v3.25.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income $ 219,763 $ 285,926 $ 249,591
Adjustments to reconcile net income to net    cash provided by operating activities:      
Depreciation and amortization 315,919 275,247 244,510
Amortization of net (below) above market lease intangibles and other deferred rent on certain below-market leases (24,357) (27,653) (29,882)
Accretion of net loan origination fees and costs (460) (460) (84)
Impairment of right-of-use asset 0 0 188
Loss on debt extinguishment 200 0 0
Impairment of real estate 89,097 0 0
Gains on sale of real estate (106,032) (18,013) (19,001)
Amortization of debt issuance costs 5,062 4,775 3,856
Amortization of discount/(premium) on notes payable, net 6,352 4,829 688
Share-based compensation 100,480 41,602 33,638
Straight-line rent (29,672) (38,433) (36,587)
Payments for termination/settlement of interest rate derivatives 0 0 (161)
Amortization related to termination/settlement of interest rate derivatives 310 522 540
Change in working capital components:      
Rents and other receivables 1,915 2,257 (2,227)
Deferred leasing costs (34,037) (28,940) (25,807)
Other assets 249 801 (1,092)
Accounts payable, accrued expenses and other liabilities (7,619) 8,886 4,658
Tenant security deposits 2,771 (3,075) 3,450
Tenant prepaid rents 2,144 (29,354) 1,270
Net cash provided by operating activities 542,085 478,917 427,548
CASH FLOWS FROM INVESTING ACTIVITIES:      
Acquisition of investments in real estate 0 (1,505,993) (1,312,085)
Issuance of loan receivable, net 0 0 (122,700)
Capital expenditures (333,424) (373,392) (266,564)
Return of (payment for) deposits on real estate acquisitions, net 0 2,125 (2,125)
Proceeds from sale of real estate 208,363 41,286 27,028
Net cash used in investing activities (125,061) (1,835,974) (1,676,446)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Issuance of common stock, net 477,598 649,544 1,275,732
Proceeds from borrowings 0 1,129,875 646,925
Repayment of borrowings (100,973) (13,402) (357,491)
Payment of debt issuance costs (9,362) (4,602) (3,042)
Redemption of private REIT preferred units 0 (122) 0
Dividends paid to preferred stockholders (9,258) (9,258) (9,258)
Dividends paid to common stockholders (397,497) (354,226) (290,728)
Distributions paid to common unitholders (15,118) (13,725) (11,460)
Distributions paid to preferred unitholders (651) (2,346) (3,208)
Repurchase of common stock under stock repurchase programs (250,126) 0 0
Repurchase of common shares to satisfy employee tax withholding requirements (1,830) (2,154) (1,914)
Net cash (used in) provided by financing activities (307,217) 1,379,584 1,245,556
Increase (decrease) in cash, cash equivalents and restricted cash 109,807 22,527 (3,342)
Cash, cash equivalents and restricted cash, beginning of year 55,971 33,444 36,786
Cash, cash equivalents and restricted cash, end of year 165,778 55,971 33,444
Supplemental disclosure of cash flow information:      
Cash paid for interest (net of capitalized interest of $35,335, $31,363 and $23,611 for the years December 31, 2025, 2024 and 2023, respectively) 95,056 74,187 54,617
Operating lease right-of-use assets obtained in exchange for lease liabilities 0 2,084 0
Accrual for capital expenditures 38,556 68,745 55,344
Accrual of dividends and distributions $ 103,399 $ 97,823 $ 83,733