v3.26.3
Condensed Consolidated Statements of Income - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Revenues        
Rental income $ 370,956 $ 341,755 $ 1,093,682 $ 1,021,534
Interest income from mortgaged real estate 52,999 48,066 158,555 143,756
Sales-type Lease, Interest Income, Lease Receivable 3,842 3,767 11,517 11,289
Interest and Fee Income, Loans, Real Estate Construction 7,652 4,022 22,199 11,142
Total income from real estate 435,449 397,610 1,285,953 1,187,721
Operating expenses        
Land rights and ground lease expense 13,884 13,785 41,831 41,282
General and administrative 12,871 16,552 44,054 51,172
Gains from dispositions of property (6,768) 0 (5,598) (125)
Depreciation 69,295 67,473 200,915 201,720
Provision (benefit) for credit losses, net 36,224 (37,363) 29,067 55,611
Total operating expenses 125,506 60,447 310,269 349,660
Income from operations 309,943 337,163 975,684 838,061
Other income (expenses)        
Interest expense (98,884) (94,059) (295,445) (281,265)
Interest income 3,304 9,720 9,899 23,656
Losses on debt extinguishment 0 (3,783) (268) (3,783)
Total other expenses (95,580) (88,122) (285,814) (261,392)
Income before income taxes 214,363 249,041 689,870 576,669
Income tax expense 534 560 1,695 1,669
Net income 213,829 248,481 688,175 575,000
Net income attributable to noncontrolling interest in the Operating Partnership (6,193) (7,290) (20,294) (17,186)
Net income $ 207,636 $ 241,191 $ 667,881 $ 557,814
Earnings per common share (in dollars per share)        
Basic earnings per common share (in dollars per share) $ 0.71 $ 0.85 $ 2.33 $ 2.00
Diluted earnings per common share (in dollars per share) $ 0.71 $ 0.85 $ 2.33 $ 2.00
Gain on cash flow hedges $ 0 $ 103 $ 0 $ 967
Reclassification of derivative gain to interest expense (24) (9) (72) (9)
Comprehensive income 213,805 248,575 688,103 575,958
Comprehensive income attributable to noncontrolling interest in the Operating Partnership (6,192) (7,293) (20,291) (17,216)
Comprehensive income attributable to common shareholders $ 207,613 $ 241,282 $ 667,812 $ 558,742