XML 18 R7.htm IDEA: XBRL DOCUMENT v3.22.2.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash Flows from Operating Activities    
Net income $ 111,996 $ 89,570
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 95,666 69,164
Amortization from above (below) market lease intangibles, net 24,863 16,630
Amortization from financing costs, credit facility costs and debt discount 2,938 1,581
Stock-based compensation 4,892 3,481
Provision for impairment 1,015 0
Gain (loss) on settlement of interest rate swaps 28,414 16,748
(Gain) loss on sale of assets (5,326) (13,182)
Write-off of unamortized financing costs upon debt extinguishment   1,250
(Increase) decrease in accounts receivable (15,233) (15,649)
(Increase) decrease in other assets 1,898 (1,513)
Increase (decrease) in accounts payable, accrued expenses, and other liabilities 17,822 17,887
Net Cash Provided by Operating Activities 268,945 185,967
Cash Flows from Investing Activities    
Acquisition of real estate investments and other assets (1,166,124) (1,082,860)
Development of real estate investments and other assets, net of reimbursements (including capitalized interest of $816 in 2022 and $200 in 2021) (60,968) (32,730)
Payment of leasing costs (372) (438)
Net proceeds from sale of assets 43,923 46,831
Net Cash Used in Investing Activities (1,183,541) (1,069,197)
Cash Flows from Financing Activities    
Proceeds from Series A preferred stock offering, net   170,285
Proceeds from common stock offerings, net 1,151,881 650,859
Repurchase of common shares (1,887) (1,807)
Unsecured revolving credit facility borrowings 925,000 434,000
Unsecured revolving credit facility repayments (1,085,000) (526,000)
Payments of mortgage notes payable (633) (594)
Payments of unsecured term loans   (240,000)
Proceeds from senior unsecured notes 297,513 640,623
Payment of Series A preferred dividends (5,578)  
Payment of common stock dividends (157,063) (147,133)
Distributions to non-controlling interest (722) (809)
Payments for financing costs (2,651) (1,341)
Net Cash Provided by Financing Activities 1,120,860 978,083
Net Increase (Decrease) in Cash and Cash Equivalents and Cash Held in Escrow 206,264 94,853
Cash and cash equivalents and cash held in escrow, beginning of period 45,250 7,955
Cash and cash equivalents and cash held in escrow, end of period 251,514 102,808
Supplemental Disclosure of Cash Flow Information    
Cash paid for interest (net of amounts capitalized) 45,703 30,799
Cash paid for income tax 2,379 1,794
Supplemental Disclosure of Non-Cash Investing and Financing Activities    
Lease right of use assets added under new ground leases 1,816 6,302
Mortgage note payable assumed, net of $2,548 mortgage debt discount 39,702  
Dividends declared and unpaid 21,427  
Change in accrual of development, construction and other real estate investment costs 2,342 (1,731)
Preferred Stock [Member]    
Supplemental Disclosure of Non-Cash Investing and Financing Activities    
Dividends declared and unpaid 620 289
Common Stock [Member]    
Supplemental Disclosure of Non-Cash Investing and Financing Activities    
Dividends declared and unpaid $ 20,807 $ 15,507