XML 12 R4.htm IDEA: XBRL DOCUMENT v3.25.3
Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Revenues:        
Rental income $ 229,773,000 $ 218,155,000 $ 686,845,000 $ 649,120,000
Interest and other income from real estate transactions 386,000 409,000 970,000 1,664,000
Total revenues 230,159,000 218,564,000 687,815,000 650,784,000
Operating expenses:        
General and administrative 11,056,000 11,209,000 35,281,000 35,582,000
Real estate 9,128,000 7,263,000 27,341,000 21,175,000
Depreciation and amortization 67,252,000 63,369,000 200,218,000 186,487,000
Leasing transaction costs 131,000 22,000 335,000 75,000
Impairment losses – real estate, net of recoveries 7,195,000 760,000 13,242,000 2,908,000
Retirement and severance costs 690,000 156,000 3,054,000 626,000
Total operating expenses 95,452,000 82,779,000 279,471,000 246,853,000
Gain on disposition of real estate 12,570,000 7,765,000 32,581,000 30,207,000
Earnings from operations 147,277,000 143,550,000 440,925,000 434,138,000
Other expenses (revenues):        
Interest and other income (2,940,000) (845,000) (3,284,000) (1,940,000)
Interest expense 53,378,000 46,491,000 150,383,000 137,137,000
Total other expenses (revenues) 50,438,000 45,646,000 147,099,000 135,197,000
Net earnings $ 96,839,000 $ 97,904,000 $ 293,826,000 $ 298,941,000
Net earnings per share:        
Basic $ 0.51 $ 0.53 $ 1.57 $ 1.63
Diluted $ 0.51 $ 0.53 $ 1.56 $ 1.63
Weighted average shares outstanding:        
Basic 187,838,711 184,007,176 187,200,093 182,757,097
Diluted 188,332,789 184,561,431 187,686,331 183,301,570
Other comprehensive income:        
Net earnings $ 96,839,000 $ 97,904,000 $ 293,826,000 $ 298,941,000
Amortization of interest rate hedges 480,000 450,000 1,409,000 1,692,000
Fair value of forward starting swap     (409,000)  
Total comprehensive income $ 97,319,000 $ 98,354,000 $ 294,826,000 $ 300,633,000