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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
OPERATING ACTIVITIES      
Net income $ 64,690 $ 55,877 $ 36,593
Adjustments to reconcile net income to net cash provided by operating activities:      
Deferred rent revenue and amortization of lease intangibles (7,239) (11,489) (17,634)
Depreciation and amortization 119,500 123,338 116,306
Amortization of debt issuance costs and debt fair value adjustments 3,388 2,581 2,753
Provision for uncollectable rental income 1,439 2,334 (2,289)
Early extinguishment of debt 0 0 4,271
Stock-based compensation expense 8,838 8,690 8,493
Other noncash interest expense, net (1,149) (1,477) (1,098)
Other, net 266 (252) 1,314
Changes in operating assets and liabilities      
Change in accounts receivable (870) (404) 2,273
Change in other assets (1,141) (723) 109
Change in accounts payable and accrued expenses 765 (1,237) 15,331
Change in security deposits payable 181 655 443
Change in other liabilities and deferred credits 83 1,179 1,464
Net cash provided by operating activities 188,751 179,072 168,329
INVESTING ACTIVITIES      
Acquisition of real estate, net 0 (45,166) (204,511)
Capital expenditures (82,980) (113,781) (104,588)
Leasing commissions (6,907) (7,374) (3,142)
Purchase of marketable securities 0 0 (47,760)
Sale of marketable securities 0 0 47,723
Net cash used in investing activities (89,887) (166,321) (312,278)
FINANCING ACTIVITIES      
Issuance of secured notes payable 0 75,000 0
Repayment of secured notes payable 0 (111,000) 0
Proceeds from unsecured term loan 225,000 0 0
Proceeds from unsecured line of credit 0 36,000 0
Repayment of unsecured line of credit (36,000) 0 (100,000)
Repayment of unsecured term loan (150,000) 0 (155,375)
Proceeds from issuance of unsecured notes payable 0 0 494,675
Debt issuance costs (2,145) (3,697) (5,075)
Dividends paid to common stock and unitholders (101,571) (98,248) (88,936)
Shares withheld for employee taxes (831) (759) (865)
Net cash (used in) provided by financing activities (65,547) (102,704) 144,424
Net increase (decrease) in cash, cash equivalents 33,317 (89,953) 475
Cash and cash equivalents, beginning of year 49,571 139,524 139,049
Cash and cash equivalents, end of year $ 82,888 $ 49,571 $ 139,524