Spirit Realty Capital 10-Q 3 May 22 2022 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2022	Apr. 29, 2022
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, 2022
Document Fiscal Year Focus	2022
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		134,308,366
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, 2022	Dec. 31, 2021
Real estate assets held for investment:
Land and improvements	$ 2,616,955	$ 2,516,715
Buildings and improvements	5,331,768	4,962,203
Less: accumulated depreciation	(1,090,403)	(1,033,391)
Total real estate assets held for investment, net	6,858,320	6,445,527
Intangible lease assets, net	439,106	426,972
Real estate assets under direct financing leases, net	7,442	7,442
Real estate assets held for sale, net	9,555	8,264
Loans receivable, net	23,023	10,450
Total investments, net	7,337,446	6,898,655
Cash and cash equivalents	24,229	17,799
Deferred costs and other assets, net	201,826	188,816
Goodwill	225,600	225,600
Total assets	7,789,101	7,330,870
Liabilities:
Revolving credit facilities	519,500	288,400
Senior Unsecured Notes, net	2,719,597	2,718,641
Mortgages payable, net	5,412	5,551
Total debt, net	3,244,509	3,012,592
Intangible lease liabilities, net	127,329	128,077
Accounts payable, accrued expenses and other liabilities	152,095	190,402
Total liabilities	3,523,933	3,331,071
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, 2022 and December 31, 2021	166,177	166,177
Common stock, $0.05 par value, 350,000,000 shares authorized: 134,306,501 and 127,699,235 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively	6,715	6,385
Capital in excess of common stock par value	6,976,901	6,673,440
Accumulated deficit	(2,879,480)	(2,840,356)
Accumulated other comprehensive loss	(5,145)	(5,847)
Total stockholders’ equity	4,265,168	3,999,799
Total liabilities and stockholders’ equity	$ 7,789,101	$ 7,330,870

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
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	134,306,501	127,699,235
Common stock, shares outstanding	134,306,501	127,699,235

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenues:
Rental income	$ 167,075	$ 134,658
Interest income on loans receivable	319
Earned income from direct financing leases	131	131
Other operating income	871	352
Total revenues	168,396	135,141
Expenses:
General and administrative	14,674	13,046
Property costs (including reimbursable)	8,255	5,452
Deal pursuit costs	365	242
Interest	26,023	26,624
Depreciation and amortization	69,108	57,087
Impairments	127	6,730
Total expenses	118,552	109,181
Other income (loss):
Loss on debt extinguishment	(172)	(29,177)
Gain on disposition of assets	877	1,836
Other income	5,679
Total other income (loss)	6,384	(27,341)
Income (loss) before income tax expense	56,228	(1,381)
Income tax expense	(172)	(88)
Net income (loss)	56,056	(1,469)
Dividends paid to preferred shareholders	(2,588)	(2,588)
Net income (loss) attributable to common stockholders	$ 53,468	$ (4,057)
Net income (loss) per share attributable to common stockholders:
Basic (in USD per share)	$ 0.42	$ (0.04)
Diluted (in USD per share)	$ 0.42	$ (0.04)
Weighted average shares of common stock outstanding:
Basic (in shares)	127,951,825	114,673,218
Diluted (in shares)	128,360,431	114,673,218
Dividends declared per common share/per partnership unit issued (in USD per share)	$ 0.6380	$ 0.6250

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement Of Income And Comprehensive Income [Abstract]
Net income (loss) attributable to common stockholders	$ 53,468	$ (4,057)
Other comprehensive income:
Net reclassification of amounts from AOCL	702	702
Total comprehensive income (loss)	$ 54,170	$ (3,355)

