XML 18 R8.htm IDEA: XBRL DOCUMENT v3.23.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 22,356 $ 28,163
Adjustments to reconcile net income to net cash provided by operating activities:    
Loss on investment property transactions 2 69
Depreciation and amortization 75,770 70,744
Amortization of deferred financing costs and premium on notes payable 1,021 51
Equity-classified stock-based compensation expense, net of forfeitures 3,559 2,748
Effect of non-cash adjustments to rental revenues (11,193) (8,445)
Income from unconsolidated joint ventures (673) (1,124)
Operating distributions from unconsolidated joint ventures 1,299 1,924
Changes in other operating assets and liabilities:    
Change in receivables and other assets, net (8,407) (12,029)
Change in operating liabilities, net (57,240) (57,976)
Net cash provided by operating activities 26,494 24,125
CASH FLOWS FROM INVESTING ACTIVITIES:    
Property acquisition, development, and tenant asset expenditures (69,863) (77,779)
Contributions to unconsolidated joint ventures (23,984) (15,686)
Net cash used in investing activities (93,847) (93,465)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from credit facility 165,000 152,000
Repayment of credit facility (49,300) (35,500)
Repayment of mortgages (2,041) (4,197)
Payment of deferred financing costs (32) 0
Common dividends paid (48,407) (46,093)
Contributions from noncontrolling interests 738 1,279
Distributions to noncontrolling interests (165) (86)
Net cash provided by financing activities 65,793 67,403
NET DECREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH (1,560) (1,937)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD 5,145 10,168
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD $ 3,585 $ 8,231