v3.26.3
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Cash flows from operating activities:    
Net income $ 195,088 $ 185,453
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 136,244 112,559
Amortization of lease incentives 1,383 1,511
Amortization of above/below market leases and right of use assets, net (185) (133)
Amortization of deferred financing costs and other non-cash interest expense 6,375 5,432
Loss on debt extinguishment 138 0
Provision for impairment of real estate 33,227 7,934
Change in provision for credit losses 3,453 83
Gain on dispositions of real estate, net (14,200) (8,421)
Straight-line rent receivable, net (49,066) (39,178)
Equity-based compensation expense 12,778 11,018
Adjustment to rental revenue for tenant credit 6,242 2,753
Changes in other assets and liabilities:    
Rent receivables, prepaid expenses and other assets, net (16,591) (3,791)
Accrued liabilities and other payables 13,114 713
Net cash provided by operating activities 328,000 275,933
Cash flows from investing activities:    
Proceeds from sales of investments, net 80,740 80,510
Principal collections on loans and direct financing lease receivables 36,431 10,200
Investments in loans receivable (129,909) (79,858)
Deposits for prospective real estate investments (3,086) (7,307)
Investment in real estate, including capital expenditures (831,893) (832,647)
Investment in construction in progress (64,764) (84,830)
Lease incentives paid (2,045) (2,853)
Net cash used in investing activities (914,526) (916,785)
Cash flows from financing activities:    
Borrowings under revolving credit facility 948,537 665,000
Repayments under revolving credit facility (460,000) (545,000)
Repayment of unsecured term loan (430,000) 0
Proceeds from issuance of senior unsecured notes, net 389,876 390,668
Payments for taxes related to net settlement of equity awards (9,145) (6,409)
Payment of deferred financing costs (2,012) (8,574)
Proceeds from issuance of common stock, net 312,228 298,809
Offering costs (609) (679)
Dividends and distributions paid (203,119) (174,099)
Net cash provided by financing activities 545,756 619,716
Net decrease in cash and cash equivalents and restricted cash (40,770) (21,136)
Cash and cash equivalents and restricted cash, beginning of period 70,365 44,978
Cash and cash equivalents and restricted cash, end of period 29,595 23,842
Reconciliation of cash and cash equivalents and restricted cash:    
Cash and cash equivalents 25,222 23,842
Restricted cash 4,373 0
Cash and cash equivalents and restricted cash, end of period 29,595 23,842
Supplemental disclosure of cash flow information:    
Cash paid for interest, net of amounts capitalized 86,155 72,354
Cash paid for income taxes 1,438 1,106
Non-cash investing and financing activities:    
Reclassification from construction in progress upon project completion 75,227 191,408
Net settlement of proceeds on the sale of investments (2,375) (1,650)
Non-cash investment in real estate and loan receivable activity 3,576 18,294
Transfer from real estate to direct financing lease receivable 285 0
Contribution of real estate in exchange for OP Units 36,569 0
Unrealized gain (loss) on cash flow hedges 43,273 (24,941)
Non-cash deferred financing costs 5,063 2,600
Accrued offering and deferred financing costs 414 213
Dividends and distributions declared and unpaid $ 71,469 $ 59,836