CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Cash flows from operating activities:
Net income	$ 65,193	$ 28,750
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization (including below-market ground leases)	17,865	13,462
Amortization of deferred financing costs	914	614
Unrealized (gain) loss on other real estate related investments, net	(1,287)	612
Amortization of stock-based compensation	3,909	2,120
Straight-line rental income	7	7
Amortization of lease incentives	49	0
Amortization of below market leases	(926)	(575)
Noncash interest income	(1,904)	(425)
Gain on sale of real estate, net	(3,876)	(11)
Impairment of real estate investments	0	2,744
Change in operating assets and liabilities:
Accounts and other receivables	(788)	(15)
Prepaid expenses and other assets, net	(3,451)	(322)
Accounts payable, accrued liabilities and deferred rent liabilities	(4,323)	1,859
Net cash provided by operating activities	71,382	48,820
Cash flows from investing activities:
Acquisitions of real estate, net of deposits applied	(40,162)	(66,619)
Purchases of equipment, furniture and fixtures and improvements to real estate	(2,276)	(398)
Investment in real estate related investments	(6,389)	(52,165)
Principal payments received on real estate related investments and other loans receivable	4,582	0
Escrow deposits for potential acquisitions of real estate	(36,066)	(4,105)
Net proceeds from sales of real estate	44,401	46
Net cash used in investing activities	(35,910)	(123,241)
Cash flows from financing activities:
Proceeds from the issuance of common stock, net	15,562	269,787
Borrowings under unsecured revolving credit facility	425,000	0
Payments of deferred financing costs	(141)	(24)
Net-settle adjustment on restricted stock	(3,325)	(2,483)
Dividends paid on common stock	(54,388)	(36,531)
Contributions from noncontrolling interests	1,410	444
Distributions to noncontrolling interests	(902)	(47)
Net cash provided by financing activities	383,216	231,146
Net increase in cash, cash equivalents and restricted cash	418,688	156,725
Cash, cash equivalents and restricted cash as of the beginning of period	213,822	294,448
Cash, cash equivalents and restricted cash as of the end of period	632,510	451,173
Supplemental disclosures of cash flow information:
Interest paid	450	3,771
Supplemental schedule of noncash investing and financing activities:
Increase in dividends payable	8,665	4,661
Transfer of pre-acquisition costs to acquired assets	0	5
Sale of real estate settled with note receivable	$ 0	$ 1,000