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	AOCL
Beginning balance, value at Dec. 31, 2020	$ 3,601,120	$ 166,177	$ 5,741	$ 6,126,503	$ (2,688,647)	$ (8,654)
Preferred shares outstanding, beginning balance at Dec. 31, 2020		6,900,000
Common shares outstanding, beginning balance at Dec. 31, 2020			114,812,615
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(1,469)				(1,469)
Dividends declared on preferred stock	(2,588)				(2,588)
Net income (loss) attributable to common stockholders	(4,057)				(4,057)
Other comprehensive income	702					702
Dividends declared on common stock	(71,837)				(71,837)
Tax withholdings related to net stock settlements	(3,843)		$ (6)		(3,837)
Tax withholdings related to net stock settlements (in shares)			(98,413)
Stock-based compensation, net	2,971		$ 12	3,366	(407)
Stock-based compensation, net (in shares)			233,784
Ending balance, value at Mar. 31, 2021	3,525,056	$ 166,177	$ 5,747	6,129,869	(2,768,785)	(7,952)
Preferred shares outstanding, ending balance at Mar. 31, 2021		6,900,000
Common shares outstanding, ending balance at Mar. 31, 2021			114,947,986
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	6,900,000
Common shares outstanding, beginning balance at Dec. 31, 2021	127,699,235		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 (loss) attributable to common stockholders	53,468				53,468
Other comprehensive income	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	6,900,000
Common shares outstanding, ending balance at Mar. 31, 2022	134,306,501		134,306,501

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating activities
Net income (loss)	$ 56,056	$ (1,469)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	69,108	57,087
Impairments	127	6,730
Amortization of deferred financing costs	922	1,111
Amortization of debt discounts	313	886
Amortization of deferred losses on interest rate swaps	702	702
Stock-based compensation expense	4,025	3,378
Loss on debt extinguishment	172	29,177
Gain on dispositions of real estate and other assets	(877)	(1,836)
Non-cash revenue	(9,222)	(6,447)
Other		5
Changes in operating assets and liabilities:
Deferred costs and other assets, net	(92)	2,005
Accounts payable, accrued expenses and other liabilities	(42,963)	(26,898)
Net cash provided by operating activities	78,271	64,431
Investing activities
Acquisitions of real estate	(474,404)	(194,161)
Capitalized real estate expenditures	(23,387)	(1,638)
Investments in loans receivable	(12,700)
Proceeds from dispositions of real estate and other assets, net	10,941	14,545
Net cash used in investing activities	(499,550)	(181,254)
Financing activities
Borrowings under revolving credit facilities	630,100	279,000
Repayments under revolving credit facilities	(399,000)	(279,000)
Repayments under mortgages payable	(128)	(208,515)
Repayments under term loans		(178,000)
Borrowings under Senior Unsecured Notes		794,842
Debt extinguishment costs		(26,685)
Deferred financing costs	(8,478)	(6,866)
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	(6,410)	(3,843)
Common stock dividends paid	(83,195)	(72,931)
Preferred stock dividends paid	(2,588)	(2,588)
Net cash provided by financing activities	430,056	295,414
Net increase in cash, cash equivalents and restricted cash	8,777	178,591
Cash, cash equivalents and restricted cash, beginning of period	17,799	83,298
Cash, cash equivalents and restricted cash, end of period	26,576	261,889
Cash paid for interest, net of interest capitalized	46,895	39,589
Interest capitalized	126
Cash paid for income taxes	67	37
Supplemental Disclosures of Non-Cash Activities:
Dividends declared and unpaid	85,688	71,842
Accrued market-based award dividend rights	496	407
Accrued capitalized costs	8,590	1,304
Accrued deferred financing costs	$ 165	$ 210

Organization

Organization	3 Months Ended
	Mar. 31, 2022
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 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 .

