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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows - operating activities      
Net income $ 100,595 $ 95,462 $ 97,908
Adjustments to reconcile net income to cash provided by operating activities:      
Depreciation and amortization 54,514 50,731 41,471
Gain on disposal of land, building, and equipment 0 (2,341) (8,139)
Non-cash revenue adjustments 2,072 2,061 2,151
Amortization of financing costs 2,597 2,311 2,104
Stock-based compensation expense 6,987 6,271 4,978
Deferred income taxes (200) (259) (125)
Changes in assets and liabilities:      
Derivative assets and liabilities (618) 8,305 633
Straight-line rent adjustment (3,810) (5,523) (6,372)
Rent received in advance (7,571) 2,599 399
Intangible assets (lease incentives) (1,624) (1,234) 72
Other assets and liabilities (8,837) 6,722 6,920
Net cash provided by operating activities 144,105 165,105 142,000
Cash flows - investing activities      
Purchases of real estate investments (273,016) (341,066) (296,270)
Proceeds from sale of real estate investments 0 27,765 24,986
Change in advance deposits in acquisition of real estate investments 100 508 384
Net cash used in investing activities (272,916) (312,793) (270,900)
Cash flows - financing activities      
Net proceeds from ATM equity issuance 215,911 153,404 141,826
Proceeds from issuance of senior notes 0 100,000 125,000
Repayment of senior notes (50,000)    
Proceeds from term loan borrowing 85,000 0 30,000
Payment of deferred financing costs (1,397) (1,098) (3,219)
Proceeds from revolving credit facility 217,000 145,000 28,000
Repayment of revolving credit facility (228,000) (129,000) (64,000)
Payment of dividend to shareholders (128,107) (119,717) (107,540)
Distribution to non-controlling interests (159) (157) (153)
Redemption of non-controlling interests 0 0 0
Shares withheld for taxes upon vesting (2,139) (2,257) (1,018)
Net cash provided by financing activities 108,109 146,175 148,896
Net (decrease) increase in cash and cash equivalents, including restricted cash (20,702) (1,513) 19,996
Cash and cash equivalents, including restricted cash, beginning of year 24,783 26,296 6,300
Cash and cash equivalents, including restricted cash, ending of year 4,081 24,783 26,296
Supplemental disclosures:      
Interest paid 59,148 49,489 30,696
Taxes paid 449 369 332
Operating lease payments received (lessor) 225,418 207,333 182,806
Operating lease payments remitted (lessee) 926 905 903
Non - cash investing and financing activities:      
Dividends declared but not paid 35,358 31,539 29,064
Change in fair value of derivative instruments $ 2,276 $ (17,283) $ 40,193