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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
OPERATING ACTIVITIES    
Net income $ 36,063 $ 27,102
Adjustments to reconcile net income to net cash provided by operating activities:    
Deferred rent revenue and amortization of lease intangibles (4,950) (5,425)
Depreciation and amortization 59,724 61,499
Amortization of debt issuance costs and debt discounts 1,718 1,279
Provision for uncollectable rental income 739 (86)
Stock-based compensation expense 4,145 3,490
Other noncash interest expense, net (952) (549)
Other, net 432 (1,724)
Changes in operating assets and liabilities    
Change in accounts receivable (3) 314
Change in other assets (1,374) (1,459)
Change in accounts payable and accrued expenses 1,723 (46)
Change in security deposits payable (19) 474
Change in other liabilities and deferred credits 872 1,188
Net cash provided by operating activities 98,118 86,057
INVESTING ACTIVITIES    
Acquisition of real estate 0 (45,167)
Capital expenditures (44,411) (63,060)
Leasing commissions (4,675) (4,252)
Net cash used in investing activities (49,086) (112,479)
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 (50,756) (49,092)
Shares withheld for employee taxes 0 (15)
Net cash used in financing activities (13,894) (52,352)
Net increase (decrease) in cash and cash equivalents 35,138 (78,774)
Cash and cash equivalents, beginning of period 49,571 139,524
Cash and cash equivalents, end of period 84,709 60,750
Reconciliation of cash, cash equivalents and restricted cash    
Cash and cash equivalents 84,709 60,750
Restricted cash 0 0
Total cash, cash equivalents and restricted cash shown in the consolidated statement of cash flows $ 84,709 $ 60,750