CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net income (loss)	$ 124,399	$ 53,722	$ (7,506)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization (including below-market ground leases)	56,932	51,257	50,378
Amortization of deferred financing costs	2,816	2,436	2,095
Loss on extinguishment of debt	282	0	0
Unrealized (gain) loss on other real estate related investments, net	(9,045)	6,485	7,102
Amortization of stock-based compensation	6,130	5,153	5,758
Straight-line rental income	28	29	(17)
Amortization of lease incentives	22	0	0
Amortization of below market leases	(2,885)	(384)	0
Adjustment for collectibility of rental income	0	0	1,417
Noncash interest income	(3,279)	(407)	(1,165)
Loss (gain) on sale of real estate, net	2,208	(2,218)	3,769
Impairment of real estate investments	42,225	36,301	79,062
Provision for loan losses, net	4,900	0	3,844
Change in operating assets and liabilities:
Accounts and other receivables	(808)	(9)	604
Prepaid expenses and other assets, net	(3,719)	(21)	123
Accounts payable, accrued liabilities and deferred rent liabilities	24,045	2,423	(1,049)
Net cash provided by operating activities	244,251	154,767	144,415
Cash flows from investing activities:
Acquisitions of real estate, net of deposits applied	(812,002)	(233,776)	(21,915)
Purchases of equipment, furniture and fixtures and improvements to real estate	(8,054)	(10,976)	(7,292)
Preferred equity investments	(52,000)	(1,782)	0
Investment in real estate related investments and other loans receivable	(559,188)	(60,319)	(149,650)
Investment in financing receivable	(95,723)	0	0
Principal payments received on real estate related investments and other loans receivable	4,512	26,525	6,308
Escrow deposits for potential acquisitions of real estate	(5,167)	(3,800)	0
Net proceeds from sales of real estate	13,939	16,313	45,149
Net cash used in investing activities	(1,513,683)	(267,815)	(127,400)
Cash flows from financing activities:
Proceeds from the issuance of common stock, net	1,552,894	634,446	47,236
Proceeds from the secured borrowing	75,000	0	0
Borrowings under unsecured revolving credit facility	0	185,000	160,000
Payments on senior unsecured term loan	(200,000)	0	0
Payment on secured borrowing	(75,000)	0	0
Payments on unsecured revolving credit facility	0	(310,000)	(115,000)
Payments on extinguishment of debt and deferred financing costs	(9,188)	(68)	(5,361)
Net-settle adjustment on restricted stock	(2,484)	(1,479)	(4,469)
Dividends paid on common stock	(172,165)	(115,492)	(106,138)
Contributions from noncontrolling interests	19,818	1,952	0
Distributions to noncontrolling interests	(69)	(41)	0
Net cash provided by (used in) financing activities	1,188,806	394,318	(23,732)
Net (decrease) increase in cash and cash equivalents	(80,626)	281,270	(6,717)
Cash and cash equivalents as of the beginning of period	294,448	13,178	19,895
Cash and cash equivalents as of the end of period	213,822	294,448	13,178
Supplemental disclosures of cash flow information:
Interest paid	27,933	40,028	25,912
Supplemental schedule of noncash investing and financing activities:
Increase in dividends payable	17,857	8,982	1,265
Right-of-use asset obtained in exchange for new operating lease obligation	1,748	369	0
Transfer of pre-acquisition costs to acquired assets	58	0	7
Sale of real estate settled with note receivable	1,000	2,000	12,000
Liabilities assumed by buyer in connection with sale of real estate	$ 2,776	$ 0	$ 0