XML 16 R5.htm IDEA: XBRL DOCUMENT v3.22.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - Unaudited - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
OPERATING ACTIVITIES    
Net Income $ 63,604 $ 27,357
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 36,341 30,313
Stock-based compensation expense 1,903 1,597
Gain on sales of real estate investments (30,352) 0
Changes in operating assets and liabilities:    
Accrued income and other assets 1,372 577
Accounts payable, accrued expenses and prepaid rent 9,380 18,842
Other 16 136
NET CASH PROVIDED BY OPERATING ACTIVITIES 82,264 78,822
INVESTING ACTIVITIES    
Development and value-add properties (127,112) (47,539)
Real estate improvements (9,840) (9,128)
Net proceeds from sales of real estate investments 38,133 0
Leasing commissions (9,344) (6,687)
Changes in accrued development costs 4,494 870
Changes in other assets and other liabilities (10,476) (1,435)
NET CASH USED IN INVESTING ACTIVITIES (114,145) (63,919)
FINANCING ACTIVITIES    
Proceeds from unsecured bank credit facilities 217,290 96,798
Repayments on unsecured bank credit facilities (229,187) (129,480)
Proceeds from unsecured debt 100,000 50,000
Repayments of unsecured debt (75,000) 0
Repayments on secured debt (23) (42,263)
Debt issuance costs (648) (223)
Distributions paid to stockholders (not including dividends accrued) (46,033) (31,863)
Proceeds from common stock offerings 74,179 46,427
Other (7,372) (4,252)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 33,206 (14,856)
INCREASE IN CASH AND CASH EQUIVALENTS 1,325 47
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 4,393 21
CASH AND CASH EQUIVALENTS AT END OF PERIOD 5,718 68
SUPPLEMENTAL CASH FLOW INFORMATION    
Cash paid for interest, net of amounts capitalized of $2,244 and $2,237 for 2022 and 2021, respectively 5,476 6,503
Cash paid for operating lease liabilities 515 375
Interest capitalized 2,244 2,237
NON-CASH OPERATING ACTIVITY    
Operating lease liabilities arising from obtaining right of use assets $ 0 $ 348