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Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Revenues:        
Rental income $ 226,498,000 $ 216,140,000 $ 457,072,000 $ 430,965,000
Interest and other income from real estate transactions 304,000 673,000 584,000 1,255,000
Total revenues 226,802,000 216,813,000 457,656,000 432,220,000
Operating expenses:        
General and administrative 11,217,000 11,789,000 24,225,000 24,373,000
Real estate 8,838,000 6,758,000 18,213,000 13,912,000
Depreciation and amortization 68,349,000 62,503,000 132,966,000 123,118,000
Leasing transaction costs 74,000 20,000 204,000 53,000
Impairment losses – real estate, net of recoveries 4,535,000 944,000 6,047,000 2,148,000
Retirement and severance costs 191,000 153,000 2,364,000 470,000
Total operating expenses 93,204,000 82,167,000 184,019,000 164,074,000
Gain on disposition of real estate 16,198,000 17,621,000 20,011,000 22,442,000
Earnings from operations 149,796,000 152,267,000 293,648,000 290,588,000
Other expenses (revenues):        
Interest and other income (15,000) (976,000) (344,000) (1,095,000)
Interest expense 49,282,000 46,577,000 97,005,000 90,646,000
Total other expenses (revenues) 49,267,000 45,601,000 96,661,000 89,551,000
Net earnings $ 100,529,000 $ 106,666,000 $ 196,987,000 $ 201,037,000
Net earnings per share:        
Basic $ 0.54 $ 0.58 $ 1.05 $ 1.1
Diluted $ 0.54 $ 0.58 $ 1.05 $ 1.1
Weighted average shares outstanding:        
Basic 186,876,693 182,438,791 186,865,955 182,119,471
Diluted 187,070,288 182,807,374 187,088,160 182,528,333
Other comprehensive income:        
Net earnings $ 100,529,000 $ 106,666,000 $ 196,987,000 $ 201,037,000
Amortization of interest rate hedges 469,000 610,000 929,000 1,242,000
Fair value of forward starting swap (117,000) 0 (409,000) 0
Total comprehensive income $ 100,881,000 $ 107,276,000 $ 197,507,000 $ 202,279,000