v3.25.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities:    
Net income $ 93,362 $ 37,453
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 73,900 71,427
Gain on involuntary conversion (1,855) 0
Non-cash portion of interest expense 1,301 984
Amortization of above and below market leases, net (584) (303)
Straight-line rent adjustments, net (4,190) (2,762)
Gain on the sale of rental property, net (49,913) 0
Non-cash compensation expense 3,192 2,909
Change in assets and liabilities:    
Tenant accounts receivable (1,943) 2,204
Prepaid expenses and other assets (9,230) (8,787)
Accounts payable, accrued expenses and other liabilities (4,647) 480
Tenant prepaid rent and security deposits 4,147 1,557
Total adjustments 10,178 67,709
Net cash provided by operating activities 103,540 105,162
Cash flows from investing activities:    
Additions of land and buildings and improvements 46,325 24,622
Acquisitions of land and buildings and improvements (36,745) (43,599)
Proceeds from sale of rental property, net 63,834 0
Acquisition deposits, net 450 (2,324)
Acquisitions of deferred leasing intangibles (6,140) (5,715)
Net cash used in investing activities (24,926) (76,260)
Cash flows from financing activities:    
Proceeds from unsecured credit facility 489,000 264,000
Repayment of unsecured credit facility (386,000) (231,000)
Repayment of unsecured notes (100,000) 0
Repayment of mortgage notes (55) (53)
Payment of loan fees and costs (5) (822)
Proceeds from sales of common stock, net 159 137
Payments of Dividends (70,960) (68,654)
Repurchase and retirement of share-based compensation (649) (1,014)
Contributions from noncontrolling interest in joint ventures 874 0
Net cash used in financing activities (67,954) (37,680)
Increase (decrease) in cash and cash equivalents and restricted cash 10,660 (8,778)
Cash and cash equivalents and restricted cash—beginning of period 37,393 21,868
Cash and cash equivalents and restricted cash—end of period 48,053 13,090
Supplemental disclosure:    
Interest Paid, Capitalized, Investing Activities 781 802
Interest Paid, Excluding Capitalized Interest, Operating Activities 19,875 22,165
Supplemental schedule of non-cash investing and financing activities    
Acquisitions of land and buildings and improvements (342) (671)
Acquisitions of deferred leasing intangibles (58) (88)
Additions to building and other capital improvements from involuntary conversion (1,855) (2,968)
Investing other receivables due to involuntary conversion of building 0 (2,968)
Change in additions of land, building, and improvements included in accounts payable, accrued expenses and other liabilities 1,255 4,443
Additions to building and other capital improvements from non-cash compensation (70) (39)
Change in loan fees, costs, and offering costs included in accounts payable, accrued expenses and other liabilities (58) (592)
Dividends and distributions payable 23,668 22,936
Proceeds from sales of common stock, net $ 159 $ 137