v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net income $ 134,433 $ 119,651
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 89,319 73,583
Amortization of lease incentives 1,029 602
Amortization of above/below market leases and right of use assets, net 204 (82)
Amortization of deferred financing costs and other non-cash interest expense 4,151 3,520
Provision for impairment of real estate 18,195 6,495
Change in provision for credit losses 3,257 0
Gain on dispositions of real estate, net (9,966) (7,060)
Straight-line rent receivable, net (32,946) (24,233)
Equity-based compensation expense 7,626 7,465
Adjustment to rental revenue for tenant credit 4,310 1,759
Changes in other assets and liabilities:    
Rent receivables, prepaid expenses and other assets, net (11,779) (2,592)
Accrued liabilities and other payables 2,096 (2,169)
Net cash provided by operating activities 209,929 176,939
Cash flows from investing activities:    
Proceeds from sales of investments, net 63,452 69,044
Principal collections on loans and direct financing lease receivables 34,283 6,342
Investments in loans receivable (90,065) (33,839)
Deposits for prospective real estate investments (2,268) (2,803)
Investment in real estate, including capital expenditures (547,737) (548,275)
Investment in construction in progress (43,853) (59,092)
Lease incentives paid (45) (2,353)
Net cash used in investing activities (586,233) (570,976)
Cash flows from financing activities:    
Borrowings under revolving credit facility 460,000 355,000
Repayments under revolving credit facility (460,000) (155,000)
Proceeds from issuance of senior unsecured notes, net 389,876 0
Payments for taxes related to net settlement of equity awards (8,181) (6,307)
Payment of deferred financing costs (769) (7,508)
Proceeds from issuance of common stock, net 192,725 298,809
Offering costs (516) (603)
Dividends and distributions paid (132,967) (114,263)
Net cash provided by financing activities 440,168 370,128
Net increase (decrease) in cash and cash equivalents and restricted cash 63,864 (23,909)
Cash and cash equivalents and restricted cash, beginning of period 70,365 44,978
Cash and cash equivalents and restricted cash, end of period 134,229 21,069
Reconciliation of cash and cash equivalents and restricted cash:    
Cash and cash equivalents 126,165 20,777
Restricted cash 8,064 292
Cash and cash equivalents and restricted cash, end of period 134,229 21,069
Supplemental disclosure of cash flow information:    
Cash paid for interest, net of amounts capitalized 56,431 45,312
Cash paid for income taxes 1,076 998
Non-cash investing and financing activities:    
Reclassification from construction in progress upon project completion 53,150 129,889
Net settlement of proceeds on the sale of investments (2,375) (1,650)
Non-cash investment in real estate and loan receivable activity 3,259 (7,949)
Contribution of real estate in exchange for OP Units 36,569 0
Unrealized gain (loss) on cash flow hedges 22,010 (26,375)
Accrued offering and deferred financing costs 622 0
Dividends and distributions declared and unpaid $ 70,152 $ 59,836