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 $ 279,270 $ 193,266 $ 197,201
Adjustment to reconcile net loss to net cash provided by operating activities:      
Depreciation and amortization 301,797 293,077 278,447
Loss on impairment 888 4,967 0
Gain on involuntary conversion (1,855) (11,843) 0
Non-cash portion of interest expense 5,421 4,506 3,905
Amortization of above and below market leases, net (2,538) (602) (887)
Straight-line rent adjustments, net (19,432) (14,447) (16,648)
Debt extinguishment and modification expenses 30 36 0
Gain on the sales of rental property, net (93,750) (32,273) (54,100)
Non-cash compensation expense 12,719 11,740 11,486
Change in assets and liabilities:      
Tenant accounts receivable 1,156 4,607 1,915
Prepaid expenses and other assets (28,018) (27,425) (23,870)
Accounts payable, accrued expenses and other liabilities 4,648 22,748 (9,237)
Tenant prepaid rent and security deposits 3,052 11,935 2,880
Total adjustments 184,118 267,026 193,891
Net cash provided by operating activities 463,388 460,292 391,092
Cash flows from investing activities:      
Additions of land and buildings and improvements (398,417) (624,722) (303,991)
Acquisitions of land and buildings and improvements (204,517) (150,445) (107,856)
Acquisitions of other assets (167) (243) 0
Payment to acquire operating lease right-of-use assets (3,495) (3,554) 0
Proceeds from sale of rental property, net 164,235 126,479 105,602
Acquisitions of tenant prepaid rent 0 0 511
Acquisition deposits, net (350) (450) 3,850
Acquisitions of deferred leasing intangibles (58,086) (81,677) (18,462)
Acquisition of operating lease liabilities 3,495 3,554 0
Net cash used in investing activities (497,302) (731,058) (320,346)
Cash flows from financing activities:      
Proceeds from unsecured credit facility 1,394,000 1,976,000 1,167,000
Repayment of unsecured credit facility (1,541,000) (1,969,000) (940,000)
Proceeds from unsecured term loans 55,000 0 0
Repayment of unsecured term loans (55,000) 0 0
Proceeds from unsecured notes 550,000 450,000 0
Repayments of Unsecured Debt (175,000) (50,000) (100,000)
Repayment of mortgage notes (223) (215) (3,503)
Payment of loan fees and costs (4,908) (12,456) (270)
Dividends and distributions (283,971) (274,920) (267,567)
Proceeds from sales of common stock, net 156,690 167,278 69,485
Repurchase and retirement of share-based compensation (649) (1,047) (812)
Proceeds from (Payments to) Noncontrolling Interests 2,465 651 0
Net cash provided by (used in) financing activities 97,404 286,291 (75,667)
Increase (decrease) in cash and cash equivalents and restricted cash 63,490 15,525 (4,921)
Cash and cash equivalents and restricted cash—beginning of period 37,393 21,868 26,789
Cash and cash equivalents and restricted cash—end of period 100,883 37,393 21,868
Supplemental disclosure:      
Cash paid for interest, net of amounts capitalized of $3,612, $2,268, and $2,600 for 2025, 2024, and 2023, respectively 127,684 108,817 89,979
Supplemental schedule of non-cash investing and financing activities      
Acquisitions of land and buildings and improvements (780) (3,330) (66)
Acquisitions of deferred leasing intangibles (129) (357) (6)
Additions to building and other capital improvements from involuntary conversion (1,855) 14,810 0
Partial disposal due to involuntary conversion of building 0 0 2,968
Investing other receivables due to involuntary conversion of building 0 2,968 (2,968)
Change in additions of land, building, and improvements included in accounts payable, accrued expenses and other liabilities (657) (19,126) 2,836
Additions to building and other capital improvements from non-cash compensation 266 205 92
Change in loan fees, costs, and offering costs included in accounts payable, accrued expenses and other liabilities (296) (563) (30)
Contributions from noncontrolling interest in joint ventures 0 (874) 0
Dividends and distributions accrued $ 24,187 $ 23,469 $ 22,726