Spirit Realty Capital 10-Q 3 May 23 2023 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2023	May 01, 2023
Document Information [Line Items]
Entity Registrant Name	SPIRIT REALTY CAPITAL, INC.
Entity Central Index Key	0001308606
Entity Current Reporting Status	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Mar. 31, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		141,296,615
Entity File Number	001-36004
Entity Tax Identification Number	20-1676382
Entity Incorporation, State or Country Code	MD
Entity Address, Address Line One	2727 North Harwood Street
Entity Address, Address Line Two	Suite 300
Entity Address, City or Town	Dallas
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75201
City Area Code	972
Local Phone Number	476-1900
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes
Common Stock
Document Information [Line Items]
Trading Symbol	SRC
Title of 12(b) Security	Common stock, par value $0.05 per share
Security Exchange Name	NYSE
6.000% Series A Cumulative Redeemable Preferred Stock
Document Information [Line Items]
Trading Symbol	SRC-A
Title of 12(b) Security	6.000% Series A Cumulative Redeemable Preferred Stock, par value $0.01 per share
Security Exchange Name	NYSE

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Real estate assets held for investment:
Land and improvements	$ 2,722,218	$ 2,740,250
Buildings and improvements	6,007,860	5,892,117
Less: accumulated depreciation	(1,258,302)	(1,211,061)
Total real estate assets held for investment, net	7,471,776	7,421,306
Intangible lease assets, net	407,141	423,870
Real estate assets under direct financing leases, net	7,420	7,427
Real estate assets held for sale, net	43,209	49,148
Loans receivable, net	56,270	23,023
Total investments, net	7,985,816	7,924,774
Cash and cash equivalents	4,871	8,770
Deferred costs and other assets, net	265,409	313,722
Goodwill	225,600	225,600
Total assets	8,481,696	8,472,866
Liabilities:
Revolving credit facilities	98,000	55,500
Term loans, net	792,813	792,309
Senior Unsecured Notes, net	2,723,503	2,722,514
Mortgages payable, net	4,841	4,986
Total debt, net	3,619,157	3,575,309
Intangible lease liabilities, net	114,079	118,077
Accounts payable, accrued expenses and other liabilities	194,561	218,164
Total liabilities	3,927,797	3,911,550
Commitments and contingencies (see Note 6)
Stockholders’ equity:
Preferred stock and paid in capital, $0.01 par value, 20,000,000 shares authorized: 6,900,000 shares issued and outstanding at both March 31, 2023 and December 31, 2022	166,177	166,177
Common stock, $0.05 par value, 350,000,000 shares authorized: 141,299,922 and 141,231,219 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively	7,065	7,062
Capital in excess of common stock par value	7,290,854	7,285,629
Accumulated deficit	(2,933,699)	(2,931,640)
Accumulated other comprehensive income	23,502	34,088
Total stockholders’ equity	4,553,899	4,561,316
Total liabilities and stockholders’ equity	$ 8,481,696	$ 8,472,866

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
Stockholders’ equity:
Preferred stock, par value (in USD per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	20,000,000	20,000,000
Preferred stock, shares issued	6,900,000	6,900,000
Preferred stock, shares outstanding	6,900,000	6,900,000
Common stock, par value per share (in USD per share)	$ 0.05	$ 0.05
Common stock, shares authorized	350,000,000	350,000,000
Common stock, shares issued	141,299,922	141,231,219
Common stock, shares outstanding	141,299,922	141,231,219

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues:
Rental income	$ 187,294	$ 167,075
Interest income on loans receivable	817	319
Earned income from direct financing leases	131	131
Other operating income	47	871
Total revenues	188,289	168,396
Expenses:
General and administrative	15,879	14,674
Property costs (including reimbursable)	7,613	8,255
Deal pursuit costs	573	365
Interest	33,547	26,023
Depreciation and amortization	78,213	69,108
Impairments	5,255	127
Total expenses	141,080	118,552
Other income:
Loss on debt extinguishment	0	(172)
Gain on disposition of assets	49,187	877
Other income		5,679
Total other income	49,187	6,384
Income before income tax expense	96,396	56,228
Income tax expense	(223)	(172)
Net income	96,173	56,056
Dividends paid to preferred shareholders	(2,588)	(2,588)
Net income attributable to common stockholders	$ 93,585	$ 53,468
Net income per share attributable to common stockholders:
Basic (in USD per share)	$ 0.66	$ 0.42
Diluted (in USD per share)	$ 0.66	$ 0.42
Weighted average shares of common stock outstanding:
Basic (in shares)	141,055,850	127,951,825
Diluted (in shares)	141,055,850	128,360,431
Dividends declared per common share/per partnership unit issued (in USD per share)	$ 0.6630	$ 0.6380

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement Of Income And Comprehensive Income [Abstract]
Net income attributable to common stockholders	$ 93,585	$ 53,468
Other comprehensive (loss) income:
Net reclassification of amounts (to) from AOCIL	(10,586)	702
Total comprehensive income	$ 82,999	$ 54,170

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Preferred Stock	Common Stock	Capital in Excess of Par Value	Accumulated Deficit	AOCIL
Beginning balance, value at Dec. 31, 2021	$ 3,999,799	$ 166,177	$ 6,385	$ 6,673,440	$ (2,840,356)	$ (5,847)
Preferred shares outstanding, beginning balance at Dec. 31, 2021		6,900,000
Common shares outstanding, beginning balance at Dec. 31, 2021			127,699,235
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	56,056				56,056
Dividends declared on preferred stock	(2,588)				(2,588)
Net income attributable to common stockholders	53,468				53,468
Other comprehensive income (Loss)	702					702
Dividends declared on common stock	(85,688)				(85,688)
Tax withholdings related to net stock settlements	(6,410)		$ (2)		(6,408)
Tax withholdings related to net stock settlements (in shares)			(39,028)
Issuance of shares of common stock, net	299,768		$ 328	299,440
Issuance of shares of common stock, net (in shares)			6,559,406
Stock-based compensation, net	3,529		$ 4	4,021	(496)
Stock-based compensation, net (in shares)			86,888
Ending balance, value at Mar. 31, 2022	4,265,168	$ 166,177	$ 6,715	6,976,901	(2,879,480)	(5,145)
Preferred shares outstanding, ending balance at Mar. 31, 2022		6,900,000
Common shares outstanding, ending balance at Mar. 31, 2022			134,306,501
Beginning balance, value at Dec. 31, 2021	3,999,799	$ 166,177	$ 6,385	6,673,440	(2,840,356)	(5,847)
Preferred shares outstanding, beginning balance at Dec. 31, 2021		6,900,000
Common shares outstanding, beginning balance at Dec. 31, 2021			127,699,235
Ending balance, value at Dec. 31, 2022	$ 4,561,316	$ 166,177	$ 7,062	7,285,629	(2,931,640)	34,088
Preferred shares outstanding, ending balance at Dec. 31, 2022	6,900,000	6,900,000
Common shares outstanding, ending balance at Dec. 31, 2022	141,231,219		141,231,219
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	$ 96,173				96,173
Dividends declared on preferred stock	(2,588)				(2,588)
Net income attributable to common stockholders	93,585				93,585
Other comprehensive income (Loss)	(10,586)					(10,586)
Dividends declared on common stock	(93,675)				(93,675)
Tax withholdings related to net stock settlements	(1,312)		$ (2)		(1,310)
Tax withholdings related to net stock settlements (in shares)			(30,279)
Stock-based compensation, net	4,571		$ 5	5,225	(659)
Stock-based compensation, net (in shares)			98,982
Ending balance, value at Mar. 31, 2023	$ 4,553,899	$ 166,177	$ 7,065	$ 7,290,854	$ (2,933,699)	$ 23,502
Preferred shares outstanding, ending balance at Mar. 31, 2023	6,900,000	6,900,000
Common shares outstanding, ending balance at Mar. 31, 2023	141,299,922		141,299,922

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating activities
Net income (loss)	$ 96,173	$ 56,056
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	78,213	69,108
Impairments	5,255	127
Amortization of deferred financing costs	1,754	922
Amortization of debt discounts	324	313
Amortization of deferred losses on interest rate swaps	702	702
Stock-based compensation expense	5,230	4,025
Loss on debt extinguishment	0	172
Gain on dispositions of real estate and other assets	(49,187)	(877)
Non-cash revenue	(10,269)	(9,222)
Other	16
Changes in operating assets and liabilities:
Deferred costs and other assets, net	2,003	(92)
Accounts payable, accrued expenses and other liabilities	(28,523)	(42,963)
Net cash provided by operating activities	101,691	78,271
Investing activities
Acquisitions of real estate	(184,659)	(474,404)
Capitalized real estate expenditures	(18,962)	(23,387)
Investments in loans receivable	(750)	(12,700)
Proceeds from dispositions of real estate	114,397	10,941
Net cash used in investing activities	(89,974)	(499,550)
Financing activities
Borrowings under revolving credit facilities	297,000	630,100
Repayments under revolving credit facilities	(254,500)	(399,000)
Repayments under mortgages payable	(136)	(128)
Deferred financing costs		(8,478)
Proceeds from issuance of common stock, net of offering costs		299,755
Repurchase of shares of common stock, including tax withholdings related to net stock settlements	(1,312)	(6,410)
Common stock dividends paid	(93,636)	(83,195)
Preferred stock dividends paid	(2,588)	(2,588)
Net cash (used) provided by financing activities	(55,172)	430,056
Net (decrease) increase in cash, cash equivalents and restricted cash	(43,455)	8,777
Cash, cash equivalents and restricted cash, beginning of period	61,953	17,799
Cash, cash equivalents and restricted cash, end of period	18,498	26,576
Cash paid for interest, net of interest capitalized	56,682	46,895
Interest capitalized	460	126
Cash paid for income taxes	127	67
Supplemental Disclosures of Non-Cash Activities:
Dividends declared and unpaid	93,675	85,688
Accrued capitalized costs	31,392	8,590
Accrued market-based award dividend rights	659	496
Derivative changes in fair value	11,288
Financing provided in connection with disposition of assets	$ 33,000
Accrued deferred financing costs		$ 165

Organization

Organization	3 Months Ended
	Mar. 31, 2023
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Organization	NOTE 1. ORGANIZATION Organization and Operations Spirit Realty Capital, Inc. (the "Corporation" or "Spirit" or, with its consolidated subsidiaries, the "Company") operates as a self-administered and self-managed REIT that seeks to generate sustainable and attractive returns for stockholders by primarily investing in and managing a portfolio of single-tenant, operationally essential real estate throughout the United States that is generally leased on a long-term, triple-net basis to tenants operating retail, industrial and other property types. Single-tenant, operationally essential real estate refers to free-standing, commercial real estate facilities where tenants conduct activities that are essential to the generation of their sales and profits. The Company’s operations are generally carried out through Spirit Realty, L.P. (the "Operating Partnership") and its subsidiaries. Spirit General OP Holdings, LLC, one of the Corporation’s wholly-owned subsidiaries, is the sole general partner and owns approximately 1 % of the Operating Partnership. The Corporation and a wholly-owned subsidiary (Spirit Notes Partner, LLC) are the only limited partners and, together, own the remaining 99 % of the Operating Partnership .

