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CONSOLIDATED STATEMENTS OF CASH FLOWS - Unaudited - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2023
Mar. 31, 2023
Sep. 30, 2022
Mar. 31, 2022
Sep. 30, 2023
Sep. 30, 2022
Dec. 31, 2022
OPERATING ACTIVITIES              
Net Income $ 48,910 $ 44,704 $ 37,817 $ 63,604 $ 137,079 $ 147,586  
Adjustments to reconcile net income to net cash provided by operating activities:              
Depreciation and amortization 42,521   39,277   125,830 113,079  
Stock-based compensation expense         6,835 6,530  
Gain on sales of real estate investments         (4,809) (40,999)  
Gain on sales of non-operating real estate         (446) 0  
Gain on involuntary conversion and business interruption claims         (4,187) 0  
Changes in operating assets and liabilities:              
Accrued income and other assets         (11,986) (2,743)  
Accounts payable, accrued expenses and prepaid rent         50,434 52,496  
Other         1,349 602  
NET CASH PROVIDED BY OPERATING ACTIVITIES         300,099 276,551  
INVESTING ACTIVITIES              
Development and value-add properties         (286,256) (395,313)  
Purchases of real estate         (87,338) (2,049)  
Real estate improvements         (42,097) (31,043)  
Net proceeds from sales of real estate investments         13,821 51,006  
Leasing commissions         (22,712) (26,968)  
Proceeds from involuntary conversion on real estate assets         1,339 0  
Changes in accrued development costs         26,724 22,141  
Changes in accrued development costs         (7,060) 3,328  
NET CASH USED IN INVESTING ACTIVITIES         (389,459) (385,554)  
FINANCING ACTIVITIES              
Proceeds from unsecured bank credit facilities         334,230 695,726  
Repayments on unsecured bank credit facilities         (504,230) (749,053)  
Proceeds from unsecured debt         100,000 375,000  
Repayments of unsecured debt         (115,000) (75,000)  
Repayments on secured debt         (1,970) (60,070)  
Debt issuance costs         (1,796) (1,617)  
Distributions paid to stockholders (not including dividends accrued)         (166,960) (139,597)  
Proceeds from common stock offerings         450,869 75,379  
Common stock offering related costs         (484) (190)  
Other         (4,981) (11,120)  
NET CASH PROVIDED BY FINANCING ACTIVITIES         89,678 109,458  
INCREASE IN CASH AND CASH EQUIVALENTS              
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD   $ 56   $ 4,393 56 4,393 $ 4,393
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 374   $ 4,848   374 4,848 $ 56
INCREASE IN CASH AND CASH EQUIVALENTS         318 455  
SUPPLEMENTAL CASH FLOW INFORMATION              
Cash paid for interest, net of amounts capitalized of $11,864 and $8,515 for 2023 and 2022, respectively         30,888 21,550  
Interest capitalized         11,864 8,515  
Cash paid for operating lease liabilities         1,620 1,445  
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