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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash Flows from Operating Activities      
Net income $ 170,547 $ 153,035 $ 122,876
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 176,277 133,570 95,729
Amortization from above (below) market lease intangibles, net 33,096 33,337 24,284
Amortization from financing costs, credit facility costs and debt discount 4,737 4,065 2,360
Stock-based compensation 8,338 6,464 4,798
Straight-line accrued rent (12,142) (13,176) (11,857)
Provision for impairment 7,175 1,015 1,919
Gain (loss) on settlement of interest rate swaps 0 28,414 16,748
(Gain) loss on sale of assets (1,849) (5,341) (14,941)
Write-off of unamortized financing costs upon debt extinguishment 0 0 1,250
(Increase) decrease in accounts receivable (5,086) 799 (4,447)
(Increase) decrease in other assets 121 4,891 (3,231)
Increase (decrease) in accounts payable, accrued expenses, and other liabilities 10,384 15,048 10,827
Net Cash Provided by Operating Activities 391,598 362,121 246,315
Cash Flows from Investing Activities      
Acquisition of real estate investments and other assets (1,206,025) (1,578,511) (1,400,685)
Development of real estate investments and other assets, net of reimbursements (including capitalized interest of $1,957 in 2023, $1,261 in 2022, and $249 in 2021) (82,368) (81,875) (41,464)
Payment of leasing costs (447) (503) (468)
Net proceeds from sale of assets 13,843 44,914 56,002
Net Cash Used in Investing Activities (1,274,997) (1,615,975) (1,386,615)
Cash Flows from Financing Activities      
Proceeds from Series A preferred stock offering, net 0 0 170,308
Proceeds from common stock offerings, net 689,896 1,257,823 744,847
Repurchase of common shares (2,684) (1,912) (1,813)
Unsecured revolving credit facility borrowings 1,231,000 1,035,000 594,000
Unsecured revolving credit facility repayments (1,104,000) (1,095,000) (526,000)
Payments of mortgage notes payable (5,527) (24,490) (799)
Proceeds from unsecured term loan 350,000 0 0
Payments of unsecured term loans 0 0 (240,000)
Proceeds from senior unsecured notes 0 297,513 640,623
Payments on senior notes 0 0 0
Payment of Series A preferred dividends (7,437) (7,438) (1,529)
Payment of common stock dividends (277,676) (220,304) (194,296)
Distributions to non-controlling interest (1,012) (971) (1,042)
Payments for financing costs (3,546) (2,708) (6,704)
Net Cash Provided by Financing Activities 869,014 1,237,513 1,177,595
Net Increase (Decrease) in Cash and Cash Equivalents and Cash Held in Escrow (14,385) (16,341) 37,295
Cash and cash equivalents and cash held in escrow, beginning of period 28,909 45,250 7,955
Cash and cash equivalents and cash held in escrow, end of period 14,524 28,909 45,250
Supplemental Disclosure of Cash Flow Information      
Cash paid for interest (net of amounts capitalized) 87,481 58,784 56,150
Cash paid for income tax 3,065 2,395 1,816
Supplemental Disclosure of Non-Cash Investing and Financing Activities      
Lease right of use assets added under new ground leases 0 1,816 6,302
Mortgage note payable assumed, net of $2,548 mortgage debt discount 0 39,702 0
Dividends declared and unpaid 25,534 22,345  
Change in accrual of development, construction and other real estate investment costs 2,785 3,199 (5,537)
Preferred Stock [Member]      
Cash Flows from Operating Activities      
Net income 7,437 7,437 2,148
Supplemental Disclosure of Non-Cash Investing and Financing Activities      
Dividends declared and unpaid 620 620 620
Common Stock [Member]      
Supplemental Disclosure of Non-Cash Investing and Financing Activities      
Dividends declared and unpaid $ 24,914 $ 21,725 $ 16,261