v3.26.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Operating activities    
Net income $ 114,786 $ 64,388
Adjustments to reconcile net income including non-controlling interests to net cash provided by operating activities:    
Depreciation and amortization including intangibles associated with investment in rental property 138,367 118,865
Provision for impairment of investment in rental properties 5,019 35,067
Amortization of debt issuance costs and original issuance discounts charged to interest expense 4,897 3,923
Stock-based compensation expense 8,701 7,106
Settlement of interest rate swaps 0 (6,712)
Straight-line rent, direct financing and sales-type lease adjustments (13,748) (13,465)
Gain on sale of real estate (23,707) (4,230)
Other non-cash items (10,249) 7,902
Changes in assets and liabilities:    
Tenant and other receivables 1,319 (291)
Prepaid expenses and other assets (3,069) (2,579)
Accounts payable and other liabilities (8,053) 1,303
Accrued interest payable 7,634 3,652
Net cash provided by operating activities 221,897 214,929
Investing activities    
Acquisition of rental property (123,595) (255,784)
Investment in property under development including capitalized interest of $11,577 and $2,948 in 2026 and 2025, respectively (359,810) (165,517)
Capital expenditures and improvements (36,947) (23,122)
Proceeds from disposition of rental property, net 80,718 58,557
Change in deposits on investments in rental property 983 (4,781)
Net cash used in investing activities (438,651) (390,647)
Financing activities    
Offering costs, discounts, and commissions (951) (215)
Contributions from non-controlling interests 383 1,730
Proceeds from unsecured term loans and senior unsecured notes 100,000 844,841
Principal payments on mortgages and unsecured term loans (16,455) (419,707)
Borrowings on unsecured revolving credit facility 624,000 514,300
Repayments on unsecured revolving credit facility (332,000) (513,800)
Cash distributions paid to stockholders (167,675) (163,852)
Cash distributions paid to non-controlling interests (8,195) (7,832)
Debt issuance costs paid (2,218) (12,420)
Net cash provided by financing activities 196,889 243,045
Net (decrease) increase in cash and cash equivalents and restricted cash (19,865) 67,327
Cash and cash equivalents and restricted cash at beginning of period 33,642 15,993
Cash and cash equivalents and restricted cash at end of period 13,777 83,320
Reconciliation of cash and cash equivalents and restricted cash    
Cash and cash equivalents at beginning of period 30,540 14,845
Restricted cash at beginning of period 3,102 1,148
Cash and cash equivalents and restricted cash at beginning of period 33,642 15,993
Cash and cash equivalents at end of period 12,189 81,966
Restricted cash at end of period 1,588 1,354
Cash and cash equivalents and restricted cash at end of period $ 13,777 $ 83,320