XML 20 R7.htm IDEA: XBRL DOCUMENT v3.25.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 48,126 $ 36,059
Adjustments to reconcile net income to net cash provided by operating activities    
Straight-line rents (3,914) (1,451)
Amortization of lease intangibles (5,010) (3,350)
Depreciation and amortization 26,929 20,939
Gain on sales of real estate investments (11,842) (5,715)
Deferred financing cost and mortgage fair value adjustment amortization 849 387
Stock-based compensation 4,252 3,356
Changes in assets and liabilities    
Other assets (1,816) (3,763)
Accounts payable and other liabilities 3,859 577
Net cash provided by operating activities 61,433 47,039
CASH FLOWS FROM INVESTING ACTIVITIES    
Cash paid for property acquisitions 0 (18,657)
Proceeds from sales of real estate investments, net 24,047 10,172
Additions to construction in progress (28,979) (32,216)
Additions to buildings, improvements and leasing costs (18,894) (7,882)
Net cash used in investing activities (23,826) (48,583)
CASH FLOWS FROM FINANCING ACTIVITIES    
Issuance of common stock 237,423 538,269
Issuance costs on issuance of common stock (3,443) (2,477)
Repurchase of common stock related to employee awards (1,942) (983)
Borrowings on credit facility 50,000 0
Payments on credit facility (132,000) 0
Dividends paid to common stockholders (48,871) (39,052)
Net cash provided by financing activities 101,167 495,757
Net increase in cash and cash equivalents and restricted cash 138,774 494,213
Cash and cash equivalents and restricted cash at beginning of period 18,352 166,236
Cash and cash equivalents and restricted cash at end of period 157,126 660,449
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION    
Cash paid for interest, net of capitalized interest 6,709 9,750
Supplemental disclosures of non-cash transactions    
Accounts payable related to capital improvements 18,926 29,062
Non-cash issuance of common stock to the deferred compensation plan (2,120) 0
Lease liability arising from recognition of right-of-use asset 0 1,228
Reconciliation of cash paid for property acquisitions    
Acquisition of properties 0 18,628
Assumption of other assets and liabilities 0 29
Net cash paid for property acquisitions $ 0 $ 18,657