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Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Income        
Lease income, net $ 74,019 $ 68,132 $ 220,538 $ 201,681
Other property income 447 389 1,250 1,061
Total income 74,466 68,521 221,788 202,742
Operating expenses        
Depreciation and amortization 32,734 28,134 94,086 85,092
Property operating 11,054 10,795 33,277 31,037
Real estate taxes 9,047 9,205 28,597 27,232
General and administrative 8,316 8,133 25,569 24,768
Total operating expenses 61,151 56,267 181,529 168,129
Other (expense) income        
Interest expense, net (8,969) (9,470) (25,637) (28,744)
Impairment of real estate assets 0 (3,854) 0 (3,854)
Gain on sale of investment properties 52 334 90,961 334
Other income and expense, net 1,628 197 3,177 1,510
Total other (expense) income, net (7,289) (12,793) 68,501 (30,754)
Net income (loss) $ 6,026 $ (539) $ 108,760 $ 3,859
Weighted-average common shares outstanding - basic (in shares) 77,615,993 68,526,238 77,590,691 68,101,901
Weighted-average common shares outstanding - diluted (in shares) 78,498,873 68,526,238 78,317,551 68,659,319
Net income (loss) per common share - basic (in dollars per share) $ 0.08 $ (0.01) $ 1.40 $ 0.06
Net income (loss) per common share - diluted (in dollars per share) $ 0.08 $ (0.01) $ 1.39 $ 0.06
Comprehensive income        
Net income (loss) $ 6,026 $ (539) $ 108,760 $ 3,859
Unrealized (loss) gain on derivatives, net (1,008) (7,145) (2,637) 2,560
Reclassification to net income (loss) (2,316) (3,315) (6,851) (9,946)
Comprehensive income (loss) $ 2,702 $ (10,999) $ 99,272 $ (3,527)