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CONSOLIDATED STATEMENTS OF CASH FLOWS - Unaudited - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2024
Mar. 31, 2024
Sep. 30, 2023
Mar. 31, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
OPERATING ACTIVITIES              
Net Income $ 55,194 $ 58,658 $ 48,910 $ 44,704 $ 169,153 $ 137,079  
Adjustments to reconcile net income to net cash provided by operating activities:              
Depreciation and amortization         139,749 125,830  
Stock-based compensation expense         8,277 6,835  
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) (4,187)  
Changes in operating assets and liabilities:              
Accrued income and other assets         (10,630) (11,986)  
Accounts payable, accrued expenses and prepaid rent         65,021 50,434  
Other         1,804 1,349  
NET CASH PROVIDED BY OPERATING ACTIVITIES         362,693 300,099  
INVESTING ACTIVITIES              
Development and value-add properties         (181,353) (286,256)  
Purchases of real estate         (143,585) (87,338)  
Real estate improvements         (49,287) (42,097)  
Net proceeds from sales of real estate investments and non-operating real estate         17,397 13,821  
Leasing commissions         (24,748) (22,712)  
Proceeds from involuntary conversion on real estate assets         2,450 1,339  
Changes in accrued development costs         (12,950) 26,724  
Changes in other assets and other liabilities         (4,720) 7,060  
NET CASH USED IN INVESTING ACTIVITIES         (396,796) (389,459)  
FINANCING ACTIVITIES              
Proceeds from unsecured bank credit facilities         55,262 334,230  
Repayments on unsecured bank credit facilities         (55,262) (504,230)  
Proceeds from unsecured debt         0 100,000  
Repayments on unsecured debt         (50,000) (115,000)  
Repayments on secured debt         0 (1,970)  
Debt issuance costs         (3,099) (1,796)  
Distributions paid to stockholders (not including dividends accrued)         (184,030) (166,960)  
Proceeds from common stock offerings         254,356 450,869  
Common stock offering related costs         (142) (484)  
Other         (6,288) (4,981)  
NET CASH PROVIDED BY FINANCING ACTIVITIES         10,797 89,678  
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS              
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS         (23,306) 318  
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD   $ 40,263   $ 56 40,263 56 $ 56
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 16,957   $ 374   16,957 374 $ 40,263
SUPPLEMENTAL CASH FLOW INFORMATION              
Cash paid for interest, net of amounts capitalized of $14,797 and $11,864 for 2024 and 2023, respectively         22,631 30,888  
Interest capitalized         14,797 11,864  
Cash paid for operating lease liabilities         $ 1,783 $ 1,620