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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flow from operating activities:    
Net income $ 10,493 $ 20,968
Adjustments to reconcile net income to net cash flow provided by operating activities:    
Depreciation and amortization 52,123 30,502
Amortization and write-off of debt issuance costs 1,152 607
Stock -based compensation 5,762 6,666
Assumption of buildings due to ground lease terminations (457) (704)
Gain on disposition of real estate 0 (42)
Net change in accounts receivable (3,627) (2,238)
Net change in accounts payable and accrued expenses 3,547 2,015
Net change in other operating assets and liabilities (405) 1,769
Total adjustments 58,095 38,575
Net cash flow provided by operating activities 68,588 59,543
Cash flow from investing activities:    
Real estate acquired, net of liabilities and cash assumed (514,186) (280,552)
Acquisition escrow deposits (5,292) (22,690)
Real estate improvements to operating real estate (13,025) (5,237)
Net cash flow used for investing activities (532,503) (308,479)
Cash flow from financing activities:    
Proceeds from term loan 0 100,000
Proceeds from unsecured notes 172,000 0
Payment of debt issuance costs (96) (1,156)
Proceeds from issuance of common stock 199,842 0
Common stock offering expenses (950) 0
Taxes withheld for vested restricted stock (3,553) (2,983)
Dividends paid (38,160) (43,469)
Net cash flow provided by financing activities 329,083 52,392
Net decrease in cash and cash equivalents (134,832) (196,544)
Cash, cash equivalents and restricted cash, beginning of period 289,553 626,409
Cash, cash equivalents and restricted cash, end of period $ 154,721 $ 429,865