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
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash flows from operating activities    
Net income $ 208,665 $ 117,557
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and amortization expense 45,931 45,499
Straight-line rent and amortization of lease intangibles, net (2,171) (1,490)
Gain on sale of real estate facilities (118,801) (19,193)
Stock compensation expense 2,940 4,081
Amortization of financing costs 488 272
Other, net (2,635) 1,381
Total adjustments (74,248) 30,550
Net cash provided by operating activities 134,417 148,107
Cash flows from investing activities    
Capital expenditures to real estate facilities (19,120) (15,707)
Capital expenditures to land and building held for development, net (34,522) (18,240)
Proceeds from sale of real estate facilities 189,509 32,622
Net cash provided by (used in) investing activities 135,867 (1,325)
Cash flows from financing activities    
Proceeds from borrowing on credit facility 20,000 0
Repayment of borrowing on credit facility (52,000) 0
Payment of financing costs (198) (157)
Proceeds from the exercise of stock options 2,102 907
Payment of Issuance costs 0 (105)
Cash paid for taxes in lieu of stock upon vesting of restricted stock units (1,318) (3,202)
Cash paid to restricted stock unit holders (328) (366)
Capital contribution from noncontrolling interests – joint venture 413 287
Distributions paid to preferred stockholders (19,160) (24,093)
Distributions paid to common stockholders (58,023) (57,790)
Distributions paid to noncontrolling interests—common units (15,341) (15,341)
Distributions paid to noncontrolling interests—joint venture (45) (40)
Net cash used in financing activities (123,898) (99,900)
Net increase in cash and cash equivalents 146,386 46,882
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 174,548 117,053
Supplemental disclosures    
Interest Paid 71 0
Accrued capital expenditures to land and building held for development    
Land and building held for development, net 7,307 4,642
Accrued and other liabilities $ (7,307) $ (4,642)