v3.25.4
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Real estate investments, at cost:    
Land and improvements $ 2,200,829 $ 1,865,610
Building and improvements 4,388,959 3,536,000
Lease incentives 24,154 17,903
Construction in progress 49,881 153,789
Intangible lease assets 99,217 94,047
Total real estate investments, at cost 6,763,040 5,667,349
Less: accumulated depreciation and amortization (612,674) (476,827)
Total real estate investments, net 6,150,366 5,190,522
Loans and direct financing lease receivables, net 401,323 352,066
Real estate investments held for sale, net 2,635 10,018
Net investments 6,554,324 5,552,606
Cash and cash equivalents 60,181 40,713
Restricted cash 10,184 4,265
Straight-line rent receivable, net 191,008 143,435
Derivative assets 7,861 27,714
Rent receivables, prepaid expenses and other assets, net 39,465 29,949
Total assets [1] 6,863,023 5,798,682
LIABILITIES AND EQUITY    
Unsecured term loans, net of deferred financing costs 1,725,010 1,721,114
Senior unsecured notes, net 786,708 396,403
Revolving credit facility 0 0
Intangible lease liabilities, net 10,766 10,700
Dividend payable 65,391 55,608
Derivative liabilities 26,226 7,585
Accrued liabilities and other payables 41,028 35,145
Total liabilities [1] 2,655,129 2,226,555
Commitments and contingencies (see Note 11)
Stockholders' equity:    
Preferred stock, $0.01 par value per share; 150,000,000 authorized; none issued and outstanding as of December 31, 2025 and 2024 0 0
Common stock, $0.01 par value per share; 500,000,000 authorized; 209,702,433 and 187,537,592 issued and outstanding as of December 31, 2025 and 2024, respectively 2,097 1,875
Additional paid-in capital 4,328,137 3,658,219
Distributions in excess of cumulative earnings (109,261) (113,302)
Accumulated other comprehensive (loss) income (20,979) 16,886
Total stockholders' equity 4,199,994 3,563,678
Non-controlling interests 7,900 8,449
Total equity 4,207,894 3,572,127
Total liabilities and equity $ 6,863,023 $ 5,798,682
[1] The Company's consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIEs"). See Note 2Summary of Significant Accounting Policies. As of December 31, 2025 and 2024, all of the assets and liabilities of the Company were held by its operating partnership, a consolidated VIE, with the exception of $65.1 million and $55.4 million, respectively, of dividends payable.