XML 19 R7.htm IDEA: XBRL DOCUMENT v3.25.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash Flows from Operating Activities    
Net income $ 148,780 $ 144,455
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 175,872 150,421
Amortization from above (below) market lease intangibles, net 26,427 24,886
Amortization from financing costs, credit facility costs and debt discount 5,401 4,610
Stock-based compensation 9,694 7,993
Straight-line accrued rent (12,774) (9,675)
Provision for impairment 10,272 7,224
Settlement of interest rate swaps 13,551 4,355
Gain on sale of assets (3,207) (11,102)
Change in accounts receivable 1,561 (6,579)
Change in other assets (16,829) (12,577)
Change in accounts payable, accrued expenses, and other liabilities 34,073 36,564
Net Cash Provided by Operating Activities 392,821 340,575
Cash Flows from Investing Activities    
Acquisition of real estate investments and other assets (1,089,670) (531,915)
Development of real estate investments and other assets, net of reimbursements (including capitalized interest of $1,497 in 2025 and $1,126 in 2024) (102,085) (67,163)
Payment of leasing costs (1,142) (1,562)
Net proceeds from sale of assets 22,772 63,573
Net Cash Used in Investing Activities (1,170,125) (537,067)
Cash Flows from Financing Activities    
Proceeds from common stock offerings, net 476,046 175,127
Repurchase of common shares (3,715) (2,262)
Unsecured revolving credit facility and commercial paper notes borrowings 19,151,777 598,000
Unsecured revolving credit facility and commercial paper notes repayments (18,920,777) (776,000)
Payments of mortgage notes payable (763) (717)
Proceeds from senior unsecured notes 397,188 444,722
Payments of senior unsecured notes (50,000)  
Payment of Series A preferred dividends (5,578) (5,578)
Payment of common stock dividends (251,190) (225,341)
Distributions to non-controlling interest (797) (778)
Payments for financing costs (4,408) (11,968)
Net Cash Provided by Financing Activities 787,783 195,205
Change in Cash and Cash Equivalents and Cash Held in Escrow 10,479 (1,287)
Cash and cash equivalents and cash held in escrow, beginning of period 6,399 14,524
Cash and cash equivalents and cash held in escrow, end of period 16,878 13,237
Supplemental Disclosure of Cash Flow Information    
Cash paid for interest, net of amounts capitalized 72,445 56,520
Cash paid for income tax, net of refunds 1,284 3,693
Supplemental Disclosure of Non-Cash Investing and Financing Activities    
Lease right of use assets added under new ground leases 1,767 961
Lease right of use assets removed as a result of acquisition of real property 2,736 0
Dividends and distributions payable 29,927  
Change in accrual of development, construction and other real estate investment costs 9,131 4,384
Series A Preferred Stock    
Supplemental Disclosure of Non-Cash Investing and Financing Activities    
Dividends and distributions payable 620 620
Common Stock    
Supplemental Disclosure of Non-Cash Investing and Financing Activities    
Dividends and distributions payable $ 29,307 $ 25,967