v3.26.3
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Cash flows from operating activities    
Net income $ 108,556,000 $ 86,406,000
Adjustments to reconcile net income to net cash provided by (used in) operating activities    
Depreciation and amortization 56,955,000 55,530,000
Impairment loss on real estate 567,000 3,527,000
Loss (gain) on sale of real estate, net (12,269,000) 0
Paid-in-kind dividends and interest income on life science investments (5,083,000) 0
Stock-based compensation 8,721,000 7,434,000
Amortization of debt discount and issuance costs 3,402,000 1,431,000
Other non-cash adjustments (3,520,000) 17,000
Changes in assets and liabilities    
Other assets, net (3,601,000) (2,836,000)
Accounts payable, accrued expenses and other liabilities 5,454,000 2,753,000
Rent received in advance and tenant security deposits (8,781,000) (5,980,000)
Net cash provided by (used in) operating activities 150,401,000 148,282,000
Cash flows from investing activities    
Investments in real estate 0 (7,857,000)
Investments in life science debt instruments (108,520,000) (100,235,000)
Investments in life science equity securities (150,000,000) (5,000,000)
Proceeds from sale of real estate assets 45,192,000 1,750,000
Funding of draws for improvements and construction (6,039,000) (20,976,000)
Purchases of short-term investments 0 (5,258,000)
Maturities of short-term investments 0 5,000,000
Net cash provided by (used in) investing activities (219,367,000) (132,576,000)
Cash flows from financing activities    
Issuance of common stock, net of issuance costs 44,031,000 0
Repurchase of common stock (88,969,000) (20,108,000)
Issuance of preferred stock, net of issuance costs 81,215,000 19,111,000
Proceeds from issuance of exchangeable notes 402,500,000 0
Proceeds from term loans 148,660,000 0
Principal payments on debt and term loans (318,313,000) (8,697,000)
Draws on revolving credit facilities 220,000,000 50,000,000
Repayments on revolving credit facilities (135,000,000) 0
Payment of deferred financing costs (17,820,000) 0
Dividends paid to common stockholders (161,350,000) (162,499,000)
Dividends paid to preferred stockholders (6,977,000) (2,223,000)
Taxes paid related to net share settlement of equity awards (1,348,000) (864,000)
Net cash provided by (used in) financing activities 166,629,000 (125,280,000)
Net increase (decrease) in cash, cash equivalents and restricted cash 97,663,000 (109,574,000)
Cash and cash equivalents, beginning of period 47,597,000 146,245,000
Cash, cash equivalents and restricted cash, end of period 145,260,000 36,671,000
Supplemental disclosure of cash flow information    
Cash paid during the period for interest, net of interest capitalized 17,535,000 8,019,000
Supplemental disclosure of non-cash investing and financing activities    
Accrual for current-period additions to real estate 354,000 3,541,000
Accrual for common and preferred stock dividends declared $ 56,314,000 $ 54,793,000