XML 19 R7.htm IDEA: XBRL DOCUMENT v3.25.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash flows from operating activities:    
Net income $ 108,760 $ 3,859
Adjustments to reconcile to net cash provided by operating activities:    
Depreciation and amortization 94,086 85,092
Amortization of market-lease intangibles and inducements, net (3,170) (2,064)
Amortization of debt discounts and financing costs 2,076 1,742
Accretion of finance lease liability 60 0
Straight-line rent adjustments, net (2,859) (2,652)
Provision for estimated credit losses 408 115
Impairment of real estate assets 0 3,854
Gain on sale of investment properties (90,961) (334)
Stock-based compensation, net 8,195 7,329
Changes in operating assets and liabilities:    
Accounts and rents receivable (2,596) 3,093
Deferred costs and other assets, net (3,558) (1,039)
Accounts payable and accrued expenses 926 1,684
Other liabilities 1,307 (787)
Net cash provided by operating activities 112,674 99,892
Cash flows from investing activities:    
Purchase of investment properties (323,308) (82,965)
Capital investments and leasing costs (30,503) (25,612)
Proceeds from sale of investment properties, net 299,504 549
Other investing activities, net (40) (253)
Net cash used in investing activities (54,347) (108,281)
Cash flows from financing activities:    
Payment of tax withholdings for stock-based compensation (2,442) (1,212)
Proceeds from sale of common stock under offering 0 257,600
Proceeds from sale of common stock under ESPP 488 280
Payment of offering costs (9) (11,792)
Distributions to stockholders (54,397) (45,324)
Proceeds from term loan 400,000 0
Repayment of term loan (400,000) 0
Proceeds from line of credit 13,000 10,000
Repayments of line of credit (13,000) (10,000)
Payoffs of mortgage debt (13,000) (88,168)
Payment of mortgage principal (219) 0
Payment of financing costs (3,603) 0
Net cash (used in) provided by financing activities (73,182) 111,384
Net (decrease) increase in cash, cash equivalents, and restricted cash (14,855) 102,995
Cash, cash equivalents, and restricted cash at the beginning of the period 91,221 99,763
Cash, cash equivalents, and restricted cash at the end of the period 76,366 202,758
Cash flow disclosure, including non-cash activities:    
Cash paid for interest, net of capitalized interest 26,720 31,266
Cash paid for income taxes, net of refunds 675 569
Distributions payable to stockholders 18,450 17,455
Accrued capital investments and leasing costs 4,900 5,008
Capitalized costs placed in service 13,312 8,129
Gross issuance of shares for stock-based compensation 7,351 4,308
Finance lease right of use assets obtained in exchange for lease liabilities 10,973 0
Purchase of investment properties:    
Net investment properties 297,167 84,136
Accounts and rents receivable, lease intangibles, and deferred costs and other assets 79,632 15,556
Accounts payable and accrued expenses, lease intangibles, and other liabilities (24,563) (4,137)
Assumption of mortgage debt, net (28,928) (12,590)
Purchase of investment properties 323,308 82,965
Assumption of mortgage principal 30,262 13,000
Capitalized acquisition costs (2,336) (361)
Credits and other changes in cash outflow, net 4,341 996
Gross acquisition price of investment properties 355,575 96,600
Sale of investment properties:    
Net investment properties 205,614 215
Accounts and rents receivable, lease intangibles, and deferred costs and other assets 4,168 0
Accounts payable and accrued expenses, lease intangibles, and other liabilities (1,239) 0
Gain on sale of investment properties 90,961 334
Proceeds from sale of investment properties, net 299,504 549
Credits and other changes in cash inflow, net 6,725 53
Gross disposition price of investment properties $ 306,229 $ 602