v3.26.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Cash Flows from Operating Activities    
Net income $ 185,585 $ 148,780
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 207,706 175,872
Amortization from above (below) market lease intangibles, net 33,715 26,427
Amortization from financing costs, credit facility costs and debt discount 6,426 5,401
Stock-based compensation 10,959 9,694
Straight-line accrued rent (15,226) (12,774)
Provision for impairment 7,300 10,272
Settlement of interest rate swaps 19,384 13,551
Gain on sale of assets (9,127) (3,207)
Gain on involuntary conversion (1,925) (132)
Change in accounts receivable (4,202) 1,561
Change in other assets (15,065) (16,829)
Change in accounts payable, accrued expenses, and other liabilities 35,195 34,073
Net Cash Provided by Operating Activities 460,725 392,821
Cash Flows from Investing Activities    
Acquisition of real estate investments and other assets (1,180,813) (1,089,670)
Development of real estate investments and other assets, net of reimbursements (including capitalized interest of $1,925 in 2026, $1,497 in 2025) (131,091) (102,085)
Net proceeds from involuntary conversion 3,053 0
Payment of leasing costs (1,017) (1,142)
Net proceeds from sale of assets 64,733 22,772
Net Cash Used in Investing Activities (1,245,135) (1,170,125)
Cash Flows from Financing Activities    
Proceeds from common stock offerings, net 738,409 476,046
Repurchase of common shares (6,154) (3,715)
Unsecured revolving credit facility and commercial paper notes borrowings 56,456,665 19,151,777
Unsecured revolving credit facility and commercial paper notes repayments (56,777,165) (18,920,777)
Payments of mortgage notes payable (629) (763)
Proceeds from senior unsecured notes 393,988 397,188
Payments of senior unsecured notes 0 (50,000)
Proceeds from unsecured term loans 350,000 0
Payment of Series A preferred dividends (5,578) (5,578)
Payment of common stock dividends (290,161) (251,190)
Distributions to non-controlling interest (830) (797)
Payments for financing costs (3,274) (4,408)
Net Cash Provided by Financing Activities 855,271 787,783
Change in Cash and Cash Equivalents and Cash Held in Escrow 70,861 10,479
Cash and cash equivalents and cash held in escrow, beginning of period 20,622 6,399
Cash and cash equivalents and cash held in escrow, end of period 91,483 16,878
Supplemental Disclosure of Cash Flow Information    
Cash paid for interest (net of amounts capitalized) 86,019 72,445
Cash paid for income and other tax, net of refunds 1,105 1,284
Supplemental Disclosure of Non-Cash Investing and Financing Activities    
Lease right of use assets added under new ground leases 963 1,767
Lease right of use assets removed as a result of acquisition of real property 0 2,736
Dividends and distributions payable 35,450  
Change in accrual of development, construction and other real estate investment costs 5,753 9,131
Series A Preferred Stock    
Supplemental Disclosure of Non-Cash Investing and Financing Activities    
Dividends and distributions payable 620 620
Common Stock    
Supplemental Disclosure of Non-Cash Investing and Financing Activities    
Dividends and distributions payable $ 34,830 $ 29,307