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Consolidated Statements of Cash Flows (Unaudited)
$ in Thousands
3 Months Ended
Mar. 31, 2022
USD ($)
Mar. 31, 2021
USD ($)
OPERATING ACTIVITIES    
Net income $ 13,514 $ 1,733
Adjustments to reconcile net income to net cash provided by operating activities:    
Deferred rent revenue and amortization of lease intangibles (4,508) (6,292)
Depreciation and amortization 30,412 27,501
Amortization of debt issuance costs and debt discounts 640 577
Loss on early extinguishment of debt 0 4,271
Provision for uncollectable rental income 92 3,213
Stock-based compensation expense 1,489 1,484
Unearned rents 3,758 193
Other, net (280) (50)
Changes in operating assets and liabilities    
Change in accounts receivable (517) (1,841)
Change in other assets 50 651
Change in accounts payable and accrued expenses 1,776 11,098
Change in security deposits payable 237 39
Change in other liabilities and deferred credits 2 314
Net cash provided by operating activities 39,149 42,505
INVESTING ACTIVITIES    
Acquisition of real estate (45,167) 0
Capital expenditures (29,829) (11,372)
Leasing commissions (2,299) (844)
Net cash used in investing activities (77,295) (12,216)
FINANCING ACTIVITIES    
Repayment of unsecured line of credit 0 (100,000)
Proceeds from unsecured notes payable 0 494,675
Repayment of unsecured notes payable 0 (155,375)
Repayment of notes payable to affiliates 0 0
Debt issuance costs (3,245) (5,025)
Dividends paid to common stock and unitholders (24,545) (21,463)
Shares withheld for employee taxes (15) 0
Net cash (used in) provided by financing activities (27,805) 212,812
Net (decrease) increase in cash and cash equivalents (65,951) 243,101
Cash, cash equivalents and restricted cash, beginning of period 139,524 139,049
Cash, cash equivalents and restricted cash, end of period 73,573 382,150
Cash and cash equivalents 73,573 380,434
Restricted cash 0 1,716
Total cash, cash equivalents and restricted cash shown in the consolidated statement of cash flows $ 73,573 $ 382,150