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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 108,394 $ 93,900
Adjustments to reconcile net income to net cash provided by operating activities    
Straight-line rents (6,517) (6,510)
Amortization of lease intangibles (12,414) (10,681)
Depreciation and amortization 68,009 54,636
Gain on sales of real estate investments (5,715) (12,257)
Deferred financing cost amortization 1,148 1,157
Stock-based compensation 11,121 10,123
Changes in assets and liabilities    
Other assets (2,745) (4,447)
Accounts payable and other liabilities 20,080 14,705
Net cash provided by operating activities 181,361 140,626
CASH FLOWS FROM INVESTING ACTIVITIES    
Cash paid for property acquisitions (476,832) (392,503)
Proceeds from sales of real estate investments, net 10,172 24,585
Additions to construction in progress (108,148) (72,449)
Additions to buildings, improvements and leasing costs (30,635) (39,270)
Net cash used in investing activities (605,443) (479,637)
CASH FLOWS FROM FINANCING ACTIVITIES    
Issuance of common stock 742,728 512,902
Issuance costs on issuance of common stock (5,704) (2,740)
Repurchase of common stock related to employee awards (3,344) (1,505)
Borrowings on credit facility 0 49,000
Payments on credit facility 0 (49,000)
Payments on senior unsecured notes (100,000) 0
Payment of deferred financing costs (5,805) (80)
Dividends paid to common stockholders (126,098) (97,427)
Net cash provided by financing activities 501,777 411,150
Net increase in cash and cash equivalents and restricted cash 77,695 72,139
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 243,931 100,222
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION    
Cash paid for interest, net of capitalized interest 24,733 24,156
Supplemental disclosures of non-cash transactions    
Accounts payable related to capital improvements 36,104 29,441
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 499,415 436,980
Assumption of other assets and liabilities (22,583) (44,477)
Net cash paid for property acquisitions $ 476,832 $ 392,503