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CONSOLIDATED STATEMENTS OF CASH FLOWS - Unaudited - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
OPERATING ACTIVITIES    
Net Income $ 147,586 $ 85,727
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 113,079 93,925
Stock-based compensation expense 6,530 5,840
Gain on sales of real estate investments (40,999) 0
Changes in operating assets and liabilities:    
Accrued income and other assets (2,743) (2,688)
Accounts payable, accrued expenses and prepaid rent 52,496 57,099
Other 602 1,263
NET CASH PROVIDED BY OPERATING ACTIVITIES 276,551 241,166
INVESTING ACTIVITIES    
Development and value-add properties (395,313) (189,955)
Purchases of real estate (2,049) (104,006)
Real estate improvements (31,043) (26,749)
Net proceeds from sales of real estate investments 51,006 0
Leasing commissions (26,968) (22,791)
Changes in accrued development costs 22,141 22,130
Changes in other assets and other liabilities (3,328) 856
NET CASH USED IN INVESTING ACTIVITIES (385,554) (320,515)
FINANCING ACTIVITIES    
Proceeds from unsecured bank credit facilities 695,726 316,893
Repayments on unsecured bank credit facilities (749,053) (380,877)
Proceeds from unsecured debt 375,000 175,000
Repayments of unsecured debt (75,000) (40,000)
Repayments on secured debt (60,070) (43,591)
Debt issuance costs (1,617) (2,647)
Distributions paid to stockholders (not including dividends accrued) (139,597) (95,240)
Proceeds from common stock offerings 75,379 154,609
Common stock offering related costs (190) (238)
Other (11,120) (4,334)
NET CASH PROVIDED BY FINANCING ACTIVITIES 109,458 79,575
INCREASE IN CASH AND CASH EQUIVALENTS 455 226
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 4,393 21
CASH AND CASH EQUIVALENTS AT END OF PERIOD 4,848 247
SUPPLEMENTAL CASH FLOW INFORMATION    
Cash paid for interest, net of amounts capitalized of $8,515 and $6,686 for 2022 and 2021, respectively 21,550 21,599
Interest capitalized 8,515 6,686
Cash paid for operating lease liabilities 1,445 1,133
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 $ 13,056