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CONSOLIDATED STATEMENTS OF CASH FLOWS - Unaudited - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
OPERATING ACTIVITIES      
Net Income $ 94,624 $ 59,437  
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 55,497 52,520  
Stock-based compensation expense 4,159 4,232  
Gain on sales of real estate investment (24,885) 0  
Gain on involuntary conversion and business interruption claims (1,950) (1,763)  
Changes in operating assets and liabilities:      
Accrued income and other assets 9,768 168  
Accounts payable, accrued expenses and prepaid rent 4,467 18,603  
Other 666 511  
NET CASH PROVIDED BY OPERATING ACTIVITIES 142,346 133,708  
INVESTING ACTIVITIES      
Development and value-add properties (45,312) (56,346)  
Purchases of real estate (38,130) 0  
Real estate improvements (15,623) (19,795)  
Net proceeds from sales of real estate investments and non-operating real estate 36,291 0  
Leasing commissions (7,164) (11,085)  
Proceeds from involuntary conversion on real estate assets 2,143 3,099  
Changes in accrued development costs (4,729) 7,209  
Changes in other assets and other liabilities 329 804  
NET CASH USED IN INVESTING ACTIVITIES (72,195) (76,114)  
FINANCING ACTIVITIES      
Proceeds from unsecured bank credit facilities 111,627 12,406  
Repayments on unsecured bank credit facilities (130,472) (12,406)  
Repayments on unsecured debt 0 (50,000)  
Debt issuance costs (19) (91)  
Distributions paid to stockholders (not including dividends accrued) (83,684) (73,205)  
Proceeds from common stock offerings 69,300 72,908  
Common stock offering related costs (411) (59)  
Other (6,141) (4,161)  
NET CASH USED IN FINANCING ACTIVITIES (39,800) (54,608)  
INCREASE IN CASH AND CASH EQUIVALENTS 30,351 2,986  
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 1,007 17,529 $ 17,529
CASH AND CASH EQUIVALENTS AT END OF PERIOD 31,358 20,515 $ 1,007
SUPPLEMENTAL CASH FLOW INFORMATION      
Cash paid for interest, net of amounts capitalized of $5,923 and $5,160 for 2026 and 2025, respectively 4,430 2,970  
Interest capitalized 5,923 5,160  
Cash paid for operating lease liabilities 983 822  
Development costs payable 10,214 22,679  
Retainage payable 7,300 11,838  
Real estate improvements and capitalized leasing costs payable 8,007 9,593  
Dividends payable $ 84,658 $ 74,153