v3.25.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities:    
Net income $ 119,651 $ 98,798
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 73,583 58,453
Amortization of lease incentives 602 611
Amortization of above/below market leases and right of use assets, net (82) (136)
Amortization of deferred financing costs and other non-cash interest expense 3,520 2,320
Provision for impairment of real estate 6,495 6,564
Change in provision for credit losses 0 3
Gain on dispositions of real estate, net (7,060) (1,645)
Straight-line rent receivable, net (24,233) (20,160)
Equity-based compensation expense 7,465 5,587
Adjustment to rental revenue for tenant credit 1,759 (436)
Changes in other assets and liabilities:    
Rent receivables, prepaid expenses and other assets, net (2,592) (1,811)
Accrued liabilities and other payables (2,169) (260)
Net cash provided by operating activities 176,939 147,888
Cash flows from investing activities:    
Proceeds from sales of investments, net 69,044 20,119
Principal collections on loans and direct financing lease receivables 6,342 4,900
Investments in loans receivable (33,839) (74,731)
Deposits for prospective real estate investments (2,803) (1,338)
Investment in real estate, including capital expenditures (548,275) (408,823)
Investment in construction in progress (59,092) (100,983)
Lease incentives paid (2,353) (50)
Net cash used in investing activities (570,976) (560,906)
Cash flows from financing activities:    
Borrowings under revolving credit facility 355,000 255,000
Repayments under revolving credit facility (155,000) (10,000)
Payments for taxes related to net settlement of equity awards (6,307) (3,277)
Payment of deferred financing costs (7,508) 0
Proceeds from issuance of common stock, net 298,809 244,735
Offering costs (603) (493)
Dividends paid (114,263) (97,418)
Net cash provided by financing activities 370,128 388,547
Net decrease in cash and cash equivalents and restricted cash (23,909) (24,471)
Cash and cash equivalents and restricted cash, beginning of period 44,978 48,963
Cash and cash equivalents and restricted cash, end of period 21,069 24,492
Reconciliation of cash and cash equivalents and restricted cash:    
Cash and cash equivalents 20,777 23,557
Restricted cash 292 935
Cash and cash equivalents and restricted cash, end of period 21,069 24,492
Supplemental disclosure of cash flow information:    
Cash paid for interest, net of amounts capitalized 45,312 30,684
Cash paid for income taxes 998 759
Non-cash investing and financing activities:    
Reclassification from construction in progress upon project completion 129,889 27,203
Net settlement of proceeds on the sale of investments (1,650) (1,300)
Non-cash investment in real estate and loan receivable activity (7,949) 1,300
Unrealized (loss) gain on cash flow hedges (26,375) 8,774
Payable and accrued offering costs 0 100
Dividends declared and unpaid $ 59,836 $ 51,124