XML 19 R7.htm IDEA: XBRL DOCUMENT v3.25.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash Flows from Operating Activities    
Net income $ 47,148 $ 45,014
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 55,755 48,463
Amortization from above (below) market lease intangibles, net 8,546 8,295
Amortization from financing costs, credit facility costs and debt discount 1,696 1,269
Stock-based compensation 3,129 2,425
Straight-line accrued rent (4,009) (2,847)
Provision for impairment 4,331 4,530
Gain on sale of assets (772) (2,096)
Change in accounts receivable 4,940 (5,676)
Change in other assets (7,570) (11,661)
Change in accounts payable, accrued expenses, and other liabilities 13,463 11,434
Net Cash Provided by Operating Activities 126,657 99,150
Cash Flows from Investing Activities    
Acquisition of real estate investments and other assets (359,684) (128,343)
Development of real estate investments and other assets, net of reimbursements (including capitalized interest of $442 in 2025, $304 in 2024) (23,422) (14,439)
Payment of leasing costs (132) (307)
Net proceeds from sale of assets 2,383 21,116
Net Cash Used in Investing Activities (380,855) (121,973)
Cash Flows from Financing Activities    
Proceeds from common stock offerings, net 183,090  
Repurchase of common shares (3,645) (2,183)
Unsecured revolving credit facility borrowings 474,000 200,000
Unsecured revolving credit facility repayments (310,000) (97,000)
Payments of mortgage notes payable (250) (235)
Payment of Series A preferred dividends (1,859) (1,859)
Payment of common stock dividends (81,873) (74,705)
Distributions to non-controlling interest (264) (258)
Payments for financing costs (231) (27)
Net Cash Provided by Financing Activities 258,968 23,733
Increase in Cash and Cash Equivalents and Cash Held in Escrow 4,770 910
Cash and cash equivalents and cash held in escrow, beginning of period 6,399 14,524
Cash and cash equivalents and cash held in escrow, end of period 11,169 15,434
Supplemental Disclosure of Cash Flow Information    
Cash paid for interest (net of amounts capitalized) 12,274 11,753
Cash paid for income tax 759 2,686
Supplemental Disclosure of Non-Cash Investing and Financing Activities    
Lease right of use assets added under new ground leases 1,767 0
Dividends and distributions payable 28,542  
Change in accrual of development, construction and other real estate investment costs (2,263) 3,992
Series A Preferred Stock    
Supplemental Disclosure of Non-Cash Investing and Financing Activities    
Dividends and distributions payable 620 620
Common Stock    
Supplemental Disclosure of Non-Cash Investing and Financing Activities    
Dividends and distributions payable $ 27,922 $ 24,941