CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Cash flows from operating activities:
Net income	$ 208,025	$ 72,444
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization (including below-market ground leases)	65,859	41,371
Amortization of deferred financing costs	3,019	1,843
Loss on extinguishment of debt	390	282
Unrealized (gain) loss on other real estate related investments, net	(6,858)	689
Amortization of stock-based compensation	9,428	4,669
Straight-line rental income	(5,172)	21
Amortization of lease incentives	145	9
Amortization of above and below market leases	(6,718)	(1,959)
Noncash interest income	(2,422)	(4,099)
(Gain) loss on sale of real estate, net	(3,876)	2,254
Impairment of real estate investments	452	36,872
Change in operating assets and liabilities:
Accounts and other receivables	(761)	(518)
Prepaid expenses and other assets, net	(766)	(1,353)
Accounts payable, accrued liabilities and deferred rent liabilities	12,324	16,518
Net cash provided by operating activities	273,069	169,043
Cash flows from investing activities:
Acquisitions of real estate, net of deposits applied	(860,857)	(267,356)
Purchases of equipment, furniture and fixtures and improvements to real estate	(10,013)	(4,196)
Preferred equity investments	(30,000)	(52,000)
Investment in real estate related investments and other loans receivable	(48,390)	(504,936)
Principal payments received on real estate related investments and other loans receivable	10,191	100
Escrow deposits for potential acquisitions of real estate	(6,380)	(4,775)
Net proceeds from sales of real estate	44,401	5,076
Net cash used in investing activities	(901,048)	(828,087)
Cash flows from financing activities:
Proceeds from the issuance of common stock, net	1,071,646	1,065,881
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	650,000	0
Payments on unsecured revolving credit facility	(650,000)	0
Payments on senior unsecured term loan	0	(200,000)
Payments on secured notes payable	(102,375)	0
Payments on secured revolving credit facilities	(153,803)	0
Payment on secured borrowing	0	(75,000)
Payments on extinguishment of debt and deferred financing costs	(4,600)	(399)
Net-settle adjustment on restricted stock	(3,325)	(2,483)
Dividends paid on common stock	(184,542)	(122,444)
Contributions from noncontrolling interests	7,116	1,204
Distributions to noncontrolling interests	(3,815)	(61)
Net cash provided by financing activities	1,126,302	741,698
Effect of foreign currency translation on cash and cash equivalents	335	0
Net increase in cash and cash equivalents	498,658	82,654
Cash and cash equivalents as of the beginning of period	213,822	294,448
Cash and cash equivalents as of the end of period	712,480	377,102
Supplemental disclosures of cash flow information:
Interest paid	25,725	19,921
Supplemental schedule of noncash investing and financing activities:
Increase in dividends payable	20,418	13,190
Right-of-use asset obtained in exchange for new operating lease obligation	1,465	1,748
Assets held for sale exchanged for real estate investments	33,821	0
Transfer of pre-acquisition costs to acquired assets	0	58
Sale of real estate settled with note receivable	0	1,000
Liabilities assumed by buyer in connection with sale of real estate	$ 0	$ 2,776