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	NOTE 2. SUMMARY OF SIGNIFICANT ACOUNTING POLICIES Basis of Accounting The consolidated financial statements of the Company have been prepared on the accrual basis of accounting, in accordance with GAAP. In the opinion of management, the consolidated financial statements include the normal, recurring adjustments necessary for fair statement of the information required to be set forth therein. The results for interim periods are not necessarily indicative of the results for the entire year. Certain information and note disclosures, normally included in financial statements prepared in accordance with GAAP, have been condensed or omitted from these statements pursuant to SEC rules and regulations and, accordingly, these financial statements should be read in conjunction with the Company’s audited consolidated financial statements as filed with the SEC in its Annual Report on Form 10-K for the year ended December 31, 2022. Principles of Consolidation The consolidated financial statements of the Company include the accounts of the Corporation and its wholly-owned subsidiaries, including the Operating Partnership. All significant intercompany balances and transactions have been eliminated in consolidation. The consolidated financial statements include certain special purpose entities that were formed to acquire and hold real estate encumbered by indebtedness (see Note 4). Each special purpose entity is a separate legal entity and is the sole owner of its assets and responsible for its liabilities. The assets of these special purpose entities are not available to pay, or otherwise satisfy obligations to, the creditors of any affiliate or owner of another entity unless the special purpose entities have expressly agreed and are permitted to do so under their governing documents. As of March 31, 2023 and December 31, 2022 , net assets totaling $ 11.5 million and $ 11.7 million, respectively, were held, and net liabilities totaling $ 4.8 million and $ 4.9 million, respectively, were owed by these encumbered special purpose entities and are included in the consolidated balance sheets. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Although management believes its estimates are reasonable, actual results could differ from those estimates. Segment Reporting The Company views its operations as one reportable segment, which consists of net leasing operations. Revenue Recognition Rental Income: Cash and Straight-line Rent The Company primarily leases real estate to its tenants under long-term, triple-net leases that are classified as operating leases. To evaluate lease classification, the Company assesses the terms and conditions of the lease to determine the appropriate lease term. Options to extend, terminate or purchase are not included in the evaluation for lease classification or for recognition of rental income unless the Company is reasonably certain the tenant will exercise the option. Evaluation of lease classification also requires an estimate of the real estate's residual value at the end of the lease term. For acquisitions, the Company uses the tangible value of the property at the date of acquisition. For lease modifications, the Company generally uses sales comparables or a direct capitalization approach to estimate residual value. The Company’s leases generally provide for rent escalations throughout the term of the lease. For leases with fixed escalators, rental income is recognized on a straight-line basis to produce a constant periodic rent over the term of the lease. Accordingly, the difference between rental income recognized on a straight-line basis and billed rents is recorded as rent receivables, which the Company will receive only if the tenant makes all rent payments required through the initial term of their lease. For leases with variable rent escalators, rental income typically increases at a multiple of any increase in the CPI over a specified period. Because of the volatility and uncertainty regarding future changes in the CPI and the Company’s inability to determine the extent to which any specific future change in the CPI is probable, increases from variable rent escalators are recognized when the changes in the rental rates have occurred. Some of the Company’s leases also provide for contingent rent based on a percentage of the tenant’s gross sales, which is recognized as rental income when the factor on which the contingent lease payment is based has occurred. Rental income is subject to an evaluation for collectability, which includes management’s estimates of amounts that will not be realized based on an assessment of the risks inherent in the portfolio, considering historical experience, as well as the tenant's payment history and financial condition. The Company does not recognize rental income for amounts that are not probable of collection. Rental Income: Tenant Reimbursement Revenue Under a triple-net lease, the tenant is typically responsible for all improvements and is contractually obligated to pay all property operating expenses, such as real estate taxes, insurance premiums and repair and maintenance costs. Certain leases contain additional amounts recoverable from tenants for common area maintenance and certain other expenses, which are non-lease components. The Company elected to combine all its non-lease components, which were determined to have the same pattern of transfer as the related operating lease component, into a single combined lease component. Tenant reimbursement revenue is variable and is recognized in the period in which the related expenses are incurred, with the related expenses included in property costs (including reimbursable) on the consolidated statements of operations. Tenant reimbursements are recorded on a gross basis in instances when our tenants reimburse us for property costs which we incur. Tenant receivables are reduced for amounts that are not probable of collection. Rental Income: Intangible Amortization Amortization of above- and below-market lease intangibles are included as a decrease and increase, respectively, to rental revenue and amortization of in-place lease intangibles is included in depreciation and amortization expense in the consolidated statements of operations. All lease intangibles are amortized on a straight-line basis over the term of the lease, which includes any renewal options the Company is reasonably certain the tenant will exercise. If the Company subsequently determines it is reasonably certain that the tenant will not exercise the renewal options, the unamortized portion of any related lease intangible is accelerated over the remaining initial term of the lease. If the Company believes a lease intangible balance is no longer recoverable, the unamortized portion is immediately recognized in impairments in the consolidated statements of operations. Loans Receivable Interest on loans receivable is recognized using the effective interest rate method. A loan is placed on non-accrual status when the loan has become 60 days past due, or earlier if management determines that full recovery of the contractually specified payments of principal and interest is doubtful. While on non-accrual status, interest income is recognized only when received. Delinquent loans receivable are written off against the allowance when all possible means of collection have been exhausted. The Company evaluates its loans receivable balance, including accrued interest, for potential credit losses by analyzing the credit of the borrower, the remaining time to maturity of the loan, collateral value and quality (if any), and other relevant factors. Allowance for credit losses are recorded in impairments on the consolidated statement of operations. Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents include cash and highly liquid investment securities with maturities at acquisition of three months or less. The Company invests cash primarily in money market funds of major financial institutions with fund investments consisting of highly-rated money market instruments and other short-term instruments. Restricted cash is classified within deferred costs and other assets, net in the consolidated balance sheets. Cash, cash equivalents and restricted cash consisted of the following (in thousands): March 31, December 31, March 31, Cash and cash equivalents $ 4,871 $ 8,770 $ 24,229 Restricted cash: 1031 Exchange proceeds 12,983 53,183 — Tenant security deposits 644 — — Funds held in escrow (1) — — 2,347 Total cash, cash equivalents and restricted cash $ 18,498 $ 61,953 $ 26,576 (1) Deposits related to acquisitions held in third-party escrow accounts. Tenant Receivables The Company reviews its rent and other tenant receivables for collectability on a regular basis, considering changes in factors such as the tenant’s payment history, the tenant’s financial condition, industry conditions in which the tenant operates and economic conditions in the geographic area in which the tenant operates. If a receivable is not probable of collection, a direct write-off of the receivable will be made. The Company had accounts receivable balances of $ 16.6 million and $ 18.2 million at March 31, 2023 and December 31, 2022 , respectively, after the impact of $ 1.3 million and $ 3.2 million of receivables, respectively, that were deemed not probable of collection. These receivables are recorded within deferred cost and other assets, net in the consolidated balance sheets. For receivable balances related to the straight-line method of recognizing rental income, the collectability is generally assessed in conjunction with the evaluation of rental income as described above. The Company had straight-line rent receivables of $ 171.7 million and $ 167.1 million at March 31, 2023 and December 31, 2022 , respectively, after the impact of $ 1.2 million and $ 1.3 million of receivables, respectively, that were deemed not probable of collection. These receivables are recorded within deferred costs and other assets, net in the consolidated balance sheets. Goodwill Goodwill arises from business combinations as the excess of the cost of an acquired entity over the net fair value amounts that were assigned to the identifiable assets acquired and the liabilities assumed. Goodwill is tested for impairment at the reporting unit level annually or between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of the reporting unit below its carrying value. The Company performs a qualitative assessment to determine if the quantitative impairment test is necessary. The quantitative impairment test, if deemed necessary, compares the fair value of each reporting unit with its carrying amount and impairment is recognized as the amount by which the carrying amount exceeds the reporting unit’s fair value. No impairment was recorded for the periods presented. Income Taxes The Corporation has elected to be taxed as a REIT under the Code. As a REIT, the Corporation generally will not be subject to federal income tax provided it continues to satisfy certain tests concerning the Company’s sources of income, the nature of the Company’s assets, the amounts distributed to the Corporation’s stockholders and the ownership of Corporation stock. Management believes the Corporation has qualified and will continue to qualify as a REIT and, therefore, no provision has been made for federal income taxes in the consolidated financial statements. Even if the Corporation qualifies for taxation as a REIT, it may be subject to state and local income and franchise taxes, and to federal income tax and excise tax on its undistributed income. Taxable income earned by any of the Company's taxable REIT subsidiaries, including from non-REIT activities, is subject to federal, state and local taxes. Taxable income from non-REIT activities managed through any of the Company's taxable REIT subsidiaries is subject to federal, state and local taxes, which are not material. Earnings Per Share The Company’s unvested restricted common stock, which contains non-forfeitable rights to receive dividends, are considered participating securities requiring the two-class method of computing earnings per share. Under the two-class method, earnings per common share are computed by dividing the sum of distributed earnings to common stockholders and undistributed earnings allocated to common stockholders by the weighted average number of common shares outstanding for the period. In applying the two-class method, undistributed earnings are allocated to both common shares and participating securities based on their respective weighted average shares outstanding during the period. Under the terms of the Amended Incentive Award Plan, restricted stock awards are not allocated losses, including undistributed losses as a result of dividends declared exceeding net income. The Company uses net income attributable to common shareholders to determine whether potential common shares are dilutive or anti-dilutive and undistributed net income (loss) to determine whether undistributed earnings are allocable to participating securities. Forward Equity Sale Agreements The Corporation may enter into forward sale agreements for the sale and issuance of shares of our common stock, either through an underwritten public offering or through the 2021 ATM Program. These agreements may be physically settled in stock, settled in cash, or net share settled at the Company’s election. The Company evaluated the forward sale agreements and concluded they meet the conditions to be classified within stockholders’ equity. Prior to settlement, a forward sale agreement will be reflected in the diluted earnings per share calculations using the treasury stock method. Under this method, the number of shares of the Corporation’s common stock used in diluted earnings per share is deemed to be increased by the excess, if any, of the number of shares of the Corporation’s common stock that would be issued upon full physical settlement of such forward sale agreement over the number of shares of the Corporation’s common stock that could be purchased by the Company in the market (based on the average market price during the period) using the proceeds receivable upon full physical settlement (based on the adjusted forward sale price at the end of the reporting period). Consequently, prior to settlement of a forward sale agreement, there will be no dilutive effect on the Company’s earnings per share except during periods when the average market price of the Corporation’s common stock is above the adjusted forward sale price. However, upon settlement of a forward sales agreement, if the Corporation elects to physically settle or net share settle such forward sale agreement, delivery of the Corporation’s shares will result in dilution to the Company’s earnings per share.

Investments

Investments	3 Months Ended
	Mar. 31, 2023
Real Estate [Abstract]
Investments	NOTE 3. INVESTMENTS Owned Properties As of March 31, 2023 , the Company's gross investment in owned real estate properties totaled $ 9.3 billion. The gross investment, as adjusted for any impairment, is comprised of land, buildings, lease intangible assets, lease intangible liabilities, real estate assets held under direct financing leases and real estate assets held for sale. The portfolio is geographically dispersed throughout 49 states with Texas, at 15.0 %, as the only state with a gross investment greater than 10.0 % of the total gross investment of the Company's entire portfolio. During the three months ended March 31, 2023, the Company had the following real estate activity (dollars in thousands): Number of Properties Dollar Amount of Investments Held in Use Held for Sale Total Held in Use Held for Sale Total Gross balance, December 31, 2022 2,098 17 2,115 $ 9,122,163 $ 61,581 $ 9,183,744 Acquisitions/improvements (1) 7 — 7 206,143 — 206,143 Dispositions of real estate (2) ( 27 ) ( 12 ) ( 39 ) ( 68,239 ) ( 46,865 ) ( 115,104 ) Transfers to Held for Sale ( 21 ) 21 — ( 42,416 ) 42,416 — Transfers from Held for Sale 2 ( 2 ) — 3,675 ( 3,675 ) — Impairments (3) — — — ( 2,684 ) ( 2,068 ) ( 4,752 ) Reset of gross balances (4) — — — ( 6,381 ) ( 1,216 ) ( 7,597 ) Gross balance, March 31, 2023 2,059 24 2,083 9,212,261 50,173 9,262,434 Accumulated depreciation and amortization ( 1,440,003 ) ( 6,964 ) ( 1,446,967 ) Net balance, March 31, 2023 (5) $ 7,772,258 $ 43,209 $ 7,815,467 (1) Includes investments of $ 21.3 million in revenue producing capitalized expenditures and $ 0.5 million of non-revenue producing capitalized expenditures during the three months ended March 31, 2023 . (2) For the three months ended March 31, 2023 , the net gains on disposal of properties held in use and held for sale were $ 39.9 million and $ 9.3 million, respectively. (3) Impairments on owned real estate is comprised of real estate and intangible asset impairment. (4) Represents write-off of gross investment balances against the related accumulated depreciation and amortization balances as a result of basis reset due to impairment or intangibles and tenant improvements which have been fully amortized. (5) Reconciliation of total owned investments to the accompanying consolidated balance sheet at March 31, 2023 is as follows: Real estate assets held for investment, net $ 7,471,776 Intangible lease assets, net 407,141 Real estate assets under direct financing leases, net 7,420 Real estate assets held for sale, net 43,209 Intangible lease liabilities, net ( 114,079 ) Net balance $ 7,815,467 Operating Leases As of March 31, 2023 and 2022, the Company held 2,077 and 2,033 properties under operating leases, respectively. The following table summarizes the components of rental income recognized on these operating leases in the consolidated statements of operations (in thousands): Three Months Ended 2023 2022 Base Cash Rent (1) $ 171,230 $ 150,635 Variable cash rent (including reimbursables) 5,795 7,218 Straight-line rent, net of uncollectible reserve 9,920 8,575 Amortization of above- and below- market lease intangibles, net (2) 349 647 Total rental income $ 187,294 $ 167,075 (1) Includes net impact of amounts recovered of $ 0.2 million and $ 0.1 million for the three months ended March 31, 2023 and 2022, respectively. (2) Excludes amortization of in-place leases of $ 11.1 million and $ 10.4 million for the three months ended March 31, 2023 and 2022 , respectively, which is included in depreciation and amortization expense in the consolidated statements of operations. Lease renewal periods are exercisable at the lessees’ option and, as such, minimum future rent only includes the remaining initial non-cancellable term of our operating leases. In addition, minimum future rent includes fixed rent escalations occurring on or after April 1, 2023, but does not include variable rent escalations, such as those based on CPI, or contingent rents. M inimum future rent at March 31, 2023 is as follows (in thousands): March 31, 2023 Remainder of 2023 $ 510,812 2024 675,070 2025 664,060 2026 637,600 2027 596,095 Thereafter 4,945,342 Total future minimum rentals $ 8,028,979 The following table details lease intangible assets and liabilities, net of accumulated amortization (in thousands): March 31, December 31, In-place leases $ 552,277 $ 559,962 Above-market leases 99,041 101,594 Less: accumulated amortization ( 244,177 ) ( 237,686 ) Intangible lease assets, net $ 407,141 $ 423,870 Below-market leases $ 176,555 $ 179,187 Less: accumulated amortization ( 62,476 ) ( 61,110 ) Intangible lease liabilities, net $ 114,079 $ 118,077 Direct Financing Leases As of March 31, 2023 , the Company held one property under a direct financing lease, which was held in use. As of March 31, 2023 , this property had $ 2.4 million in scheduled minimum future payments to be received under its remaining non-cancellable lease term. As of March 31, 2023 , the Company had a reserve of $ 0.1 million against the investment balance of $ 7.5 million, which was initially recorded in 2020 as a result of the initial term of the direct financing lease extending until 2027. Loans Receivable During the first quarter of 2023, the Company provided fixed-rate seller financing in conjunction with the sale of four single-tenant properties for $ 33.0 million, for which the properties serve as collateral. The Company evaluated the collectability of the amount receivable and recorded an allowance for loan losses of $ 0.5 million for the three months ended March 31, 2023 due to the borrower's financials and performance metrics. The Company also provided additional funding for an existing construction loan, which increased the principal amount of the loan by $ 0.8 million. Based on the borrower's financials and performance metrics, the Company recorded an additional allowance for loan losses of $ 7.5 thousand for the three months ended March 31, 2023 due to the borrower's financials and performance metrics. The following table details our loans receivable activity (in thousands): Principal Balance Allowance for Credit Loss Total December 31, 2022 $ 23,700 $ ( 677 ) $ 23,023 Loans issued 33,750 ( 503 ) 33,247 Loan payments received — — — March 31, 2023 $ 57,450 $ ( 1,180 ) $ 56,270 Impairments and Allowance for Credit Losses The following table summarizes impairments and allowance for credit losses recognized in the consolidated statements of operations (in thousands): Three Months Ended 2023 2022 Real estate asset impairment $ 4,716 $ — Intangible asset impairment 36 — Allowance for credit losses on loans receivable 503 127 Total impairment loss $ 5,255 $ 127

