Annual report pursuant to Section 13 and 15(d)

Consolidated Statements Of Cash Flows

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Consolidated Statements Of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities      
Net income $ 553,029 $ 206,705 $ 203,972
Adjustments to reconcile net income to net cash provided by operating activities      
Depreciation and amortization expense 93,486 96,314 104,249
Straight-line rent and amortization of lease intangibles, net (2,800) (4,713) (3,936)
Gain on sale of real estate facilities (359,875) (27,273) (16,644)
Stock compensation expense 8,495 5,648 4,956
Amortization of financing costs 725 548 544
Other, net 9,177 (254) (2,546)
Total adjustments (250,792) 70,270 86,623
Net cash provided by operating activities 302,237 276,975 290,595
Cash flows from investing activities      
Capital expenditures to real estate facilities (37,840) (36,062) (39,365)
Capital expenditures to land and building held for development, net (46,047) (16,412) (5,278)
Acquisition of real estate facilities (147,702) (60,019) (134,278)
Proceeds from sale of real estate facilities 400,955 40,674 144,599
Net cash provided by (used in) investing activities 169,366 (71,819) (34,322)
Cash flows from financing activities      
Proceeds from borrowings on credit facility 32,000   70,000
Repayment of borrowings on credit facility     (70,000)
Payment of deferred financing costs (2,248)    
Payment of financing costs (246) (335) (296)
Proceeds from the exercise of stock options 5,012 258 969
Payment of issuance costs (105)    
Cash paid for taxes in lieu of stock upon vesting of restricted stock units (3,940) (4,216) (6,350)
Redemption of preferred stock (189,750)   (340,000)
Net proceeds from the issuance of preferred stock     316,038
Capital contribution from noncontrolling interests—joint venture 746 493  
Cash paid to restricted stock unit holders (1,498) (654) (910)
Distributions paid to preferred stockholders (46,624) (48,186) (54,346)
Distributions paid to common stockholders (242,595) (115,396) (115,154)
Distributions paid to noncontrolling interests-common units (64,287) (30,683) (30,683)
Distributions paid to noncontrolling interests-joint venture (77) (140) (134)
Net cash used in financing activities (513,612) (198,859) (230,866)
Net increase (decrease) in cash and cash equivalents (42,009) 6,297 25,407
Cash, cash equivalents and restricted cash at the beginning of the period 70,171 63,874 38,467
Cash, cash equivalents and restricted cash at the end of the period 28,162 70,171 63,874
Supplemental disclosures      
Interest paid     67
Adjustment to noncontrolling interests-common units in the OP      
Noncontrolling interests-common units     (145)
Paid-in capital     145
Preferred redemption allocation      
Paid-in capital 6,434   11,007
Accumulated earnings (6,434)   $ (11,007)
Accrued capital expenditures to land and building held for development      
Land and building held for development, net 5,746 1,698  
Accrued and other liabilities $ (5,746) $ (1,698)