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	NOTE 2. SUMMARY OF SIGNIFICANT ACOUNTING POLICIES Basis of Accounting and Principles of Consolidation The accompanying consolidated financial statements of the Company have been prepared pursuant to the rules and regulations of the SEC. 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, 2021. 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. These 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, 2022 and December 31, 2021, net assets totaling $12.1 million and $12.3 million, respectively, were held, and net liabilities totaling $5.3 million and $5.5 million, respectively, were owed by these encumbered special purpose entities and are included in the accompanying 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 segment, which consists of net leasing operations. The Company has no other reportable segments. 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 residual value of the real estate 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 determine residual value. The Company elected to account for lease concessions consistent with ASC 842 as though enforceable rights and obligations for those concessions existed (regardless of whether they explicitly exist in the lease) The Company’s leases generally provide for rent escalations throughout the term of the lease. For leases with fixed rent 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 and may adjust annually or over multiple-year periods. 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 change in the factor on which the contingent lease payment is based actually occurs. 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. For lease concessions granted in conjunction with the COVID-19 pandemic, management reviewed all amounts recognized on a tenant-by-tenant basis for collectability. 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 Company’s 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 Initial direct costs associated with the origination of a lease are deferred and amortized as an adjustment to rental revenue. Above- and below-market lease intangibles are amortized as a decrease and increase, respectively, to rental revenue. Amortization of in-place lease intangibles is included in depreciation and amortization expense. 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 Company’s consolidated statements 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 investments. Restricted cash is classified within deferred costs and other assets, net in the accompanying consolidated balance sheets. Cash, cash equivalents and restricted cash consisted of the following (in thousands): March 31, 2022 December 31, 2021 March 31, 2021 Cash and cash equivalents $ 24,229 $ 17,799 $ 261,889 Restricted cash: Funds held in escrow ( 1) 2,347 — — Total cash, cash equivalents and restricted cash $ 26,576 $ 17,799 $ 261,889 (1) 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 $21.7 million as of both March 31, 2022 and December 31, 2021, after the impact of $2.3 million and $3.9 million of receivables, respectively, that were deemed not probable of collection. These receivables are recorded within deferred cost and other assets, net in the accompanying 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 $146.2 million and $137.6 million at March 31, 2022 and December 31, 2021, respectively, after the impact of $2.7 million and $2.6 million of receivables, respectively, that were deemed not probable of collection. These receivables are recorded within deferred costs and other assets, net in the accompanying 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. 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 income or loss from continuing operations as the basis for determining whether potential common shares are dilutive or anti-dilutive and undistributed net income or loss as the basis for determining 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 its 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, 2022
Real Estate [Abstract]
Investments	NOTE 3. INVESTMENTS Owned Properties As of March 31, 2022, the Company's gross investment in owned real estate properties totaled approximately $8.4 billion. The gross investment is comprised of land, buildings, lease intangible assets and lease intangible liabilities, as adjusted for any impairment, 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 13.1%, 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, 2022, 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, 2021 2,000 3 2,003 $ 7,934,823 $ 8,362 $ 7,943,185 Acquisitions/improvements (1) 41 — 41 505,238 — 505,238 Dispositions of real estate (2) (2 ) (3 ) (5 ) (1,815 ) (8,362 ) (10,177 ) Transfers to Held for Sale (9 ) 9 — (11,285 ) 11,285 — Reset of gross balances (3) — — — (4,608 ) — (4,608 ) Gross balance, March 31, 2022 2,030 9 2,039 8,422,353 11,285 8,433,638 Accumulated depreciation and amortization (1,244,814 ) (1,730 ) (1,246,544 ) Net balance, March 31, 2022 (4) $ 7,177,539 $ 9,555 $ 7,187,094 (1) Includes investments of $24.5 million in revenue producing capitalized expenditures, as well as $2.7 million of non-revenue producing capitalized expenditures during the three months ended March 31, 2022. ( 2 ) For the three months ended March 31, 2022, the net gain on disposal of properties held in use and held for sale was $0.3 million and $0.6 million, respectively. ( 3 ) 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 which have been fully amortized. ( 4 ) Reconciliation of total owned investments to the accompanying consolidated balance sheet at March 31, 2022 is as follows: Real estate assets held for investment, net $ 6,858,320 Intangible lease assets, net 439,106 Real estate assets under direct financing leases, net 7,442 Real estate assets held for sale, net 9,555 Intangible lease liabilities, net (127,329 ) Net balance $ 7,187,094 Operating Leases As of March 31, 2022, December 31, 2021 and March 31, 2021, the Company held 2,033, 1,998 and 1,869 properties under operating leases, respectively. The following table summarizes the components of rental income recognized on these operating leases in the accompanying consolidated statements of operations (in thousands): Three Months Ended March 31, 2022 2021 Base Cash Rent (1) $ 150,635 $ 125,197 Variable cash rent (including reimbursables) 7,218 3,014 Straight-line rent, net of uncollectible reserve (2) 8,575 5,673 Amortization of above- and below- market lease intangibles, net (3) 647 774 Total rental income $ 167,075 $ 134,658 (1) Includes net impact of amounts recovered/(amounts not deemed probable of collection) of $0.1 million and $(1.1) million for the three months ended March 31, 2022 and 2021, respectively. (2) Includes net impact of amounts not deemed probable of collection of $2.2 million for the three months ended March 31, 2021. (3) Excludes amortization of in-place leases of $10.4 million and $9.1 million for the three months ended March 31, 2022 and 2021, respectively, which is included in depreciation and amortization expense in the accompanying consolidated statements of operations. Scheduled minimum future rent to be received under the remaining non-cancellable term of these operating leases (including contractual fixed rent increases occurring on or after April 1, 2022) at March 31, 2022 are as follows (in thousands): March 31, 2022 Remainder of 2022 $ 469,027 2023 618,693 2024 605,399 2025 593,938 2026 567,428 Thereafter 4,354,297 Total future minimum rentals $ 7,208,782 Because lease renewal periods are exercisable at the lessees' options, the preceding table presents future minimum lease payments due during the initial lease term only. In addition, the future minimum rentals do not include any contingent rents based on a percentage of the lessees' gross sales or lease escalations based on future changes in the CPI. The following table details lease intangible assets and liabilities, net of accumulated amortization (in thousands): March 31, 2022 December 31, 2021 In-place leases $ 554,358 $ 536,344 Above-market leases 102,204 100,837 Less: accumulated amortization (217,456 ) (210,209 ) Intangible lease assets, net $ 439,106 $ 426,972 Below-market leases $ 190,376 $ 188,718 Less: accumulated amortization (63,047 ) (60,641 ) Intangible lease liabilities, net $ 127,329 $ 128,077 Direct Financing Leases As of March 31, 2022, the Company held one property under a direct financing lease, which was held in use. As of March 31, 2022, this property had $2.9 million in scheduled minimum future payments to be received under its remaining non-cancellable lease term. As of March 31, 2022, 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 2022, the Company issued a fixed-rate, construction loan for $12.7 million. The Company evaluated the collectability of the amounts receivable under the loan and recorded an allowance for loan losses of $0.1 million for the three months ended March 31, 2022. As of March 31, 2022, the Company held two fixed rate loans receivable with total outstanding principal of $23.7 million and a total allowance for credit losses of $0.7 million. Impairments The following table summarizes total impairments recognized in the accompanying consolidated statements of operations (in thousands): Three Months Ended March 31, 2022 2021 Real estate asset impairment $ — $ 6,034 Intangible asset impairment — 696 Allowance for credit losses on loans receivable 127 — Total impairment loss $ 127 $ 6,730

