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 $ 35,751 $ 21,412
Adjustments to reconcile net income to net cash provided by operating activities:    
Gain on investment property transactions 0 (98)
Acquisition costs of investments in real estate debt 0 468
Depreciation and amortization 203,004 181,645
Amortization of deferred financing costs, debt premiums, and debt discounts, net 2,100 2,014
Equity-classified stock-based compensation expense, net of forfeitures 9,741 7,868
Effect of non-cash adjustments to rental revenues (45,666) (27,786)
Loss (income) from unconsolidated joint ventures 3,470 (787)
Operating distributions from unconsolidated joint ventures 1,343 1,542
Changes in other operating assets and liabilities, net of acquisitions:    
Change in receivables and other assets, net (7,003) (12,034)
Change in operating liabilities, net (35,428) (20,437)
Net cash provided by operating activities 167,312 153,807
CASH FLOWS FROM INVESTING ACTIVITIES:    
Capital expenditures (126,273) (136,106)
Property acquisitions (37,837) 0
Proceeds from borrower repayment of investments in real estate debt 150,791 0
Investments in real estate debt, net (586) (27,653)
Contributions to unconsolidated joint ventures (11,506) (17,513)
Proceeds from investment property sales, net 0 (3)
Net cash used in investing activities (25,411) (181,275)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from credit facility 231,601 279,000
Repayment of credit facility (343,931) (147,000)
Bond issuance, net of original issue discount 499,935 0
Repayment of mortgages (3,348) (4,244)
Repurchase of shares withheld for taxes on restricted stock vestings (1,908) (1,111)
Payment of deferred financing costs (5,364) 0
Payment of issuance of common stock costs (315) 0
Common dividends paid (108,302) (98,044)
Contributions from noncontrolling interests 7 22
Distributions to noncontrolling interests (785) (586)
Other 0 (662)
Net cash provided by financing activities 267,590 27,375
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 409,491 (93)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 7,349 6,047
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 416,840 $ 5,954