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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
$ in Thousands
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2024
USD ($)
Mar. 31, 2024
USD ($)
Jun. 30, 2023
USD ($)
Mar. 31, 2023
USD ($)
Jun. 30, 2024
USD ($)
Jun. 30, 2023
USD ($)
Dec. 31, 2023
USD ($)
Cash Flows from Operating Activities              
Net income $ 54,913 $ 45,014 $ 41,015 $ 41,774 $ 99,927 $ 82,789  
Adjustments to reconcile net income to net cash provided by operating activities:              
Depreciation and amortization 50,454   42,750   98,917 83,396  
Amortization from above (below) market lease intangibles, net         16,592 17,322  
Amortization from financing costs, credit facility costs and debt discount         2,655 2,225  
Stock-based compensation         5,213 4,008  
Straight-line accrued rent         (6,343) (6,147)  
Provision for impairment 0   1,315   4,530 1,315  
Gain on sale of assets         (9,252) (319)  
Change in accounts receivable         (6,352) 945  
Change in other assets         (5,553) (10,366)  
Change in accounts payable, accrued expenses, and other liabilities         (215) 8,560  
Net Cash Provided by Operating Activities         200,119 183,728  
Cash Flows from Investing Activities              
Acquisition of real estate investments and other assets         (316,910) (610,593)  
Development of real estate investments and other assets, net of reimbursements (including capitalized interest of $701 in 2024 and $1,203 in 2023)         (29,315) (55,813)  
Payment of leasing costs         (696) (36)  
Net proceeds from sale of assets         56,679 3,069  
Net Cash Used in Investing Activities         (290,242) (663,373)  
Cash Flows from Financing Activities              
Proceeds from common stock offerings, net         0 400,237  
Repurchase of common shares         (2,190) (2,615)  
Unsecured revolving credit facility borrowings         325,000 636,000  
Unsecured revolving credit facility repayments         (509,000) (433,000)  
Payments of mortgage notes payable         (474) (445)  
Proceeds from senior unsecured notes         444,722    
Payment of common stock dividends         (149,873) (133,112)  
Distributions to non-controlling interest         (517) (266)  
Payments for financing costs         (4,097) (98)  
Net Cash Provided by Financing Activities         99,853 462,983  
Net Increase (Decrease) in Cash and Cash Equivalents and Cash Held in Escrow         9,730 (16,662)  
Cash and cash equivalents and cash held in escrow, beginning of period   14,524   28,909 14,524 28,909 $ 28,909
Cash and cash equivalents and cash held in escrow, end of period 24,254   12,247   24,254 12,247 14,524
Supplemental Disclosure of Cash Flow Information              
Cash paid for interest (net of amounts capitalized)         56,650 47,048  
Cash paid for income tax         4,091 3,019  
Supplemental Disclosure of Non-Cash Investing and Financing Activities              
Stock dividends declared and unpaid 25,863       25,863   $ 25,534
Change in accrual of development, construction and other real estate investment costs         9,388 (4,589)  
Additional lease right of use assets added under new ground leases         365    
Preferred Stock [Member]              
Cash Flows from Operating Activities              
Net income 1,859 $ 1,859 1,859 $ 1,859      
Preferred Stock [Member] | Series A Preferred Stock              
Cash Flows from Financing Activities              
Payment of Series A preferred dividends         (3,718) (3,718)  
Supplemental Disclosure of Non-Cash Investing and Financing Activities              
Stock dividends declared and unpaid 620   620   620 620  
Common Stock [Member]              
Supplemental Disclosure of Non-Cash Investing and Financing Activities              
Stock dividends declared and unpaid $ 25,243   $ 23,478   $ 25,243 $ 23,478