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CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
$ in Thousands
3 Months Ended
Mar. 31, 2024
USD ($)
CASH FLOWS FROM OPERATING ACTIVITIES:  
Net income $ 25,458
Adjustments to reconcile net income to net cash provided by operating activities:  
Depreciation 3,626
Straight-line rental income (223)
Other amortization 731
Share-based compensation 2,565
Change in assets and liabilities:  
Rents receivable and other assets (793)
Accounts payable, accrued expenses and other (9,097)
Rent collected in advance 176
Net cash provided by operating activities 22,443
CASH FLOWS FROM INVESTING ACTIVITIES:  
Real estate improvements (5,055)
Cash used in investing activities (5,055)
CASH FLOWS FROM FINANCING ACTIVITIES:  
Repurchase and retirement of common shares (3,056)
Distributions to common shareholders (2,036)
Distributions to preferred shareholders (1,997)
Net cash used in financing activities (7,089)
Increase in cash and cash equivalents 10,299
Cash and cash equivalents at beginning of period 2,160,535
Cash and cash equivalents at end of period 2,170,834
NON-CASH INVESTING ACTIVITIES:  
Accrued capital expenditures 5,433
NON-CASH FINANCING ACTIVITIES:  
Distributions payable 3,359
Conversion of Stock, Amount Issued $ 86