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 $ 15,565 $ 105,846
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 109,510 87,080
Non-cash rental and related revenues (5,253) (6,331)
Non-cash interest income 1 7
Non-cash interest expense 4,738 3,455
Stock-based compensation expense 7,187 5,415
Provision for (recovery of) loan losses and other reserves 102,232 (400)
Net gain on sales of real estate (37,717) (9,974)
Impairment of real estate 440 4,103
Income from unconsolidated joint ventures (4,136) (1,050)
Distributions of earnings from unconsolidated joint ventures 4,220 4,022
Other non-cash items 0 (17,190)
Changes in operating assets and liabilities:    
Accounts receivable, prepaid expenses and other assets, net (11,922) (6,867)
Accounts payable and accrued liabilities (683) (6,894)
Net cash provided by operating activities 184,182 161,222
Cash flows from investing activities:    
Acquisition of real estate and lease intangibles (292,529) (61,137)
Origination and fundings of loans receivable (994) (3,110)
Origination and fundings of preferred equity investments (669) (9)
Additions to real estate (25,160) (13,569)
Escrow deposits for potential investments (400) 0
Repayments of loans receivable 205,081 7,048
Repayments of preferred equity investments 2,346 1,369
Investment in unconsolidated joint ventures 0 (1,241)
Net proceeds from the sales of real estate 93,601 3,573
Proceeds from net investment hedges 0 4,462
Insurance proceeds 136 1,038
Net cash used in investing activities (18,588) (61,576)
Cash flows from financing activities:    
Net borrowings from revolving credit facility 100,800 55,144
Principal payments on secured debt (1,066) (1,038)
Payments of deferred financing costs (92) (80)
Contributions from noncontrolling interests 2 0
Distributions to noncontrolling interests (119) 0
Payment of contingent consideration (1,178) 0
Issuance of common stock, net 47,705 24,211
Dividends paid on common stock (151,314) (142,754)
Net cash used in financing activities (5,262) (64,517)
Net increase in cash, cash equivalents and restricted cash 160,332 35,129
Effect of foreign currency translation on cash, cash equivalents and restricted cash (132) 184
Cash, cash equivalents and restricted cash, beginning of period 78,140 66,339
Cash, cash equivalents and restricted cash, end of period 238,340 101,652
Supplemental disclosure of cash flow information:    
Interest paid 53,775 49,747
Supplemental disclosure of non-cash investing activities:    
Decrease in loans receivable and other investments due to acquisition of real estate $ 16,600 $ 0