v3.26.3
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Cash flow from operating activities:    
Net income $ 17,936 $ 30,326
Adjustments to reconcile net income to net cash flow provided by operating activities:    
Depreciation and amortization 81,865 50,279
Amortization and write-off of debt issuance costs 1,731 1,067
Stock -based compensation 8,723 9,767
Assumption of buildings due to ground lease terminations (960) (704)
Gain on disposition of real estate 0 (42)
Net change in accounts receivable (2,421) (4,248)
Net change in accounts payable and accrued expenses 1,687 9,107
Net change in other operating assets and liabilities 1,674 3,180
Total adjustments 92,299 68,406
Net cash flow provided by operating activities 110,235 98,732
Cash flow from investing activities:    
Real estate acquired, net of liabilities and cash assumed (745,371) (613,672)
Acquisition escrow deposits (7,118) (4,688)
Real estate improvements to operating real estate (17,897) (9,981)
Proceeds from disposition of real estate 0 53
Net cash flow used for investing activities (770,386) (628,288)
Cash flow from financing activities:    
Proceeds from term loan 0 250,000
Proceeds from unsecured notes 172,000 150,000
Payment of debt issuance costs (96) (2,854)
Proceeds from issuance of common stock 383,870 0
Common stock offering expenses (1,906) (383)
Taxes withheld for vested restricted stock (3,701) (3,077)
Dividends paid (56,736) (60,427)
Net cash flow provided by financing activities 493,431 333,259
Net decrease in cash and cash equivalents (166,720) (196,297)
Cash, cash equivalents and restricted cash, beginning of period 289,553 626,409
Cash, cash equivalents and restricted cash, end of period $ 122,833 $ 430,112