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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows - operating activities    
Net income $ 74,388 $ 71,003
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation and amortization 40,418 37,411
Realized gain on sale, net 0 (2,053)
Non-cash revenue adjustments 1,563 1,510
Amortization of financing costs 1,944 1,720
Stock-based compensation expense 5,186 4,798
Deferred income taxes (153) (232)
Changes in assets and liabilities:    
Derivative assets and liabilities (336) 8,350
Straight-line rent adjustment (3,343) (4,358)
Rent received in advance (1,122) 1,494
Intangible assets (lease incentive payments) (1,624) 0
Other assets and liabilities (6,230) 9,056
Net cash provided by operating activities 110,691 128,699
Cash flows - investing activities    
Purchases of real estate investments (136,653) (328,469)
Proceeds from sale of real estate investments 0 24,087
Change in advance deposits in acquisition of real estate investments (110) (35)
Net cash used in investing activities (136,763) (304,417)
Cash flows - financing activities    
Net proceeds from ATM equity issuance 125,328 128,184
Proceeds from issuance of senior notes 0 100,000
Repayment of senior notes (50,000) 0
Payment of deferred financing costs (1,397) (1,098)
Proceeds from term loan borrowing 85,000 0
Proceeds from revolving credit facility 111,000 118,000
Repayment of revolving credit facility (127,000) (88,000)
Payment of dividends to shareholders (94,889) (88,991)
Distributions to non-controlling interests (119) (117)
Employee shares withheld for taxes (2,139) (2,257)
Net cash (used in) provided by financing activities 45,784 165,721
Net decrease in cash and cash equivalents, including restricted cash 19,712 (9,997)
Cash and cash equivalents, including restricted cash, at beginning of period 24,783 26,296
Cash and cash equivalents, including restricted cash, at end of period 44,495 16,299
Supplemental disclosures:    
Interest paid 43,652 33,031
Income taxes paid 408 355
Operating lease payments received (lessor) 167,335 152,648
Operating lease payments remitted (lessee) 693 678
Non-cash activities:    
Dividends declared but not paid 33,218 30,724
Change in fair value of derivative instruments $ (10,862) $ (3,975)