Consolidated Statements of Cash Flows - USD ($)
$ in Thousands |
12 Months Ended |
Dec. 31, 2019 |
Dec. 31, 2018 |
| Cash flows from operating activities: |
|
|
| Net income |
$ 33,728
|
$ 11,936
|
| 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
|
| Losses (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 (used in) provided by 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)
|
| Payment of offering costs |
(9,778)
|
(808)
|
| Dividends paid to common shareholders |
(16,622)
|
(10,927)
|
| Distributions to noncontrolling interests |
(2,945)
|
(47)
|
| Contributions from noncontrolling interests |
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)
|
| Cash, cash equivalents and restricted cash at beginning of period |
24,425
|
169,870
|
| Cash, cash equivalents and restricted cash at end of period |
46,782
|
24,425
|
| 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 lease |
10,194
|
0
|
| Origination of sales-type lease |
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 offering costs |
250
|
(709)
|
| Accrued finance costs |
$ 658
|
$ 217
|