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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 32,768 $ 64,924
Adjustments to reconcile net income to net cash provided by operating activities:    
Gain on investment property transactions (98) (505)
Depreciation and amortization 271,429 235,531
Amortization of deferred financing costs and discount on notes payable 3,024 3,102
Equity-classified stock-based compensation expense, net of forfeitures 11,272 9,209
Effect of non-cash adjustments to rental revenues (42,258) (36,679)
Loss (income) from unconsolidated joint ventures 788 (2,008)
Operating distributions from unconsolidated joint ventures 2,451 2,869
Changes in other operating assets and liabilities:    
Change in receivables and other assets, net (5,730) (6,979)
Change in operating liabilities, net (2,451) 8,054
Net cash provided by operating activities 271,195 277,518
CASH FLOWS FROM INVESTING ACTIVITIES:    
Proceeds from investment property sales, net (3) 3,917
Property acquisition, development, and tenant asset expenditures (184,121) (198,254)
Investments in real estate debt (28,636) 0
Return of capital distributions from unconsolidated joint ventures 0 10,924
Contributions to unconsolidated joint ventures (41,119) (28,681)
Net cash used in investing activities (253,879) (212,094)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from credit facility 396,800 291,300
Repayment of credit facility (581,900) (203,400)
Repayment of term loans 100,000 0
Repayment of mortgages (6,395) (6,178)
Bond issuance, net of original discount 498,540 0
Payment of deferred financing costs (5,446) (71)
Repurchase of shares withheld for taxes on restricted stock vestings (1,111) 0
Common dividends paid (146,733) (145,858)
Contributions from noncontrolling interests 22 1,440
Distributions to noncontrolling interests (997) (876)
Net cash provided by (used in) financing activities 52,780 (63,643)
NET INCREASE IN CASH AND CASH EQUIVALENTS 70,096 1,781
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 6,047 5,145
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 76,143 $ 6,926