v3.25.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
OPERATING ACTIVITIES      
Net income $ 257,458 $ 227,807 $ 200,548
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 216,732 189,411 171,078
Stock-based compensation expense 11,793 10,476 8,965
Gain on sales of real estate investments 0 (8,751) (17,965)
Gain on sales of non-operating real estate 0 (362) (446)
Gain on involuntary conversion and business interruption claims (1,763) (1,708) (4,187)
Changes in operating assets and liabilities:      
Accrued income and other assets (18,565) (13,410) (15,415)
Accounts payable, accrued expenses and prepaid rent 12,795 11,130 (5,922)
Other                                                                                                     2,284 1,994 1,546
NET CASH PROVIDED BY OPERATING ACTIVITIES 480,734 416,587 338,202
INVESTING ACTIVITIES      
Development and value-add properties (321,934) (245,033) (388,213)
Purchases of real estate properties (143,099) (390,011) (165,116)
Real estate improvements (75,830) (59,288) (51,116)
Net proceeds from sales of real estate investments and non-operating real estate 3,371 17,659 41,539
Leasing commissions (34,776) (32,154) (32,004)
Proceeds from involuntary conversion on real estate assets 3,099 2,450 5,029
Changes in accrued development costs (5,066) (17,170) 12,163
Changes in other assets and other liabilities (2,046) (795) 7,660
NET CASH USED IN INVESTING ACTIVITIES (576,281) (724,342) (570,058)
FINANCING ACTIVITIES      
Proceeds from unsecured bank credit facilities 340,344 64,968 471,624
Repayments on unsecured bank credit facilities (321,499) (64,968) (641,624)
Proceeds from unsecured debt 250,000 0 100,000
Repayments on unsecured debt (145,000) (170,000) (115,000)
Repayments on secured debt 0 0 (1,970)
Debt issuance costs (1,997) (3,178) (1,818)
Distributions paid to stockholders (not including dividends accrued) (302,507) (252,794) (225,625)
Proceeds from common stock offerings 264,071 717,659 692,312
Common stock offering related costs (186) (507) (834)
Other                                                                                                     (4,201) (6,159) (5,002)
NET CASH PROVIDED BY FINANCING ACTIVITIES 79,025 285,021 272,063
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (16,522) (22,734) 40,207
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 17,529 40,263 56
CASH AND CASH EQUIVALENTS AT END OF YEAR 1,007 17,529 40,263
SUPPLEMENTAL CASH FLOW INFORMATION      
Cash paid for interest, net of amount capitalized 30,558 37,185 47,228
Capitalized interest 21,730 19,823 16,235
Cash paid for operating lease liabilities 3,576 2,406 2,042
NON-CASH OPERATING ACTIVITY      
Operating lease liabilities arising from obtaining right of use assets 0 21,836 2,379
SUPPLEMENTAL NON-CASH BALANCES AT END OF YEAR      
Development costs payable 15,919 16,388 29,487
Retainage payable 6,324 10,920 14,992
Real estate improvements and capitalized leasing costs payable 10,341 8,753 5,275
Dividends payable $ 84,725 $ 74,049 $ 62,393