Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2026 |
Sep. 30, 2025 |
Sep. 30, 2026 |
Sep. 30, 2025 |
|
| Revenues: | ||||
| Rental income | $ 248,356 | $ 229,773 | $ 731,052 | $ 686,845 |
| Interest and other income from real estate transactions | 1,321 | 386 | 3,315 | 970 |
| Total revenues | 249,677 | 230,159 | 734,367 | 687,815 |
| Operating expenses: | ||||
| General and administrative | 13,591 | 11,056 | 41,754 | 35,281 |
| Real estate | 8,237 | 9,128 | 26,302 | 27,341 |
| Depreciation and amortization | 74,157 | 67,252 | 215,979 | 200,218 |
| Leasing transaction costs | 146 | 131 | 502 | 335 |
| Impairment losses – real estate, net of recoveries | 3,470 | 7,195 | 22,217 | 13,242 |
| Retirement and severance costs | 167 | 690 | 969 | 3,054 |
| Total operating expenses | 99,768 | 95,452 | 307,723 | 279,471 |
| Gain on disposition of real estate | 15,046 | 12,570 | 36,336 | 32,581 |
| Earnings from operations | 164,955 | 147,277 | 462,980 | 440,925 |
| Other expenses (revenues): | ||||
| Interest and other income | (115) | (2,940) | (178) | (3,284) |
| Interest expense | 55,142 | 53,378 | 161,355 | 150,383 |
| Total other expenses (revenues) | 55,027 | 50,438 | 161,177 | 147,099 |
| Net earnings | $ 109,928 | $ 96,839 | $ 301,803 | $ 293,826 |
| Net earnings per share: | ||||
| Basic | $ 0.58 | $ 0.51 | $ 1.59 | $ 1.57 |
| Diluted | $ 0.57 | $ 0.51 | $ 1.58 | $ 1.56 |
| Weighted average shares outstanding: | ||||
| Basic | 190,793,962 | 187,838,711 | 189,641,201 | 187,200,093 |
| Diluted | 191,335,050 | 188,332,789 | 190,154,582 | 187,686,331 |
| Other comprehensive income: | ||||
| Net earnings | $ 109,928 | $ 96,839 | $ 301,803 | $ 293,826 |
| Amortization of interest rate hedges | 75 | 480 | 229 | 1,409 |
| Fair value of forward starting swap | 6,117 | 0 | 11,613 | (409) |
| Total comprehensive income | $ 116,120 | $ 97,319 | $ 313,645 | $ 294,826 |
| X | ||||||||||
- Definition Fair value of forward starting swap No definition available.
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- Definition Lease, Transaction Cost No definition available.
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- Definition Retirement And Severance Costs No definition available.
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- Definition Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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- Definition The current period expense charged against earnings on long-lived, physical assets not used in production, and which are not intended for resale, to allocate or recognize the cost of such assets over their useful lives; or to record the reduction in book value of an intangible asset over the benefit period of such asset; or to reflect consumption during the period of an asset that is not used in production. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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- Definition The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The net gain (loss) resulting from sales and other disposals of real estate owned for investment purposes. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The charge against earnings in the period to reduce the carrying amount of real property to fair value. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Amount of interest expense classified as operating and nonoperating. Includes, but is not limited to, cost of borrowing accounted for as interest expense. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of operating interest income, including, but not limited to, amortization and accretion of premiums and discounts on securities. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount after accretion (amortization) of discount (premium), and investment expense, of interest income and dividend income on nonoperating securities. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of lease cost recognized by lessee for lease contract. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Amount of lease income from operating, direct financing, and sales-type leases. Includes, but is not limited to, variable lease payments, interest income, profit (loss) recognized at commencement, and lease payments paid and payable to lessor. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- References No definition available.
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- Definition The net result for the period of deducting operating expenses from operating revenues. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Amount, after tax, of reclassification of gain (loss) from accumulated other comprehensive income (AOCI) for derivative instrument designated and qualifying as cash flow hedge included in assessment of hedge effectiveness. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of income (expense) related to nonoperating activities, classified as other. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- References No definition available.
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- Definition The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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- Definition The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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- Definition Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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