XML 18 R7.htm IDEA: XBRL DOCUMENT v3.24.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
OPERATING ACTIVITIES    
Net income $ 13,458 $ 28,725
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation of buildings and tenant improvements 50,347 46,742
Amortization of leasing costs, in-place lease intangibles and below market ground rents - operating leases 14,166 14,066
Accrued straight-line rental revenue (5,499) (4,748)
Amortization of leasing incentives and above or below-market rents (1,227) (1,749)
Amortization of right-of-use assets - finance leases 1,184 1,049
Accrued straight-line ground rent expense 23 55
Unrealized credit loss provision 53 871
Adjustment for uncollectible lease accounts 1,532 1,251
Noncash stock compensation 3,857 2,951
Noncash acquisition, development, and other pursuit costs 5,528 0
Impairment charges 1,494 107
Noncash interest expense 2,967 5,721
Noncash loss on extinguishment of debt 113 0
Gain on real estate dispositions, net 0 (738)
Change in fair value of derivatives and other 12,109 (1,974)
Adjustment for receipts on off-market interest rate derivatives (7,582) (3,155)
Changes in operating assets and liabilities:    
Property assets (9,239) (4,439)
Property liabilities 9,442 5,113
Construction assets 28,290 (23,531)
Construction liabilities (17,188) 21,770
Interest receivable (12,611) (9,797)
Net cash provided by operating activities 91,217 78,290
INVESTING ACTIVITIES    
Development of real estate investments (27,083) (40,538)
Tenant and building improvements (19,064) (16,004)
Acquisitions of real estate investments, net of cash received 0 (8,394)
Dispositions of real estate investments, net of selling costs 0 246
Notes receivable issuances (37,044) (42,010)
Notes receivable paydowns 25,796 0
Payments to purchase off-market interest rate derivatives 0 (16,856)
Receipts on off-market interest rate derivatives 7,582 3,155
Leasing costs (4,462) (3,217)
Leasing incentives (10) (20)
Contributions to equity method investments (13,299) (53,689)
Net cash used for investing activities (67,584) (177,327)
FINANCING ACTIVITIES    
Proceeds (costs) from issuance of common stock, net of issuance cost 129,474 (204)
Common shares tendered for tax withholding (1,140) (1,111)
Debt issuances, credit facility, and construction loan borrowings 215,581 310,402
Debt and credit facility repayments, including principal amortization (146,233) (162,393)
Debt issuance costs (1,048) (2,839)
Cash paid on extinguishment of debt (141,579) 0
Redemption of operating partnership units (186) (705)
Distributions to noncontrolling interests (593) (1,231)
Dividends and distributions (62,349) (59,742)
Net cash (used for) provided by financing activities (8,073) 82,177
Net increase (decrease) in cash, cash equivalents, and restricted cash 15,560 (16,860)
Cash, cash equivalents, and restricted cash, beginning of period 30,166 51,865
Cash, cash equivalents, and restricted cash, end of period [1] 45,726 35,005
Supplemental Disclosures (noncash transactions):    
Increase in dividends and distributions payable 1,323 683
Increase in accrued capital improvements and development costs 2,283 2,033
Increase in settlement liability for the repurchase of common stock 0 643
Issuance of operating partnership units for acquisitions 0 12,194
Operating Partnership units redeemed for common shares 767 0
Debt assumed at fair value in conjunction with real estate purchases 0 105,584
Note receivable redeemed in conjunction with real estate purchase 0 90,232
Acquisitions of noncontrolling interests 0 12,834
Other liability satisfied in connection with a real estate disposal 0 750
Recognition of finance lease right-of-use assets 0 47,742
Recognition of finance lease liabilities $ 0 $ 46,616
[1] The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported in the Condensed Consolidated Statements of Cash Flows (in thousands):
 September 30, 2024September 30, 2023
Cash and cash equivalents$43,852 $32,662 
Restricted cash (a)
1,874 2,343 
Cash, cash equivalents, and restricted cash$45,726 $35,005 
(a) Restricted cash represents amounts held by lenders for real estate taxes, insurance, and reserves for capital improvements.