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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash Flows from Operating Activities    
Net income $ 41,774 $ 36,289
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 40,646 28,561
Amortization from above (below) market lease intangibles, net 8,611 8,178
Amortization from financing costs, credit facility costs and debt discount 1,113 1,061
Stock-based compensation 1,831 1,635
Straight-line accrued rent (3,039) (3,135)
Provision for impairment 0 1,015
(Gain) loss on sale of assets 0 (2,310)
(Increase) decrease in accounts receivable (2,209) (2,845)
(Increase) decrease in other assets (10,024) (4,708)
Increase (decrease) in accounts payable, accrued expenses, and other liabilities 15,468 (2,274)
Net Cash Provided by Operating Activities 94,171 61,467
Cash Flows from Investing Activities    
Acquisition of real estate investments and other assets (303,382) (413,098)
Development of real estate investments and other assets, net of reimbursements (including capitalized interest of $539 in 2023 and $112 in 2022) (27,687) (33,291)
Payment of leasing costs (38) (45)
Net proceeds from sale of assets 0 7,643
Net Cash Used in Investing Activities (331,107) (438,791)
Cash Flows from Financing Activities    
Proceeds from common stock offerings, net 195,133 250,684
Repurchase of common shares (2,607) (1,745)
Unsecured revolving credit facility borrowings 385,000 330,000
Unsecured revolving credit facility repayments (289,000) (170,000)
Payments of mortgage notes payable (221) (209)
Payment of Series A preferred dividends (1,859) (1,859)
Payment of common stock dividends (65,198) (48,771)
Distributions to non-controlling interest (266) (237)
Payments for financing costs (15) (23)
Net Cash Provided by Financing Activities 220,967 357,840
Net Increase (Decrease) in Cash and Cash Equivalents and Cash Held in Escrow (15,969) (19,484)
Cash and cash equivalents and cash held in escrow, beginning of period 28,909 45,250
Cash and cash equivalents and cash held in escrow, end of period 12,940 25,766
Supplemental Disclosure of Cash Flow Information    
Cash paid for interest (net of amounts capitalized) 7,044 13,367
Cash paid for income tax 279 1,336
Supplemental Disclosure of Non-Cash Investing and Financing Activities    
Dividends declared and unpaid 23,071  
Change in accrual of development, construction and other real estate investment costs (6,459) 411
Preferred Stock [Member]    
Cash Flows from Operating Activities    
Net income 1,859 1,859
Supplemental Disclosure of Non-Cash Investing and Financing Activities    
Dividends declared and unpaid 620 620
Common Stock [Member]    
Supplemental Disclosure of Non-Cash Investing and Financing Activities    
Dividends declared and unpaid $ 22,451 $ 17,143