| Dec'19 | Dec'18 | Dec'16 | Dec'15 | |||
|---|---|---|---|---|---|---|
Cash flows from operating activities: | ||||||
Net income | ||||||
33,728 | 11,936 | 6,615 | 5,349 | |||
Adjustments to reconcile net income to cash flows from operating activities: | ||||||
Depreciation and amortization | ||||||
9,379 | 9,142 | - | - | |||
Stock-based compensation expense | ||||||
1,582 | 873 | - | - | |||
Deferred operating lease income | ||||||
35,165 | 19,041 | - | - | |||
Non-cash interest income from sales-type leases | ||||||
6,547 | 0 | - | - | |||
Amortization of real estate-related intangibles, net | ||||||
2,509 | 2,518 | - | - | |||
Loss on early extinguishment of debt | ||||||
-2,011 | 0 | - | - | |||
Earnings from equity method investments | ||||||
-403 | 0 | - | - | |||
Amortization of premium, discount and deferred financing costs on debt obligations, net | ||||||
2,257 | 1,612 | - | - | |||
Non-cash management fees | ||||||
7,461 | 3,643 | - | - | |||
Other operating activities | ||||||
1,586 | 789 | - | - | |||
Changes in assets and liabilities: | ||||||
Changes in deferred expenses and other assets, net | ||||||
-301 | 1,163 | - | - | |||
Changes in accounts payable, accrued expenses and other liabilities | ||||||
-21,468 | 3,219 | - | - | |||
Cash flows provided by (used in) operating activities | ||||||
-1,963 | 13,528 | - | - | |||
Cash flows from investing activities: | ||||||
Acquisitions of real estate | ||||||
28,816 | 385,897 | - | - | |||
Origination/acquisition of net investment in sales-type leases and Ground Lease receivables | ||||||
1,362,593 | 0 | - | - | |||
Fundings on Ground Lease receivables | ||||||
2,089 | 0 | - | - | |||
Contributions to equity investments in ground leases | ||||||
127,970 | 0 | - | - | |||
Other investing activities | ||||||
-693 | -1,392 | - | - | |||
Cash flows used in investing activities | ||||||
-1,520,775 | -384,505 | - | - | |||
Cash flows from financing activities: | ||||||
Proceeds from issuance of common stock | ||||||
511,900 | 0 | - | - | |||
Proceeds from debt obligations | ||||||
1,183,739 | 312,353 | - | - | |||
Repayments of debt obligations | ||||||
351,500 | 74,500 | - | - | |||
Payments for debt prepayment or extinguishment costs | ||||||
1,358 | 0 | - | - | |||
Payments for deferred financing costs | ||||||
18,468 | 2,289 | - | - | |||
Dividends paid to common shareholders | ||||||
16,622 | 10,927 | - | - | |||
Payment of offering costs | ||||||
9,778 | 808 | - | - | |||
Distributions to noncontrolling interests | ||||||
2,945 | 47 | - | - | |||
Contributions from noncontrolling interests (refer to Note 11) | ||||||
250,000 | 1,750 | - | - | |||
Other financing activities | ||||||
127 | 0 | - | - | |||
Cash flows provided by financing activities | ||||||
1,545,095 | 225,532 | - | - | |||
Changes in cash, cash equivalents and restricted cash | ||||||
22,357 | -145,445 | - | - | |||
Supplemental disclosure of cash flow information: | ||||||
Cash paid for interest | ||||||
22,878 | 12,817 | - | - | |||
Supplemental disclosure of non-cash investing and financing activity: | ||||||
Origination of sales-type leases | ||||||
10,194 | 0 | - | - | |||
Assumption of debt obligations | ||||||
10,194 | - | - | - | |||
Investor Unit conversion (refer to Note 11) | ||||||
250,000 | - | - | - | |||
Contribution from iStar Inc. | ||||||
0 | 2,581 | - | - | |||
Dividends declared to common shareholders | ||||||
7,478 | 2,741 | - | - | |||
Accrued finance costs | ||||||
658 | 217 | - | - | |||
Offering costs | ||||||
-250 | 709 | - | - | |||