Debt

Debt	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Debt	NOTE 4. DEBT The Company's debt is summarized below (dollars in thousands): Weighted Average Effective Interest Rates (1) Weighted Average Stated Interest Rates (2) Weighted Average Remaining Years to Maturity (3) March 31, December 31, Debt: Revolving credit facilities 11.91 % 5.42 % 3.0 $ 98,000 $ 55,500 Term loans 3.79 % 3.50 % 3.6 800,000 800,000 Senior Unsecured Notes 3.42 % 3.25 % 6.2 2,750,000 2,750,000 Mortgages payable 4.88 % 5.82 % 7.8 4,689 4,825 Total debt 3.68 % 3.36 % 5.5 3,652,689 3,610,325 Debt discount, net ( 9,231 ) ( 9,556 ) Deferred financing costs, net (4) ( 24,301 ) ( 25,460 ) Total debt, net $ 3,619,157 $ 3,575,309 (1) Includes amortization of debt discount/premium, amortization of deferred financing costs, facility fees, non-utilization fees and impact of cash flow hedges, where applicable, calculated for the three months ended March 31, 2023 based on the average principal balance outstanding during the period. (2) Based on the outstanding principal balance as of March 31, 2023 . Term loans include the impact of cash flow hedges. Excluding the impact of cash flow hedges, the stated interest rate for the term loans was 5.78 % as of March 31, 2023. (3) Based on the outstanding principal balance as of March 31, 2023. (4) Excludes deferred financing costs for the revolving credit facilities. Deferred financing costs and offering discount/premium incurred in connection with entering into debt agreements are amortized to interest expense over the initial term of the respective agreement. Both deferred financing costs and offering discount/premium are recorded net against the principal debt balance on the consolidated balance sheets, except for deferred costs related to revolving credit facilities, which are recorded in deferred costs and other assets, net. Revolving Credit Facilities On January 14, 2019, the Operating Partnership entered into the 2019 Revolving Credit and Term Loan Agreement, which included the 2019 Credit Facility with a borrowing capacity of $ 800.0 million. On March 30, 2022, the Operating Partnership amended and restated the 2019 Revolving Credit and Term Loan Agreement, increasing the borrowing capacity of the 2019 Credit Facility to $ 1.2 billion. The borrowing capacity can be further increased to $ 1.7 billion through exercise of an accordion feature, subject to satisfying certain requirements. The 2019 Credit Facility has a maturity date of March 31, 2026 and includes two six-month extensions that can be exercised at the Company’s option. Borrowings may be repaid, in whole or in part, at any time, without premium or penalty, but subject to applicable breakage fees, if any. As of March 31, 2023 , outstanding loans under the 2019 Credit Facility bore interest at a 1-month adjusted SOFR rate plus an applicable margin of 0.775 % per annum and the aggregate revolving commitments incurred a facility fee of 0.150 % per annum, in each case, based on the Operating Partnership’s credit rating and leverage ratio (as defined in the agreement). Prior to March 30, 2022, outstanding loans under the 2019 Credit Facility bore interest at 1-month LIBOR plus an applicable margin of 0.90 % per annum and the aggregate revolving commitments incurred a facility fee of 0.20 % per annum. In connection with the amendment and restatement of the 2019 Credit Facility, the Company wrote off $ 0.2 million in deferred financing costs and incurred deferred financing costs of $ 8.6 million. The unamortized deferred financing costs were $ 7.2 million as of March 31, 2023 , compared to $ 7.8 million as of December 31, 2022. As of March 31, 2023 , $ 1.1 billion of borrowing capacity was available under the 2019 Credit Facility and there were no outstanding letters of credit. The Operating Partnership's ability to borrow under the 2019 Credit Facility is subject to ongoing compliance with a number of customary financial and other affirmative and negative covenants, all of which the Company and the Operating Partnership were in compliance with as of March 31, 2023. Term Loans On August 22, 2022, the Operating Partnership entered into the 2022 Term Loan Agreement, which provides for borrowings in an aggregate amount of $ 800.0 million, comprised of a $ 300.0 million tranche which matures August 22, 2025 and a $ 500.0 million tranche which matures August 20, 2027 . The Term Loan Agreement also includes an accordion feature to increase the available term loans by $ 200.0 million, subject to satisfying certain requirements. As of March 31, 2023 , the 2022 Term Loans bore interest at a 1-month adjusted SOFR rate plus an applicable margin of 0.850 % per annum, based on the Operating Partnership’s credit rating. The Company incurred $ 8.4 million in deferred financing costs in connection with entering into the 2022 Term Loan Agreement, and the unamortized deferred financing costs were $ 7.2 million as of March 31, 2023 , compared to $ 7.7 million as of December 31, 2022. On November 17, 2022, the Operating Partnership entered into the 2023 Term Loan Agreement, which provides for $ 500.0 million of unsecured term loans with a maturity date of June 16, 2025 and allows funds to be drawn up to July 2, 2023. The 2023 Term Loan Agreement also includes an accordion feature to increase the available term loans by $ 100.0 million, subject to satisfying certain requirements. The 2023 Term Loans will bear interest at a 1-month adjusted SOFR rate plus an applicable margin of 0.950 % per annum, based on the Operating Partnership's credit rating as of March 31, 2023 . The full $ 500.0 million of borrowing capacity was available under the 2023 Term Loan Agreements as of March 31, 2023. In conjunction with the Company's term loans, the Company entered into interest rate swaps as cash flow hedges (see Note 7). In connection with the 2022 Term Loan Agreement and the 2023 Term Loan Agreement, the Company and Operating Partnership are subject to ongoing compliance with a number of customary financial and other affirmative and negative covenants, all of which the Company and the Operating Partnership were in compliance with as of March 31, 2023. Senior Unsecured Notes The Senior Unsecured Notes were issued by the Operating Partnership and are guaranteed by the Company. The following is a summary of the Senior Unsecured Notes outstanding (dollars in thousands): Maturity Date Interest Payment Dates Stated Interest Rate March 31, December 31, 2026 Senior Notes September 15, 2026 March 15 and September 15 4.45 % $ 300,000 $ 300,000 2027 Senior Notes January 15, 2027 January 15 and July 15 3.20 % 300,000 300,000 2028 Senior Notes March 15, 2028 March 15 and September 15 2.10 % 450,000 450,000 2029 Senior Notes July 15, 2029 January 15 and July 15 4.00 % 400,000 400,000 2030 Senior Notes January 15, 2030 January 15 and July 15 3.40 % 500,000 500,000 2031 Senior Notes February 15, 2031 February 15 and August 15 3.20 % 450,000 450,000 2032 Senior Notes February 15, 2032 February 15 and August 15 2.70 % 350,000 350,000 Total Senior Unsecured Notes 3.25 % $ 2,750,000 $ 2,750,000 The Senior Unsecured Notes are redeemable in whole at any time or in part from time to time, at the Operating Partnership’s option, at a redemption price equal to the sum of 100 % of the principal amount of the respective Senior Unsecured Notes to be redeemed plus accrued and unpaid interest and liquidated damages, if any, up to, but not including, the redemption date; and a make-whole premium. If any of the Senior Unsecured Notes are redeemed three months or less (or two months or less in the case of the 2027 Senior Notes and 2028 Senior Notes) prior to their respective maturity dates, the redemption price will not include a make-whole premium. As of March 31, 2023 and December 31, 2022 , the unamortized deferred financing costs were $ 17.1 million and $ 17.8 million, respectively, and the unamortized discount was $ 9.4 million and $ 9.7 million, respectively. In connection with the issuance of the Senior Unsecured Notes, the Company and Operating Partnership are subject to ongoing compliance with a number of customary financial and other affirmative and negative covenants, all of which the Company and the Operating Partnership were in compliance with as of March 31, 2023. Mortgages Payable Indirect wholly-owned special purpose entity subsidiaries of the Company are borrowers under two fixed-rate non-recourse loans, which have been securitized into CMBS and are secured by the borrowers’ respective leased properties and related assets. The stated interest rates as of March 31, 2023 for the non-defaulted loans were 5.80 % and 6.00 %, respectively. Each loan was secured by one property. There were no unamortized deferred financing costs as of either March 31, 2023 and December 31, 2022, and the unamortized net premium as of both March 31, 2023 and December 31, 2022 was $ 0.2 million. Debt Extinguishment The Company did no t extinguish any debt during the three months ended March 31, 2023. During the three months ended March 31, 2022 , the Company recognized a loss on debt extinguishment of $ 0.2 million as a result of the amendment and restatement of the 2019 Revolving Credit and Term Loan Agreement. Debt Maturities As of March 31, 2023, scheduled debt maturities, including balloon payments, were as follows (in thousands): Scheduled Balloon Total Remainder of 2023 $ 420 $ — $ 420 2024 590 — 590 2025 610 300,016 300,626 2026 469 398,000 398,469 2027 497 800,000 800,497 Thereafter 2,034 2,150,053 2,152,087 Total $ 4,620 $ 3,648,069 $ 3,652,689 Interest Expense The components of interest expense related to the Company's borrowings were as follows (in thousands): Three Months Ended 2023 2022 Revolving credit facilities (1) $ 1,839 $ 1,822 Term loans (2) 7,006 — Senior Unsecured Notes 22,313 22,313 Mortgages payable 69 77 Non-cash: Amortization of deferred financing costs 1,754 922 Amortization of debt discount, net 324 313 Amortization of net losses related to interest rate swaps 702 702 Capitalized interest ( 460 ) ( 126 ) Total interest expense $ 33,547 $ 26,023 (1) Includes facility fees of approximately $ 0.7 million and $ 0.5 million for the three months ended March 31, 2023 and 2022, respectively. (2) Includes impact of cash flow hedge.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Stockholders' Equity	NOTE 5. STOCKHOLDERS’ EQUITY Common Stock In January 2022, the Company entered into forward sale agreements in connection with an offering of 9.4 million shares of common stock at an initial public offering price of $ 47.60 per share, before underwriting discounts and offering expenses. All of these shares were settled during 2022, generating net proceeds of $ 427.7 million. In November 2021, the Board of Directors approved a new $ 500.0 million ATM Program, and the Company terminated its 2020 ATM Program. The following details the activity under the 2021 ATM Program since its inception (in thousands): 2021 ATM Forward Shares Regular Shares Total Shares Net Proceeds on Issuances Month ended 12/31/2021 Shares sold 2,268 438 2,706 Shares issued ( 2,212 ) ( 438 ) ( 2,650 ) $ 120,286 Unsettled shares sold as of 12/31/2021 56 — 56 Year ended 12/31/2022 Shares sold 2,434 1,525 3,959 Shares issued ( 2,490 ) ( 1,525 ) ( 4,015 ) $ 167,850 Unsettled shares sold as of 12/31/2022 — — — Three months ended 3/31/2023 Shares sold — — — Shares issued — — — $ — Unsettled shares sold as of 3/31/2023 — — — As of March 31, 2023 , approximately $ 208.7 million of capacity remained available under the 2021 ATM Program. Preferred Stock As of March 31, 2023 , the Company had 6.9 million shares of Series A Preferred Stock outstanding, which pays cumulative cash dividends of 6.00 % per annum on the liquidation preference of $ 25.00 per share (equivalent to $ 1.50 per share on an annual basis). Dividends Declared For the three months ended March 31, 2023, the Company's Board of Directors declared the following dividends: Declaration Date Dividend Per Share Record Date Total Amount (in thousands) Payment Date Common Stock February 22, 2023 $ 0.663 March 31, 2023 $ 93,675 April 14, 2023 Preferred Stock February 22, 2023 $ 0.375 March 15, 2023 $ 2,588 March 31, 2023 The common stock dividend declared on February 22, 2023 is included in accounts payable, accrued expenses and other liabilities in the consolidated balance sheet as of March 31, 2023 .

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2023
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	NOTE 6. COMMITMENTS AND CONTINGENCIES The Company is periodically subject to claims or litigation in the ordinary course of business, including claims generated from business conducted by tenants on real estate owned by the Company. In these instances, the Company is typically indemnified by the tenant against any losses that might be suffered, and the Company and/or the tenant are typically insured against such claims. The Company had fully accrued a $ 5.7 million contingent liability related to debt owed by a tenant in 2018, however no payments were made by the Company. Therefore, upon the debt's maturity on March 15, 2022, the Company reversed the $ 5.7 million accrual, which is reflected as other income in the consolidated statement of operations. The Company estimates future costs for known environmental remediation requirements when it is probable that the Company has incurred a liability and the related costs can be reasonably estimated. The Company considers various factors when estimating its environmental liabilities, and adjustments are made when additional information becomes available that affects the estimated costs to study or remediate any environmental issues. When only a wide range of estimated amounts can be reasonably established and no other amount within the range is better than another, the low end of the range is recorded in the consolidated financial statements. As of March 31, 2023 , no accruals have been made. As of March 31, 2023 , there were no outstanding claims against the Company that are expected to have a material adverse effect on the Company’s financial position, results of operations or cash flows. Purchase and Capital Improvement Commitments As of March 31, 2023 , the Company had commitments totaling $ 132.7 million, of which $ 9.8 million relates to future acquisitions and the remainder relates to improvements on properties the Company already owns. Acquisition commitments contain standard cancellation clauses contingent on the results of due diligence. $ 24.6 million of the Company’s commitments are expected to be funded during 2023 , and $ 107.8 million are expected to be funded by the end of 2024.