Debt

Debt	3 Months Ended
	Mar. 31, 2022
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, 2022 December 31, 2021 Debt: Revolving credit facilities 1.74% 1.18% 4.0 $ 519,500 $ 288,400 Senior Unsecured Notes 3.42% 3.25% 7.2 2,750,000 2,750,000 Mortgages payable 4.87% 5.82% 8.7 5,221 5,350 Total debt 3.17% 2.92% 6.7 3,274,721 3,043,750 Debt discount, net (10,511 ) (10,824 ) Deferred financing costs, net (4) (19,701 ) (20,334 ) Total debt, net $ 3,244,509 $ 3,012,592 (1) Includes amortization of debt discount/premium, amortization of deferred financing costs, facility fees, and non-utilization fees, where applicable, calculated for the three months ended March 31, 2022 based on the average principal balance outstanding during the period. (2) Represents the weighted average stated interest rate based on the outstanding principal balance as of March 31, 2022. (3) Represents the weighted average remaining years to maturity based on the outstanding principal balance as of March 31, 2022. (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 by $500.0 million 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 As of March 31, 2022, 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 $9.6 million as of March 31, 2022, compared to $1.4 million as of December 31, 2021. As of March 31, 2022, $680.5 million of borrowing capacity was available under the 2019 Credit Facility and there were no outstanding letters of credit. The Term Loans On April 2, 2020, the Operating Partnership entered into the 2020 Term Loan Agreement. On January 4, 2021, the remaining $178.0 million of 2020 Term Loans were fully repaid and the related unamortized deferred financing costs were written-off. 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, 2022 December 31, 2021 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 On March 3, 2021, the Operating Partnership issued $800.0 million aggregate principal amount of Senior Unsecured Notes, comprised of the 2028 Senior Notes and 2032 Senior Notes, resulting in net proceeds of $787.7 million. In connection with the March 2021 offering, the Operating Partnership incurred $7.1 million in deferred financing costs and an offering discount of $5.2 million. 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, 2022 and December 31, 2021, the unamortized deferred financing costs were $19.7 million and $20.3 million, respectively, and the unamortized discount was $10.7 million and $11.0 million, respectively. Mortgages Payable Indirect wholly-owned special purpose entity subsidiaries of the Company were borrowers under five fixed-rate non-recourse loans, which were securitized into CMBS and secured by the borrowers’ respective leased properties and related assets. In connection with the issuance of the 2028 and 2032 Senior Unsecured Notes, the Company repaid three of its fixed-rate non-recourse loans in March 2021. As such, as of March 31, 2022, indirect wholly-owned special purpose entity subsidiaries of the Company were borrowers under two non-defaulted loans with stated interest rates of 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, 2022 and December 31, 2021, and the unamortized net premium as of both March 31, 2022 and December 31, 2021 was $0.2 million. Convertible Notes In May 2014, the Company issued $345.0 million aggregate principal amount of 3.75% convertible notes. During the year ended December 31, 2020, the Company repurchased $154.6 million of the 2021 Convertible Notes in cash. The remaining 2021 Convertible Notes matured on May 15, 2021 at which time they were settled in cash and the remaining discount and deferred financing costs were fully amortized. Debt Extinguishment 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. During the three months ended March 31, 2021, the Company extinguished a total of $178.0 million of indebtedness outstanding under the 2020 Term Loans, resulting in a loss on debt extinguishment of $0.7 million. Additionally, the Company extinguished a total of $207.4 million aggregate principal amount of CMBS indebtedness on three loans secured by 86 properties, resulting in a loss on debt extinguishment of $28.5 million. Debt Maturities As of March 31, 2022, scheduled debt maturities, including balloon payments, were as follows (in thousands): Scheduled Principal Balloon Payment Total Remainder of 2022 $ 396 $ — $ 396 2023 556 — 556 2024 590 — 590 2025 610 16 626 2026 468 819,500 819,968 Thereafter 2,532 2,450,053 2,452,585 Total $ 5,152 $ 3,269,569 $ 3,274,721 Interest Expense The following table is a summary of the components of interest expense related to the Company's borrowings (in thousands): Three Months Ended March 31, 2022 2021 Revolving credit facilities (1) $ 1,822 $ 795 Term loans — 24 Senior Unsecured Notes 22,313 19,057 Mortgages payable 77 2,264 Convertible Notes — 1,785 Non-cash: Amortization of deferred financing costs 922 1,111 Amortization of debt discount, net 313 886 Amortization of net losses related to interest rate swaps 702 702 Capitalized interest (126 ) — Total interest expense $ 26,023 $ 26,624 (1) Includes facility fees of approximately $0.5 million for both the three months ended March 31, 2022 and 2021.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2022
