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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Adjustments to reconcile net income to net cash provided by operating activities      
Net income $ 43,767 $ 110,036 $ 86,783
Depreciation and amortization 191,091 189,641 157,870
Amortization of deferred financing costs 2,791 2,314 2,325
Amortization of lease inducements and above/below-market lease intangibles 5,354 5,834 4,678
Straight-line rental (revenue) expense, net (3,232) (6,847) (8,671)
Amortization of discount on unsecured senior notes 1,104 1,064 737
Amortization of above market assumed debt 0 (10) (62)
(Gain) loss on extinguishment of debt (1,763) 0 3,295
Loss on extinguishment of deferred financing costs 0 0 730
Gain on sale of investment properties, net (13) (57,375) (24,165)
Equity in (income) loss of unconsolidated entities (1,084) 790 1,570
Distributions from unconsolidated entities 7,657 7,874 6,928
Change in fair value of derivatives 660 0 0
Provision for bad debts 1,270 180 (90)
Non-cash share compensation 15,676 15,672 15,032
Impairment on investment properties 0 0 340
Change in operating assets and liabilities:      
Tenant receivables (540) (7,652) (2,863)
Other assets (850) (2,317) 3,404
Accounts payable 3,973 (2,260) (356)
Accrued expenses and other liabilities 7,569 1,456 (711)
Net cash provided by operating activities 273,430 258,400 246,774
Cash Flows from Investing Activities:      
Proceeds on sale of investment properties 2,553 123,179 92,711
Acquisition of investment properties, net (39,346) (112,455) (718,179)
Investment in unconsolidated entities (13,053) (13,587) (9,069)
Returns of investment in unconsolidated entities 3,737 0 0
Development of real estate (21,604) 0 0
Capital expenditures on investment properties (41,905) (39,869) (32,566)
Issuances of mezzanine and real estate loans receivable (51,400) (30,611) (16,213)
Repayments of mezzanine and real estate loans receivable 51,528 38,994 84,874
Leasing commissions (4,132) (3,623) (3,997)
Lease inducements (399) (500) 0
Net cash used in investing activities (114,021) (38,472) (602,439)
Cash Flows from Financing Activities:      
Net proceeds from sale of common shares 66,255 106,019 268,126
Proceeds from credit facility borrowings 513,000 294,000 710,541
Repayments on credit facility borrowings (306,000) (375,000) (852,541)
Repayment of senior unsecured notes (15,000) 0 0
Proceeds from issuance of mortgage debt 0 0 136,050
Proceeds from issuance of senior unsecured notes 0 0 495,695
Principal payments on mortgage debt (37,058) (16,094) (13,027)
Debt issuance costs (3,917) (74) (7,380)
Payments made on financing leases 0 0 (8,300)
Dividends paid - shareholders (220,429) (209,417) (198,541)
Distributions to noncontrolling interests - Operating Partnership (9,041) (10,493) (5,024)
Preferred distributions paid - OP Unit holders 0 0 (303)
Contributions to noncontrolling interests 8,171 569 0
Distributions to noncontrolling interests - partially owned properties (378) (588) (648)
Payments of employee taxes for withheld stock-based compensation shares (5,891) (4,255) (4,183)
Purchases of Series A Preferred Units 0 0 (151,202)
Purchases of OP Units (72) (6,741) (6,237)
Net cash (used in) provided by financing activities (10,360) (222,074) 363,026
Net increase (decrease) in cash and cash equivalents 149,049 (2,146) 7,361
Cash and cash equivalents, beginning of year 7,730 9,876 2,515
Cash and cash equivalents, end of year 156,779 7,730 9,876
Supplemental cash flow information:      
Supplemental disclosure of cash flow information - interest paid during the year 80,502 70,207 50,814
Supplemental disclosure of noncash activity—settlement of note receivable in exchange for Series A Preferred Units 0 0 20,646
Supplemental disclosure of noncash activity - change in fair value of interest rate swap agreements (2,703) 6,075 1,672
Supplemental disclosure of noncash activity - issuance of OP Units and Series A Preferred Units in connection with acquisitions 0 0 263,008
Supplemental disclosure of noncash activity—Conversion of loan receivable in connection to the acquisition of investment property $ 5,397 $ 5,700 $ 15,500