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CONSOLIDATED STATEMENTS OF CASH FLOWS - Unaudited - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
OPERATING ACTIVITIES    
Net Income $ 85,727 $ 71,196
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 93,925 85,673
Stock-based compensation expense 5,840 5,033
Gain on casualties and involuntary conversion on real estate assets 0 (161)
Changes in operating assets and liabilities:    
Accrued income and other assets (2,688) 944
Accounts payable, accrued expenses and prepaid rent 57,099 15,642
Other 1,263 1,280
NET CASH PROVIDED BY OPERATING ACTIVITIES 241,166 179,607
INVESTING ACTIVITIES    
Development and value-add properties (189,955) (129,997)
Purchases of real estate (104,006) (6,231)
Real estate improvements (26,749) (25,536)
Leasing commissions (22,791) (12,741)
Proceeds from casualties and involuntary conversion on real estate assets 0 242
Repayments on mortgage loans receivable 0 21
Changes in accrued development costs 22,130 (1,901)
Changes in other assets and other liabilities 856 (13,539)
NET CASH USED IN INVESTING ACTIVITIES (320,515) (189,682)
FINANCING ACTIVITIES    
Proceeds from unsecured bank credit facilities 316,893 423,270
Repayments on unsecured bank credit facilities (380,877) (458,506)
Proceeds from Unsecured Debt 175,000 100,000
Repayments of Unsecured Debt (40,000) (30,000)
Repayments on secured debt (43,591) (6,733)
Debt issuance costs (2,647) (596)
Distributions paid to stockholders (not including dividends accrued) (95,240) (88,558)
Proceeds from common stock offerings 154,371 75,743
Other (4,334) (4,750)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 79,575 9,870
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 226 (205)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 21 224
CASH AND CASH EQUIVALENTS AT END OF PERIOD 247 19
SUPPLEMENTAL CASH FLOW INFORMATION    
Cash paid for interest, net of amounts capitalized of $6,686 and $7,562 for 2021 and 2020, respectively 21,599 24,220
Cash paid for operating lease liabilities 1,133 1,099
Interest capitalized 6,686 7,562
NON-CASH OPERATING ACTIVITY    
Operating lease liabilities arising from obtaining right of use assets $ 13,056 $ 495