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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash flow from operating activities:    
Net income $ 15,302 $ 13,955
Adjustments to reconcile net income to net cash flow provided by operating activities:    
Depreciation and amortization 54,016 50,364
Stock-based compensation 1,760 1,823
Amortization and write-off of debt issuance costs and fair market value of debt adjustments 1,111 1,145
Equity in net income of joint ventures (1,359) (169)
Operating cash distributions from joint ventures 0 883
Gain on sale and change in control of interests (3,749) (3,356)
Gain (loss) on disposition of real estate, net (205) 142
Net change in accounts receivable 4,819 6,815
Net change in accounts payable and accrued expenses (16,205) (14,257)
Net change in other operating assets and liabilities (13,323) (7,324)
Total adjustments 26,865 36,066
Net cash flow provided by operating activities 42,167 50,021
Cash flow from investing activities:    
Real estate acquired, net of liabilities and cash assumed (26,503) (133,463)
Real estate developed and improvements to operating real estate (27,990) (24,725)
Proceeds from disposition of joint venture interests 3,405 0
Proceeds from disposition of real estate 0 156
Equity contributions to joint ventures (56) (55)
Repayment of joint venture advances, net 318 0
Distributions from unconsolidated joint ventures 0 3,583
Net cash flow used for investing activities (50,826) (154,504)
Cash flow from financing activities:    
Proceeds from revolving credit facility, net 75,000 115,000
Repayment of mortgage debt (314) (34,696)
Proceeds from issuance of common shares, net of offering expenses 0 33,781
Repurchase of common shares in conjunction with equity award plans and dividend reinvestment plan (4,800) (5,415)
Repurchase of common shares (26,611) 0
Distributions to non-controlling interests and redeemable operating partnership units (18) (17)
Dividends paid (30,353) (28,208)
Net cash flow provided by financing activities 12,904 80,445
Net increase (decrease) in cash, cash equivalents and restricted cash 4,245 (24,038)
Cash, cash equivalents and restricted cash, beginning of period 21,214 43,252
Cash, cash equivalents and restricted cash, end of period $ 25,459 $ 19,214