v3.26.3
CONSOLIDATED STATEMENTS OF CASH FLOWS - Unaudited - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2026
Mar. 31, 2026
Sep. 30, 2025
Mar. 31, 2025
Sep. 30, 2026
Sep. 30, 2025
Dec. 31, 2025
OPERATING ACTIVITIES              
Net Income $ 78,380 $ 94,624 $ 66,957 $ 59,437 $ 248,527 $ 189,707  
Adjustments to reconcile net income to net cash provided by operating activities:              
Depreciation and amortization         170,109 159,663  
Stock-based compensation expense         10,027 9,165  
Gain on sales of real estate investment         (30,074) 0  
Gain on sales of non-operating real estate         (4,709) 0  
Gain on involuntary conversion and business interruption claims         (1,950) (1,763)  
Changes in operating assets and liabilities:              
Accrued income and other assets         4,360 (11,099)  
Accounts payable, accrued expenses and prepaid rent         79,667 68,465  
Other         2,097 1,848  
NET CASH PROVIDED BY OPERATING ACTIVITIES         478,054 415,986  
INVESTING ACTIVITIES              
Development and value-add properties         (215,438) (242,121)  
Purchases of real estate properties         (148,086) (121,965)  
Real estate improvements         (44,958) (62,648)  
Net proceeds from sales of real estate investments and non-operating real estate         56,275 3,371  
Leasing commissions         (31,888) (25,978)  
Proceeds from involuntary conversion on real estate assets         2,143 3,099  
Changes in accrued development costs         1,233 (1,463)  
Changes in other assets and other liabilities         (5,270) 2,547  
NET CASH USED IN INVESTING ACTIVITIES         (385,989) (445,158)  
FINANCING ACTIVITIES              
Proceeds from unsecured bank credit facilities         436,738 136,191  
Repayments on unsecured bank credit facilities         (259,048) (91,191)  
Repayments on unsecured debt         0 (70,000)  
Debt issuance costs         (45) (116)  
Distributions paid to stockholders (not including dividends accrued)         (250,099) (219,955)  
Proceeds from common stock offerings         69,300 264,071  
Common stock offering related costs         (517) (147)  
Other         (6,147) (4,229)  
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES         (9,818) 14,624  
INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH         82,247 (14,548)  
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF PERIOD   $ 1,007   $ 17,529 1,007 17,529 $ 17,529
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD $ 83,254   $ 2,981   83,254 2,981 $ 1,007
SUPPLEMENTAL CASH FLOW INFORMATION              
Cash paid for interest, net of amounts capitalized of $17,616 and $15,889 for 2026 and 2025, respectively         21,462 17,587  
Interest capitalized         17,616 15,889  
Cash paid for operating lease liabilities         2,785 2,690  
Operating lease liabilities arising from obtaining right of use assets         848 0  
Development costs payable         14,215 15,818  
Retainage payable         9,261 10,027  
Real estate improvements and capitalized leasing costs payable         9,353 8,420  
Dividends payable         $ 96,110 $ 84,341