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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
OPERATING ACTIVITIES    
Net income $ 20,666 $ 13,514
Adjustments to reconcile net income to net cash provided by operating activities:    
Deferred rent revenue and amortization of lease intangibles (3,155) (4,508)
Depreciation and amortization 29,901 30,412
Amortization of debt issuance costs and debt discounts 884 640
Provision for uncollectable rental income 518 92
Stock-based compensation expense 2,035 1,489
Other noncash interest expense, net (854) (275)
Other, net 207 (3,763)
Changes in operating assets and liabilities    
Change in accounts receivable (926) (517)
Change in other assets (218) 50
Change in accounts payable and accrued expenses 2,464 1,776
Change in security deposits payable 140 237
Change in other liabilities and deferred credits 305 2
Net cash provided by operating activities 51,967 39,149
INVESTING ACTIVITIES    
Acquisition of real estate 0 (45,167)
Capital expenditures (24,518) (29,829)
Leasing commissions (1,177) (2,299)
Net cash used in investing activities (25,695) (77,295)
FINANCING ACTIVITIES    
Proceeds from unsecured term loan 225,000 0
Repayment of unsecured line of credit (36,000) 0
Repayment of unsecured term loan (150,000) 0
Debt issuance costs (2,138) (3,245)
Dividends paid to common stock and unitholders (25,377) (24,545)
Shares withheld for employee taxes 0 (15)
Net cash provided by (used in) financing activities 11,485 (27,805)
Net increase (decrease) in cash and cash equivalents 37,757 (65,951)
Cash and cash equivalents, beginning of period 49,571 139,524
Cash and cash equivalents, end of period 87,328 73,573
Reconciliation of cash, cash equivalents and restricted cash    
Cash and cash equivalents 87,328 73,573
Restricted cash 0 0
Total cash, cash equivalents and restricted cash shown in the consolidated statement of cash flows $ 87,328 $ 73,573