v3.26.3
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Dec. 31, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:          
Net income $ 17,009 $ 8,778 $ 18,573 $ 44,529  
Adjustments to reconcile net income to net cash provided by operating activities:          
Gain on investment property transactions     (8,616) 0  
Depreciation and amortization 103,258 105,272 316,509 308,276  
Amortization of deferred financing costs, debt premiums, and debt discounts, net     4,174 3,313  
Equity-classified stock-based compensation expense, net of forfeitures     13,437 13,113  
Effect of non-cash adjustments to rental revenues     (60,424) (65,726)  
Loss from unconsolidated joint ventures 2,101 2,682 6,958 6,152  
Operating distributions from unconsolidated joint ventures     2,392 1,310  
Operating Property Impairment 0 0 36,600 0  
Changes in other operating assets and liabilities, net of acquisitions:          
Change in receivables and other assets, net     (11,098) (5,865)  
Change in operating liabilities, net     (10,211) (17,299)  
Net cash provided by operating activities     308,294 287,803  
CASH FLOWS FROM INVESTING ACTIVITIES:          
Capital expenditures     (198,719) (180,460)  
Property acquisitions     (367,135) (247,845)  
Property dispositions     271,239 0  
Proceeds from borrower repayment of investments in real estate debt     18,218 150,791  
Investments in real estate debt     0 (20,338)  
Return of capital distributions from unconsolidated joint ventures     15,865 0  
Contributions to unconsolidated joint ventures     (5,237) (37,660)  
Net cash used in investing activities     (265,769) (335,512)  
CASH FLOWS FROM FINANCING ACTIVITIES:          
Proceeds from credit facility     986,900 389,115  
Repayment of credit facility     (988,100) (417,732)  
Bond issuance, net of original issue discount     496,295 499,935  
Repayment of term loans     (150,000) 0  
Purchase of shares under share repurchase program     (90,044) 0  
Repayment of senior notes     0 (250,000)  
Repayment of mortgages     (104,191) (5,044)  
Repurchase of shares withheld for taxes on restricted stock vestings     (1,681) (1,908)  
Payment of deferred financing costs     (12,081) (5,802)  
Payment of issuance of common stock costs     0 (315)  
Common dividends paid     (160,631) (162,054)  
Contributions from noncontrolling interests     0 7  
Distributions to noncontrolling interests     (950) (1,167)  
Acquisition of partners' noncontrolling interests     (18,549) 0  
Net cash provided by (used in) financing activities     (43,032) 45,035  
NET INCREASE IN CASH AND CASH EQUIVALENTS     (507) (2,674)  
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD     5,720 7,349 $ 7,349
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 5,213 $ 4,675 $ 5,213 $ 4,675 $ 5,720