CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities:
Net income	$ 320,286	$ 124,399	$ 53,722
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization (including below-market ground leases)	93,045	56,932	51,257
Amortization of deferred financing costs	4,140	2,816	2,436
Loss on extinguishment of debt	390	282	0
Unrealized (gain) loss on other real estate related investments, net	(15,831)	(9,045)	6,485
Amortization of stock-based compensation	11,896	6,130	5,153
Straight-line rental income	(8,753)	28	29
Amortization of lease incentives	193	22	0
Amortization of above and below market leases	(6,798)	(2,885)	(384)
Noncash interest income	(1,549)	(3,279)	(407)
(Gain) loss on sale of real estate, net	(31,548)	2,208	(2,218)
Impairment of real estate investments	2,483	42,225	36,301
Provision for loan losses	0	4,900	0
Change in operating assets and liabilities:
Accounts and other receivables	(187)	(808)	(9)
Prepaid expenses and other assets, net	(1,772)	(3,719)	(21)
Accounts payable, accrued liabilities and deferred rent liabilities	28,034	24,045	2,423
Net cash provided by operating activities	394,029	244,251	154,767
Cash flows from investing activities:
Acquisitions of real estate, net of deposits applied	(1,333,998)	(812,002)	(233,776)
Purchases of equipment, furniture and fixtures and improvements to real estate	(14,992)	(8,054)	(10,976)
Preferred equity investments	(30,000)	(52,000)	(1,782)
Investment in real estate related investments and other loans receivable	(96,962)	(559,188)	(60,319)
Investment in financing receivable	0	(95,723)	0
Principal payments received on real estate related investments and other loans receivable	75,125	4,512	26,525
Principal payments received on financing receivable	4,443	0	0
Escrow deposits for potential acquisitions of real estate	(144,253)	(5,167)	(3,800)
Net proceeds from sales of real estate	79,294	13,939	16,313
Net cash used in investing activities	(1,461,343)	(1,513,683)	(267,815)
Cash flows from financing activities:
Proceeds from the issuance of common stock, net	1,071,495	1,552,894	634,446
Proceeds from the issuance of senior unsecured term loan	500,000	0	0
Proceeds from the secured borrowing	0	75,000	0
Borrowings under unsecured revolving credit facility	650,000	0	185,000
Payments on senior unsecured term loan	0	(200,000)	0
Payment on secured borrowing	0	(75,000)	0
Payments on unsecured revolving credit facility	(650,000)	0	(310,000)
Payments on secured notes payable	(102,375)	0	0
Payments on secured revolving credit facilities	(153,803)	0	0
Payments on extinguishment of debt and deferred financing costs	(4,600)	(9,188)	(68)
Net-settle adjustment on restricted stock	(3,325)	(2,484)	(1,479)
Dividends paid on common stock	(259,347)	(172,165)	(115,492)
Contributions from noncontrolling interests	8,706	19,818	1,952
Distributions to noncontrolling interests	(5,732)	(69)	(41)
Net cash provided by financing activities	1,051,019	1,188,806	394,318
Effect of foreign currency translation	515	0	0
Net (decrease) increase in cash and cash equivalents	(15,780)	(80,626)	281,270
Cash and cash equivalents as of the beginning of period	213,822	294,448	13,178
Cash and cash equivalents as of the end of period	198,042	213,822	294,448
Supplemental disclosures of cash flow information:
Interest paid	39,857	27,933	40,028
Supplemental schedule of noncash investing and financing activities:
Increase in dividends payable	20,417	17,857	8,982
Right-of-use asset obtained in exchange for new operating lease obligation	1,465	1,748	369
Assets held for sale exchanged for real estate investments	33,821	0	0
Transfer of pre-acquisition costs to acquired assets	0	58	0
Increase in equipment, furniture and fixtures and improvements to real estate payable	1,761	0	0
Sale of real estate settled with note receivable	36,000	1,000	2,000
Liabilities assumed by buyer in connection with sale of real estate	$ 0	$ 2,776	$ 0