v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities    
Net income $ 32,809 $ 31,077
Adjustments to reconcile net income to net cash provided by (used in) operating activities    
Depreciation and amortization 18,584 18,391
Impairment loss on real estate 0 3,527
Loss (gain) on sale of real estate (422) 0
Other non-cash adjustments (300) (11)
Paid-in-kind dividends and interest income on life science investments (1,002) 0
Stock-based compensation 2,584 2,078
Amortization of debt discount and issuance costs 576 470
Changes in assets and liabilities    
Other assets, net (527) 906
Accounts payable, accrued expenses and other liabilities 3,976 1,577
Rent received in advance and tenant security deposits (247) (3,773)
Net cash provided by (used in) operating activities 56,031 54,242
Cash flows from investing activities    
Investments in real estate 0 (7,857)
Proceeds from sale of real estate asset 2,608 0
Funding of draws for improvements and construction (2,949) (9,041)
Purchases of short-term investments 0 (5,258)
Maturities of short-term investments 0 5,000
Net cash provided by (used in) investing activities (341) (17,156)
Cash flows from financing activities    
Issuance of common stock, net of issuance costs 9,281 0
Repurchase of common stock 0 (290)
Issuance of preferred stock, net of issuance costs 60,301 9,186
Draws on revolving credit facilities 5,000 0
Repayments on revolving credit facilities (32,500) 0
Principal payment on debt 0 (8,697)
Dividends paid to common stockholders (53,777) (54,253)
Dividends paid to preferred stockholders (1,136) (564)
Taxes paid related to net share settlement of equity awards (1,339) (703)
Net cash provided by (used in) financing activities (14,170) (55,321)
Net increase (decrease) in cash and cash equivalents 41,520 (18,235)
Cash and cash equivalents, beginning of period 47,597 146,245
Cash and cash equivalents, end of period 89,117 128,010
Supplemental disclosure of cash flow information:    
Cash paid during the period for interest, net of interest capitalized 2,017 81
Supplemental disclosure of non-cash investing and financing activities:    
Accrual for current-period additions to real estate 96 6,093
Accrual for common and preferred stock dividends declared $ 57,100 $ 55,244