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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
OPERATING ACTIVITIES    
Net income $ 51,198 $ 43,471
Adjustments to reconcile net income to net cash provided by operating activities:    
Deferred rent revenue and amortization of lease intangibles (6,167) (8,766)
Depreciation and amortization 89,592 93,228
Amortization of debt issuance costs and debt discounts 2,553 1,930
Provision for uncollectable rental income 1,088 (31)
Stock-based compensation expense 6,254 5,491
Other noncash interest expense, net (1,051) (825)
Other, net (588) 684
Changes in operating assets and liabilities    
Change in accounts receivable (847) (1,072)
Change in other assets (2,062) (1,115)
Change in accounts payable and accrued expenses 9,126 5,753
Change in security deposits payable 252 777
Change in other liabilities and deferred credits 557 1,367
Net cash provided by operating activities 149,905 140,892
INVESTING ACTIVITIES    
Acquisition of real estate 0 (45,167)
Capital expenditures (64,229) (88,314)
Leasing commissions (5,999) (6,153)
Net cash used in investing activities (70,228) (139,634)
FINANCING ACTIVITIES    
Issuance of secured notes payable 0 75,000
Repayment of secured notes payable 0 (111,000)
Proceeds from unsecured term loan 225,000 0
Proceeds from unsecured line of credit 0 36,000
Repayment of unsecured line of credit (36,000) 0
Repayment of unsecured term loan (150,000) 0
Debt issuance costs (2,145) (3,697)
Dividends paid to common stock and unitholders (76,135) (73,639)
Shares withheld for employee taxes 0 (15)
Net cash used in financing activities (39,280) (77,351)
Net increase (decrease) in cash and cash equivalents 40,397 (76,093)
Cash and cash equivalents, beginning of period 49,571 139,524
Cash and cash equivalents, end of period 89,968 63,431
Reconciliation of cash, cash equivalents and restricted cash    
Cash and cash equivalents 89,968 63,431
Restricted cash 0 0
Total cash, cash equivalents and restricted cash shown in the consolidated statement of cash flows $ 89,968 $ 63,431