v3.24.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities:    
Net income $ 98,527 $ 103,405
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 146,707 137,438
Loss on impairment 4,967 0
Gain on involuntary conversion 5,717 0
Non-cash portion of interest expense 2,036 1,948
Amortization of above and below market leases, net 532 (192)
Straight-line rent adjustments, net (7,531) (9,466)
Gain on the sales of rental property, net (23,086) (37,660)
Non-cash compensation expense 5,871 6,404
Change in assets and liabilities:    
Tenant accounts receivable 9,232 10,719
Prepaid expenses and other assets (11,732) (13,081)
Accounts payable, accrued expenses and other liabilities 6,953 (6,288)
Tenant prepaid rent and security deposits 638 2,996
Total adjustments 128,870 92,818
Net cash provided by operating activities 227,397 196,223
Payments for Capital Improvements 41,857 55,382
Cash flows from investing activities:    
Additions of land and buildings and improvements (250,202) (37,425)
Payments to Acquire Other Receivables (196) 0
Payments for (Proceeds from) Other Investing Activities 0 511
Proceeds from sales of rental property, net 75,706 69,320
Acquisition deposits, net (400) 1,120
Acquisitions of deferred leasing intangibles (30,662) (3,750)
Net cash used in investing activities (247,611) (25,606)
Cash flows from financing activities:    
Proceeds from unsecured credit facility 630,000 337,000
Repayments of Lines of Credit (905,000) (296,000)
Repayments of Notes Payable 0 (100,000)
Repayments of Secured Debt (107) (172)
Payments of Financing Costs (3,197) 0
Proceeds from sales of common stock, net   8,532
Payments of Dividends (137,572) (131,420)
Repurchase and retirement of share-based compensation (1,014) (812)
Net cash provided by (used in) financing activities 32,866 (182,872)
Increase (decrease) in cash and cash equivalents and restricted cash 12,652 (12,255)
Cash and cash equivalents and restricted cash—beginning of period 21,868 26,789
Cash and cash equivalents and restricted cash—end of period 34,520 14,534
Supplemental disclosure:    
Interest Paid, Capitalized, Investing Activities 1,259 1,000
Interest Paid, Excluding Capitalized Interest, Operating Activities 49,130 44,842
Supplemental schedule of non-cash investing and financing activities    
Acquisitions of land and buildings and improvements (2,456) 0
Acquisitions of deferred leasing intangibles (357) 0
Additions to building and other capital improvements from involuntary conversion (8,685) 0
Investing other receivables due to involuntary conversion of building 2,968 0
Change in additions of land, building, and improvements included in accounts payable, accrued expenses and other liabilities (6,499) (3,018)
Additions to building and other capital improvements from non-cash compensation (80) (26)
Change in loan fees, costs, and offering costs included in accounts payable, accrued expenses and other liabilities (849) (37)
Dividends and distributions payable 22,936 22,515
Proceeds from unsecured notes 450,000 $ 0
Proceeds from sales of common stock, net $ 244