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 $ 76,661 $ 57,101
Adjustments to reconcile net income to net cash provided by (used in) operating activities    
Depreciation and amortization 37,383 36,891
Impairment loss on real estate 0 3,527
Loss (gain) on sale of real estate, net (12,269) 0
Paid-in-kind dividends and interest income on life science investments (2,548) 0
Stock-based compensation 5,410 4,750
Amortization of debt discount and issuance costs 1,787 946
Other non-cash adjustments (1,847) 5
Changes in assets and liabilities    
Other assets, net 2,915 3,719
Accounts payable, accrued expenses and other liabilities (947) 1,281
Rent received in advance and tenant security deposits (5,597) (5,529)
Net cash provided by (used in) operating activities 100,948 102,691
Cash flows from investing activities    
Investments in real estate 0 (7,857)
Investments in life science financial instruments (120,000) 0
Proceeds from sale of real estate assets 45,192 1,750
Funding of draws for improvements and construction (3,591) (16,547)
Purchases of short-term investments 0 (5,258)
Maturities of short-term investments 0 5,000
Net cash provided by (used in) investing activities (78,399) (22,912)
Cash flows from financing activities    
Issuance of common stock, net of issuance costs 44,031 0
Repurchase of common stock (88,969) (20,108)
Issuance of preferred stock, net of issuance costs 81,215 13,211
Proceeds from issuance of exchangeable notes 402,500 0
Proceeds from term loans 148,660 0
Principal payments on debt and term loans (311,274) (8,697)
Draws on revolving credit facilities 125,000 0
Repayments on revolving credit facilities (135,000) 0
Payment of deferred financing costs (15,320) 0
Dividends paid to common stockholders (108,223) (108,716)
Dividends paid to preferred stockholders (3,790) (1,345)
Taxes paid related to net share settlement of equity awards (1,339) (703)
Net cash provided by (used in) financing activities 137,491 (126,358)
Net increase (decrease) in cash, cash equivalents and restricted cash 160,040 (46,579)
Cash and cash equivalents, beginning of period 47,597 146,245
Cash, cash equivalents and restricted cash, end of period 207,637 99,666
Supplemental disclosure of cash flow information:    
Cash paid during the period for interest, net of interest capitalized 13,085 8,058
Supplemental disclosure of non-cash investing and financing activities:    
Accrual for current-period additions to real estate 140 4,402
Accrual for common and preferred stock dividends declared $ 56,314 $ 54,661