Derivative and Hedging Activiti

Derivative and Hedging Activities	3 Months Ended
	Mar. 31, 2023
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Derivative and Hedging Activities	NOTE 7. DERIVATIVE AND HEDGING ACTIVITIES The Company may use interest rate derivative contracts to manage its exposure to changes in interest rates on its variable rate debt. These derivatives are considered cash flow hedges and are recorded on a gross basis at fair value. Assessments of hedge effectiveness are performed quarterly using either a qualitative or quantitative approach. The Company recognizes the entire change in the fair value in AOCIL and the change is reflected as cash flow hedge changes in fair value in the supplemental disclosures of non-cash activities in the consolidated statements of cash flows. Amounts will subsequently be reclassified to earnings when the hedged item affects earnings. The Company does not enter into derivative contracts for speculative or trading purposes and does not have derivative netting arrangements. The Company is exposed to credit risk in the event of non-performance by its derivative counterparties. The Company evaluates this risk through monitoring the creditworthiness of counterparties, which includes review of their debt ratings and financial performance. To mitigate credit risk, the Company enters into agreements with counterparties it considers credit-worthy, such as large financial institutions with favorable credit ratings. In the third quarter of 2019, the Company terminated interest rate swaps which had been entered into in December 2018 and accelerated the reclassification of a loss of $ 12.5 million from AOCIL to termination of interest rate swaps as a result of a portion of the hedged forecasted transactions becoming probable not to occur. There were no events of default related to the interest rate swaps prior to their termination. Given that a portion of the hedged transactions remained probable to occur, $ 12.3 million of the loss was deferred in other comprehensive loss and is being amortized over the remaining initial term of the interest rate swaps, which ends January 31, 2024. As of March 31, 2023 , the unamortized portion of loss in AOCIL related to terminated interest rate swaps was $ 2.3 million. During the third quarter of 2022 and the first quarter of 2023, the Company entered into new interest rate swaps, which were designated as cash flow hedge instruments. Interest rate swaps that are in an asset position are recorded in deferred costs and other assets, net on the consolidated balance sheet, while interest rate swaps that are in a liability position are recorded in accounts payable, accrued expenses and other liabilities on the consolidated balance sheet. These instruments swap 1-month SOFR for a fixed payment. The following table summarizes the key terms and fair value of these instruments (in thousands): Fair Value of Asset (Liability) Interest Rate Swap Notional Amount Fixed Interest Rate Effective Date Maturity Date March 31, 2023 $ 300,000 2.501 % September 15, 2022 August 22, 2027 $ 10,708 $ 200,000 2.507 % September 15, 2022 August 22, 2027 7,075 $ 300,000 2.636 % September 15, 2022 August 22, 2025 8,185 $ 300,000 3.769 % June 15, 2023 June 15, 2025 172 $ 200,000 3.590 % December 15, 2023 June 15, 2025 ( 299 ) $ 25,841 The following table provides information about the amounts recorded in AOCIL, as well as any amounts reclassified to operations (in thousands): Three Months Ended 2023 2022 Cash flow hedge derivatives $ ( 7,304 ) $ — Amount of gain reclassified from AOCIL to interest ( 3,984 ) — Amount of loss reclassified from AOCIL to interest 702 702 Total $ ( 10,586 ) $ 702 During the next 12 months, we estimate that approximately $ 2.3 million will be reclassified as an increase to interest expense related to terminated hedges of existing floating-rate debt and $ 18.3 million will be reclassified as a decrease to interest expense related to cash flow hedge derivatives.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	NOTE 8. FAIR VALUE MEASUREMENTS Recurring Fair Value Measurements The Company’s interest rate swaps are measured using a market approach, using prices obtained from a nationally recognized pricing service and pricing models with market observable inputs such as interest rates and volatilities. The Company’s financial assets that were accounted for at fair value on a recurring basis were as follows (in thousands): Fair Value Hierarchy Level Description Fair Value Level 1 Level 2 Level 3 Derivatives held at March 31, 2023 Interest rate swap assets $ 26,140 $ — $ 26,140 $ — Interest rate swap liabilities $ ( 299 ) $ — $ ( 299 ) $ — Nonrecurring Fair Value Measurements Fair value measurement of an asset on a nonrecurring basis occurs when events or changes in circumstances related to an asset indicate that the carrying amount of the asset is no longer recoverable. Real estate assets and their related intangible assets are evaluated for impairment based on certain indicators including, but not limited to: the asset being held for sale, vacant, tenant bankruptcy or delinquency, and leases expiring in 60 days or less. The fair values of real estate and intangible assets were estimated using the following information, depending on availability, in order of preference: signed purchase and sale agreements (“PSA”) or letters of intent (“LOI”); broker opinions of value (“BOV”); recently quoted bid or ask prices, or market prices for comparable properties; estimates of discounted cash flows, which consider, among other things, contractual and forecasted rental revenues, leasing assumptions, expenses based upon market conditions and capitalization rates; and expectations for the use of the real estate. The Company’s assets that were accounted for at fair value on a nonrecurring basis as of their respective measurement dates were as follows (in thousands): Fair Value Hierarchy Level Description Fair Value Level 1 Level 2 Level 3 Assets held at March 31, 2023 Impaired at March 31, 2023 $ 28,426 $ — $ — $ 28,426 Assets held at December 31, 2022 Impaired at June 30, 2022 $ 4,700 $ — $ — $ 4,700 Impaired at September 30, 2022 $ 4,094 $ — $ — $ 4,094 Impaired at December 31, 2022 $ 29,636 $ — $ — $ 29,636 As of March 31, 2023 , the Company held 12 properties that were impaired during 2023. As of December 31, 2022 , the Company held 18 properties that were impaired during 2022 . The Company estimated property fair value using price per square foot from unobservable inputs. The unobservable inputs for these properties are as follows: Unobservable Input Asset Type Property Count Price Per Square Foot Range Weighted Average Price Per Square Foot Square Footage March 31, 2023 PSA, LOI or BOV Retail 10 $ 13.93 - $ 183.69 $ 92.54 209,409 PSA, LOI or BOV Office 1 $ 104.74 $ 104.74 45,686 PSA, LOI or BOV Data Center 1 $ 22.61 $ 22.61 188,475 December 31, 2022 PSA, LOI or BOV Retail 12 $ 30.00 - $ 384.88 $ 93.60 223,225 PSA, LOI or BOV Data Center 1 $ 24.94 $ 24.94 188,475 Comparable Properties Retail 3 $ 26.05 - $ 197.15 $ 56.36 100,195 Comparable Properties Office 2 $ 71.69 - $ 135.00 $ 98.97 73,000 Estimated Fair Value of Financial Instruments Financial assets and liabilities for which the carrying values approximate their fair values include cash and cash equivalents, restricted cash and escrow deposits, and accounts receivable and payable. Generally, these assets and liabilities are short-term in duration and are recorded at cost, which approximates fair value, on the consolidated balance sheets. In addition, companies are required to disclose the estimated fair values of all financial instruments, even if they are not carried at their fair values. The fair values of financial instruments are estimates based upon market conditions and perceived risks at measurement date. These estimates require management’s judgment and may not be indicative of the future fair values of the assets and liabilities. The estimated fair values of these financial instruments have been derived either based on (i) market quotes for identical or similar instruments in markets or (ii) discounted cash flow analyses using estimates of the amount and timing of future cash flows, market rates and credit spreads. The estimated fair values of the Senior Unsecured Notes are classified as Level 1 of the fair value of the hierarchy, and the remaining estimates are classified as Level 2. The following table discloses fair value information for these financial instruments (in thousands): March 31, 2023 December 31, 2022 Carrying Estimated Carrying Estimated Loans receivable, net (1) $ 56,270 $ 57,821 $ 23,023 $ 23,462 2019 Credit Facility 98,000 97,999 55,500 55,502 2022 Term Loans, net (2) 792,813 801,667 792,309 802,363 Senior Unsecured Notes, net (2) 2,723,503 2,390,320 2,722,514 2,310,547 Mortgages payable, net (2) 4,841 4,650 4,986 4,685 (1) The carrying value of the loans receivable are net of an allowance for credit losses. (2) The carrying value of the debt instruments are net of unamortized deferred financing costs and certain debt discounts/premiums.

Incentive Award Plan

Incentive Award Plan	3 Months Ended
	Mar. 31, 2023
Compensation Related Costs [Abstract]
Incentive Award Plan	NOTE 9. INCENTIVE AWARD PLAN Amended Incentive Award Plan Pursuant to the Amended Incentive Award Plan, restricted share awards and market-based awards are granted to certain of the Company’s officers, directors and other employees. The vesting of these awards results in federal and state income tax liabilities for the recipients. As permitted by the terms of the Amended Incentive Award Plan and the award grants, certain executive officers and employees elected to surrender shares of common stock valued at $ 1.3 million during the three months ended March 31, 2023 solely to pay the associated statutory tax withholdings. Restricted Share Awards During the three months ended March 31, 2023 , the Company granted 103 thousand restricted shares under the Amended Incentive Award Plan to certain employees and recorded $ 4.3 million in deferred compensation associated with these grants. Deferred compensation for restricted shares will be recognized in expense over the requisite service period, which is generally three years for employees. As of March 31, 2023 , there were approximately 220 thousand unvested restricted shares outstanding. Market-Based Awards During the three months ended March 31, 2023 , the Board of Directors, or committee thereof, approved target grants of 189 thousand market-based awards to executive officers of the Company. The performance period of these grants is generally three years . Potential shares of the Corporation’s common stock that each participant is eligible to receive is based on the initial target number of shares granted, multiplied by a percentage range between 0 % and 375 %. Grant date fair value of the market-based awards was calculated using the Monte Carlo simulation model, which incorporated stock price volatility of the Company and each of the Company’s peers and other variables over the time horizons matching the performance periods. Significant inputs for the calculation for the grants approved in the three months ended March 31, 2023 were expected volatility of the Company of 36.3 % and expected volatility of the Company's peers, ranging from 26.0 % to 52.7 %, with an average volatility of 34.0 % and a risk-free interest rate of 3.72 %. Expected volatility was determined using an equal weighting of implied volatility and historical volatility. The fair value of the market-based award per share of these grants was $ 74.30 as of the grant date. Approximately $ 3.2 million and $ 2.5 million in dividend rights have been accrued as of March 31, 2023 and December 31, 2022, respectively. For outstanding non-vested awards at March 31, 2023 , 0.5 million shares would have been released based on the Corporation’s TSR relative to the specified peer groups through that date. Stock-based Compensation Expense Stock-based compensation is recognized on a straight-line basis over the minimum required service period of each award described above. The Company recorded stock-based compensation expense of $ 5.2 million and $ 4.0 million for the three months ended March 31, 2023 and 2022, respectively. These amounts are included in general and administrative expenses in the consolidated statements of operations. The following is a summary of remaining unamortized stock-based compensation expense (in thousands): March 31, 2023 December 31, 2022 Restricted share awards $ 6,940 $ 4,727 Market-based awards 25,959 15,165 Total unamortized stock-based compensation expense $ 32,899 $ 19,892

