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CONSOLIDATED STATEMENTS OF CASH FLOWS - Unaudited - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
OPERATING ACTIVITIES    
Net Income $ 109,769 $ 54,935
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 73,802 61,662
Stock-based compensation expense 4,320 4,011
Gain on sales of real estate investments (40,999) 0
Changes in operating assets and liabilities:    
Accrued income and other assets 598 305
Accounts payable, accrued expenses and prepaid rent 28,104 19,783
Other 558 714
NET CASH PROVIDED BY OPERATING ACTIVITIES 176,152 141,410
INVESTING ACTIVITIES    
Development and value-add properties (283,451) (115,113)
Purchases of real estate (2,049) (9,177)
Real estate improvements (21,723) (18,094)
Net proceeds from sales of real estate investments 51,006 0
Leasing commissions (18,362) (16,813)
Changes in accrued development costs 16,062 13,126
Changes in other assets and other liabilities (2,621) 526
NET CASH USED IN INVESTING ACTIVITIES (261,138) (145,545)
FINANCING ACTIVITIES    
Proceeds from unsecured bank credit facilities 501,523 195,137
Repayments on unsecured bank credit facilities (504,314) (320,137)
Proceeds from unsecured debt 250,000 175,000
Repayments of unsecured debt (75,000) 0
Repayments on secured debt (60,047) (42,924)
Debt issuance costs (1,030) (2,475)
Distributions paid to stockholders (not including dividends accrued) (91,787) (63,403)
Proceeds from common stock offerings 74,249 105,891
Payments of Stock Issuance Costs (70) (146)
Other (7,376) (4,264)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 86,148 42,679
INCREASE IN CASH AND CASH EQUIVALENTS 1,162 38,544
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 4,393 21
CASH AND CASH EQUIVALENTS AT END OF PERIOD 5,555 38,565
SUPPLEMENTAL CASH FLOW INFORMATION    
Cash paid for interest, net of amounts capitalized of $4,943 and $4,394 for 2022 and 2021, respectively 15,382 15,760
Interest capitalized 4,943 4,394
Cash paid for operating lease liabilities 962 751
Common stock issued in the purchase of real estate 303,682 0
Debt assumed in the purchase of real estate 60,000 0
NON-CASH OPERATING ACTIVITY    
Operating lease liabilities arising from obtaining right of use assets $ 398 $ 348