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CONSOLIDATED STATEMENTS OF CASH FLOWS - Unaudited - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2025
Mar. 31, 2025
Sep. 30, 2024
Mar. 31, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
OPERATING ACTIVITIES              
Net Income $ 66,957 $ 59,437 $ 55,194 $ 58,658 $ 189,707 $ 169,153  
Adjustments to reconcile net income to net cash provided by operating activities:              
Depreciation and amortization         159,663 139,749  
Stock-based compensation expense         9,165 8,277  
Gain on sales of real estate investment         0 (8,751)  
Gain on sales of non-operating real estate         0 (222)  
Gain on involuntary conversion and business interruption claims         (1,763) (1,708)  
Changes in operating assets and liabilities:              
Accrued income and other assets         (11,099) (10,630)  
Accounts payable, accrued expenses and prepaid rent         68,465 65,021  
Other         1,848 1,804  
NET CASH PROVIDED BY OPERATING ACTIVITIES         415,986 362,693  
INVESTING ACTIVITIES              
Development and value-add properties         (242,121) (181,353)  
Purchases of real estate         (121,965) (143,585)  
Real estate improvements         (62,648) (49,287)  
Net proceeds from sales of real estate investments and non-operating real estate         3,371 17,397  
Leasing commissions         (25,978) (24,748)  
Proceeds from involuntary conversion on real estate assets         3,099 2,450  
Changes in accrued development costs         (1,463) (12,950)  
Changes in other assets and other liabilities         2,547 (4,720)  
NET CASH USED IN INVESTING ACTIVITIES         (445,158) (396,796)  
FINANCING ACTIVITIES              
Proceeds from unsecured bank credit facilities         136,191 55,262  
Repayments on unsecured bank credit facilities         (91,191) (55,262)  
Repayments on unsecured debt         (70,000) (50,000)  
Debt issuance costs         (116) (3,099)  
Distributions paid to stockholders (not including dividends accrued)         (219,955) (184,030)  
Proceeds from common stock offerings         264,071 254,356  
Common stock offering related costs         (147) (142)  
Other         (4,229) (6,288)  
NET CASH PROVIDED BY FINANCING ACTIVITIES         14,624 10,797  
DECREASE IN CASH AND CASH EQUIVALENTS         (14,548) (23,306)  
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD   $ 17,529   $ 40,263 17,529 40,263 $ 40,263
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 2,981   $ 16,957   2,981 16,957 $ 17,529
SUPPLEMENTAL CASH FLOW INFORMATION              
Cash paid for interest, net of amounts capitalized of $15,889 and $14,797 for 2025 and 2024, respectively         17,587 22,631  
Cash paid for operating lease liabilities         2,690 1,783  
Interest capitalized         $ 15,889 $ 14,797