v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows - operating activities    
Net income $ 60,361 $ 54,141
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation and amortization 32,750 29,049
Gain on exchange of nonfinancial assets (377) 0
Non-cash revenue adjustments 1,011 964
Amortization of financing costs 1,688 1,568
Stock-based compensation expense 5,068 4,761
Deferred income taxes (76) (69)
Changes in assets and liabilities:    
Derivative assets and liabilities (25) (37)
Straight-line rent adjustment (1,248) (1,563)
Rent received in advance (1,684) 8,843
Intangible assets (lease incentive payments) (48) (70)
Other assets and liabilities 409 (2,268)
Net cash provided by operating activities 97,829 95,319
Cash flows - investing activities    
Purchases of real estate investments (85,515) (144,322)
Changes in acquisition deposits (4,600) (350)
Net cash used in investing activities (90,115) (144,672)
Cash flows - financing activities    
Proceeds from ATM equity issuance, net of issuance costs 39,136 61,993
Payment of deferred financing costs (2,498) (6,712)
Proceeds from term loan borrowing 50,000 75,000
Proceeds from revolving credit facility 4,000 88,000
Repayment of revolving credit facility (4,000) (93,000)
Payment of dividends to shareholders (79,696) (70,767)
Distributions to non-controlling interests (85) (81)
Employee shares withheld for taxes (1,925) (3,180)
Net cash provided by financing activities 4,932 51,253
Net increase in cash and cash equivalents, including restricted cash 12,646 1,900
Cash and cash equivalents, including restricted cash, at beginning of period 12,144 4,081
Cash and cash equivalents, including restricted cash, at end of period 24,790 5,981
Supplemental disclosures:    
Interest paid 27,105 29,012
Income taxes paid 448 503
Operating lease payments received (lessor) 133,876 121,064
Operating lease payments remitted (lessee) 463 426
Non-cash activities:    
Dividends declared but not paid 80,369 36,210
Change in fair value of derivative instruments $ 10,526 $ (13,826)