v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - Unaudited - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2026
Mar. 31, 2026
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2026
Jun. 30, 2025
Dec. 31, 2025
OPERATING ACTIVITIES              
Net Income $ 75,523 $ 94,624 $ 63,313 $ 59,437 $ 170,147 $ 122,750  
Adjustments to reconcile net income to net cash provided by operating activities:              
Depreciation and amortization         111,903 105,532  
Stock-based compensation expense         6,952 6,535  
Gain on sales of real estate investment         (30,074) 0  
Gain on involuntary conversion and business interruption claims         (1,950) (1,763)  
Changes in operating assets and liabilities:              
Accrued income and other assets         12,667 3,700  
Accounts payable, accrued expenses and prepaid rent         30,862 39,014  
Other         1,433 1,313  
NET CASH PROVIDED BY OPERATING ACTIVITIES         301,940 277,081  
INVESTING ACTIVITIES              
Development and value-add properties         (99,525) (158,709)  
Purchases of real estate properties         (38,130) 0  
Real estate improvements         (29,015) (44,002)  
Net proceeds from sales of real estate investments and non-operating real estate         42,901 3,371  
Leasing commissions         (17,287) (17,451)  
Proceeds from involuntary conversion on real estate assets         2,143 3,099  
Changes in accrued development costs         878 5,299  
Changes in other assets and other liabilities         (8,440) 495  
NET CASH USED IN INVESTING ACTIVITIES         (146,475) (207,898)  
FINANCING ACTIVITIES              
Proceeds from unsecured bank credit facilities         134,544 22,851  
Repayments on unsecured bank credit facilities         (153,389) (22,851)  
Repayments on unsecured debt         0 (50,000)  
Debt issuance costs         (32) (103)  
Distributions paid to stockholders (not including dividends accrued)         (166,902) (146,299)  
Proceeds from common stock offerings         69,300 147,006  
Common stock offering related costs         (467) (96)  
Other         (6,144) (4,299)  
NET CASH USED IN FINANCING ACTIVITIES         (123,090) (53,791)  
INCREASE IN CASH AND CASH EQUIVALENTS         32,375 15,392  
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD   $ 1,007   $ 17,529 1,007 17,529 $ 17,529
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 33,382   $ 32,921   33,382 32,921 $ 1,007
SUPPLEMENTAL CASH FLOW INFORMATION              
Cash paid for interest, net of amounts capitalized of $11,572 and $10,500 for 2026 and 2025, respectively         17,064 14,593  
Interest capitalized         11,572 10,500  
Operating Lease, Payments         1,868 1,787  
Cash paid for operating lease liabilities         848 0  
Development costs payable         15,487 22,789  
Retainage payable         7,635 9,818  
Real estate improvements and capitalized leasing costs payable         10,427 9,419  
Dividends payable         $ 84,932 $ 74,932