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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 71,755 $ 63,585
Adjustments to reconcile net income to net cash provided by operating activities    
Straight-line rents (3,404) (4,215)
Amortization of lease intangibles (7,808) (7,186)
Depreciation and amortization 43,951 36,391
Gain on sales of real estate investments (5,715) (12,257)
Deferred financing cost amortization 774 770
Stock-based compensation 7,344 6,843
Changes in assets and liabilities    
Other assets (4,747) (6,038)
Accounts payable and other liabilities 9,219 9,470
Net cash provided by operating activities 111,369 87,363
CASH FLOWS FROM INVESTING ACTIVITIES    
Cash paid for property acquisitions (468,934) (378,093)
Proceeds from sales of real estate investments, net 10,172 24,585
Additions to construction in progress (71,526) (26,093)
Additions to buildings, improvements and leasing costs (16,834) (26,890)
Net cash used in investing activities (547,122) (406,491)
CASH FLOWS FROM FINANCING ACTIVITIES    
Issuance of common stock 538,268 417,156
Issuance costs on issuance of common stock (2,693) (1,352)
Repurchase of common stock related to employee awards (1,038) (732)
Borrowings on credit facility 0 49,000
Payments on credit facility 0 (49,000)
Payment of deferred financing costs 0 (80)
Dividends paid to common stockholders (82,570) (63,926)
Net cash provided by financing activities 451,967 351,066
Net increase in cash and cash equivalents and restricted cash 16,214 31,938
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 182,450 60,021
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION    
Cash paid for interest, net of capitalized interest 14,910 15,488
Supplemental disclosures of non-cash transactions    
Accounts payable related to capital improvements 34,324 25,078
Non-cash issuance of common stock to the deferred compensation plan 0 (5,672)
Lease liability arising from recognition of right-of-use asset 2,264 0
Reconciliation of cash paid for property acquisitions    
Acquisition of properties 491,499 420,493
Assumption of other assets and liabilities (22,565) (42,400)
Net cash paid for property acquisitions $ 468,934 $ 378,093