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CONSOLIDATED STATEMENTS OF CASH FLOWS - Unaudited - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
OPERATING ACTIVITIES      
Net Income $ 59,437 $ 58,658  
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 52,520 45,169  
Stock-based compensation expense 4,232 3,507  
Gain on sales of real estate investments 0 (8,751)  
Gain on sales of non-operating real estate 0 (222)  
Gain on involuntary conversion and business interruption claims (1,763) 0  
Changes in operating assets and liabilities:      
Accrued income and other assets 168 4,485  
Accounts payable, accrued expenses and prepaid rent 18,603 13,851  
Other 511 203  
NET CASH PROVIDED BY OPERATING ACTIVITIES 133,708 116,900  
INVESTING ACTIVITIES      
Development and value-add properties (56,346) (57,771)  
Purchases of real estate 0 (54,859)  
Real estate improvements (19,795) (14,829)  
Net proceeds from sales of real estate investments and non-operating real estate 0 17,397  
Leasing commissions (11,085) (6,295)  
Proceeds from involuntary conversion on real estate assets 3,099 0  
Changes in accrued development costs 7,209 (7,204)  
Changes in other assets and other liabilities 804 329  
NET CASH USED IN INVESTING ACTIVITIES (76,114) (123,232)  
FINANCING ACTIVITIES      
Proceeds from unsecured bank credit facilities 12,406 19,564  
Repayments on unsecured bank credit facilities (12,406) (19,564)  
Repayments on unsecured debt (50,000) 0  
Debt issuance costs (91) (15)  
Distributions paid to stockholders (not including dividends accrued) (73,205) (61,442)  
Proceeds from common stock offerings 72,908 49,364  
Common stock offering related costs (59) (70)  
Other (4,161) (6,143)  
NET CASH USED IN FINANCING ACTIVITIES (54,608) (18,306)  
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS      
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 2,986 (24,638)  
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 17,529 40,263 $ 40,263
CASH AND CASH EQUIVALENTS AT END OF PERIOD 20,515 15,625 $ 17,529
SUPPLEMENTAL CASH FLOW INFORMATION      
Cash paid for interest, net of amounts capitalized of $5,160 and $4,853 for 2025 and 2024, respectively 2,970 3,788  
Cash paid for operating lease liabilities 822 688  
Interest capitalized $ 5,160 $ 4,853