v3.25.4
Consolidated Statements of Operations - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenues:      
Rental revenue $ 527,534 $ 425,749 $ 339,897
Interest on loans and direct financing lease receivables 31,625 23,409 18,128
Other revenue, net 2,060 452 1,570
Total revenues 561,219 449,610 359,595
Expenses:      
General and administrative 40,864 35,161 30,678
Property expenses 7,576 4,997 4,663
Depreciation and amortization 153,602 122,161 102,219
Provision for impairment of real estate 11,997 14,845 3,548
Change in provision for credit losses 108 230 (99)
Total expenses 214,147 177,394 141,009
Other operating income:      
Gain on dispositions of real estate, net 12,849 5,977 24,167
Income from operations 359,921 278,193 242,753
Other (expense)/income:      
Loss on debt extinguishment 0 0 (116)
Interest expense (108,083) (78,544) (52,597)
Interest income 2,537 3,069 2,011
Other income 0 1,548 0
Income before income tax expense 254,375 204,266 192,051
Income tax expense 644 628 636
Net income 253,731 203,638 191,415
Net income attributable to non-controlling interests (718) (634) (708)
Net income attributable to stockholders $ 253,013 $ 203,004 $ 190,707
Basic weighted average shares outstanding (in shares) 196,051,237 173,855,427 152,140,735
Basic net income per share (in USD per share) $ 1.29 $ 1.16 $ 1.25
Diluted weighted average shares outstanding (in shares) 198,054,768 177,115,170 153,521,854
Diluted net income per share (in USD per share) $ 1.28 $ 1.15 $ 1.24