v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash Flows from Operating Activities    
Net income $ 96,501 $ 99,927
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 114,693 98,917
Amortization from above (below) market lease intangibles, net 17,083 16,592
Amortization from financing costs, credit facility costs and debt discount 3,482 2,655
Stock-based compensation 6,388 5,213
Straight-line accrued rent (7,798) (6,343)
Provision for impairment 7,292 4,530
Settlement of interest rate swaps 13,551 4,355
Gain on sale of assets (2,282) (9,252)
Change in accounts receivable 6,097 (6,352)
Change in other assets (14,350) (9,908)
Change in accounts payable, accrued expenses, and other liabilities 5,645 11,628
Net Cash Provided by Operating Activities 246,302 211,962
Cash Flows from Investing Activities    
Acquisition of real estate investments and other assets (685,993) (316,910)
Development of real estate investments and other assets, net of reimbursements (including capitalized interest of $939 in 2025 and $701 in 2024) (47,680) (41,158)
Payment of leasing costs (297) (696)
Net proceeds from sale of assets 8,158 56,679
Net Cash Used in Investing Activities (725,812) (302,085)
Cash Flows from Financing Activities    
Proceeds from common stock offerings, net 224,195  
Repurchase of common shares (3,654) (2,190)
Unsecured revolving credit facility and commercial paper notes borrowings 6,351,250 325,000
Unsecured revolving credit facility and commercial paper notes repayments (6,262,250) (509,000)
Payments of mortgage notes payable (505) (474)
Proceeds from senior unsecured notes 397,188 444,722
Payments of senior unsecured notes (50,000)  
Payment of Series A preferred dividends (3,718) (3,718)
Payment of common stock dividends (166,030) (149,873)
Distributions to non-controlling interest (531) (517)
Payments for financing costs (3,923) (4,097)
Net Cash Provided by Financing Activities 482,022 99,853
Increase in Cash and Cash Equivalents and Cash Held in Escrow 2,512 9,730
Cash and cash equivalents and cash held in escrow, beginning of period 6,399 14,524
Cash and cash equivalents and cash held in escrow, end of period 8,911 24,254
Supplemental Disclosure of Cash Flow Information    
Cash paid for interest (net of amounts capitalized) 59,325 43,819
Cash paid for income tax 2,591 4,091
Supplemental Disclosure of Non-Cash Investing and Financing Activities    
Lease right of use assets added under new ground leases 1,767 365
Lease right of use assets removed as a result of acquisition of real property 2,736 0
Dividends and distributions payable 29,039  
Change in accrual of development, construction and other real estate investment costs 7,721 (2,455)
Series A Preferred Stock    
Supplemental Disclosure of Non-Cash Investing and Financing Activities    
Dividends and distributions payable 620 620
Common Stock    
Supplemental Disclosure of Non-Cash Investing and Financing Activities    
Dividends and distributions payable $ 28,419 $ 25,243