v3.26.1
Condensed Consolidated Statements of Income - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Revenues        
Rental income $ 366,204 $ 339,527 $ 722,726 $ 679,779
Interest income from mortgaged real estate 52,854 47,926 105,556 95,690
Sales-type Lease, Interest Income, Lease Receivable 3,837 3,762 7,675 7,522
Interest and Fee Income, Loans, Real Estate Construction 7,624 3,661 14,547 7,120
Total income from real estate 430,519 394,876 850,504 790,111
Operating expenses        
Land rights and ground lease expense 14,149 13,942 27,947 27,497
General and administrative 13,245 15,907 31,183 34,620
Losses (gains) from dispositions of property 1,170 0 1,170 (125)
Depreciation 66,583 69,235 131,620 134,247
Provision (benefit) for credit losses, net 2,980 53,728 (7,157) 92,974
Total operating expenses 98,127 152,812 184,763 289,213
Income from operations 332,392 242,064 665,741 500,898
Other income (expenses)        
Interest expense (100,705) (89,934) (196,561) (187,206)
Interest income 3,858 4,580 6,595 13,936
Losses on debt extinguishment 0 0 (268) 0
Total other expenses (96,847) (85,354) (190,234) (173,270)
Income before income taxes 235,545 156,710 475,507 327,628
Income tax expense 601 545 1,161 1,109
Net income 234,944 156,165 474,346 326,519
Net income attributable to noncontrolling interest in the Operating Partnership (6,528) (4,726) (14,101) (9,896)
Net income $ 228,416 $ 151,439 $ 460,245 $ 316,623
Earnings per common share (in dollars per share)        
Basic earnings per common share (in dollars per share) $ 0.80 $ 0.55 $ 1.62 $ 1.15
Diluted earnings per common share (in dollars per share) $ 0.80 $ 0.54 $ 1.62 $ 1.14
Unrealized gain on cash flow hedges $ 0 $ 864 $ 0 $ 864
Reclassification of derivative gain to interest expense (24) 0 (48) 0
Comprehensive income 234,920 157,029 474,298 327,383
Comprehensive income attributable to noncontrolling interest in the Operating Partnership (6,527) (4,753) (14,099) (9,923)
Comprehensive income attributable to common shareholders $ 228,393 $ 152,276 $ 460,199 $ 317,460