v3.25.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities    
Net income $ 31,077 $ 39,428
Adjustments to reconcile net income to net cash provided by (used in) operating activities    
Depreciation and amortization 18,391 17,150
Impairment loss on real estate 3,527 0
Other non-cash adjustments (11) 28
Stock-based compensation 2,078 4,315
Amortization of discounts on investments 0 (188)
Amortization of debt discount and issuance costs 470 406
Changes in assets and liabilities    
Other assets, net 906 1,760
Accounts payable, accrued expenses and other liabilities 1,577 7,874
Rent received in advance and tenant security deposits (3,773) 793
Net cash provided by (used in) operating activities 54,242 71,566
Cash flows from investing activities    
Investments in real estate (7,857) 0
Funding of draws for improvements and construction (9,041) (16,505)
Purchases of short-term investments (5,258) (20,026)
Maturities of short-term investments 5,000 22,136
Net cash provided by (used in) investing activities (17,156) (14,395)
Cash flows from financing activities    
Issuance of common stock, net of offering costs 0 11,757
Repurchase of common stock (290) 0
Issuance of preferred stock, net of offering costs 9,186 0
Principal payment on exchangeable senior notes 0 (4,436)
Principal payment on notes due 2026 (8,697) 0
Payment of deferred financing costs 0 (112)
Dividends paid to common stockholders (54,253) (51,489)
Dividends paid to preferred stockholders (564) (338)
Taxes paid related to net share settlement of equity awards (703) (750)
Net cash provided by (used in) financing activities (55,321) (45,368)
Net increase (decrease) in cash and cash equivalents (18,235) 11,803
Cash and cash equivalents, beginning of period 146,245 141,699
Cash and cash equivalents, end of period 128,010 153,502
Supplemental disclosure of cash flow information:    
Cash paid during the period for interest, net of interest capitalized 81 71
Supplemental disclosure of non-cash investing and financing activities:    
Accrual for current-period additions to real estate 6,093 8,980
Accrual for common and preferred stock dividends declared $ 55,244 $ 52,295