v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Operating activities    
Net income $ 474,346 $ 326,519
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 140,160 142,787
Amortization of items charged to interest expense 7,103 6,459
Amortization of Deferred Hedge Gains (163) 0
Accretion on investment in leases (14,739) (13,762)
Non-cash adjustment to financing lease liabilities 204 205
Losses (gains) from dispositions of property 1,170 (125)
Stock-based compensation 12,748 15,014
Straight-line rent and deferred rent adjustments 1,926 (14,845)
Provision (benefit) for credit losses, net (7,157) 92,974
Change in operating assets and liabilities    
Other assets (7,531) (8,336)
Increase, (decrease)    
Accounts payable and accrued expenses 966 582
Accrued interest 10,567 (12,130)
Accrued salaries and wages (5,424) (2,727)
Other liabilities 5,655 2,415
Net cash provided by operating activities 619,831 545,867
Investing activities    
Capital project and maintenance expenditures (296,230) (34,098)
Proceeds from sales of property, net of costs 0 125
Expenditures for property and equipment, net (9,078) 0
Acquisition of real estate (904,295) (5,000)
Originations of real estate loans (69,401) (10,669)
Principal payments on real estate loans 16,228 0
Net cash provided by (used in) investing activities (1,262,776) 500,353
Financing activities    
Dividends paid (459,697) (429,994)
Noncontrolling interest distributions 14,064 12,849
Taxes paid related to shares withheld for tax purposes on restricted stock award vestings (6,262) (14,806)
ATM Program offering costs 350,751 403,037
Repayments of long-term debt (1,280,802) (850,084)
Payments of Financing Costs (9,147)  
Payments of Premium and Related Costs on Tender of Senior Unsecured Notes   8
Net cash provided by (used in) financing activities 737,635 (904,688)
Net decrease in cash and cash equivalents 94,690 141,532
Cash and cash equivalents at beginning of period 224,314 462,632
Cash and cash equivalents at end of period 319,004 604,164
Interest and Dividend Income, Operating 0 10,837
Proceeds from Sale and Maturity of Held-to-Maturity Securities 0 549,995
Proceeds from issuance of long-term debt $ 2,156,856 $ 0