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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES      
Net income $ 151,457 $ 198,014 $ 87,254
Adjustments to reconcile net income to net cash provided by operating activities      
Straight-line rents (8,469) (9,353) (8,683)
Amortization of lease intangibles (13,922) (16,271) (7,686)
Depreciation and amortization 73,219 65,763 50,687
Gain on sales of real estate investments (38,156) (112,166) (16,627)
Deferred financing cost amortization 1,545 1,371 1,335
Stock-based compensation 13,466 10,171 9,554
Changes in assets and liabilities      
Other assets (6,599) (1,368) (3,669)
Accounts payable and other liabilities 7,136 7,049 20,043
Net cash provided by operating activities 179,677 143,210 132,208
CASH FLOWS FROM INVESTING ACTIVITIES      
Cash paid for property acquisitions (466,840) (407,558) (644,956)
Proceeds from sales of real estate investments, net 73,077 162,145 41,082
Additions to construction in progress (123,570) (25,638) (11,274)
Additions to buildings, improvements and leasing costs (53,055) (66,611) (51,290)
Net cash used in investing activities (570,388) (337,662) (666,438)
CASH FLOWS FROM FINANCING ACTIVITIES      
Issuance of common stock 671,347 78,851 462,386
Issuance costs on issuance of common stock (5,038) (1,163) (5,683)
Repurchase of common stock related to employee awards (1,513) (1,045) (582)
Borrowings on credit facility 82,000 208,000 75,000
Payments on credit facility (82,000) (208,000) (75,000)
Borrowings on term loans payable 0 100,000 0
Borrowings on senior unsecured notes 0 0 275,000
Payments on senior unsecured notes 0 (50,000) 0
Payments on mortgage loan payable 0 0 (11,271)
Payment of deferred financing costs (80) (1,498) (4,027)
Dividends paid to common stockholders (135,852) (107,411) (84,628)
Net cash provided by financing activities 528,864 17,734 631,195
Net increase (decrease) in cash and cash equivalents and restricted cash 138,153 (176,718) 96,965
Cash and cash equivalents and restricted cash at beginning of year 28,083 204,801 107,836
Cash and cash equivalents and restricted cash at end of year 166,236 28,083 204,801
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION      
Cash paid for interest, net of capitalized interest 31,713 25,219 15,144
Supplemental disclosures of non-cash transactions      
Accounts payable related to capital improvements 26,912 18,158 16,873
Non-cash issuance of common stock to the deferred compensation plan (5,326) (11,265) (7,651)
Lease liability arising from recognition of right-of-use asset 0 1,192 3,287
Reconciliation of cash paid for property acquisitions      
Acquisition of properties 512,531 422,298 681,970
Assumption of other assets and liabilities (45,691) (14,740) (37,014)
Net cash paid for property acquisitions $ 466,840 $ 407,558 $ 644,956