v3.25.4
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenues      
Rental income $ 1,001,965 $ 887,910 $ 826,394
Interest income 175,112 157,207 119,888
Miscellaneous income 13,022 6,273 3,458
Total revenues 1,190,099 1,051,390 949,740
Expenses      
Depreciation and amortization 325,247 304,648 319,682
General and administrative 104,137 88,001 81,504
Real estate taxes 14,438 14,561 15,025
Acquisition, merger and transition related costs 4,219 11,615 5,341
Impairment on real estate properties 22,610 23,831 91,943
Provision (recovery) for credit losses 2,336 (15,483) 44,556
Interest expense 215,035 221,716 235,529
Total expenses 688,022 648,889 793,580
Other income (expense)      
Other income - net 50,058 6,826 20,297
Gain (loss) on debt extinguishment 4,995 (1,749) (492)
Gain on assets sold - net 67,303 13,168 79,668
Total other income 122,356 18,245 99,473
Income before income tax expense and income from unconsolidated entities 624,433 420,746 255,633
Income tax expense (14,748) (10,858) (6,255)
(Loss) income from unconsolidated entities (218) 7,916 (582)
Net income 609,467 417,804 248,796
Net income attributable to noncontrolling interest (19,282) (11,478) (6,616)
Net income available to common stockholders $ 590,185 $ 406,326 $ 242,180
Basic:      
Net income available to common stockholders $ 1.96 $ 1.57 $ 1.01
Diluted:      
Net income available to common stockholders $ 1.94 $ 1.55 $ 1