v3.24.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Operating activities    
Net income $ 141,382 $ 156,515
Adjustments to reconcile net income including non-controlling interests to net cash provided by operating activities:    
Depreciation and amortization including intangibles associated with investment in rental property 109,770 114,517
Provision for impairment of investment in rental properties 31,311 1,473
Amortization of debt issuance costs and original issuance discount charged to interest expense 2,949 2,877
Stock-based compensation expense 5,377 4,958
Straight-line rent, direct financing and sales-type lease adjustments (12,784) (21,035)
Gain on sale of real estate (64,956) (48,040)
Other non-cash items (2,936) (24)
Changes in assets and liabilities:    
Tenant and other receivables (585) 897
Prepaid expenses and other assets 66 (70)
Accounts payable and other liabilities (1,192) (3,691)
Accrued interest payable 3,940 2,115
Net cash provided by operating activities 212,342 210,492
Investing activities    
Acquisition of rental property (288,928) (26,163)
Investment in property under development including capitalized interest of $3,812 and $768 in 2024 and 2023, respectively (89,712) (49,820)
Capital expenditures and improvements (10,352) (29,455)
Proceeds from disposition of rental property, net 302,001 179,187
Change in deposits on investments in rental property (50) 125
Net cash (used in) provided by investing activities (87,041) 73,874
Financing activities    
Offering costs, discounts, and commissions (493) (180)
Contributions from non-controlling interests 1,000 0
Principal payments on mortgages and unsecured term loans (1,681) (6,950)
Borrowings on unsecured revolving credit facility 175,000 162,000
Repayments on unsecured revolving credit facility (138,500) (285,500)
Cash distributions paid to stockholders (161,922) (155,013)
Cash distributions paid to non-controlling interests (8,119) (8,266)
Net cash used in financing activities (134,715) (293,909)
Net decrease in cash and cash equivalents and restricted cash (9,414) (9,543)
Cash and cash equivalents and restricted cash at beginning of period 20,632 60,040
Cash and cash equivalents and restricted cash at end of period 11,218 50,497
Reconciliation of cash and cash equivalents and restricted cash    
Cash and cash equivalents at beginning of period 19,494 21,789
Restricted cash at beginning of period 1,138 38,251
Cash and cash equivalents and restricted cash at beginning of period 20,632 60,040
Cash and cash equivalents at end of period 8,999 35,061
Restricted cash at end of period 2,219 15,436
Cash and cash equivalents and restricted cash at end of period $ 11,218 $ 50,497