v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net income $ 95,109,000 $ 70,506,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 49,239,000 39,075,000
Amortization of debt issuance costs and discounts 1,708,000 1,917,000
Share-based compensation expense 4,600,000 3,629,000
Deferred income tax expense 732,000 0
Straight-line rent revenue adjustments (1,320,000) (2,444,000)
Non-cash interest income on mortgage notes receivable (581,000) (655,000)
Other non-cash items, net 1,374,000 1,134,000
Loan and realty gains, net (109,000) (1,407,000)
Gains on dispositions of real estate properties (24,579,000) (224,000)
Gains from equity method investment 0 (1,939,000)
Changes in operating assets and liabilities:    
Other assets, net (11,153,000) 1,110,000
Accounts payable and other liabilities 3,514,000 (4,414,000)
Deferred income (121,000) 7,000
Net cash provided by operating activities 118,413,000 106,295,000
Cash flows from investing activities:    
Acquisitions of real estate properties (229,886,000) (130,984,000)
Investments in existing real estate properties and equipment (11,132,000) (4,806,000)
Proceeds from dispositions of real estate properties 92,961,000 0
Fees received on mortgage notes receivable 0 389,000
Investments in mortgage and other notes receivable (12,176,000) (25,688,000)
Repayments of mortgage and other notes receivable 12,933,000 35,365,000
Distributions received from equity method investment 0 1,939,000
Net cash used in investing activities (147,300,000) (123,785,000)
Cash flows from financing activities:    
Proceeds from revolving credit facility 449,000,000 329,000,000
Repayments of revolving credit facility (215,000,000) (282,200,000)
Repayments of term loans (125,000,000) (75,815,000)
Payments of debt issuance costs 0 (185,000)
Proceeds from issuance of common shares, net 44,934,000 123,484,000
Payments of equity issuance costs (414,000) (153,000)
Capital contributions from noncontrolling interests 700,000 56,000
Distributions paid to noncontrolling interests (317,000) (542,000)
Dividends paid to stockholders (89,021,000) (83,143,000)
Taxes paid related to net settlement of stock incentive awards (5,185,000) (191,000)
Net cash provided by financing activities 59,697,000 10,311,000
Increase (decrease) in cash, cash equivalents and restricted cash 30,810,000 (7,179,000)
Cash, cash equivalents and restricted cash at the beginning of the period 19,624,000 26,502,000
Cash, cash equivalents and restricted cash at the end of the period 50,434,000 19,323,000
Supplemental disclosures of cash flow information:    
Interest paid 25,753,000 27,042,000
Supplemental disclosures of non-cash investing and financing activities:    
Real estate properties acquired to settle mortgage note receivable 0 8,600,000
Mortgage and other notes issued in connection with dispositions of real estate properties 5,500,000 0
Right-of-use assets acquired in exchange for finance lease liabilities 243,000 0
Right-of-use assets acquired in exchange for operating lease liabilities 2,102,000 0
Changes in accounts payable related to real estate property renovations 86,000 (95,000)
Changes in accounts payable related to noncontrolling interest distributions $ 249,000 $ (80,000)