v3.25.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows - operating activities    
Net income $ 54,141 $ 48,776
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation and amortization 29,049 26,812
Non-cash revenue adjustments 964 1,052
Amortization of financing costs 1,568 1,291
Stock-based compensation expense 4,761 3,371
Deferred income taxes (69) (92)
Changes in assets and liabilities:    
Derivative assets and liabilities (37) (295)
Straight-line rent adjustment (1,563) (2,287)
Rent received in advance 8,843 (1,915)
Intangible assets (lease incentive payments) (70) (1,119)
Other assets and liabilities (2,268) (8,295)
Net cash provided by operating activities 95,319 67,299
Cash flows - investing activities    
Purchases of real estate investments (144,322) (63,810)
Change in advance deposits in acquisition of real estate investments (350) 400
Net cash used in investing activities (144,672) (63,410)
Cash flows - financing activities    
Net proceeds from ATM equity issuance 61,993 9,283
Repayment of senior notes 0 (50,000)
Payment of deferred financing costs (6,712) (1,397)
Proceeds from term loan borrowing 75,000 85,000
Proceeds from revolving credit facility 88,000 73,000
Repayment of revolving credit facility (93,000) (62,000)
Payment of dividends to shareholders (70,767) (63,195)
Distributions to non-controlling interests (81) (79)
Employee shares withheld for taxes (3,180) (2,117)
Net cash provided by (used in) financing activities 51,253 (11,505)
Net increase in cash and cash equivalents, including restricted cash 1,900 (7,616)
Cash and cash equivalents, including restricted cash, at beginning of period 4,081 24,783
Cash and cash equivalents, including restricted cash, at end of period 5,981 17,167
Supplemental disclosures:    
Interest paid 29,012 29,509
Income taxes paid 503 375
Operating lease payments received (lessor) 121,064 110,433
Operating lease payments remitted (lessee) 426 460
Non-cash activities:    
Dividends declared but not paid 36,210 31,695
Change in fair value of derivative instruments $ (13,826) $ 5,961