v3.25.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Operating activities              
Net income $ 19,830 $ 17,493 $ 35,937 $ 68,177 $ 37,323 $ 104,114  
Adjustments to reconcile net income including non-controlling interests to net cash provided by operating activities:              
Depreciation and amortization including intangibles associated with investment in rental property         79,817 73,063  
Provision for impairment of investment in rental properties 11,939   3,852   28,068 30,252  
Amortization of debt issuance costs and original issuance discount charged to interest expense         2,565 1,966  
Stock-based compensation expense         4,618 3,548  
Straight-line rent, direct financing and sales-type lease adjustments         (9,260) (7,475)  
Gain on sale of real estate (566)   (3,384)   (971) (62,515)  
Other non-cash items         3,247 (2,239)  
Changes in assets and liabilities:              
Tenant and other receivables         (323) (66)  
Prepaid expenses and other assets         (939) 1,520  
Accounts payable and other liabilities         3,888 (5,460)  
Accrued interest payable         2,706 8,331  
Net cash provided by operating activities         150,739 145,039  
Investing activities              
Acquisition of rental property         (115,034) (218,891)  
Investment in property under development including capitalized interest of $1,075 and $2,601 in 2025 and 2024, respectively         (102,755) (70,051)  
Capital expenditures and improvements         (16,956) (3,304)  
Proceeds from disposition of rental property, net         20,321 270,823  
Change in deposits on investments in rental property         (2,169) 0  
Net cash used in investing activities         (216,593) (21,423)  
Financing activities              
Offering costs, discounts, and commissions         (178) (461)  
Contributions from non-controlling interests         674 0  
Proceeds from unsecured term loans         500,000 0  
Principal payments on mortgages and unsecured term loans         (401,180) (1,117)  
Borrowings on unsecured revolving credit facility         333,300 90,000  
Repayments on unsecured revolving credit facility         (232,000) (99,000)  
Cash distributions paid to stockholders         (111,355) (108,385)  
Cash distributions paid to non-controlling interests         (5,149) (5,389)  
Debt issuance costs paid         (12,275) 0  
Net cash provided by (used in) financing activities         71,837 (124,352)  
Net increase (decrease) in cash and cash equivalents and restricted cash         5,983 (736)  
Cash and cash equivalents and restricted cash at beginning of period   15,993   20,632 15,993 20,632 $ 20,632
Cash and cash equivalents and restricted cash at end of period 21,976   19,896   21,976 19,896 15,993
Reconciliation of cash and cash equivalents and restricted cash              
Cash and cash equivalents at beginning of period   14,845   19,494 14,845 19,494 19,494
Restricted cash at beginning of period   1,148   1,138 1,148 1,138 1,138
Cash and cash equivalents and restricted cash at beginning of period   $ 15,993   $ 20,632 15,993 20,632 20,632
Cash and cash equivalents at end of period 20,784   18,282   20,784 18,282 14,845
Restricted cash at end of period 1,192   1,614   1,192 1,614 1,148
Cash and cash equivalents and restricted cash at end of period $ 21,976   $ 19,896   $ 21,976 $ 19,896 $ 15,993