Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash flows from operating activities    
Net income $ 101,145 $ 47,507
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and amortization expense 23,132 22,985
Straight-line rent and amortization of lease intangibles, net (1,157) (1,307)
Gain on sale of real estate facilities (56,959) 0
Stock compensation expense 940 1,780
Amortization of financing costs 252 136
Other, net (798) (2,277)
Total adjustments (34,590) 21,317
Net cash provided by operating activities 66,555 68,824
Cash flows from investing activities    
Capital expenditures to real estate facilities (7,860) (5,816)
Capital expenditures to land and building held for development, net (16,251) (10,608)
Proceeds from sale of real estate facilities 91,907 0
Net cash provided by (used in) investing activities 67,796 (16,424)
Cash flows from financing activities    
Proceeds from borrowing on credit facility 20,000 0
Repayment of borrowing on credit facility (32,000) 0
Payment of financing costs (106) (78)
Proceeds from the exercise of stock options 2,102 0
Payment of Issuance costs 0 (105)
Cash paid for taxes in lieu of stock upon vesting of restricted stock units (931) (3,197)
Cash paid to restricted stock unit holders (188) (164)
Capital contribution from noncontrolling interests – joint venture 186 159
Distributions paid to preferred stockholders (9,580) (12,046)
Distributions paid to common stockholders (29,010) (28,872)
Distributions paid to noncontrolling interests—common units (7,671) (7,671)
Distributions paid to noncontrolling interests—joint venture (23) (17)
Net cash used in financing activities (57,221) (51,991)
Net increase in cash and cash equivalents 77,130 409
Cash, cash equivalents and restricted cash at the beginning of the period 28,162 70,171
Cash, cash equivalents and restricted cash at the end of the period 105,292 70,580
Supplemental disclosures    
Interest Paid 35 0
Accrued capital expenditures to land and building held for development    
Land and building held for development, net 5,565 2,615
Accrued and other liabilities $ (5,565) $ (2,615)