CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Cash flows from operating activities:
Net income	$ 133,095	$ 39,168
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization (including below-market ground leases)	39,122	27,337
Amortization of deferred financing costs	1,898	1,228
Unrealized (gain) loss on other real estate related investments, net	(3,255)	2,489
Amortization of stock-based compensation	6,935	3,526
Straight-line rental income	(1,753)	14
Amortization of lease incentives	97	4
Amortization of above and below market leases	(1,899)	(1,150)
Noncash interest income	(1,581)	(1,813)
Gain on sale of real estate, net	(3,876)	(32)
Impairment of real estate investments	0	28,455
Change in operating assets and liabilities:
Accounts and other receivables	573	(719)
Prepaid expenses and other assets, net	(459)	(983)
Accounts payable, accrued liabilities and deferred rent liabilities	3,260	4,271
Net cash provided by operating activities	172,157	101,795
Cash flows from investing activities:
Acquisitions of real estate, net of deposits applied	(820,046)	(204,554)
Purchases of equipment, furniture and fixtures and improvements to real estate	(6,783)	(1,323)
Preferred equity investments	(30,000)	(9,000)
Investment in real estate related investments and other loans receivable	(21,715)	(244,825)
Principal payments received on real estate related investments and other loans receivable	9,857	0
Escrow deposits for potential acquisitions of real estate	(1,020)	(9,075)
Net proceeds from sales of real estate	44,401	140
Net cash used in investing activities	(825,306)	(468,637)
Cash flows from financing activities:
Proceeds from the issuance of common stock, net	365,282	572,236
Proceeds from the issuance of senior unsecured term loan	500,000	0
Proceeds from the secured borrowing	0	75,000
Borrowings under unsecured revolving credit facility	525,000	0
Payments on unsecured revolving credit facility	(525,000)	0
Payments of deferred financing costs	(4,189)	(24)
Net-settle adjustment on restricted stock	(3,325)	(2,483)
Dividends paid on common stock	(117,440)	(77,723)
Contributions from noncontrolling interests	6,888	576
Distributions to noncontrolling interests	(2,157)	(54)
Net cash provided by financing activities	745,059	567,528
Effect of foreign currency translation on cash and cash equivalents	319	0
Net increase in cash and cash equivalents	92,229	200,686
Cash and cash equivalents as of the beginning of period	213,822	294,448
Cash and cash equivalents as of the end of period	306,051	495,134
Supplemental disclosures of cash flow information:
Interest paid	16,392	15,289
Supplemental schedule of noncash investing and financing activities:
Increase in dividends payable	12,713	8,190
Right-of-use asset obtained in exchange for new operating lease obligation	1,465	0
Transfer of pre-acquisition costs to acquired assets	0	58
Sale of real estate settled with note receivable	$ 0	$ 1,000