v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
OPERATING ACTIVITIES      
Net income $ 71,370 $ 72,819 $ 64,690
Adjustments to reconcile net income to net cash provided by operating activities:      
Deferred rent revenue and amortization of lease intangibles 920 (5,781) (7,239)
Depreciation and amortization 127,312 125,461 119,500
Amortization of debt issuance costs and debt discounts 2,891 3,652 3,388
Provision for uncollectable rental income 540 1,517 1,439
Gain on sale of real estate (44,476) 0 0
Stock-based compensation expense 7,397 7,110 8,838
Settlement of treasury locks 0 (1,345) 0
Other noncash interest expense, net (1,031) (377) (1,149)
Other, net 3,233 1,161 266
Changes in operating assets and liabilities      
Change in accounts receivable 726 (1,787) (870)
Change in other assets (1,225) (1,266) (1,141)
Change in accounts payable and accrued expenses (1,160) 5,577 765
Change in security deposits payable 931 140 181
Change in other liabilities and deferred credits (313) 225 83
Net cash provided by operating activities 167,115 207,106 188,751
INVESTING ACTIVITIES      
Acquisition of real estate, net (67,879) 0 0
Capital expenditures (72,255) (70,205) (82,980)
Proceeds from sale of real estate, net of selling costs 117,784 0 0
Leasing commissions (8,165) (7,202) (6,907)
Net cash used in investing activities (30,515) (77,407) (89,887)
FINANCING ACTIVITIES      
Proceeds from unsecured line of credit 0 100,000 0
Repayment of unsecured line of credit 0 (100,000) (36,000)
Proceeds from unsecured term loan 0 0 225,000
Repayment of unsecured term loan (225,000) 0 (150,000)
Proceeds from unsecured notes payable 0 523,273 0
Repayment of unsecured notes payable (100,000) (200,000) 0
Debt issuance costs (250) (5,388) (2,145)
Dividends paid to common stock and unitholders (105,254) (103,368) (101,571)
Shares withheld for employee taxes (2,393) (1,445) (831)
Net cash (used in) provided by financing activities (432,897) 213,072 (65,547)
Net (decrease) increase in cash, cash equivalents (296,297) 342,771 33,317
Cash and cash equivalents, beginning of year 425,659 82,888 49,571
Cash and cash equivalents, end of year $ 129,362 $ 425,659 $ 82,888