Income Per Share

Income Per Share	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Income Per Share	NOTE 10. INCOME PER SHARE The table below is a reconciliation of the numerator and denominator used in the computation of basic and diluted net income per share computed using the two-class method (dollars in thousands): Three Months Ended 2023 2022 Basic and diluted income: Income from continuing operations $ 96,173 $ 56,056 Less: dividends paid to preferred stockholders ( 2,588 ) ( 2,588 ) Less: dividends and income attributable to unvested restricted stock ( 139 ) ( 131 ) Net income attributable to common stockholders used in basic and diluted income per share $ 93,446 $ 53,337 Basic weighted average shares of common stock outstanding: Weighted average shares of common stock outstanding 141,300,527 128,193,656 Less: unvested weighted average shares of restricted stock ( 244,677 ) ( 241,831 ) Basic weighted average shares of common stock outstanding 141,055,850 127,951,825 Net income per share attributable to common stockholders - basic $ 0.66 $ 0.42 Diluted weighted average shares of common stock outstanding: (1) Plus: unvested market-based awards — 318,351 Plus: unsettled shares under open forward equity contracts — 90,255 Diluted weighted average shares of common stock outstanding 141,055,850 128,360,431 Net income per share attributable to common stockholders - diluted $ 0.66 $ 0.42 Potentially dilutive shares of common stock related to: Unvested restricted share awards 103,756 110,203 (1) Assumes the most dilutive issuance of potentially issuable shares between the two-class and treasury stock method unless the result would be anti-dilutive.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Basis of Accounting	Basis of Accounting The consolidated financial statements of the Company have been prepared on the accrual basis of accounting, in accordance with GAAP. In the opinion of management, the consolidated financial statements include the normal, recurring adjustments necessary for fair statement of the information required to be set forth therein. The results for interim periods are not necessarily indicative of the results for the entire year. Certain information and note disclosures, normally included in financial statements prepared in accordance with GAAP, have been condensed or omitted from these statements pursuant to SEC rules and regulations and, accordingly, these financial statements should be read in conjunction with the Company’s audited consolidated financial statements as filed with the SEC in its Annual Report on Form 10-K for the year ended December 31, 2022.
Principles of Consolidation	Principles of Consolidation The consolidated financial statements of the Company include the accounts of the Corporation and its wholly-owned subsidiaries, including the Operating Partnership. All significant intercompany balances and transactions have been eliminated in consolidation. The consolidated financial statements include certain special purpose entities that were formed to acquire and hold real estate encumbered by indebtedness (see Note 4). Each special purpose entity is a separate legal entity and is the sole owner of its assets and responsible for its liabilities. The assets of these special purpose entities are not available to pay, or otherwise satisfy obligations to, the creditors of any affiliate or owner of another entity unless the special purpose entities have expressly agreed and are permitted to do so under their governing documents. As of March 31, 2023 and December 31, 2022 , net assets totaling $ 11.5 million and $ 11.7 million, respectively, were held, and net liabilities totaling $ 4.8 million and $ 4.9 million, respectively, were owed by these encumbered special purpose entities and are included in the consolidated balance sheets.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Although management believes its estimates are reasonable, actual results could differ from those estimates.
Segment Reporting	Segment Reporting The Company views its operations as one reportable segment, which consists of net leasing operations.
Revenue Recognition	Revenue Recognition Rental Income: Cash and Straight-line Rent The Company primarily leases real estate to its tenants under long-term, triple-net leases that are classified as operating leases. To evaluate lease classification, the Company assesses the terms and conditions of the lease to determine the appropriate lease term. Options to extend, terminate or purchase are not included in the evaluation for lease classification or for recognition of rental income unless the Company is reasonably certain the tenant will exercise the option. Evaluation of lease classification also requires an estimate of the real estate's residual value at the end of the lease term. For acquisitions, the Company uses the tangible value of the property at the date of acquisition. For lease modifications, the Company generally uses sales comparables or a direct capitalization approach to estimate residual value. The Company’s leases generally provide for rent escalations throughout the term of the lease. For leases with fixed escalators, rental income is recognized on a straight-line basis to produce a constant periodic rent over the term of the lease. Accordingly, the difference between rental income recognized on a straight-line basis and billed rents is recorded as rent receivables, which the Company will receive only if the tenant makes all rent payments required through the initial term of their lease. For leases with variable rent escalators, rental income typically increases at a multiple of any increase in the CPI over a specified period. Because of the volatility and uncertainty regarding future changes in the CPI and the Company’s inability to determine the extent to which any specific future change in the CPI is probable, increases from variable rent escalators are recognized when the changes in the rental rates have occurred. Some of the Company’s leases also provide for contingent rent based on a percentage of the tenant’s gross sales, which is recognized as rental income when the factor on which the contingent lease payment is based has occurred. Rental income is subject to an evaluation for collectability, which includes management’s estimates of amounts that will not be realized based on an assessment of the risks inherent in the portfolio, considering historical experience, as well as the tenant's payment history and financial condition. The Company does not recognize rental income for amounts that are not probable of collection. Rental Income: Tenant Reimbursement Revenue Under a triple-net lease, the tenant is typically responsible for all improvements and is contractually obligated to pay all property operating expenses, such as real estate taxes, insurance premiums and repair and maintenance costs. Certain leases contain additional amounts recoverable from tenants for common area maintenance and certain other expenses, which are non-lease components. The Company elected to combine all its non-lease components, which were determined to have the same pattern of transfer as the related operating lease component, into a single combined lease component. Tenant reimbursement revenue is variable and is recognized in the period in which the related expenses are incurred, with the related expenses included in property costs (including reimbursable) on the consolidated statements of operations. Tenant reimbursements are recorded on a gross basis in instances when our tenants reimburse us for property costs which we incur. Tenant receivables are reduced for amounts that are not probable of collection. Rental Income: Intangible Amortization Amortization of above- and below-market lease intangibles are included as a decrease and increase, respectively, to rental revenue and amortization of in-place lease intangibles is included in depreciation and amortization expense in the consolidated statements of operations. All lease intangibles are amortized on a straight-line basis over the term of the lease, which includes any renewal options the Company is reasonably certain the tenant will exercise. If the Company subsequently determines it is reasonably certain that the tenant will not exercise the renewal options, the unamortized portion of any related lease intangible is accelerated over the remaining initial term of the lease. If the Company believes a lease intangible balance is no longer recoverable, the unamortized portion is immediately recognized in impairments in the consolidated statements of operations.
Loans Receivable	Loans Receivable Interest on loans receivable is recognized using the effective interest rate method. A loan is placed on non-accrual status when the loan has become 60 days past due, or earlier if management determines that full recovery of the contractually specified payments of principal and interest is doubtful. While on non-accrual status, interest income is recognized only when received. Delinquent loans receivable are written off against the allowance when all possible means of collection have been exhausted. The Company evaluates its loans receivable balance, including accrued interest, for potential credit losses by analyzing the credit of the borrower, the remaining time to maturity of the loan, collateral value and quality (if any), and other relevant factors. Allowance for credit losses are recorded in impairments on the consolidated statement of operations.
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents include cash and highly liquid investment securities with maturities at acquisition of three months or less. The Company invests cash primarily in money market funds of major financial institutions with fund investments consisting of highly-rated money market instruments and other short-term instruments. Restricted cash is classified within deferred costs and other assets, net in the consolidated balance sheets. Cash, cash equivalents and restricted cash consisted of the following (in thousands): March 31, December 31, March 31, Cash and cash equivalents $ 4,871 $ 8,770 $ 24,229 Restricted cash: 1031 Exchange proceeds 12,983 53,183 — Tenant security deposits 644 — — Funds held in escrow (1) — — 2,347 Total cash, cash equivalents and restricted cash $ 18,498 $ 61,953 $ 26,576 (1) Deposits related to acquisitions held in third-party escrow accounts.
Tenant Receivables	Tenant Receivables The Company reviews its rent and other tenant receivables for collectability on a regular basis, considering changes in factors such as the tenant’s payment history, the tenant’s financial condition, industry conditions in which the tenant operates and economic conditions in the geographic area in which the tenant operates. If a receivable is not probable of collection, a direct write-off of the receivable will be made. The Company had accounts receivable balances of $ 16.6 million and $ 18.2 million at March 31, 2023 and December 31, 2022 , respectively, after the impact of $ 1.3 million and $ 3.2 million of receivables, respectively, that were deemed not probable of collection. These receivables are recorded within deferred cost and other assets, net in the consolidated balance sheets. For receivable balances related to the straight-line method of recognizing rental income, the collectability is generally assessed in conjunction with the evaluation of rental income as described above. The Company had straight-line rent receivables of $ 171.7 million and $ 167.1 million at March 31, 2023 and December 31, 2022 , respectively, after the impact of $ 1.2 million and $ 1.3 million of receivables, respectively, that were deemed not probable of collection. These receivables are recorded within deferred costs and other assets, net in the consolidated balance sheets.
Goodwill	Goodwill Goodwill arises from business combinations as the excess of the cost of an acquired entity over the net fair value amounts that were assigned to the identifiable assets acquired and the liabilities assumed. Goodwill is tested for impairment at the reporting unit level annually or between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of the reporting unit below its carrying value. The Company performs a qualitative assessment to determine if the quantitative impairment test is necessary. The quantitative impairment test, if deemed necessary, compares the fair value of each reporting unit with its carrying amount and impairment is recognized as the amount by which the carrying amount exceeds the reporting unit’s fair value. No impairment was recorded for the periods presented.
Income Taxes	Income Taxes The Corporation has elected to be taxed as a REIT under the Code. As a REIT, the Corporation generally will not be subject to federal income tax provided it continues to satisfy certain tests concerning the Company’s sources of income, the nature of the Company’s assets, the amounts distributed to the Corporation’s stockholders and the ownership of Corporation stock. Management believes the Corporation has qualified and will continue to qualify as a REIT and, therefore, no provision has been made for federal income taxes in the consolidated financial statements. Even if the Corporation qualifies for taxation as a REIT, it may be subject to state and local income and franchise taxes, and to federal income tax and excise tax on its undistributed income. Taxable income earned by any of the Company's taxable REIT subsidiaries, including from non-REIT activities, is subject to federal, state and local taxes. Taxable income from non-REIT activities managed through any of the Company's taxable REIT subsidiaries is subject to federal, state and local taxes, which are not material.
Earnings Per Share	Earnings Per Share The Company’s unvested restricted common stock, which contains non-forfeitable rights to receive dividends, are considered participating securities requiring the two-class method of computing earnings per share. Under the two-class method, earnings per common share are computed by dividing the sum of distributed earnings to common stockholders and undistributed earnings allocated to common stockholders by the weighted average number of common shares outstanding for the period. In applying the two-class method, undistributed earnings are allocated to both common shares and participating securities based on their respective weighted average shares outstanding during the period. Under the terms of the Amended Incentive Award Plan, restricted stock awards are not allocated losses, including undistributed losses as a result of dividends declared exceeding net income. The Company uses net income attributable to common shareholders to determine whether potential common shares are dilutive or anti-dilutive and undistributed net income (loss) to determine whether undistributed earnings are allocable to participating securities.
Forward Equity Sale Agreements	Forward Equity Sale Agreements The Corporation may enter into forward sale agreements for the sale and issuance of shares of our common stock, either through an underwritten public offering or through the 2021 ATM Program. These agreements may be physically settled in stock, settled in cash, or net share settled at the Company’s election. The Company evaluated the forward sale agreements and concluded they meet the conditions to be classified within stockholders’ equity. Prior to settlement, a forward sale agreement will be reflected in the diluted earnings per share calculations using the treasury stock method. Under this method, the number of shares of the Corporation’s common stock used in diluted earnings per share is deemed to be increased by the excess, if any, of the number of shares of the Corporation’s common stock that would be issued upon full physical settlement of such forward sale agreement over the number of shares of the Corporation’s common stock that could be purchased by the Company in the market (based on the average market price during the period) using the proceeds receivable upon full physical settlement (based on the adjusted forward sale price at the end of the reporting period). Consequently, prior to settlement of a forward sale agreement, there will be no dilutive effect on the Company’s earnings per share except during periods when the average market price of the Corporation’s common stock is above the adjusted forward sale price. However, upon settlement of a forward sales agreement, if the Corporation elects to physically settle or net share settle such forward sale agreement, delivery of the Corporation’s shares will result in dilution to the Company’s earnings per share.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Schedule of Cash, Cash Equivalents and Restricted Cash	Cash, cash equivalents and restricted cash consisted of the following (in thousands): March 31, December 31, March 31, Cash and cash equivalents $ 4,871 $ 8,770 $ 24,229 Restricted cash: 1031 Exchange proceeds 12,983 53,183 — Tenant security deposits 644 — — Funds held in escrow (1) — — 2,347 Total cash, cash equivalents and restricted cash $ 18,498 $ 61,953 $ 26,576 (1) Deposits related to acquisitions held in third-party escrow accounts.

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 31, 2023
Real Estate [Abstract]
Summary of Real Estate Activity	During the three months ended March 31, 2023, the Company had the following real estate activity (dollars in thousands): Number of Properties Dollar Amount of Investments Held in Use Held for Sale Total Held in Use Held for Sale Total Gross balance, December 31, 2022 2,098 17 2,115 $ 9,122,163 $ 61,581 $ 9,183,744 Acquisitions/improvements (1) 7 — 7 206,143 — 206,143 Dispositions of real estate (2) ( 27 ) ( 12 ) ( 39 ) ( 68,239 ) ( 46,865 ) ( 115,104 ) Transfers to Held for Sale ( 21 ) 21 — ( 42,416 ) 42,416 — Transfers from Held for Sale 2 ( 2 ) — 3,675 ( 3,675 ) — Impairments (3) — — — ( 2,684 ) ( 2,068 ) ( 4,752 ) Reset of gross balances (4) — — — ( 6,381 ) ( 1,216 ) ( 7,597 ) Gross balance, March 31, 2023 2,059 24 2,083 9,212,261 50,173 9,262,434 Accumulated depreciation and amortization ( 1,440,003 ) ( 6,964 ) ( 1,446,967 ) Net balance, March 31, 2023 (5) $ 7,772,258 $ 43,209 $ 7,815,467 (1) Includes investments of $ 21.3 million in revenue producing capitalized expenditures and $ 0.5 million of non-revenue producing capitalized expenditures during the three months ended March 31, 2023 . (2) For the three months ended March 31, 2023 , the net gains on disposal of properties held in use and held for sale were $ 39.9 million and $ 9.3 million, respectively. (3) Impairments on owned real estate is comprised of real estate and intangible asset impairment. (4) Represents write-off of gross investment balances against the related accumulated depreciation and amortization balances as a result of basis reset due to impairment or intangibles and tenant improvements which have been fully amortized. (5) Reconciliation of total owned investments to the accompanying consolidated balance sheet at March 31, 2023 is as follows: Real estate assets held for investment, net $ 7,471,776 Intangible lease assets, net 407,141 Real estate assets under direct financing leases, net 7,420 Real estate assets held for sale, net 43,209 Intangible lease liabilities, net ( 114,079 ) Net balance $ 7,815,467
Schedule of Operating Lease Income	The following table summarizes the components of rental income recognized on these operating leases in the consolidated statements of operations (in thousands): Three Months Ended 2023 2022 Base Cash Rent (1) $ 171,230 $ 150,635 Variable cash rent (including reimbursables) 5,795 7,218 Straight-line rent, net of uncollectible reserve 9,920 8,575 Amortization of above- and below- market lease intangibles, net (2) 349 647 Total rental income $ 187,294 $ 167,075 (1) Includes net impact of amounts recovered of $ 0.2 million and $ 0.1 million for the three months ended March 31, 2023 and 2022, respectively. (2) Excludes amortization of in-place leases of $ 11.1 million and $ 10.4 million for the three months ended March 31, 2023 and 2022 , respectively, which is included in depreciation and amortization expense in the consolidated statements of operations.
Schedule of Minimum Future Contractual Rent to be Received from Operating Lease	M inimum future rent at March 31, 2023 is as follows (in thousands): March 31, 2023 Remainder of 2023 $ 510,812 2024 675,070 2025 664,060 2026 637,600 2027 596,095 Thereafter 4,945,342 Total future minimum rentals $ 8,028,979
Schedule of Lease Intangible Assets and Liabilities, Net of Accumulated Amortization	The following table details lease intangible assets and liabilities, net of accumulated amortization (in thousands): March 31, December 31, In-place leases $ 552,277 $ 559,962 Above-market leases 99,041 101,594 Less: accumulated amortization ( 244,177 ) ( 237,686 ) Intangible lease assets, net $ 407,141 $ 423,870 Below-market leases $ 176,555 $ 179,187 Less: accumulated amortization ( 62,476 ) ( 61,110 ) Intangible lease liabilities, net $ 114,079 $ 118,077
Schedule of Loan Receivable Activity	The following table details our loans receivable activity (in thousands): Principal Balance Allowance for Credit Loss Total December 31, 2022 $ 23,700 $ ( 677 ) $ 23,023 Loans issued 33,750 ( 503 ) 33,247 Loan payments received — — — March 31, 2023 $ 57,450 $ ( 1,180 ) $ 56,270
Summary of Impairment and Credit Losses Recognized	The following table summarizes impairments and allowance for credit losses recognized in the consolidated statements of operations (in thousands): Three Months Ended 2023 2022 Real estate asset impairment $ 4,716 $ — Intangible asset impairment 36 — Allowance for credit losses on loans receivable 503 127 Total impairment loss $ 5,255 $ 127

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Summary of Debt	The Company's debt is summarized below (dollars in thousands): Weighted Average Effective Interest Rates (1) Weighted Average Stated Interest Rates (2) Weighted Average Remaining Years to Maturity (3) March 31, December 31, Debt: Revolving credit facilities 11.91 % 5.42 % 3.0 $ 98,000 $ 55,500 Term loans 3.79 % 3.50 % 3.6 800,000 800,000 Senior Unsecured Notes 3.42 % 3.25 % 6.2 2,750,000 2,750,000 Mortgages payable 4.88 % 5.82 % 7.8 4,689 4,825 Total debt 3.68 % 3.36 % 5.5 3,652,689 3,610,325 Debt discount, net ( 9,231 ) ( 9,556 ) Deferred financing costs, net (4) ( 24,301 ) ( 25,460 ) Total debt, net $ 3,619,157 $ 3,575,309 (1) Includes amortization of debt discount/premium, amortization of deferred financing costs, facility fees, non-utilization fees and impact of cash flow hedges, where applicable, calculated for the three months ended March 31, 2023 based on the average principal balance outstanding during the period. (2) Based on the outstanding principal balance as of March 31, 2023 . Term loans include the impact of cash flow hedges. Excluding the impact of cash flow hedges, the stated interest rate for the term loans was 5.78 % as of March 31, 2023. (3) Based on the outstanding principal balance as of March 31, 2023. (4) Excludes deferred financing costs for the revolving credit facilities.
Summary of Senior Unsecured Notes	The Senior Unsecured Notes were issued by the Operating Partnership and are guaranteed by the Company. The following is a summary of the Senior Unsecured Notes outstanding (dollars in thousands): Maturity Date Interest Payment Dates Stated Interest Rate March 31, December 31, 2026 Senior Notes September 15, 2026 March 15 and September 15 4.45 % $ 300,000 $ 300,000 2027 Senior Notes January 15, 2027 January 15 and July 15 3.20 % 300,000 300,000 2028 Senior Notes March 15, 2028 March 15 and September 15 2.10 % 450,000 450,000 2029 Senior Notes July 15, 2029 January 15 and July 15 4.00 % 400,000 400,000 2030 Senior Notes January 15, 2030 January 15 and July 15 3.40 % 500,000 500,000 2031 Senior Notes February 15, 2031 February 15 and August 15 3.20 % 450,000 450,000 2032 Senior Notes February 15, 2032 February 15 and August 15 2.70 % 350,000 350,000 Total Senior Unsecured Notes 3.25 % $ 2,750,000 $ 2,750,000
Schedule of Debt Maturities	As of March 31, 2023, scheduled debt maturities, including balloon payments, were as follows (in thousands): Scheduled Balloon Total Remainder of 2023 $ 420 $ — $ 420 2024 590 — 590 2025 610 300,016 300,626 2026 469 398,000 398,469 2027 497 800,000 800,497 Thereafter 2,034 2,150,053 2,152,087 Total $ 4,620 $ 3,648,069 $ 3,652,689
Summary of Components of Interest Expense Related to Borrowings	The components of interest expense related to the Company's borrowings were as follows (in thousands): Three Months Ended 2023 2022 Revolving credit facilities (1) $ 1,839 $ 1,822 Term loans (2) 7,006 — Senior Unsecured Notes 22,313 22,313 Mortgages payable 69 77 Non-cash: Amortization of deferred financing costs 1,754 922 Amortization of debt discount, net 324 313 Amortization of net losses related to interest rate swaps 702 702 Capitalized interest ( 460 ) ( 126 ) Total interest expense $ 33,547 $ 26,023 (1) Includes facility fees of approximately $ 0.7 million and $ 0.5 million for the three months ended March 31, 2023 and 2022, respectively. (2) Includes impact of cash flow hedge.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Summary of Activities Under 2021 ATM Program	The following details the activity under the 2021 ATM Program since its inception (in thousands): 2021 ATM Forward Shares Regular Shares Total Shares Net Proceeds on Issuances Month ended 12/31/2021 Shares sold 2,268 438 2,706 Shares issued ( 2,212 ) ( 438 ) ( 2,650 ) $ 120,286 Unsettled shares sold as of 12/31/2021 56 — 56 Year ended 12/31/2022 Shares sold 2,434 1,525 3,959 Shares issued ( 2,490 ) ( 1,525 ) ( 4,015 ) $ 167,850 Unsettled shares sold as of 12/31/2022 — — — Three months ended 3/31/2023 Shares sold — — — Shares issued — — — $ — Unsettled shares sold as of 3/31/2023 — — —
Summary of Dividends Declared	For the three months ended March 31, 2023, the Company's Board of Directors declared the following dividends: Declaration Date Dividend Per Share Record Date Total Amount (in thousands) Payment Date Common Stock February 22, 2023 $ 0.663 March 31, 2023 $ 93,675 April 14, 2023 Preferred Stock February 22, 2023 $ 0.375 March 15, 2023 $ 2,588 March 31, 2023

