XML 17 R5.htm IDEA: XBRL DOCUMENT v3.24.1.u1
CONSOLIDATED STATEMENTS OF CASH FLOWS - Unaudited - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2023
OPERATING ACTIVITIES      
Net Income $ 58,658 $ 44,704  
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 45,169 41,014  
Stock-based compensation expense 3,507 2,784  
Gain on sales of real estate investments (8,751) (4,809)  
Gain on sales of non-operating real estate (222) (81)  
Gain on involuntary conversion and business interruption claims 0 (1,027)  
Changes in operating assets and liabilities:      
Accrued income and other assets 4,485 1,005  
Accounts payable, accrued expenses and prepaid rent 13,851 9,674  
Other 203 197  
NET CASH PROVIDED BY OPERATING ACTIVITIES 116,900 93,461  
INVESTING ACTIVITIES      
Development and value-add properties (57,771) (64,112)  
Purchases of real estate (54,859) 0  
Real estate improvements (14,829) (15,777)  
Net proceeds from sales of real estate investments and non-operating real estate 17,397 10,765  
Leasing commissions (6,295) (7,921)  
Changes in accrued development costs (7,204) 12,271  
Changes in other assets and other liabilities 329 (49)  
NET CASH USED IN INVESTING ACTIVITIES (123,232) (64,823)  
FINANCING ACTIVITIES      
Proceeds from unsecured bank credit facilities 19,564 143,872  
Repayments on unsecured bank credit facilities (19,564) (241,845)  
Proceeds from unsecured debt 0 100,000  
Repayments on unsecured debt 0 (65,000)  
Repayments on secured debt 0 (24)  
Debt issuance costs (15) (1,631)  
Distributions paid to stockholders (not including dividends accrued) (61,442) (55,173)  
Proceeds from common stock offerings 49,364 105,716  
Common stock offering related costs (70) (395)  
Other (6,143) (4,824)  
NET CASH USED IN FINANCING ACTIVITIES (18,306) (19,304)  
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS      
INCREASE IN CASH AND CASH EQUIVALENTS (24,638) 9,334  
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 40,263 56 $ 56
CASH AND CASH EQUIVALENTS AT END OF PERIOD 15,625 9,390 $ 40,263
SUPPLEMENTAL CASH FLOW INFORMATION      
Cash paid for interest, net of amounts capitalized of $4,853 and $3,735 for 2024 and 2023, respectively 3,788 7,756  
Interest capitalized 4,853 3,735  
Cash paid for operating lease liabilities $ 688 $ 569