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Consolidated Statements of Cash Flows
$ in Thousands
12 Months Ended
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
OPERATING ACTIVITIES      
Net income $ 55,877 $ 36,593 $ 35,588
Adjustments to reconcile net income to net cash provided by operating activities:      
Deferred rent revenue and amortization of lease intangibles (11,489) (17,634) (31,242)
Depreciation and amortization 123,338 116,306 108,292
Amortization of debt issuance costs and debt fair value adjustments 2,581 2,753 1,477
Provision for uncollectable rental income 2,334 (2,289) 18,427
Early extinguishment of debt 0 4,271 0
Stock-based compensation expense 8,690 8,493 6,307
Other noncash interest expense (1,477) (1,098) (1,330)
Other, net (252) 1,314 (695)
Changes in operating assets and liabilities      
Change in accounts receivable (404) 2,273 (4,940)
Change in other assets (723) 109 141
Change in accounts payable and accrued expenses (1,237) 15,331 (2,108)
Change in security deposits payable 655 443 (1,726)
Change in other liabilities and deferred credits 1,179 1,464 (1,206)
Net cash provided by operating activities 179,072 168,329 126,985
INVESTING ACTIVITIES      
Acquisition of real estate, net (45,166) (204,511) 0
Capital expenditures (113,781) (104,588) (63,488)
Leasing commissions (7,374) (3,142) (5,589)
Purchase of marketable securities 0 (47,760) 0
Sale of marketable securities 0 47,723 0
Net cash used in investing activities (166,321) (312,278) (69,077)
FINANCING ACTIVITIES      
Issuance of secured notes payable 75,000 0 0
Repayment of secured notes payable (111,000) 0 (51,003)
Proceeds from unsecured line of credit 36,000 0 100,000
Repayment of unsecured line of credit 0 (100,000) 0
Repayment of unsecured notes payable 0 (155,375) 0
Proceeds from issuance of unsecured notes payable 0 494,675 0
Debt issuance costs (3,697) (5,075) (125)
Dividends paid to common stock and unitholders (98,248) (88,936) (76,510)
Shares withheld for employee taxes (759) (865) (672)
Net cash (used in) provided by financing activities (102,704) 144,424 (28,310)
Net (decrease) increase in cash, cash equivalents and restricted cash (89,953) 475 29,598
Cash, cash equivalents and restricted cash, beginning of year 139,524 139,049 109,451
Cash, cash equivalents and restricted cash, end of year 49,571 139,524 139,049
Reconciliation of cash, cash equivalents and restricted cash      
Cash and cash equivalents 49,571 139,524 137,333
Restricted cash 0 0 1,716
Total cash, cash equivalents and restricted cash shown in Statement of Cash Flows $ 49,571 $ 139,524 $ 139,049