Derivative and Hedging Activi_2

Derivative and Hedging Activities (Tables)	3 Months Ended
	Mar. 31, 2023
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Schedule of Summary of Notional Amount and Fair Value of Instruments	The following table summarizes the key terms and fair value of these instruments (in thousands): Fair Value of Asset (Liability) Interest Rate Swap Notional Amount Fixed Interest Rate Effective Date Maturity Date March 31, 2023 $ 300,000 2.501 % September 15, 2022 August 22, 2027 $ 10,708 $ 200,000 2.507 % September 15, 2022 August 22, 2027 7,075 $ 300,000 2.636 % September 15, 2022 August 22, 2025 8,185 $ 300,000 3.769 % June 15, 2023 June 15, 2025 172 $ 200,000 3.590 % December 15, 2023 June 15, 2025 ( 299 ) $ 25,841
Summary of Amounts Recorded in AOCIL	The following table provides information about the amounts recorded in AOCIL, as well as any amounts reclassified to operations (in thousands): Three Months Ended 2023 2022 Cash flow hedge derivatives $ ( 7,304 ) $ — Amount of gain reclassified from AOCIL to interest ( 3,984 ) — Amount of loss reclassified from AOCIL to interest 702 702 Total $ ( 10,586 ) $ 702

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements, Recurring	The Company’s financial assets that were accounted for at fair value on a recurring basis were as follows (in thousands): Fair Value Hierarchy Level Description Fair Value Level 1 Level 2 Level 3 Derivatives held at March 31, 2023 Interest rate swap assets $ 26,140 $ — $ 26,140 $ — Interest rate swap liabilities $ ( 299 ) $ — $ ( 299 ) $ —
Fair Value Measurements, Nonrecurring	The Company’s assets that were accounted for at fair value on a nonrecurring basis as of their respective measurement dates were as follows (in thousands): Fair Value Hierarchy Level Description Fair Value Level 1 Level 2 Level 3 Assets held at March 31, 2023 Impaired at March 31, 2023 $ 28,426 $ — $ — $ 28,426 Assets held at December 31, 2022 Impaired at June 30, 2022 $ 4,700 $ — $ — $ 4,700 Impaired at September 30, 2022 $ 4,094 $ — $ — $ 4,094 Impaired at December 31, 2022 $ 29,636 $ — $ — $ 29,636
Fair Value Inputs of Long-Lived Assets Held and Used and Held for Sale	The Company estimated property fair value using price per square foot from unobservable inputs. The unobservable inputs for these properties are as follows: Unobservable Input Asset Type Property Count Price Per Square Foot Range Weighted Average Price Per Square Foot Square Footage March 31, 2023 PSA, LOI or BOV Retail 10 $ 13.93 - $ 183.69 $ 92.54 209,409 PSA, LOI or BOV Office 1 $ 104.74 $ 104.74 45,686 PSA, LOI or BOV Data Center 1 $ 22.61 $ 22.61 188,475 December 31, 2022 PSA, LOI or BOV Retail 12 $ 30.00 - $ 384.88 $ 93.60 223,225 PSA, LOI or BOV Data Center 1 $ 24.94 $ 24.94 188,475 Comparable Properties Retail 3 $ 26.05 - $ 197.15 $ 56.36 100,195 Comparable Properties Office 2 $ 71.69 - $ 135.00 $ 98.97 73,000
Schedule of Carrying Amount and Estimated Fair Value of Financial Instruments	The following table discloses fair value information for these financial instruments (in thousands): March 31, 2023 December 31, 2022 Carrying Estimated Carrying Estimated Loans receivable, net (1) $ 56,270 $ 57,821 $ 23,023 $ 23,462 2019 Credit Facility 98,000 97,999 55,500 55,502 2022 Term Loans, net (2) 792,813 801,667 792,309 802,363 Senior Unsecured Notes, net (2) 2,723,503 2,390,320 2,722,514 2,310,547 Mortgages payable, net (2) 4,841 4,650 4,986 4,685 (1) The carrying value of the loans receivable are net of an allowance for credit losses. (2) The carrying value of the debt instruments are net of unamortized deferred financing costs and certain debt discounts/premiums.

Incentive Award Plan (Tables)

Incentive Award Plan (Tables)	3 Months Ended
	Mar. 31, 2023
Compensation Related Costs [Abstract]
Summary of Remaining Unamortized Stock-based Compensation Expense	The following is a summary of remaining unamortized stock-based compensation expense (in thousands): March 31, 2023 December 31, 2022 Restricted share awards $ 6,940 $ 4,727 Market-based awards 25,959 15,165 Total unamortized stock-based compensation expense $ 32,899 $ 19,892

Income Per Share (Tables)

Income Per Share (Tables)	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Reconciliation of the Numerator and Denominator Used in the Computation of Basic and Diluted Income Per Share	The table below is a reconciliation of the numerator and denominator used in the computation of basic and diluted net income per share computed using the two-class method (dollars in thousands): Three Months Ended 2023 2022 Basic and diluted income: Income from continuing operations $ 96,173 $ 56,056 Less: dividends paid to preferred stockholders ( 2,588 ) ( 2,588 ) Less: dividends and income attributable to unvested restricted stock ( 139 ) ( 131 ) Net income attributable to common stockholders used in basic and diluted income per share $ 93,446 $ 53,337 Basic weighted average shares of common stock outstanding: Weighted average shares of common stock outstanding 141,300,527 128,193,656 Less: unvested weighted average shares of restricted stock ( 244,677 ) ( 241,831 ) Basic weighted average shares of common stock outstanding 141,055,850 127,951,825 Net income per share attributable to common stockholders - basic $ 0.66 $ 0.42 Diluted weighted average shares of common stock outstanding: (1) Plus: unvested market-based awards — 318,351 Plus: unsettled shares under open forward equity contracts — 90,255 Diluted weighted average shares of common stock outstanding 141,055,850 128,360,431 Net income per share attributable to common stockholders - diluted $ 0.66 $ 0.42 Potentially dilutive shares of common stock related to: Unvested restricted share awards 103,756 110,203 (1) Assumes the most dilutive issuance of potentially issuable shares between the two-class and treasury stock method unless the result would be anti-dilutive.

Organization - Narrative (Detai

Organization - Narrative (Details) - Operating Partnership	3 Months Ended
	Mar. 31, 2023
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
General partner ownership of operating partnership	1%
Limited partner ownership of operating partnership	99%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Narrative (Details)	3 Months Ended
	Mar. 31, 2023 USD ($) Segment	Dec. 31, 2022 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Net assets	$ 8,481,696,000	$ 8,472,866,000
Net liabilities	$ 3,927,797,000	3,911,550,000
Number of segments | Segment	1
Loan placed on non accrual status, past due days	60 days
Accounts receivable	$ 16,600,000	18,200,000
Accounts receivable, deemed not probable of collection	1,300,000	3,200,000
Deferred rental revenue receivables	171,700,000	167,100,000
Deferred rent receivables, deemed not probable of collection	1,200,000	1,300,000
Goodwill impairment	0
Provision for income taxes	0
Special Purpose Entity
Summary Of Significant Accounting Policies [Line Items]
Net assets	11,500,000	11,700,000
Net liabilities	$ 4,800,000	$ 4,900,000

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Restricted Cash and Cash Equivalents Items [Line Items]
Cash and cash equivalents	$ 4,871	$ 8,770	$ 24,229
Funds held in escrow			2,347
Total cash, cash equivalents and restricted cash	18,498	61,953	$ 26,576	$ 17,799
1031 Exchange proceeds
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	12,983	$ 53,183
Tenant Security Deposits
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 644

Investments - Narrative (Detail

Investments - Narrative (Details)	3 Months Ended
	Mar. 31, 2023 USD ($) Property State	Mar. 31, 2022 USD ($) Property	Dec. 31, 2022 USD ($)
Real Estate Properties [Line Items]
Gross investment in owned real estate properties	$ 9,300,000,000
Portfolio diversity, number of states | State	49
Minimum real estate investment in state for disclosure	10%
Sales-type and direct financing leases minimum future payments to be received	$ 2,400,000
Direct financing leases, net investment balance	7,500,000
Remaining reserve against net investment	100,000
Issuance of loan	33,750,000
Construction loan	57,450,000		$ 23,700,000
Allowance (reversal) for credit losses	503,000	$ 127,000
Total allowance for credit losses	1,180,000		$ 677,000
Construction Loans
Real Estate Properties [Line Items]
Issuance of loan	800,000
Allowance (reversal) for credit losses	$ 7,500
Single-Tenant Properties
Real Estate Properties [Line Items]
Number of properties | Property	4
Issuance of loan	$ 33,000,000
Allowance (reversal) for credit losses	$ 500,000
Texas
Real Estate Properties [Line Items]
Investment in real estate properties	15%
Property Subject To Operating Lease
Real Estate Properties [Line Items]
Number of properties | Property	2,077	2,033
Property Subject To Direct Financing Lease
Real Estate Properties [Line Items]
Number of properties | Property	1

Investments - Summary of Owned

Investments - Summary of Owned Real Estate Activity (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) Property	Mar. 31, 2022 USD ($)
Real Estate Activity
Impairments	$ 5,255	$ 127
Ending balance	9,300,000
Net balance	$ 7,815,467
Held in Use
Number of Properties
Beginning balance (in properties) | Property	2,098
Acquisitions/improvements (in properties) | Property	7
Dispositions of real estate (in properties) | Property	(27)
Transfers to Held for Sale (in properties) | Property	(21)
Transfers from Held for Sale (in properties) | Property	2
Impairments (in properties) | Property	0
Reset of gross balances (in properties) | Property	0
Ending balance (in properties) | Property	2,059
Real Estate Activity
Beginning balance	$ 9,122,163
Acquisitions	206,143
Dispositions	(68,239)
Transfers to Held for Sale	(42,416)
Transfers from Held for Sale	3,675
Impairments	(2,684)
Reset of gross balances	(6,381)
Ending balance	9,212,261
Accumulated depreciation and amortization	(1,440,003)
Net balance	$ 7,772,258
Held for Sale
Number of Properties
Beginning balance (in properties) | Property	17
Acquisitions/improvements (in properties) | Property	0
Dispositions of real estate (in properties) | Property	(12)
Transfers to Held for Sale (in properties) | Property	21
Transfers from Held for Sale (in properties) | Property	(2)
Impairments (in properties) | Property	0
Reset of gross balances (in properties) | Property	0
Ending balance (in properties) | Property	24
Real Estate Activity
Beginning balance	$ 61,581
Acquisitions	0
Dispositions	(46,865)
Transfers to Held for Sale	42,416
Transfers from Held for Sale	(3,675)
Impairments	(2,068)
Reset of gross balances	(1,216)
Ending balance	50,173
Accumulated depreciation and amortization	(6,964)
Net balance	$ 43,209
Total
Number of Properties
Beginning balance (in properties) | Property	2,115
Acquisitions/improvements (in properties) | Property	7
Dispositions of real estate (in properties) | Property	(39)
Transfers to Held for Sale (in properties) | Property	0
Transfers from Held for Sale (in properties) | Property	0
Impairments (in properties) | Property	0
Reset of gross balances (in properties) | Property	0
Ending balance (in properties) | Property	2,083
Real Estate Activity
Beginning balance	$ 9,183,744
Acquisitions	206,143
Dispositions	(115,104)
Transfers to Held for Sale	0
Transfers from Held for Sale	0
Impairments	(4,752)
Reset of gross balances	(7,597)
Ending balance	9,262,434
Accumulated depreciation and amortization	(1,446,967)
Net balance	$ 7,815,467

Investments - Summary of Owne_2

Investments - Summary of Owned Real Estate Activity (Footnote) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Real Estate [Line Items]
Revenue producing capitalized expenditures	$ 21,300
Non-revenue producing capitalized expenditures	500
Real estate assets held for investment, net	7,471,776	$ 7,421,306
Intangible lease assets, net	407,141	423,870
Real estate assets under direct financing leases, net	7,420	7,427
Real estate assets held for sale, net	43,209	49,148
Intangible lease liabilities, net	(114,079)	$ (118,077)
Net balance	7,815,467
Held-in-use
Real Estate [Line Items]
Gains on disposal of properties	39,900
Held-for-sale
Real Estate [Line Items]
Gains on disposal of properties	$ 9,300

