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FY2025
12 months to Dec 31, 2025
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FY2024
12 months to Dec 31, 2024
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FY2023
12 months to Dec 31, 2023
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|---|---|---|---|
| Operating activities | |||
| Net income | |||
| Adjustments to reconcile net income including non-controlling interests to net cash provided by operating activities: | |||
| Depreciation and amortization including intangibles associated with investment in rental property | |||
| Provision for impairment of investment in rental properties | |||
| Amortization of debt issuance costs and original issuance discounts charged to interest expense | |||
| Stock-based compensation expense | |||
| Settlement of interest rate swaps | |||
| Straight-line rent, direct financing and sales-type lease adjustments | |||
| Cash paid for earnout liability | |||
| Other non-cash items | |||
| Changes in assets and liabilities: | |||
| Tenant and other receivables | |||
| Prepaid expenses and other assets | |||
| Accounts payable and other liabilities | |||
| Accrued interest payable | |||
| Net cash provided by operating activities | |||
| Investing activities | |||
| Acquisition of rental property | |||
| Investment in property under development including capitalized interest of $5,271, $3,871, and $1,469 in 2025, 2024 and 2023, respectively | |||
| Capital expenditures and improvements | |||
| Proceeds from disposition of rental property, net | |||
| Change in deposits on investments in rental property | |||
| Net cash (used in) provided by investing activities | |||
| Financing activities | |||
| Contributions from non-controlling interests | |||
| Borrowings on mortgages, senior unsecured notes and unsecured term loans | |||
| Borrowings on senior unsecured notes and unsecured term loans | |||
| Principal payments on mortgages and unsecured term loans | |||
| Borrowings on unsecured revolving credit facility | |||
| Repayments on unsecured revolving credit facility | |||
| Cash distributions paid to stockholders | |||
| Cash distributions paid to non-controlling interests | |||
| Cash paid for earnout liability | |||
| Debt issuance and extinguishment costs paid | |||
| Debt issuance costs paid | |||
| Net cash provided by (used in) financing activities | |||
| Net increase (decrease) in cash and cash equivalents and restricted cash | |||
| Cash and cash equivalents and restricted cash at beginning of period | |||
| Cash and cash equivalents and restricted cash at end of period | |||
| Cash and cash equivalents at end of period | |||
| Restricted cash at end of period | |||
| Reconciliation of cash and cash equivalents and restricted cash | |||
| Cash and cash equivalents at beginning of period | |||
| Restricted cash at beginning of period |
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