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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 36,059 $ 23,331
Adjustments to reconcile net income to net cash provided by operating activities    
Straight-line rents (1,451) (2,173)
Amortization of lease intangibles (3,350) (3,541)
Depreciation and amortization 20,939 18,159
Gain on sales of real estate investments (5,715) 0
Deferred financing cost amortization 387 383
Stock-based compensation 3,356 3,038
Changes in assets and liabilities    
Other assets (3,763) (3,998)
Accounts payable and other liabilities 577 3,602
Net cash provided by operating activities 47,039 38,801
CASH FLOWS FROM INVESTING ACTIVITIES    
Cash paid for property acquisitions (18,657) (364,600)
Proceeds from sales of real estate investments, net 10,172 0
Additions to construction in progress (32,216) (8,904)
Additions to buildings, improvements and leasing costs (7,882) (13,862)
Net cash used in investing activities (48,583) (387,366)
CASH FLOWS FROM FINANCING ACTIVITIES    
Issuance of common stock 538,269 366,499
Issuance costs on issuance of common stock (2,477) (978)
Repurchase of common stock related to employee awards (983) (627)
Borrowings on credit facility 0 29,000
Payments on credit facility 0 (29,000)
Dividends paid to common stockholders (39,052) (30,753)
Net cash provided by financing activities 495,757 334,141
Net increase (decrease) in cash and cash equivalents and restricted cash 494,213 (14,424)
Cash and cash equivalents and restricted cash at beginning of period 166,236 28,083
Cash and cash equivalents and restricted cash at end of period 660,449 13,659
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION    
Cash paid for interest, net of capitalized interest 9,750 8,381
Supplemental disclosures of non-cash transactions    
Accounts payable related to capital improvements 29,062 17,219
Non-cash issuance of common stock to the deferred compensation plan 0 (5,547)
Lease liability arising from recognition of right-of-use asset 1,228 0
Reconciliation of cash paid for property acquisitions    
Acquisition of properties 18,628 406,730
Assumption of other assets and liabilities 29 (42,130)
Net cash paid for property acquisitions $ 18,657 $ 364,600