Investments - Operating Lease I

Investments - Operating Lease Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Lessor, Lease, Description [Line Items]
Base Cash Rent	$ 171,230	$ 150,635
Variable cash rent (including reimbursables)	5,795	7,218
Straight-line rent, net of uncollectible reserve	9,920	8,575
Amortization of above- and below- market lease intangibles, net	349	647
Total rental income	187,294	167,075
Base cash rent amounts recovered	200	100
In-place leases
Lessor, Lease, Description [Line Items]
Leases amortization expenses	$ 11,100	$ 10,400

Investments - Investments - Sch

Investments - Investments - Scheduled Minimum Future Rent from Operating Lease (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Operating Leases, Future Contractual Rent Receivable
Remainder of 2023	$ 510,812
2024	675,070
2025	664,060
2026	637,600
2027	596,095
Thereafter	4,945,342
Total future minimum rentals	$ 8,028,979

Investments - Schedule of Lease

Investments - Schedule of Lease Intangible Assets and Liabilities, Net of Accumulated Amortization (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Lessor, Lease, Description [Line Items]
Less: accumulated amortization	$ (244,177)	$ (237,686)
Intangible lease assets, net	407,141	423,870
Below-market leases	176,555	179,187
Less: accumulated amortization	(62,476)	(61,110)
Intangible lease liabilities, net	114,079	118,077
In-place leases
Lessor, Lease, Description [Line Items]
Intangible lease assets, gross	552,277	559,962
Above-market leases
Lessor, Lease, Description [Line Items]
Intangible lease assets, gross	$ 99,041	$ 101,594

Investments - Schedule of Loan

Investments - Schedule of Loan Receivable Activity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance, Principal	$ 23,700
Loans issued, principal balance	33,750
Ending balance, Principal	57,450
Allowance for credit loss, Beginning Balance	(677)
Loans, allowance for credit loss	(503)	$ (127)
Allowance for Credit Loss, Ending Balance	(1,180)
Total beginning balance	23,023
Loans issued, total	33,247
Total ending balance	$ 56,270

Investments - Summary of Impair

Investments - Summary of Impairment and Credit Losses Recognized (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Real Estate [Abstract]
Real estate asset impairment	$ 4,716	$ 0
Intangible asset impairment	36	0
Allowance for credit losses on loans receivable	503	127
Total impairment loss	$ 5,255	$ 127

Debt - Summary of Debt (Details

Debt - Summary of Debt (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Weighted Average Effective Interest Rates	3.68%
Weighted Average Stated Interest Rates	3.36%
Weighted Average Remaining Years to Maturity	5 years 6 months
Total debt, gross	$ 3,652,689,000	$ 3,610,325,000
Debt discount, net	(9,231,000)	(9,556,000)
Deferred financing costs, net	(24,301,000)	(25,460,000)
Total debt, net	$ 3,619,157,000	3,575,309,000
Revolving credit facilities
Debt Instrument [Line Items]
Weighted Average Effective Interest Rates	11.91%
Weighted Average Stated Interest Rates	5.42%
Weighted Average Remaining Years to Maturity	3 years
Total debt, gross	$ 98,000,000	55,500,000
Term Loans
Debt Instrument [Line Items]
Weighted Average Effective Interest Rates	3.79%
Weighted Average Stated Interest Rates	3.50%
Weighted Average Remaining Years to Maturity	3 years 7 months 6 days
Total debt, gross	$ 800,000,000	800,000,000
Deferred financing costs, net	$ (7,200,000)	(7,700,000)
Senior Unsecured Notes
Debt Instrument [Line Items]
Weighted Average Effective Interest Rates	3.42%
Weighted Average Stated Interest Rates	3.25%
Weighted Average Remaining Years to Maturity	6 years 2 months 12 days
Total debt, gross	$ 2,750,000,000	2,750,000,000
Deferred financing costs, net	$ (17,100,000)	(17,800,000)
Mortgages Payable
Debt Instrument [Line Items]
Weighted Average Effective Interest Rates	4.88%
Weighted Average Stated Interest Rates	5.82%
Weighted Average Remaining Years to Maturity	7 years 9 months 18 days
Total debt, gross	$ 4,689,000	4,825,000
Deferred financing costs, net	$ 0	$ 0

Debt - Summary of Debt (Footnot

Debt - Summary of Debt (Footnote) (Details)	Mar. 31, 2023
Term Loans
Debt Instrument [Line Items]
Debt instrument interest rate stated percentage excluding the impact of cash flow hedges	5.78%

Debt - Revolving Credit Facilit

Debt - Revolving Credit Facilities - Narrative (Details)		3 Months Ended	12 Months Ended	38 Months Ended
	Mar. 30, 2022 USD ($) ExtensionOption	Mar. 31, 2022 USD ($)	Mar. 31, 2023 USD ($)	Mar. 29, 2022	Dec. 31, 2022 USD ($)	Jan. 14, 2019 USD ($)
Line of Credit Facility [Line Items]
Unamortized deferred financing costs			$ 24,301,000		$ 25,460,000
Credit Facility 2019 | Revolving credit facilities | Unsecured Debt
Line of Credit Facility [Line Items]
Line of credit facility, current borrowing capacity	$ 1,200,000,000					$ 800,000,000
Maximum borrowing capacity	$ 1,700,000,000
Number of extension options | ExtensionOption	2
Term of extension option	6 months
Credit facility maturity date	Mar. 31, 2026
Description of variable rate basis			1-month adjusted SOFR	1-month LIBOR
Line of credit facility, commitment fee percentage			0.15%	0.20%
Write off deferred financing costs		$ 200,000
Deferred financing costs incurred		$ 8,600,000
Unamortized deferred financing costs			$ 7,200,000		$ 7,800,000
Line of credit facility remaining borrowing capacity			1,100,000,000
Letters of credit outstanding			$ 0
Credit Facility 2019 | Revolving credit facilities | Unsecured Debt | SOFR
Line of Credit Facility [Line Items]
Basis spread on variable rate			0.775%
Credit Facility 2019 | Revolving credit facilities | Unsecured Debt | LIBOR
Line of Credit Facility [Line Items]
Basis spread on variable rate				0.90%

Debt - Term Loans - Narrative (

Debt - Term Loans - Narrative (Details) - USD ($) $ in Thousands	Nov. 17, 2022	Aug. 22, 2022	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Unamortized deferred financing costs			$ 24,301	$ 25,460
Term Loans
Debt Instrument [Line Items]
Debt instrument, face amount	$ 500,000	$ 800,000
Debt instrument, unused borrowing capacity, amount			500,000
Debt instrument, maturity date	Jun. 16, 2025
Term loan accordian feature increase limit	$ 100,000	$ 200,000
Debt instrument, description of variable rate basis	1-month adjusted SOFR	1-month adjusted SOFR
Unamortized deferred financing costs			$ 7,200	$ 7,700
Deferred financing costs		$ 8,400
SOFR | Term Loans
Debt Instrument [Line Items]
Basis spread on variable rate	0.95%	0.85%
2022 Term Loans Tranche 1 | Term Loans
Debt Instrument [Line Items]
Debt instrument, face amount		$ 300,000
Debt instrument, maturity date		Aug. 22, 2025
2022 Term Loans Tranche 2 | Term Loans
Debt Instrument [Line Items]
Debt instrument, face amount		$ 500,000
Debt instrument, maturity date		Aug. 20, 2027

Debt - Summary of Senior Unsecu

Debt - Summary of Senior Unsecured Notes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Stated Interest Rate	3.36%
Total Debt	$ 3,652,689	$ 3,610,325
Senior Unsecured Notes
Debt Instrument [Line Items]
Stated Interest Rate	3.25%
Total Debt	$ 2,750,000	2,750,000
Senior Unsecured Notes | Weighted Average
Debt Instrument [Line Items]
Stated Interest Rate	3.25%
Senior Unsecured Notes | 2026 Senior Unsecured Notes
Debt Instrument [Line Items]
Maturity Date	Sep. 15, 2026
Interest Payment Dates	March 15 and September 15
Stated Interest Rate	4.45%
Total Debt	$ 300,000	300,000
Senior Unsecured Notes | 2027 Senior Unsecured Notes
Debt Instrument [Line Items]
Maturity Date	Jan. 15, 2027
Interest Payment Dates	January 15 and July 15
Stated Interest Rate	3.20%
Total Debt	$ 300,000	300,000
Senior Unsecured Notes | 2028 Senior Unsecured Notes
Debt Instrument [Line Items]
Maturity Date	Mar. 15, 2028
Interest Payment Dates	March 15 and September 15
Stated Interest Rate	2.10%
Total Debt	$ 450,000	450,000
Senior Unsecured Notes | 2029 Senior Unsecured Notes
Debt Instrument [Line Items]
Maturity Date	Jul. 15, 2029
Interest Payment Dates	January 15 and July 15
Stated Interest Rate	4%
Total Debt	$ 400,000	400,000
Senior Unsecured Notes | 2030 Senior Unsecured Notes
Debt Instrument [Line Items]
Maturity Date	Jan. 15, 2030
Interest Payment Dates	January 15 and July 15
Stated Interest Rate	3.40%
Total Debt	$ 500,000	500,000
Senior Unsecured Notes | 2031 Senior Unsecured Notes
Debt Instrument [Line Items]
Maturity Date	Feb. 15, 2031
Interest Payment Dates	February 15 and August 15
Stated Interest Rate	3.20%
Total Debt	$ 450,000	450,000
Senior Unsecured Notes | 2032 Senior Unsecured Notes
Debt Instrument [Line Items]
Maturity Date	Feb. 15, 2032
Interest Payment Dates	February 15 and August 15
Stated Interest Rate	2.70%
Total Debt	$ 350,000	$ 350,000

Debt - Senior Unsecured Notes -

Debt - Senior Unsecured Notes - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Unamortized deferred financing costs	$ 24,301	$ 25,460
Senior Unsecured Notes
Debt Instrument [Line Items]
Redemption price, percent of principal amount	100%
Unamortized discount	$ 9,400	9,700
Unamortized deferred financing costs	$ 17,100	$ 17,800

Debt - Mortgages Payable - Narr

Debt - Mortgages Payable - Narrative (Details)	Mar. 31, 2023 USD ($) Property	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Stated interest rate	3.36%
Unamortized deferred financing costs	$ 24,301,000	$ 25,460,000
Mortgages Payable
Debt Instrument [Line Items]
Stated interest rate	5.82%
Number of properties securing borrowings | Property	1
Unamortized deferred financing costs	$ 0	0
Unamortized net offering premium	$ 200,000	$ 200,000
Mortgages Payable | Minimum
Debt Instrument [Line Items]
Stated interest rate	5.80%
Mortgages Payable | Maximum
Debt Instrument [Line Items]
Stated interest rate	6%

Debt - Debt Extinguishment - Na

Debt - Debt Extinguishment - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Debt Instrument [Line Items]
Gain (loss) on extinguishment of debt	$ 0	$ (172)
Credit Facility 2019 | Revolving credit facilities | Unsecured Debt
Debt Instrument [Line Items]
Gain (loss) on extinguishment of debt		$ 200

Debt - Schedule of Debt Maturit

Debt - Schedule of Debt Maturities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Scheduled Debt Maturities
Remainder of 2023	$ 420
2024	590
2025	300,626
2026	398,469
2027	800,497
Thereafter	2,152,087
Total debt, net	3,652,689	$ 3,610,325
Scheduled Principal
Scheduled Debt Maturities
Remainder of 2023	420
2024	590
2025	610
2026	469
2027	497
Thereafter	2,034
Total debt, net	4,620
Balloon Payment
Scheduled Debt Maturities
2025	300,016
2026	398,000
2027	800,000
Thereafter	2,150,053
Total debt, net	$ 3,648,069

Debt - Summary of Components of

Debt - Summary of Components of Interest Expense Related to Borrowings (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Interest Expense
Amortization of deferred financing costs	$ 1,754	$ 922
Amortization of debt discount, net	324	313
Amortization of net losses related to interest rate swaps	702	702
Capitalized interest	(460)	(126)
Total interest expense	33,547	26,023
Revolving credit facilities
Schedule Of Interest Expenses [Line Items]
Facility fees	700	500
Interest expense	1,839	1,822
Term Loans
Schedule Of Interest Expenses [Line Items]
Interest expense	7,006	0
Senior Unsecured Notes
Schedule Of Interest Expenses [Line Items]
Interest expense	22,313	22,313
Mortgages Payable
Schedule Of Interest Expenses [Line Items]
Interest expense	$ 69	$ 77

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details) - USD ($)	1 Months Ended		3 Months Ended		12 Months Ended	17 Months Ended
	Jan. 31, 2022	Dec. 31, 2021	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Mar. 31, 2023
Class Of Stock [Line Items]
Proceeds from issuance of common stock, net of offering costs				$ 299,755,000
Preferred stock, shares outstanding			6,900,000		6,900,000	6,900,000
Dividend rate			6%
Liquidation value (in USD per share)			$ 25			$ 25
Dividend rate, annual basis (in USD per share)			$ 1.50
Forward Sales Agreements
Class Of Stock [Line Items]
Forward sale agreements, shares of common stock	9,400,000
Forward sale agreements, price per share	$ 47.60
Proceeds from issuance of common stock, net of offering costs					$ 427,700,000
ATM Program, November 2021
Class Of Stock [Line Items]
Proceeds from issuance of common stock, net of offering costs		$ 120,286,000			$ 167,850,000
Common stock authorized						$ 500,000,000
Gross proceeds capacity remaining			$ 208,700,000			$ 208,700,000

Stockholders' Equity - Summary

Stockholders' Equity - Summary of Activities Under 2021 ATM Program (Details) - USD ($) shares in Thousands, $ in Thousands	1 Months Ended	3 Months Ended	12 Months Ended
	Dec. 31, 2021	Mar. 31, 2022	Dec. 31, 2022
Class Of Stock [Line Items]
Net Proceeds on Issuances		$ 299,755
ATM Program, November 2021
Class Of Stock [Line Items]
Shares sold	2,706		3,959
Shares issued	(2,650)		(4,015)
Unsettled shares sold	56
Net Proceeds on Issuances	$ 120,286		$ 167,850
ATM Program, November 2021 | Forward Shares
Class Of Stock [Line Items]
Shares sold	2,268		2,434
Shares issued	(2,212)		(2,490)
Unsettled shares sold	56
ATM Program, November 2021 | Regular Shares
Class Of Stock [Line Items]
Shares sold	438		1,525
Shares issued	(438)		(1,525)

