 863 | 887 | 963 | 820 | 810 | 777 | 762 | 771 | 0 | 0 | 0 |
Provision for losses on rents receivable | ||||||||||||
- | - | - | - | - | 1,198 | 1,230 | 1,047 | 1,081 | 704 | 0 | 0 | 0 |
Straight line rental income | ||||||||||||
5,333 | 4,345 | 5,339 | 5,488 | 4,524 | 4,739 | 4,701 | 5,049 | 5,486 | 5,762 | 0 | 0 | 0 |
Other non-cash expenses | ||||||||||||
0 | - | 0 | 0 | 0 | - | 0 | 0 | 0 | - | 0 | 0 | 0 |
Income (Loss) from Equity Method Investments | ||||||||||||
262 | 666 | 617 | 534 | 404 | 0 | 0 | 0 | 0 | - | - | - | - |
Change in assets and liabilities: | ||||||||||||
Rents receivable | ||||||||||||
1,947 | 1,497 | 167 | 927 | 1,731 | 1,727 | 1,375 | 2,890 | 583 | -436 | 0 | 0 | 0 |
Deferred leasing costs | ||||||||||||
1,709 | 1,457 | 1,846 | 1,688 | 1,757 | 1,745 | 599 | 659 | 380 | 693 | 0 | 0 | 0 |
Due from related persons | ||||||||||||
-708 | 114 | -901 | -2,129 | -2,402 | 1,390 | 1,433 | 2,955 | 4,133 | 0 | 0 | 0 | 0 |
Other assets | ||||||||||||
1,519 | 594 | 3,865 | -650 | 503 | -3,591 | -1,846 | 307 | 413 | 4,431 | 0 | 0 | 0 |
Accounts payable and other liabilities | ||||||||||||
2,084 | 3,095 | 7,878 | 6,903 | 5,037 | 1,618 | 1,313 | 624 | 826 | 245 | 0 | 0 | 0 |
Rents collected in advance | ||||||||||||
2,012 | 3,438 | 4,441 | 2,474 | 293 | 210 | -32 | 1,059 | 637 | -743 | 0 | 0 | 0 |
Security deposits | ||||||||||||
500 | 550 | 923 | 712 | 462 | 456 | 199 | 146 | 65 | 33 | 0 | 0 | 0 |
Due to related persons | ||||||||||||
898 | 845 | 674 | 1,660 | -2,166 | -5,461 | -1,597 | 1,479 | 3,965 | 7,114 | 0 | 0 | 0 |
Net cash provided by operating activities | ||||||||||||
117,415 | 116,300 | 115,693 | 115,493 | 103,000 | 96,763 | 94,940 | 96,348 | 101,552 | 103,455 | 0 | 0 | 0 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||
Real estate acquisitions and deposits | ||||||||||||
0 | - | - | - | 0 | - | - | - | - | - | - | - | - |
Real estate acquisitions and deposits | ||||||||||||
- | - | - | - | - | 121,891 | 95,078 | 43,326 | 4 | 281 | 0 | 0 | 0 |
Real estate improvements | ||||||||||||
18,987 | 17,157 | 10,702 | 6,687 | 4,134 | 5,004 | 3,656 | 4,602 | 6,129 | 6,026 | 0 | 0 | 0 |
Net cash used in investing activities | ||||||||||||
-685,427 | -893,393 | -930,592 | -946,036 | -416,081 | -135,527 | -98,734 | -47,928 | -6,133 | -6,307 | 0 | 0 | 0 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||
Proceeds from issuance of common shares, net | ||||||||||||
- | - | - | - | - | 444,309 | 444,309 | 444,309 | 444,309 | 0 | 0 | 0 | 0 |
Proceeds from issuance of mortgage notes payable | ||||||||||||
350,000 | 1,000,000 | 650,000 | 650,000 | 650,000 | 0 | 0 | 0 | 0 | - | - | - | - |
Borrowings under revolving credit facility | ||||||||||||
784,000 | 744,000 | 769,000 | 791,000 | 271,000 | 193,000 | 910,000 | 805,000 | 757,000 | 750,000 | 0 | 0 | 0 |
Repayments of revolving credit facility | ||||||||||||
0 | - | 0 | 0 | 0 | - | 0 | 0 | 0 | - | 0 | 0 | 0 |
Repayment of mortgage notes payable | ||||||||||||
- | - | - | - | - | - | - | - | - | 14,344 | 0 | 0 | 0 |
Payment of debt issuance costs | ||||||||||||
3,338 | 8,775 | 6,712 | 6,712 | 6,632 | 5,378 | 5,907 | 5,907 | 5,907 | 1,724 | 0 | 0 | 0 |
Distributions to common shareholders | ||||||||||||
0 | - | 0 | 0 | 0 | - | 0 | 0 | 0 | - | - | - | - |
Contributions from noncontrolling interest | ||||||||||||
0 | - | - | - | 0 | - | - | - | - | - | - | - | - |
Repurchase of common shares | ||||||||||||
271 | 253 | 0 | 0 | 0 | - | - | - | - | - | - | - | - |
Contributions | ||||||||||||
- | - | - | - | - | 16,162 | 46,406 | 61,652 | 71,059 | 72,807 | 0 | 0 | 0 |
Distributions | ||||||||||||
- | - | - | - | - | 9,187 | 46,535 | 86,030 | 122,697 | 153,887 | 0 | 0 | 0 |
Net cash provided by financing activities | ||||||||||||
583,058 | 802,035 | 827,135 | 830,328 | 309,360 | 48,372 | 14,894 | -32,855 | -75,572 | -97,148 | 0 | 0 | 0 |
(Decrease) increase in cash, cash equivalents and restricted cash | ||||||||||||
15,046 | 24,942 | 12,236 | -215 | -3,721 | 9,608 | 11,100 | 15,565 | 19,847 | 0 | 0 | 0 | 0 |
SUPPLEMENTAL DISCLOSURES: | ||||||||||||
Interest paid | ||||||||||||
55,000 | 46,072 | 36,549 | 25,709 | 16,768 | 14,749 | 11,035 | 8,185 | 5,320 | 2,752 | 0 | 0 | 0 |
Income taxes paid | ||||||||||||
100 | 164 | 164 | 64 | 64 | 0 | 0 | 0 | 0 | - | - | - | - |
NON-CASH INVESTING ACTIVITIES: | ||||||||||||