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Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Revenues:        
Rental income $ 216,140 $ 202,426 $ 430,965 $ 406,056
Interest and other income from real estate transactions 673 214 1,255 692
Total revenues 216,813 202,640 432,220 406,748
Operating expenses:        
General and administrative 11,789 10,740 24,373 22,991
Real estate 6,758 6,836 13,912 13,682
Depreciation and amortization 62,503 59,875 123,118 119,023
Leasing transaction costs 20 52 53 127
Impairment losses – real estate, net of recoveries 944 34 2,148 2,674
Executive retirement costs 153 309 470 732
Total operating expenses 82,167 77,846 164,074 159,229
Gain on disposition of real estate 17,621 13,930 22,442 20,230
Earnings from operations 152,267 138,724 290,588 267,749
Other expenses (revenues):        
Interest and other income (976) (74) (1,095) (107)
Interest expense 46,577 40,094 90,646 78,985
Total other expenses (revenues) 45,601 40,020 89,551 78,878
Net earnings $ 106,666 $ 98,704 $ 201,037 $ 188,871
Net earnings per share        
Basic (in dollars per share) $ 0.58 $ 0.54 $ 1.1 $ 1.04
Diluted (in dollars per share) $ 0.58 $ 0.54 $ 1.1 $ 1.04
Weighted average shares outstanding:        
Basic (in shares) 182,438,791 181,092,031 182,119,471 180,969,809
Diluted (in shares) 182,807,374 181,627,857 182,528,333 181,544,275
Other comprehensive income:        
Net earnings $ 106,666 $ 98,704 $ 201,037 $ 188,871
Amortization of interest rate hedges 610 616 1,242 1,223
Total comprehensive income $ 107,276 $ 99,320 $ 202,279 $ 190,094