v3.25.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - Unaudited - USD ($)
$ in Thousands
6 Months Ended 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
OPERATING ACTIVITIES      
Net Income $ 122,750 $ 113,959  
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 105,532 90,832  
Stock-based compensation expense 6,535 5,751  
Gain on sales of real estate investment 0 (8,751)  
Gain on sales of non-operating real estate 0 (222)  
Gain on involuntary conversion and business interruption claims (1,763) (1,708)  
Changes in operating assets and liabilities:      
Accrued income and other assets 3,700 (9,820)  
Accounts payable, accrued expenses and prepaid rent 39,014 48,621  
Other 1,313 1,099  
NET CASH PROVIDED BY OPERATING ACTIVITIES 277,081 239,761  
INVESTING ACTIVITIES      
Development and value-add properties (158,709) (122,898)  
Purchases of real estate 0 (107,804)  
Real estate improvements (44,002) (34,871)  
Net proceeds from sales of real estate investments and non-operating real estate 3,371 17,397  
Leasing commissions (17,451) (16,517)  
Proceeds from involuntary conversion on real estate assets 3,099 2,450  
Changes in accrued development costs 5,299 (9,205)  
Changes in other assets and other liabilities 495 468  
NET CASH USED IN INVESTING ACTIVITIES (207,898) (270,980)  
FINANCING ACTIVITIES      
Proceeds from unsecured bank credit facilities 22,851 31,863  
Repayments on unsecured bank credit facilities (22,851) (31,863)  
Repayments on unsecured debt (50,000) 0  
Debt issuance costs (103) (3,086)  
Distributions paid to stockholders (not including dividends accrued) (146,299) (122,337)  
Proceeds from common stock offerings 147,006 162,111  
Common stock offering related costs (96) (107)  
Other (4,299) (6,225)  
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES (53,791) 30,356  
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 15,392 (863)  
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 17,529 40,263 $ 40,263
CASH AND CASH EQUIVALENTS AT END OF PERIOD 32,921 39,400 $ 17,529
SUPPLEMENTAL CASH FLOW INFORMATION      
Cash paid for interest, net of amounts capitalized of $10,500 and $9,890 for 2025 and 2024, respectively 14,593 18,968  
Cash paid for operating lease liabilities 1,787 1,253  
Interest capitalized $ 10,500 $ 9,890