CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Cash flows from operating activities:
Net income	$ 40,304	$ 26,254
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	43,494	42,914
Non-cash rental and related revenues	(2,428)	591
Non-cash interest income	4	7
Non-cash interest expense	1,729	3,071
Stock-based compensation expense	2,711	2,521
Recovery of loan losses	(173)	(137)
Impairment of real estate	0	3,137
(Income) loss from unconsolidated joint ventures	(218)	595
Distributions of earnings from unconsolidated joint ventures	2,368	1,478
Changes in operating assets and liabilities:
Accounts receivable, prepaid expenses and other assets, net	(2,822)	(6,288)
Accounts payable and accrued liabilities	(4,706)	(21,348)
Net cash provided by operating activities	80,263	52,795
Cash flows from investing activities:
Acquisition of real estate	(7,854)	0
Origination and fundings of loans receivable	(1,710)	(102)
Origination and fundings of preferred equity investments	(9)	(1,007)
Additions to real estate	(7,783)	(12,935)
Repayments of loans receivable	1,129	391
Repayments of preferred equity investments	813	617
Investment in unconsolidated joint ventures	(1,030)	(188)
Net cash used in investing activities	(16,444)	(13,224)
Cash flows from financing activities:
Net (repayments of) borrowings from revolving credit facility	(23,881)	52,404
Principal payments on secured debt	(517)	(503)
Payments of deferred financing costs	(80)	(80)
Issuance of common stock, net	(5,391)	(2,606)
Dividends paid on common stock	(71,373)	(69,444)
Net cash used in financing activities	(101,242)	(20,229)
Net (decrease) increase in cash, cash equivalents and restricted cash	(37,423)	19,342
Effect of foreign currency translation on cash, cash equivalents and restricted cash	(19)	(131)
Cash, cash equivalents and restricted cash, beginning of period	66,339	46,719
Cash, cash equivalents and restricted cash, end of period	28,897	65,930
Supplemental disclosure of cash flow information:
Interest paid	$ 20,233	$ 20,495