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. The Company did not receive any proceeds from the sale of its shares of common stock by the forward purchasers at the time of the offering. During the three months ended March 31, 2022, the Company settled 6.3 million of these shares, generating net proceeds of $286.5 million. As of March 31, 2022, 3.1 million of these shares remained open, with a final settlement date of July 19, 2023. In November 2020, the Board of Directors approved a new $500.0 million ATM Program, and the Corporation terminated its 2016 ATM Program. From inception of the 2020 ATM Program through its termination in November 2021, 9.3 million shares of the Company’s common stock were sold, all through forward sale agreements. All of these shares were settled during the year ended December 31, 2021, generating net proceeds of $391.4 million. In November 2021, the Board of Directors approved a new $500.0 million ATM Program, and the Corporation terminated its 2020 ATM Program. Since inception of the 2021 ATM Program through March 31, 2022, 2.9 million shares of the Company’s common stock have been sold, of which 2.5 million were sold through forward sale agreements. 0.2 million of these shares were sold during the three months ended March 31, 2022. During the three months ended March 31, 2022, 0.3 million shares were issued to settle forward contracts for net proceeds of $13.3 million. As of March 31, 2022, there were no open forward contracts under the 2021 ATM Program and approximately $364.9 million of capacity remained available. Preferred Stock As of March 31, 2022, the Company had 6.9 million shares of 6.00% Series A Preferred Stock outstanding. The Series A Preferred Stock pays cumulative cash dividends at the rate of 6.00% per annum on the liquidation preference of $25.00 per share (equivalent to $0.375 per share on a quarterly basis). Dividends Declared For the three months ended March 31, 2022, 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 9, 2022 $ 0.638 March 31, 2022 $ 85,688 April 14, 2022 Preferred Stock February 9, 2022 $ 0.375 March 15, 2022 $ 2,588 March 31, 2022 The common stock dividend declared on February 9, 2022 is included in accounts payable, accrued expenses and other liabilities in the consolidated balance sheet as of March 31, 2022.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2022
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 was contingently liable for $5.7 million of debt owed by one of its former tenants, which was fully accrued in accounts payable, accrued expenses and other liabilities in the consolidated balance sheet as of December 31, 2021. No payments were made in relation to this contingent liability. Therefore, upon the maturity of the tenant’s debt on March 15, 2022, the Company reversed the full $5.7 million of the accrued liability, 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, 2022, no accruals have been made. As of March 31, 2022, 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, 2022, the Company had commitments totaling $301.6 million, of which $248.4 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. $293.7 million of the Company’s commitments are expected to be funded during 2022, with the remainder to be funded by the end of 2023. Lessee Contracts The Company leases its corporate office space and certain office equipment, which are classified as operating leases. The Company's corporate office lease has an initial term through January 31, 2027 and is renewable at the Company's option for two additional periods of five years each after the initial term. The corporate office lease contains a variable cost for the lease of parking spaces and a non-lease component related to the reimbursement of certain common area maintenance expenses, both of which are recognized as incurred. As of March 31, 2022, the Company is also a lessee under four long-term, non-cancellable ground leases under which it is obligated to pay monthly rent. For all of the ground leases, rental expenses are reimbursed by unrelated third parties, and the corresponding rental revenue is recorded in rental income on the accompanying consolidated statements of operations. All leases are classified as operating leases and have a weighted average remaining lease term of 5.8 years. As of March 31, 2022 and December 31, 2021, the Company had a right-of-use lease asset balance of $3.8 million and $3.7 million, respectively, and operating lease liabilities of $5.2 million and $5.1 million, respectively, for these leases.

