v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ (24,670) $ 21,093
Adjustments to reconcile net income to net cash provided by operating activities:    
Loss on investment property transaction 47 0
Depreciation and amortization 108,406 102,114
Amortization of deferred financing costs, debt premiums, and debt discounts, net 1,218 1,113
Equity-classified stock-based compensation expense, net of forfeitures 6,016 6,042
Effect of non-cash adjustments to rental revenues (22,383) (23,929)
Loss from unconsolidated joint ventures 2,642 1,883
Operating distributions from unconsolidated joint ventures 232 749
Changes in other operating assets and liabilities, net of acquisitions:    
Operating Property Impairment 36,600 0
Change in receivables and other assets, net (4,112) (8,770)
Change in operating liabilities, net (63,536) (55,537)
Net cash provided by operating activities 40,460 44,758
CASH FLOWS FROM INVESTING ACTIVITIES:    
Proceeds from Sale of Other Real Estate 37,683 0
Capital expenditures (59,659) (54,347)
Property acquisitions (317,261) (593)
Proceeds from borrower repayment of investments in real estate debt 18,218 150,791
Investments in real estate debt 0 (207)
Contributions to unconsolidated joint ventures (1,956) (8,528)
Net cash provided by (used in) investing activities (322,975) 87,116
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from credit facility 898,000 142,000
Repayment of credit facility (807,500) (215,631)
Bond issuance, net of original issue discount 496,295 0
Repayment of term loans (150,000) 0
Purchase of shares under share repurchase program (90,044) 0
Repayment of mortgages (1,725) (1,666)
Repurchase of shares withheld for taxes on restricted stock vestings (1,676) (1,907)
Payment of deferred financing costs (4,471) (1,439)
Common dividends paid (55,305) (54,571)
Contributions from noncontrolling interests 0 7
Distributions to noncontrolling interests (483) (371)
Equity Issuances 0 (315)
Net cash provided by (used in) financing activities 283,091 (133,893)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 576 (2,019)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 5,720 7,349
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 6,296 $ 5,330