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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net income $ 167,741 $ 133,095
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization (including below-market ground leases) 59,877 39,122
Amortization of deferred financing costs 2,241 1,898
Unrealized gain on other real estate related investments, net (1,732) (3,255)
Amortization of stock-based compensation 6,471 6,935
Straight-line rental income (8,027) (1,753)
Amortization of lease incentives 98 97
Amortization of above and below market leases (43) (1,899)
Noncash interest income (4,861) (1,581)
Gain on sale of real estate, net 0 (3,876)
Provision for loan losses 4,671 0
Change in operating assets and liabilities:    
Accounts and other receivables (648) 573
Prepaid expenses and other assets, net (4,152) (459)
Accounts payable, accrued liabilities and deferred rent liabilities 3,478 3,260
Net cash provided by operating activities 225,114 172,157
Cash flows from investing activities:    
Acquisitions of real estate, net of deposits applied (270,765) (820,046)
Purchases of equipment, furniture and fixtures and improvements to real estate (7,427) (6,783)
Preferred equity investments 0 (30,000)
Investment in real estate related investments and other loans receivable (258,519) (21,715)
Investment in financing receivables (467,129) 0
Principal payments received on real estate related investments and other loans receivable 15,052 9,857
Escrow deposits for potential acquisitions of real estate (1,910) (1,020)
Net proceeds from sales of real estate 0 44,401
Net cash used in investing activities (990,698) (825,306)
Cash flows from financing activities:    
Proceeds from the issuance of common stock, net 484,337 365,282
Proceeds from the issuance of senior unsecured term loan 0 500,000
Borrowings under unsecured revolving credit facility 660,000 525,000
Payments on unsecured revolving credit facility (350,000) (525,000)
Payments of deferred financing costs 0 (4,189)
Net-settle adjustment on restricted stock (10,490) (3,325)
Dividends paid on common stock (163,257) (117,440)
Contributions from noncontrolling interests 1,184 6,888
Distributions to noncontrolling interests (4,382) (2,157)
Net cash provided by financing activities 617,392 745,059
Effect of foreign currency translation on cash and cash equivalents (583) 319
Net (decrease) increase in cash, cash equivalents and restricted cash (148,775) 92,229
Cash, cash equivalents and restricted cash as of the beginning of period 198,042 213,822
Cash, cash equivalents and restricted cash as of the end of period 49,267 306,051
Supplemental disclosures of cash flow information:    
Interest paid 23,621 16,392
Income taxes paid 302 0
Supplemental schedule of noncash investing and financing activities:    
Increase in dividends and distributions payable 17,447 12,713
Right-of-use asset obtained in exchange for new operating lease obligation 0 1,465
Accrued costs payable related to acquisitions of real estate 996 0
Non-cash acquisition of real estate $ 8,941 $ 0