Derivative and Hedging Activiti

Derivative and Hedging Activities	3 Months Ended
	Mar. 31, 2022
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 AOCL and the change is reflected as cash flow hedge changes in fair value in the supplemental disclosures of non-cash investing and financing activities in the consolidated statement 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. In December 2018, the Company entered into interest rate swap agreements. In the third quarter of 2019, the Company terminated those interest rate swaps and accelerated the reclassification of a loss of $12.5 million from AOCL 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 March 31, 2024. As of , the unamortized portion of loss in AOCL related to terminated interest rate swaps was $5.1 million. The amount of loss reclassified from AOCL to interest expense was $0.7 million for the three months ended March 31, 2022 and 2021. During the next 12 months, we estimate that approximately

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	NOTE 8. FAIR VALUE MEASUREMENTS 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 determined 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 following table sets forth the Company’s assets that were accounted for at fair value on a nonrecurring basis as of their respective measurement dates (in thousands): Fair Value Hierarchy Level Description Fair Value Level 1 Level 2 Level 3 Assets held at March 31, 2022 Impaired at March 31, 2022 $ — $ — $ — $ — Assets held at December 31, 2021 Impaired at March 31, 2021 $ 1,739 $ — $ — $ 1,739 Impaired at June 30, 2021 $ 9,655 $ — $ — $ 9,655 Impaired at September 30, 2021 $ 3,479 $ — $ — $ 3,479 Impaired at December 31, 2021 $ 11,656 $ — $ — $ 11,656 No properties were impaired during the three months ended March 31, 2022. As of December 31, 2021, the Company held 14 properties that were impaired during 2021. For one property held at December 31, 2021, the Company estimated fair value using a capitalization rate of 14.00% based on capitalization rates from market comparables. For the remaining properties, the Company estimated property fair value using price per square foot from unobservable inputs. The unobservable inputs for the remaining 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, 2022 N/A December 31, 2021 PSA, LOI or BOV Retail 6 $63.83 - $418.57 $ 102.35 39,603 PSA, LOI or BOV Medical 2 $65.63 - $105.16 $ 75.60 41,496 PSA, LOI or BOV Data Center 1 $38.57 $ 38.57 188,475 Comparable Properties Retail 3 $29.35 - $483.09 $ 67.48 42,357 Comparable Properties Medical 1 $78.66 - $106.35 $ 95.00 15,974 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 accompanying 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 Senior Unsecured Notes, net are classified as Level 1 of the fair value of the hierarchy and the remaining measurements are classified as Level 2. The following table discloses fair value information for these financial instruments (in thousands): March 31, 2022 December 31, 2021 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Loans receivable, net $ 23,023 $ 24,367 $ 10,450 $ 11,381 2019 Credit Facility 519,500 539,182 288,400 288,549 Senior Unsecured Notes, net (1) 2,719,597 2,645,123 2,718,641 2,865,187 Mortgages payable, net (1) 5,412 5,362 5,551 5,748 (1)

