v3.26.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Operating activities    
Net income $ 688,175 $ 575,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 213,725 214,530
Amortization of items charged to interest expense 10,739 9,884
Amortization of gain on cash flow hedges and loan discounts (241) (9)
Accretion on investment in leases (22,113) (20,753)
Accretion on held to maturity investment securities 0 10,837
Non-cash adjustment to financing lease liabilities 316 317
Gains from dispositions of property (5,598) (125)
Stock-based compensation 17,443 16,565
Straight-line rent and deferred rent adjustments 6,252 (20,235)
Losses on debt extinguishment 0 3,783
Provision (benefit) for credit losses, net 29,067 55,611
Proceeds from swap termination 0 967
Change in operating assets and liabilities    
Other assets (5,972) (17,401)
Accounts payable and accrued expenses 1,573 1,146
Accrued interest (32,243) (50,729)
Accrued salaries and wages (4,103) 1,292
Other liabilities 2,506 5,493
Net cash provided by operating activities 899,526 786,173
Investing activities    
Capital project and maintenance expenditures (472,552) (57,451)
Proceeds from sales of property, net of costs 11,567 125
Expenditures for property and equipment, net (9,078) 0
Acquisition of real estate (904,295) (135,000)
Originations of real estate loans (90,997) (24,186)
Principal repayments on real estate loans 16,456 0
Maturities of held to maturity investment securities 0 549,995
Net cash provided by (used in) investing activities (1,448,899) 333,483
Financing activities    
Dividends paid (698,412) (650,934)
Noncontrolling interest distributions (21,183) (19,341)
Taxes paid related to shares withheld for tax purposes on restricted stock award vestings (6,421) (14,821)
ATM Program offering costs 350,751 402,902
Proceeds from issuance of long-term debt 2,156,856 1,292,161
Payments of Financing Costs (9,147) (12,441)
Repayments of long-term debt (1,281,633) (1,825,152)
Premium and related costs paid on debt extinguishment 0 (2,947)
Net cash provided by (used in) financing activities 490,811 (830,573)
Net decrease in cash and cash equivalents (58,562) 289,083
Cash and cash equivalents at beginning of period 224,314 462,632
Cash and cash equivalents at end of period $ 165,752 $ 751,715