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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 64,819 $ 16,429
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 11,353 11,267
Straight-line rental income 445 (151)
Other amortization 1,907 1,909
Share-based compensation 13,476 9,054
Net gain on sale of properties 0 (90)
Change in assets and liabilities:    
Rents receivable and other assets (1,082) (5,710)
Accounts payable, accrued expenses and other (4,253) 1,024
Rent collected in advance (222) (1,349)
Net cash provided by operating activities 86,443 32,383
CASH FLOWS FROM INVESTING ACTIVITIES:    
Real estate improvements (4,613) (3,189)
Proceeds from sale of properties, net 0 90
Net cash used in investing activities (4,613) (3,099)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Repurchase and retirement of common shares (60,198) (130,476)
Contributions from holders of noncontrolling interest 0 1
Distributions to common shareholders (468,232) (1,462)
Distributions to preferred shareholders (5,991) (5,991)
Distributions to holders of noncontrolling interest (1,843) 0
Net cash used in financing activities (536,264) (137,928)
Decrease in cash and cash equivalents (454,434) (108,644)
Cash and cash equivalents at beginning of period 2,582,222 2,800,998
Cash and cash equivalents at end of period 2,127,788 2,692,354
SUPPLEMENTAL CASH FLOW INFORMATION:    
Taxes paid, net 1,946 108
NON-CASH INVESTING ACTIVITIES:    
Accrued capital expenditures 1,819 269
NON-CASH FINANCING ACTIVITIES:    
Distributions payable $ 6,390 $ 113,584