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 $ 141,399 $ 71,755
Adjustments to reconcile net income to net cash provided by operating activities    
Straight-line rents (7,616) (3,404)
Amortization of lease intangibles (10,342) (7,808)
Depreciation and amortization 54,953 43,951
Gain on sales of real estate investments (66,485) (5,715)
Deferred financing cost and mortgage fair value adjustment amortization 1,699 774
Stock-based compensation 9,122 7,344
Changes in assets and liabilities    
Other assets (5,570) (4,747)
Accounts payable and other liabilities 4,907 9,219
Net cash provided by operating activities 122,067 111,369
CASH FLOWS FROM INVESTING ACTIVITIES    
Cash paid for property acquisitions (126,073) (468,934)
Proceeds from sales of real estate investments, net 135,656 10,172
Additions to construction in progress (42,737) (71,526)
Additions to buildings, improvements and leasing costs (28,921) (16,834)
Net cash used in investing activities (62,075) (547,122)
CASH FLOWS FROM FINANCING ACTIVITIES    
Issuance of common stock 237,423 538,268
Issuance costs on issuance of common stock (3,443) (2,693)
Repurchase of common stock related to employee awards (1,993) (1,038)
Borrowings on credit facility 50,000 0
Payments on credit facility (132,000) 0
Dividends paid to common stockholders (99,496) (82,570)
Net cash provided by financing activities 50,491 451,967
Net increase in cash and cash equivalents and restricted cash 110,483 16,214
Cash and cash equivalents and restricted cash at beginning of period 18,352 166,236
Cash and cash equivalents and restricted cash at end of period 128,835 182,450
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION    
Cash paid for interest, net of capitalized interest 12,141 14,910
Supplemental disclosures of non-cash transactions    
Accounts payable related to capital improvements 24,826 34,324
Non-cash issuance of common stock to the deferred compensation plan (2,120) 0
Lease liability arising from recognition of right-of-use asset 0 2,264
Reconciliation of cash paid for property acquisitions    
Acquisition of properties 152,781 491,499
Assumption of other assets and liabilities (26,708) (22,565)
Net cash paid for property acquisitions $ 126,073 $ 468,934