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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
OPERATING ACTIVITIES    
Net income $ 24,623 $ 20,666
Adjustments to reconcile net income to net cash provided by operating activities:    
Deferred rent revenue and amortization of lease intangibles (3,150) (3,155)
Depreciation and amortization 30,217 29,901
Amortization of debt issuance costs and debt discounts 835 884
Provision for uncollectable rental income 418 518
Stock-based compensation expense 1,617 2,035
Other noncash interest expense, net (98) (854)
Other, net (556) 207
Changes in operating assets and liabilities    
Change in accounts receivable (227) (926)
Change in other assets (107) (218)
Change in accounts payable and accrued expenses 979 2,464
Change in security deposits payable (19) 140
Change in other liabilities and deferred credits 246 305
Net cash provided by operating activities 54,778 51,967
INVESTING ACTIVITIES    
Capital expenditures (10,939) (24,518)
Leasing commissions (2,353) (1,177)
Net cash used in investing activities (13,292) (25,695)
FINANCING ACTIVITIES    
Proceeds from unsecured term loan 0 225,000
Repayment of unsecured line of credit 0 (36,000)
Repayment of unsecured term loan 0 (150,000)
Debt issuance costs 0 (2,138)
Dividends paid to common stock and unitholders (25,821) (25,377)
Shares withheld for employee taxes 0 0
Net cash (used in) / provided by financing activities (25,821) 11,485
Net increase in cash and cash equivalents 15,665 37,757
Cash and cash equivalents, beginning of period 82,888 49,571
Cash and cash equivalents, end of period $ 98,553 $ 87,328