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 $ 253,731 $ 203,638 $ 191,415
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 153,602 122,161 102,219
Amortization of lease incentives 1,852 2,040 1,782
Amortization of above/below market leases and right of use assets, net (129) (238) (275)
Amortization of deferred financing costs and other non-cash interest expense 7,485 5,374 3,863
Loss on debt extinguishment 0 0 116
Provision for impairment of real estate 11,997 14,845 3,548
Change in provision for credit losses 108 230 (99)
Gain on dispositions of real estate, net (12,849) (5,977) (24,167)
Straight-line rent receivable, net (52,207) (38,882) (28,285)
Equity-based compensation expense 13,184 10,829 9,006
Adjustment to rental revenue for tenant credit 3,454 635 640
Changes in other assets and liabilities:      
Rent receivables, prepaid expenses and other assets, net (7,259) (7,258) (5,956)
Accrued liabilities and other payables 8,111 1,087 767
Net cash provided by operating activities 381,080 308,484 254,574
Cash flows from investing activities:      
Proceeds from sales of investments, net 128,562 96,928 128,598
Principal collections on loans and direct financing lease receivables 28,559 10,022 27,908
Investments in loans receivable (93,067) (136,264) (13,091)
Deposits for prospective real estate investments (6,345) (3,880) 189
Investment in real estate, including capital expenditures (1,103,163) (825,751) (894,550)
Investment in construction in progress (100,007) (263,232) (105,075)
Lease incentives paid (8,586) (991) (1,104)
Net cash used in investing activities (1,154,047) (1,123,168) (857,125)
Cash flows from financing activities:      
Borrowings under term loans 0 174,569 247,972
Borrowings under revolving credit facility 855,000 490,000 70,000
Repayments under revolving credit facility (855,000) (220,000) (70,000)
Proceeds from issuance of senior unsecured notes, net 390,668 0 0
Payments for taxes related to net settlement of equity awards (6,407) (3,313) (3,671)
Payment of deferred financing costs (8,811) (115) (2,426)
Proceeds from issuance of common stock, net 657,589 570,243 507,318
Offering costs (748) (1,022) (948)
Dividends paid (233,937) (199,663) (168,231)
Net cash provided by financing activities 798,354 810,699 580,014
Net increase (decrease) in cash and cash equivalents and restricted cash 25,387 (3,985) (22,537)
Cash and cash equivalents and restricted cash, beginning of period 44,978 48,963 71,500
Cash and cash equivalents and restricted cash, end of period 70,365 44,978 48,963
Reconciliation of cash and cash equivalents and restricted cash:      
Cash and cash equivalents 60,181 40,713 39,807
Restricted cash 10,184 4,265 9,156
Cash and cash equivalents and restricted cash, end of period 70,365 44,978 48,963
Supplemental disclosure of cash flow information:      
Cash paid for interest, net of amounts capitalized 99,079 73,703 49,587
Cash paid for income taxes 244 902 1,486
Non-cash investing and financing activities:      
Reclassification from construction in progress upon project completion 199,471 200,566 45,518
Net settlement of proceeds on the sale of investments (1,650) (2,200) (4,625)
Non-cash investment in real estate and loan receivable activity 18,294 2,200 0
Transfer from real estate to direct financing lease receivable 3,150 0 0
Unrealized (loss) gain on cash flow hedges (22,424) 42,210 (9,187)
Non-cash deferred financing costs 2,600 4,647 2,028
Non-cash repayment of term loan facility 0 270,000 200,000
Non-cash borrowing under term loan facility 0 (270,000) (202,028)
Payable and accrued offering and deferred financing costs 0 115 24
Discounts and fees on capital raised through issuance of common stock 0 0 38
Dividends declared and unpaid $ 65,391 $ 55,608 $ 47,182