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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows - operating activities      
Net income $ 97,908 $ 85,745 $ 77,567
Adjustments to reconcile net income to cash provided by operating activities:      
Depreciation and amortization 41,471 34,826 29,433
Gain on disposal of land, building, and equipment (8,139) (431) 0
Non-cash revenue adjustments 2,151 2,119 1,296
Amortization of financing costs 2,104 2,368 2,132
Stock-based compensation expense 4,978 3,948 3,376
Deferred income taxes (125) (864) 0
Changes in assets and liabilities:      
Derivative assets and liabilities 633 2,873 (7,839)
Straight-line rent adjustment (6,372) (7,583) (8,588)
Rent received in advance 399 (615) 1,463
Intangible assets (lease incentives) 72 (1,215) (4,238)
Other assets and liabilities 6,920 1,245 (3,144)
Net cash provided by operating activities 142,000 122,416 91,458
Cash flows - investing activities      
Investments in real estate (296,270) (268,389) (230,533)
Net proceeds from sale of operating real estate 24,986 3,343 0
Advance deposits on acquisition of operating real estate 384 129 1,460
Net cash used in investing activities (270,900) (264,917) (229,073)
Cash flows - financing activities      
Net proceeds from ATM equity issuance 141,826 116,506 151,746
Proceeds from issuance of senior notes 125,000 100,000 125,000
Proceeds from term loan borrowing 30,000 0 0
Payment of deferred financing costs (3,219) (4,656) (1,194)
Proceeds from revolving credit facility 28,000 190,500 176,500
Repayment of revolving credit facility (64,000) (164,500) (218,500)
Payment of dividend to shareholders (107,540) (96,903) (86,328)
Distribution to non-controlling interests (153) (176) (248)
Redemption of non-controlling interests 0 0 (813)
Shares withheld for taxes upon vesting (1,018) (3,034) (2,567)
Net cash provided by financing activities 148,896 137,737 143,596
Net increase (decrease) in cash and cash equivalents, including restricted cash 19,996 (4,764) 5,981
Cash and cash equivalents, including restricted cash, beginning of year 6,300 11,064 5,083
Cash and cash equivalents, including restricted cash, ending of year 26,296 6,300 11,064
Supplemental disclosures:      
Interest paid 30,696 22,745 23,227
Taxes paid 332 314 597
Operating lease payments received (lessor) 182,806 163,376 143,146
Operating lease payments remitted (lessee) 903 878 698
Non - cash investing and financing activities:      
Dividends declared but not paid 29,064 26,655 24,058
Change in fair value of derivative instruments $ 40,193 $ 13,029 $ (14,401)