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CONSOLIDATED STATEMENTS OF CASH FLOWS - Unaudited - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2023
Mar. 31, 2023
Jun. 30, 2022
Mar. 31, 2022
Jun. 30, 2023
Jun. 30, 2022
Dec. 31, 2022
OPERATING ACTIVITIES              
Net Income $ 43,465 $ 44,704 $ 46,165 $ 63,604 $ 88,169 $ 109,769  
Adjustments to reconcile net income to net cash provided by operating activities:              
Depreciation and amortization 42,295   37,461   83,309 73,802  
Stock-based compensation expense         4,954 4,320  
Gain on sales of real estate investments         (4,809) (40,999)  
Gain on sales of non-operating real estate         (446) 0  
Gain on casualties and involuntary conversion         (2,069) 0  
Changes in operating assets and liabilities:              
Accrued income and other assets         (13,004) 598  
Accounts payable, accrued expenses and prepaid rent         22,291 28,104  
Other         384 558  
NET CASH PROVIDED BY OPERATING ACTIVITIES         178,779 176,152  
INVESTING ACTIVITIES              
Development and value-add properties         (172,940) (283,451)  
Purchases of real estate         (34,365) (2,049)  
Real estate improvements         (28,733) (21,723)  
Net proceeds from sales of real estate investments         13,821 51,006  
Leasing commissions         (16,548) (18,362)  
Proceeds from casualties and involuntary conversion on real estate assets         1,339 0  
Changes in accrued development costs         20,614 16,062  
Changes in other assets and other liabilities         8,009 (2,621)  
NET CASH USED IN INVESTING ACTIVITIES         (208,803) (261,138)  
FINANCING ACTIVITIES              
Proceeds from unsecured bank credit facilities         275,080 501,523  
Repayments on unsecured bank credit facilities         (445,080) (504,314)  
Proceeds from unsecured debt         100,000 250,000  
Repayments of unsecured debt         (65,000) (75,000)  
Repayments on secured debt         (49) (60,047)  
Debt issuance costs         (1,649) (1,030)  
Distributions paid to stockholders (not including dividends accrued)         (110,411) (91,787)  
Proceeds from common stock offerings         283,511 74,249  
Common stock offering related costs         (441) (70)  
Other         (4,911) (7,376)  
NET CASH PROVIDED BY FINANCING ACTIVITIES         31,050 86,148  
INCREASE IN CASH AND CASH EQUIVALENTS         1,026 1,162  
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD   $ 56   $ 4,393 56 4,393 $ 4,393
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 1,082   $ 5,555   1,082 5,555 $ 56
SUPPLEMENTAL CASH FLOW INFORMATION              
Cash paid for interest, net of amounts capitalized of $7,613 and $4,943 for 2023 and 2022, respectively         25,019 15,382  
Interest capitalized         7,613 4,943  
Cash paid for operating lease liabilities         1,134 962  
Common stock issued in the purchase of real estate         0 303,682  
Debt assumed in the purchase of real estate         0 60,000  
NON-CASH OPERATING ACTIVITY [Abstract]              
Operating lease liabilities arising from obtaining right of use assets         $ 0 $ 398