v3.25.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:      
Net income $ 193,266 $ 197,201 $ 182,234
Adjustment to reconcile net loss to net cash provided by operating activities:      
Depreciation and amortization 293,077 278,447 275,040
Loss on impairment 4,967 0 1,783
Gain on involuntary conversion (11,843) 0 0
Non-cash portion of interest expense 4,506 3,905 3,747
Amortization of above and below market leases, net (602) (887) (352)
Straight-line rent adjustments, net (14,447) (16,648) (17,610)
Debt extinguishment and modification expenses 36 0 21
Gain on the sales of rental property, net (32,273) (54,100) (57,487)
Non-cash compensation expense 11,740 11,486 12,068
Change in assets and liabilities:      
Tenant accounts receivable 4,607 1,915 (6,438)
Prepaid expenses and other assets (27,425) (23,870) (21,870)
Accounts payable, accrued expenses and other liabilities 22,748 (9,237) 13,531
Tenant prepaid rent and security deposits 11,935 2,880 3,264
Total adjustments 267,026 193,891 205,697
Net cash provided by operating activities 460,292 391,092 387,931
Cash flows from investing activities:      
Additions of land and buildings and improvements (624,722) (303,991) (421,784)
Acquisitions of land and buildings and improvements (150,445) (107,856) (111,653)
Acquisitions of other assets (243) 0 (2,134)
Payment to acquire operating lease right-of-use assets (3,554) 0 (3,541)
Proceeds from sales of rental property, net 126,479 105,602 135,348
Acquisitions of tenant prepaid rent 0 511 445
Acquisition deposits, net (450) 3,850 1,428
Acquisitions of deferred leasing intangibles (81,677) (18,462) (49,174)
Acquisition of operating lease liabilities 3,554 0 3,541
Net cash used in investing activities (731,058) (320,346) (447,524)
Cash flows from financing activities:      
Proceeds from unsecured credit facility 1,976,000 1,167,000 1,288,000
Repayment of unsecured credit facility (1,969,000) (940,000) (1,409,000)
Proceeds from unsecured term loans 0 0 375,000
Repayment of unsecured term loans 0 0 (325,000)
Proceeds from unsecured notes 450,000 0 400,000
Repayments of Unsecured Debt (50,000) (100,000) 0
Repayment of mortgage notes (215) (3,503) (46,943)
Payment of loan fees and costs (12,456) (270) (5,211)
Dividends and distributions (274,920) (267,567) (266,817)
Proceeds from sales of common stock, net 167,278 69,485 54,753
Repurchase and retirement of share-based compensation (1,047) (812) (1,596)
Proceeds from (Payments to) Noncontrolling Interests 651 0 0
Net cash provided by (used in) financing activities 286,291 (75,667) 63,186
Increase (decrease) in cash and cash equivalents and restricted cash 15,525 (4,921) 3,593
Cash and cash equivalents and restricted cash—beginning of period 21,868 26,789 23,196
Cash and cash equivalents and restricted cash—end of period 37,393 21,868 26,789
Supplemental disclosure:      
Interest Paid, Capitalized, Investing Activities 2,268 2,600 1,456
Interest Paid, Excluding Capitalized Interest, Operating Activities 108,817 89,979 72,740
Supplemental schedule of non-cash investing and financing activities      
Additions of land and buildings and improvements 0 0 2,674
Transfer of other assets to building and other capital improvements 0 0 (2,674)
Acquisitions of land and buildings and improvements (3,330) (66) 0
Acquisitions of deferred leasing intangibles (357) (6) 0
Additions to building and other capital improvements from involuntary conversion (14,810) 0 0
Investing other receivables due to involuntary conversion of building 2,968 (2,968) 0
Change in additions of land, building, and improvements included in accounts payable, accrued expenses and other liabilities (19,126) 2,836 (7,897)
Additions to building and other capital improvements from non-cash compensation 205 92 62
Change in loan fees, costs, and offering costs included in accounts payable, accrued expenses and other liabilities (563) (30) 192
Contributions from noncontrolling interest in joint ventures (874) 0 0
Dividends and distributions accrued 23,469 22,726 22,282
Interest Paid, Capitalized, Investing Activities 2,268 2,600 1,456
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect 15,525 (4,921) 3,593
Interest Paid, Capitalized, Investing Activities 2,268 2,600 1,456
Additions to building and other capital improvements from involuntary conversion 0 2,968 0
Payments for Capital Improvements 150,445 107,856 111,653
Payments to Acquire Commercial Real Estate 624,722 303,991 421,784
Noncash or Part Noncash Acquisition, Investments Acquired $ 874 $ 0 $ 0