Stockholders' Equity - Summar_2

Stockholders' Equity - Summary of Dividends Declared (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
	Feb. 22, 2023	Mar. 31, 2023	Mar. 31, 2022
Equity [Abstract]
Common stock, dividend per share (in USD per share)	$ 0.663	$ 0.6630	$ 0.6380
Common stock, total amount	$ 93,675	$ 93,675	$ 85,688
Preferred stock, dividend per share (in USD per share)	$ 0.375
Preferred stock, total amount	$ 2,588	$ 2,588	$ 2,588

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details)	3 Months Ended
	Mar. 31, 2022 USD ($)	Mar. 31, 2023 USD ($) Claim	Dec. 31, 2018 USD ($)
Commitments And Contingencies Disclosure [Abstract]
Contingent liability amount related to debt owed by tenant			$ 5,700,000
Other income	$ 5,679,000
Accruals made for environmental remediation		$ 0
Outstanding claims | Claim		0
Total commitments		$ 132,700,000
Total commitments relating to future acquisitions		9,800,000
Commitments expected to be funded in remainder of year		24,600,000
Commitments expected to be funded by end of 2024		$ 107,800,000

Derivative and Hedging Activi_3

Derivative and Hedging Activities - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Sep. 30, 2019	Dec. 31, 2022
Derivative [Line Items]
Accumulated other comprehensive income	$ 23,502		$ 34,088
2018 Interest Rate Swap
Derivative [Line Items]
Accumulated other comprehensive income	2,300
Amount reclassified as an increase or decrease to interest expense related to terminated hedges of within the next 12 months	2,300
2022 Interest Rate Swap
Derivative [Line Items]
Amount reclassified as an increase or decrease to interest expense related to terminated hedges of within the next 12 months	$ (18,300)
Designated as Hedging Instrument | 2018 Interest Rate Swap
Derivative [Line Items]
Termination of interest rate swaps		$ 12,500
Deferred loss on termination of interest rate swaps		$ 12,300

Derivative and Hedging Activi_4

Derivative and Hedging Activities - Summary of Notional Amount and Fair Value of Instruments (Details) - Designated as Hedging Instrument	3 Months Ended
	Mar. 31, 2023 USD ($)
Derivative Instruments Gain Loss [Line Items]
Derivatives Designated as Hedging Instruments, Fair Value of Asset	$ 25,841,000
Interest Rate Swap One
Derivative Instruments Gain Loss [Line Items]
Derivatives Designated as Hedging Instruments, Notional Amount	$ 300,000,000
Derivatives Designated as Hedging Instruments, Fixed Interest Rate	2.501%
Derivatives Designated as Hedging Instruments, Effective Date	Sep. 15, 2022
Derivatives Designated as Hedging Instruments, Maturity Date	Aug. 22, 2027
Derivatives Designated as Hedging Instruments, Fair Value of Asset	$ 10,708,000
Interest Rate Swap Two
Derivative Instruments Gain Loss [Line Items]
Derivatives Designated as Hedging Instruments, Notional Amount	$ 200,000,000
Derivatives Designated as Hedging Instruments, Fixed Interest Rate	2.507%
Derivatives Designated as Hedging Instruments, Effective Date	Sep. 15, 2022
Derivatives Designated as Hedging Instruments, Maturity Date	Aug. 22, 2027
Derivatives Designated as Hedging Instruments, Fair Value of Asset	$ 7,075,000
Interest Rate Swap Three
Derivative Instruments Gain Loss [Line Items]
Derivatives Designated as Hedging Instruments, Notional Amount	$ 300,000,000
Derivatives Designated as Hedging Instruments, Fixed Interest Rate	2.636%
Derivatives Designated as Hedging Instruments, Effective Date	Sep. 15, 2022
Derivatives Designated as Hedging Instruments, Maturity Date	Aug. 22, 2025
Derivatives Designated as Hedging Instruments, Fair Value of Asset	$ 8,185,000
Interest Rate Swap Four
Derivative Instruments Gain Loss [Line Items]
Derivatives Designated as Hedging Instruments, Notional Amount	$ 300,000,000
Derivatives Designated as Hedging Instruments, Fixed Interest Rate	3.769%
Derivatives Designated as Hedging Instruments, Effective Date	Jun. 15, 2023
Derivatives Designated as Hedging Instruments, Maturity Date	Jun. 15, 2025
Derivatives Designated as Hedging Instruments, Fair Value of Asset	$ 172,000
Interest Rate Swap Five
Derivative Instruments Gain Loss [Line Items]
Derivatives Designated as Hedging Instruments, Notional Amount	$ 200,000,000
Derivatives Designated as Hedging Instruments, Fixed Interest Rate	3.59%
Derivatives Designated as Hedging Instruments, Effective Date	Dec. 15, 2023
Derivatives Designated as Hedging Instruments, Maturity Date	Jun. 15, 2025
Derivatives Designated as Hedging Instruments, Fair Value of Liability	$ (299,000)

Derivative and Hedging Activi_5

Derivative and Hedging Activities - Summary of Amounts Recorded in AOCIL and Loss Recorded in Operations when Reclassified out of AOCIL (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Cash flow hedge derivatives	$ (7,304)
Amount of gain reclassified from AOCIL to interest	(3,984)
Amount of loss reclassified from AOCIL to interest	702	$ 702
Total	$ (10,586)	$ 702

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Assets at Fair Value on Recurring Basis (Details) - Fair Value, Measurements, Recurring - Interest Rate Swaps $ in Thousands	Mar. 31, 2023 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets Fair Value Disclosure	$ 26,140
Liabilities Fair Value Disclosure	(299)
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets Fair Value Disclosure	26,140
Liabilities Fair Value Disclosure	$ (299)

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - Fair Value, Measurements, Nonrecurring - Property	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of lease, expiration period (or less)	60 days
Number of properties accounted for at fair value	12	18

Fair Value Measurements - Sch_2

Fair Value Measurements - Schedule of Assets at Fair Value on Nonrecurring Basis (Details) - Fair Value, Measurements, Nonrecurring - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Assets Held Impaired At March 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets Impaired Fair Value Disclosure	$ 28,426
Assets Held Impaired At June 30, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets Impaired Fair Value Disclosure		$ 4,700
Assets Held Impaired At September 30, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets Impaired Fair Value Disclosure		4,094
Assets Held Impaired At December 31 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets Impaired Fair Value Disclosure		29,636
Level 3 | Assets Held Impaired At March 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets Impaired Fair Value Disclosure	$ 28,426
Level 3 | Assets Held Impaired At June 30, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets Impaired Fair Value Disclosure		4,700
Level 3 | Assets Held Impaired At September 30, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets Impaired Fair Value Disclosure		4,094
Level 3 | Assets Held Impaired At December 31 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets Impaired Fair Value Disclosure		$ 29,636

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value Inputs of Long-Lived Assets Held and Used (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2023 ft² Property $ / ft²	Dec. 31, 2022 ft² Property $ / ft²
Fair Value Estimated Using Listing Price Or Broker Opinion Of Value | Retail
Impaired Long Lived Assets Held And Used [Line Items]
Number of properties accounted for at fair value | Property	10	12
Fair Value Estimated Using Listing Price Or Broker Opinion Of Value | Retail | Measurement Input, Price Per Square Foot | Minimum
Impaired Long Lived Assets Held And Used [Line Items]
Price Per Square Foot Range	13.93	30
Fair Value Estimated Using Listing Price Or Broker Opinion Of Value | Retail | Measurement Input, Price Per Square Foot | Maximum
Impaired Long Lived Assets Held And Used [Line Items]
Price Per Square Foot Range	183.69	384.88
Fair Value Estimated Using Listing Price Or Broker Opinion Of Value | Retail | Measurement Input, Price Per Square Foot | Weighted Average
Impaired Long Lived Assets Held And Used [Line Items]
Price Per Square Foot Range	92.54	93.60
Fair Value Estimated Using Listing Price Or Broker Opinion Of Value | Retail | Measurement Input Square Footage
Impaired Long Lived Assets Held And Used [Line Items]
Square Footage | ft²	209,409	223,225
Fair Value Estimated Using Listing Price Or Broker Opinion Of Value | Office Building
Impaired Long Lived Assets Held And Used [Line Items]
Number of properties accounted for at fair value | Property	1
Fair Value Estimated Using Listing Price Or Broker Opinion Of Value | Office Building | Measurement Input, Price Per Square Foot
Impaired Long Lived Assets Held And Used [Line Items]
Price Per Square Foot Range	104.74
Fair Value Estimated Using Listing Price Or Broker Opinion Of Value | Office Building | Measurement Input, Price Per Square Foot | Weighted Average
Impaired Long Lived Assets Held And Used [Line Items]
Price Per Square Foot Range	104.74
Fair Value Estimated Using Listing Price Or Broker Opinion Of Value | Office Building | Measurement Input Square Footage
Impaired Long Lived Assets Held And Used [Line Items]
Square Footage | ft²	45,686
Fair Value Estimated Using Listing Price Or Broker Opinion Of Value | Data Center
Impaired Long Lived Assets Held And Used [Line Items]
Number of properties accounted for at fair value | Property	1	1
Fair Value Estimated Using Listing Price Or Broker Opinion Of Value | Data Center | Measurement Input, Price Per Square Foot
Impaired Long Lived Assets Held And Used [Line Items]
Price Per Square Foot Range	22.61	24.94
Fair Value Estimated Using Listing Price Or Broker Opinion Of Value | Data Center | Measurement Input, Price Per Square Foot | Weighted Average
Impaired Long Lived Assets Held And Used [Line Items]
Price Per Square Foot Range	22.61	24.94
Fair Value Estimated Using Listing Price Or Broker Opinion Of Value | Data Center | Measurement Input Square Footage
Impaired Long Lived Assets Held And Used [Line Items]
Square Footage | ft²	188,475	188,475
Fair Value Estimated Using Comparable Properties | Retail
Impaired Long Lived Assets Held And Used [Line Items]
Number of properties accounted for at fair value | Property		3
Fair Value Estimated Using Comparable Properties | Retail | Measurement Input, Price Per Square Foot | Minimum
Impaired Long Lived Assets Held And Used [Line Items]
Price Per Square Foot Range		26.05
Fair Value Estimated Using Comparable Properties | Retail | Measurement Input, Price Per Square Foot | Maximum
Impaired Long Lived Assets Held And Used [Line Items]
Price Per Square Foot Range		197.15
Fair Value Estimated Using Comparable Properties | Retail | Measurement Input, Price Per Square Foot | Weighted Average
Impaired Long Lived Assets Held And Used [Line Items]
Price Per Square Foot Range		56.36
Fair Value Estimated Using Comparable Properties | Retail | Measurement Input Square Footage
Impaired Long Lived Assets Held And Used [Line Items]
Square Footage | ft²		100,195
Fair Value Estimated Using Comparable Properties | Office Building
Impaired Long Lived Assets Held And Used [Line Items]
Number of properties accounted for at fair value | Property		2
Fair Value Estimated Using Comparable Properties | Office Building | Measurement Input, Price Per Square Foot | Minimum
Impaired Long Lived Assets Held And Used [Line Items]
Price Per Square Foot Range		71.69
Fair Value Estimated Using Comparable Properties | Office Building | Measurement Input, Price Per Square Foot | Maximum
Impaired Long Lived Assets Held And Used [Line Items]
Price Per Square Foot Range		135
Fair Value Estimated Using Comparable Properties | Office Building | Measurement Input, Price Per Square Foot | Weighted Average
Impaired Long Lived Assets Held And Used [Line Items]
Price Per Square Foot Range		98.97
Fair Value Estimated Using Comparable Properties | Office Building | Measurement Input Square Footage
Impaired Long Lived Assets Held And Used [Line Items]
Square Footage | ft²		73,000

Fair Value Measurements - Sch_3

Fair Value Measurements - Schedule of Carrying Amount and Estimated Fair Value Of Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans receivable, net	$ 56,270	$ 23,023
Revolving credit facilities	98,000	55,500
2022 Term Loans, net	792,813	792,309
Senior Unsecured Notes, net	2,723,503	2,722,514
Mortgages payable, net	4,841	4,986
Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans receivable, net	57,821	23,462
2019 Credit Facility	97,999	55,502
2022 Term Loans, net	801,667	802,363
Senior Unsecured Notes, net	2,390,320	2,310,547
Mortgages payable, net	$ 4,650	$ 4,685

Incentive Award Plan - Narrativ

Incentive Award Plan - Narrative (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Value of shares surrendered for payment of federal and state with holding taxes	$ 1,312	$ 6,410
General and Administrative Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 5,200	$ 4,000
Restricted Share Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares)	103
Deferred compensation expense	$ 4,300
Outstanding unvested shares	220
Deferred compensation expense over requisite service period	3 years
Market-Based Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares)	189
Deferred compensation expense over requisite service period	3 years
Expected volatility	36.30%
Risk free interest rate	3.72%
Market-based award, grant date fair value	$ 74.30
Accrued dividend rights	$ 3,200		$ 2,500
Shares expected to be released	500
Market-Based Awards | Group of Industry Peers
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility rate, minimum	26%
Volatility rate, maximum	52.70%
Average volatility rate	34%
Market-Based Awards | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent multiplier for shares granted	0%
Market-Based Awards | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent multiplier for shares granted	375%

Incentive Award Plan - Summary

Incentive Award Plan - Summary of Remaining Unamortized Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unamortized stock-based compensation expense	$ 32,899	$ 19,892
Restricted Share Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unamortized stock-based compensation expense	6,940	4,727
Market-Based Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unamortized stock-based compensation expense	$ 25,959	$ 15,165

Income Per Share - Schedule of

Income Per Share - Schedule of Reconciliation of the Numerator and Denominator Used in the Computation of Basic and Diluted Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Basic and diluted income:
Income from continuing operations	$ 96,173	$ 56,056
Dividends paid to preferred shareholders	(2,588)	(2,588)
Less: dividends and income attributable to unvested restricted stock	(139)	(131)
Net income attributable to common stockholders used in basic and diluted income per share	$ 93,446	$ 53,337
Basic weighted average shares of common stock outstanding:
Weighted average shares of common stock outstanding	141,300,527	128,193,656
Less: unvested weighted average shares of restricted stock	(244,677)	(241,831)
Basic weighted average shares of common stock outstanding	141,055,850	127,951,825
Net income per share attributable to common stockholders - basic	$ 0.66	$ 0.42
Diluted weighted average shares of common stock outstanding:
Plus: unvested market-based awards		318,351
Plus: unsettled shares under open forward equity contracts		90,255
Diluted weighted average shares of common stock outstanding	141,055,850	128,360,431
Net income per share attributable to common stockholders - diluted	$ 0.66	$ 0.42
Unvested restricted share awards
Potentially dilutive shares of common stock related to:
Dilutive shares	103,756	110,203