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Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Income        
Lease income, net $ 73,130 $ 67,056 $ 146,519 $ 133,549
Other property income 421 367 803 672
Total income 73,551 67,423 147,322 134,221
Operating expenses        
Depreciation and amortization 30,738 28,790 61,352 56,958
Property operating 11,476 10,243 22,223 20,242
Real estate taxes 10,194 9,046 19,550 18,027
General and administrative 8,706 8,661 17,253 16,635
Total operating expenses 61,114 56,740 120,378 111,862
Other (expense) income        
Interest expense, net (8,346) (9,640) (16,668) (19,274)
Gain on sale of investment properties 90,909 0 90,909 0
Other income and expense, net 942 455 1,549 1,313
Total other (expense) income, net 83,505 (9,185) 75,790 (17,961)
Net income $ 95,942 $ 1,498 $ 102,734 $ 4,398
Weighted-average common shares outstanding - basic (in shares) 77,591,538 67,900,275 77,577,831 67,887,402
Weighted-average common shares outstanding - diluted (in shares) 78,292,422 68,327,263 78,226,681 68,299,657
Net income per common share - basic (in dollars per share) $ 1.24 $ 0.02 $ 1.32 $ 0.06
Net income per common share - diluted (in dollars per share) $ 1.23 $ 0.02 $ 1.31 $ 0.06
Comprehensive income        
Net income $ 95,942 $ 1,498 $ 102,734 $ 4,398
Unrealized (loss) gain on derivatives, net (43) 2,386 (1,629) 9,705
Reclassification to net income (2,293) (3,314) (4,535) (6,631)
Comprehensive income $ 93,606 $ 570 $ 96,570 $ 7,472