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CONSOLIDATED STATEMENTS OF CASH FLOWS - Unaudited - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2023
Mar. 31, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
OPERATING ACTIVITIES              
Net Income $ 55,301 $ 58,658 $ 43,465 $ 44,704 $ 113,959 $ 88,169  
Adjustments to reconcile net income to net cash provided by operating activities:              
Depreciation and amortization         90,832 83,309  
Stock-based compensation expense         5,751 4,954  
Gain on sales of real estate investments         (8,751) (4,809)  
Gain on sales of non-operating real estate         (222) (446)  
Gain on involuntary conversion and business interruption claims         (1,708) (2,069)  
Changes in operating assets and liabilities:              
Accrued income and other assets         (9,820) (13,004)  
Accounts payable, accrued expenses and prepaid rent         48,621 22,291  
Other         1,099 384  
NET CASH PROVIDED BY OPERATING ACTIVITIES         239,761 178,779  
INVESTING ACTIVITIES              
Development and value-add properties         (122,898) (172,940)  
Purchases of real estate         (107,804) (34,365)  
Real estate improvements         (34,871) (28,733)  
Net proceeds from sales of real estate investments and non-operating real estate         17,397 13,821  
Leasing commissions         (16,517) (16,548)  
Proceeds from involuntary conversion on real estate assets         2,450 1,339  
Changes in accrued development costs         (9,205) 20,614  
Changes in other assets and other liabilities         468 8,009  
NET CASH USED IN INVESTING ACTIVITIES         (270,980) (208,803)  
FINANCING ACTIVITIES              
Proceeds from unsecured bank credit facilities         31,863 275,080  
Repayments on unsecured bank credit facilities         (31,863) (445,080)  
Proceeds from unsecured debt         0 100,000  
Repayments on unsecured debt         0 (65,000)  
Repayments on secured debt         0 (49)  
Debt issuance costs         (3,086) (1,649)  
Distributions paid to stockholders (not including dividends accrued)         (122,337) (110,411)  
Proceeds from common stock offerings         162,111 283,511  
Common stock offering related costs         (107) (441)  
Other         (6,225) (4,911)  
NET CASH PROVIDED BY FINANCING ACTIVITIES         30,356 31,050  
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS              
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS         (863) 1,026  
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD   $ 40,263   $ 56 40,263 56 $ 56
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 39,400   $ 1,082   39,400 1,082 $ 40,263
SUPPLEMENTAL CASH FLOW INFORMATION              
Cash paid for interest, net of amounts capitalized of $9,890 and $7,613 for 2024 and 2023, respectively         18,968 25,019  
Interest capitalized         9,890 7,613  
Cash paid for operating lease liabilities         $ 1,253 $ 1,134