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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES      
Net income $ 184,497 $ 151,457 $ 198,014
Adjustments to reconcile net income to net cash provided by operating activities      
Straight-line rents (9,306) (8,469) (9,353)
Amortization of lease intangibles (17,284) (13,922) (16,271)
Depreciation and amortization 93,916 73,219 65,763
Gain on sales of real estate investments (45,379) (38,156) (112,166)
Deferred financing cost and mortgage fair value adjustment amortization 1,762 1,545 1,371
Stock-based compensation 14,926 13,466 10,171
Changes in assets and liabilities      
Other assets (2,331) (6,599) (1,368)
Accounts payable and other liabilities 11,886 7,136 7,049
Net cash provided by operating activities 232,687 179,677 143,210
CASH FLOWS FROM INVESTING ACTIVITIES      
Cash paid for property acquisitions (814,515) (466,840) (407,558)
Proceeds from sales of real estate investments, net 71,899 73,077 162,145
Additions to construction in progress (126,428) (123,570) (25,638)
Additions to buildings, improvements and leasing costs (46,433) (53,055) (66,611)
Net cash used in investing activities (915,477) (570,388) (337,662)
CASH FLOWS FROM FINANCING ACTIVITIES      
Issuance of common stock 742,728 671,347 78,851
Issuance costs on issuance of common stock (5,704) (5,038) (1,163)
Repurchase of common stock related to employee awards (3,344) (1,513) (1,045)
Borrowings on credit facility 110,000 82,000 208,000
Payments on credit facility (28,000) (82,000) (208,000)
Borrowings on term loans payable 0 0 100,000
Payments on senior unsecured notes (100,000) 0 (50,000)
Payment of deferred financing costs (5,805) (80) (1,498)
Dividends paid to common stockholders (174,969) (135,852) (107,411)
Net cash provided by financing activities 534,906 528,864 17,734
Net decrease in cash and cash equivalents and restricted cash (147,884) 138,153 (176,718)
Cash and cash equivalents and restricted cash at beginning of year 166,236 28,083 204,801
Cash and cash equivalents and restricted cash at end of year 18,352 166,236 28,083
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION      
Cash paid for interest, net of capitalized interest 20,898 31,713 25,219
Supplemental disclosures of non-cash transactions      
Accounts payable related to capital improvements 34,509 26,912 18,158
Non-cash issuance of common stock to the deferred compensation plan 691    
Non-cash issuance of common stock to the deferred compensation plan   (5,326) (11,265)
Lease liability arising from recognition of right-of-use asset 2,264 0 1,192
Reconciliation of cash paid for property acquisitions      
Acquisition of properties 937,908 512,531 422,298
Assumption of mortgage loans payable (72,879) 0 0
Unamortized mortgage fair value adjustment 3,650 0 0
Assumption of other assets and liabilities (54,164) (45,691) (14,740)
Net cash paid for property acquisitions $ 814,515 $ 466,840 $ 407,558