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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows - operating activities    
Net income $ 71,003 $ 75,008
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation and amortization 37,411 30,420
Realized gain on sale (2,053) (7,584)
Non-cash revenue adjustments 1,510 1,600
Amortization of financing costs 1,720 1,460
Stock-based compensation expense 4,798 3,739
Deferred income taxes (232) (57)
Changes in assets and liabilities:    
Derivative assets and liabilities 8,350 477
Straight-line rent adjustment (4,358) (4,939)
Rent received in advance 1,494 559
Other assets and liabilities 9,056 8,604
Net cash provided by operating activities 128,699 109,287
Cash flows - investing activities    
Purchases of real estate investments (328,469) (171,835)
Proceeds from sale of real estate investments 24,087 20,365
Advance refunds on acquisition of operating real estate (35) (459)
Net cash used in investing activities (304,417) (151,929)
Cash flows - financing activities    
Net proceeds from ATM equity issuance 128,184 66,257
Proceeds from issuance of senior notes 100,000 125,000
Payment of deferred financing costs (1,098) (1,062)
Proceeds from revolving credit facility 118,000 28,000
Repayment of revolving credit facility (88,000) (64,000)
Payment of dividends to shareholders (88,991) (80,053)
Distributions to non-controlling interests (117) (114)
Employee shares withheld for taxes (2,257) (1,017)
Net cash provided by financing activities 165,721 73,011
Net (decrease) increase in cash and cash equivalents, including restricted cash (9,997) 30,369
Cash and cash equivalents, including restricted cash, at beginning of period 26,296 6,300
Cash and cash equivalents, including restricted cash, at end of period 16,299 36,669
Supplemental disclosures:    
Interest paid 33,031 17,318
Income taxes paid 355 358
Operating lease payments received (lessor) 152,648 135,546
Operating lease payments remitted (lessee) 678 680
Non-cash activities:    
Dividends declared but not paid 30,724 27,487
Change in fair value of derivative instruments $ (3,975) $ 41,374