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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2023
Cash Flows from Operating Activities      
Net income $ 45,014 $ 41,774  
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 48,463 40,646  
Amortization from above (below) market lease intangibles, net 8,295 8,611  
Amortization from financing costs, credit facility costs and debt discount 1,269 1,113  
Stock-based compensation 2,425 1,831  
Straight-line accrued rent (2,847) (3,039)  
Provision for impairment 4,530 0  
Gain on sale of assets (2,096)    
Increase in accounts receivable (5,676) (2,209)  
Increase in other assets (11,661) (10,024)  
Increase in accounts payable, accrued expenses, and other liabilities 15,426 15,468  
Net Cash Provided by Operating Activities 103,142 94,171  
Cash Flows from Investing Activities      
Acquisition of real estate investments and other assets (128,343) (303,382)  
Development of real estate investments and other assets, net of reimbursements (including capitalized interest of $304 in 2024 and $539 in 2023) (18,431) (27,687)  
Payment of leasing costs (307) (38)  
Net proceeds from sale of assets 21,116    
Net Cash Used in Investing Activities (125,965) (331,107)  
Cash Flows from Financing Activities      
Proceeds from common stock offerings, net 0 195,133  
Repurchase of common shares (2,183) (2,607)  
Unsecured revolving credit facility borrowings 200,000 385,000  
Unsecured revolving credit facility repayments (97,000) (289,000)  
Payments of mortgage notes payable (235) (221)  
Payment of common stock dividends (74,705) (65,198)  
Distributions to non-controlling interest (258) (266)  
Payments for financing costs (27) (15)  
Net Cash Provided by Financing Activities 23,733 220,967  
Net Increase (Decrease) in Cash and Cash Equivalents and Cash Held in Escrow 910 (15,969)  
Cash and cash equivalents and cash held in escrow, beginning of period 14,524 28,909 $ 28,909
Cash and cash equivalents and cash held in escrow, end of period 15,434 12,940 14,524
Supplemental Disclosure of Cash Flow Information      
Cash paid for interest (net of amounts capitalized) 12,361 7,044  
Cash paid for income tax 2,686 279  
Supplemental Disclosure of Non-Cash Investing and Financing Activities      
Stock dividends declared and unpaid 25,561   $ 25,534
Change in accrual of development, construction and other real estate investment costs 12,626 (6,459)  
Preferred Stock [Member]      
Cash Flows from Operating Activities      
Net income 1,859 1,859  
Preferred Stock [Member] | Series A Preferred Stock      
Cash Flows from Financing Activities      
Payment of Series A preferred dividends (1,859) (1,859)  
Supplemental Disclosure of Non-Cash Investing and Financing Activities      
Stock dividends declared and unpaid 620 620  
Common Stock [Member]      
Supplemental Disclosure of Non-Cash Investing and Financing Activities      
Stock dividends declared and unpaid $ 24,941 $ 22,451