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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows - operating activities    
Net income $ 48,776,000 $ 46,810,000
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation and amortization 26,812,000 23,993,000
Realized gain on sale, net 0 (1,735,000)
Non-cash revenue adjustments 1,052,000 984,000
Amortization of financing costs 1,291,000 1,128,000
Stock-based compensation expense 3,371,000 3,326,000
Deferred income taxes (92,000) (48,000)
Changes in assets and liabilities:    
Derivative assets and liabilities (295,000) 8,372,000
Straight-line rent adjustment (2,287,000) (2,639,000)
Rent received in advance (1,915,000) 1,530,000
Intangible assets (lease incentive payments) (1,119,000) 0
Other assets and liabilities (8,295,000) 3,853,000
Net cash provided by operating activities 67,299,000 85,574,000
Cash flows - investing activities    
Purchases of real estate investments (63,810,000) (194,970,000)
Proceeds from sale of real estate investments 0 13,464,000
Change in advance deposits in acquisition of real estate investments 400,000 (1,750,000)
Net cash used in investing activities (63,410,000) (183,256,000)
Cash flows - financing activities    
Net proceeds from ATM equity issuance 9,283,000 128,184,000
Payment of deferred financing costs (1,397,000) 0
Repayment of senior notes (50,000,000) 0
Proceeds from term loan borrowing 85,000,000 0
Proceeds from revolving credit facility 73,000,000 15,000,000
Repayment of revolving credit facility (62,000,000) 0
Payment of dividends to shareholders (63,195,000) (58,266,000)
Distributions to non-controlling interests (79,000) (78,000)
Employee shares withheld for taxes (2,117,000) (2,257,000)
Net cash (used in) provided by financing activities (11,505,000) 82,583,000
Net decrease in cash and cash equivalents, including restricted cash (7,616,000) (15,099,000)
Cash and cash equivalents, including restricted cash, at beginning of period 24,783,000 26,296,000
Cash and cash equivalents, including restricted cash, at end of period 17,167,000 11,197,000
Supplemental disclosures:    
Interest paid 29,509,000 23,261,000
Income taxes paid 375,000 343,000
Operating lease payments received (lessor) 110,433,000 98,764,000
Operating lease payments remitted (lessee) 460,000 452,000
Non-cash activities:    
Dividends declared but not paid 31,695,000 30,724,000
Change in fair value of derivative instruments $ 5,961,000 $ (7,599,000)