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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
OPERATING ACTIVITIES      
Net income $ 42,494 $ 7,663 $ 99,953
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation of buildings and tenant improvements 68,282 63,462 54,548
Amortization of leasing costs, in-place lease intangibles and below market ground rents - operating leases 22,680 33,965 19,536
Accrued straight-line rental revenue (8,254) (6,272) (6,178)
Amortization of leasing incentives and above or below-market rents (1,646) (2,190) (1,070)
Accrued straight-line ground rent expense 28 64 119
Unrealized credit loss provision 156 574 626
Adjustment for uncollectible lease accounts 2,020 4,013 515
Noncash acquisition, development, and other pursuit costs 5,528 0 0
Noncash stock compensation 5,098 3,677 3,273
Impairment charges 1,494 102 416
Noncash interest expense 3,726 7,106 6,828
Noncash loss on extinguishment of debt 247 0 3,374
Gain on real estate dispositions, net (21,305) (738) (53,466)
Change in fair value of derivatives and other 9,612 14,185 (8,698)
Adjustment for receipts on off-market interest rate derivatives (22,829) (7,947) 0
Equity in income of unconsolidated real estate entities (245) 0 0
Changes in operating assets and liabilities:      
Property assets (11,036) (5,794) (12,029)
Property liabilities 7,420 12,092 2,960
Construction assets 53,659 (59,226) (60,756)
Construction liabilities (33,463) 42,487 71,642
Interest receivable (11,646) (13,909) (4,735)
Net cash provided by operating activities 112,020 93,314 116,858
INVESTING ACTIVITIES      
Development of real estate investments (29,831) (58,793) (76,182)
Tenant and building improvements (30,355) (24,650) (17,085)
Acquisitions of real estate investments, net of cash received 0 (8,394) (119,739)
Dispositions of real estate investments, net of selling costs 58,593 246 252,270
Notes receivable issuances (47,721) (48,184) (37,791)
Notes receivable paydowns 20,594 0 35,848
Payments to purchase off-market interest rate derivatives 0 (31,311) 0
Receipts on off-market interest rate derivatives 22,829 7,947 0
Leasing costs (4,935) (4,059) (7,640)
Leasing incentives 0 (20) (51)
Contributions to equity method investments (15,875) (70,048) (62,872)
Net cash used for investing activities (26,701) (237,266) (33,242)
FINANCING ACTIVITIES      
Proceeds (costs) from issuance of common stock, net of issuance cost 129,421 (208) 65,159
Common shares tendered for tax withholding (1,566) (1,111) (774)
Repurchase and retirement of common stock, net 0 (12,628) 0
Debt issuances, credit facility, and construction loan borrowings 269,469 402,568 678,574
Debt and credit facility repayments, including principal amortization (257,575) (180,869) (723,739)
Debt issuance costs (2,221) (2,839) (8,316)
Cash paid on extinguishment of debt (95,881) 0 0
Acquisition of NCI in consolidated RE investments 0 0 (4,651)
Redemption of operating partnership units (205) (705) (130)
Distributions to noncontrolling interests (810) (1,557) (5,756)
Contributions from noncontrolling interests 0 0 14
Dividends and distributions (83,894) (80,398) (72,575)
Net cash (used for) provided by financing activities (43,262) 122,253 (72,194)
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect, Total 42,057 (21,699) 11,422
Cash, cash equivalents, and restricted cash, beginning of period 30,166 51,865 40,443
Cash, cash equivalents, and restricted cash, end of period 72,223 30,166 51,865
Supplemental Disclosures (noncash transactions):      
Cash paid for interest 71,629 44,920 29,878
Cash refunded (paid) for income taxes (1,145) 33 (1)
Increase in dividends and distributions payable 3,442 153 2,532
Note payable issued in acquisition of noncontrolling interest in real estate investment 0 0 750
Decrease in accrued capital improvements and development costs (115) (4,825) 110
Issuance of operating partnership units for acquisitions 0 12,194 0
Operating Partnership units redeemed for common shares 767 514 132
Debt assumed at fair value in conjunction with real estate purchases 0 105,584 156,071
Note receivable redeemed in conjunction with real estate purchase 0 90,232 0
Equity method investment redeemed for real estate acquisition 0 0 3,772
Acquisitions of noncontrolling interests 0 12,834 0
Noncontrolling interest in acquired real estate entity 0 0 23,065
Other liability satisfied in connection with a real estate disposal 0 750 0
Recognition of operating lease right-of-use assets 0 0 110
Recognition of operating lease liabilities 0 0 110
Recognition of finance lease right-of-use assets 0 47,742 0
Recognition of finance lease liabilities 0 46,616 0
Adjustment to finance lease ROU assets 0 1,705 0
Adjustment to finance lease liabilities $ 0 $ 1,705 $ 0