Incentive Award Plan

Incentive Award Plan	3 Months Ended
	Mar. 31, 2022
Compensation Related Costs [Abstract]
Incentive Award Plan	NOTE 9. INCENTIVE AWARD PLAN Amended Incentive Award Plan During the three months ended March 31, 2022, portions of restricted share awards and market-based awards granted to certain of the Company’s officers and other employees vested. The vesting of these awards, granted pursuant to the Amended Incentive Award Plan, resulted 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 $6.4 million, solely to pay the associated statutory tax withholdings during the three months ended March 31, 2022. Restricted Share Awards During the three months ended March 31, 2022, the Company granted 87 thousand restricted shares under the Amended Incentive Award Plan to certain employees and recorded $4.1 million in deferred compensation associated with these grants. Deferred compensation for restricted shares will be recognized in expense over the requisite service period, which generally ranges from one to three years. As of March 31, 2022, there were approximately 206 thousand unvested restricted shares outstanding. Market-Based Awards During the three months ended March 31, 2022, the Board of Directors, or committee thereof, approved target grants of 166 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 2022 were expected volatility of the Company of 39.5% and expected volatility of the Company's peers, ranging from 21.5% to 53.6%, with an average volatility of 35.7% and a risk-free interest rate of 1.59%. The fair value of the market-based award per share of these grants was $93.26 as of the grant date. Approximately $1.9 million and $3.3 million in dividend rights have been accrued as of March 31, 2022 and December 31, 2021, respectively. For outstanding non-vested awards at March 31, 2022, 0.9 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 $4.0 million and $3.4 million for the three months ended March 31, 2022 and 2021, respectively. These amounts are included in general and administrative expenses in the accompanying consolidated statements of operations. The following is a summary of remaining unamortized stock-based compensation expense (in thousands): March 31, 2022 December 31, 2021 Restricted share awards $ 7,476 $ 4,787 Market-based awards 24,113 11,143 Total unamortized stock-based compensation expense $ 31,589 $ 15,930

Income Per Share

Income Per Share	3 Months Ended
	Mar. 31, 2022
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 (loss) Three Months Ended March 31, 2022 2021 Basic and diluted income (loss): Income (loss) from continuing operations $ 56,056 $ (1,469 ) Less: dividends paid to preferred stockholders (2,588 ) (2,588 ) Less: dividends and income attributable to unvested restricted stock (131 ) (144 ) Net income (loss) attributable to common stockholders used in basic and diluted income (loss) per share $ 53,337 $ (4,201 ) Basic weighted average shares of common stock outstanding: Weighted average shares of common stock outstanding 128,193,656 114,949,691 Less: unvested weighted average shares of restricted stock (241,831 ) (276,473 ) Basic weighted average shares of common stock outstanding 127,951,825 114,673,218 Net income (loss) per share attributable to common stockholders - basic $ 0.42 $ (0.04 ) 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 128,360,431 114,673,218 Net income (loss) per share attributable to common stockholders - diluted $ 0.42 $ (0.04 ) Potentially dilutive shares of common stock related to: Unvested restricted share awards 110,203 99,864 Unsettled shares under open forward equity contracts — 411,074 Unvested market-based awards — 188,510 (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, 2022
Accounting Policies [Abstract]
Basis of Accounting	The accompanying consolidated financial statements of the Company have been prepared pursuant to the rules and regulations of the SEC. 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, 2021.
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. These 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, 2022 and December 31, 2021, net assets totaling $12.1 million and $12.3 million, respectively, were held, and net liabilities totaling $5.3 million and $5.5 million, respectively, were owed by these encumbered special purpose entities and are included in the accompanying 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 segment, which consists of net leasing operations. The Company has no other reportable segments.
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 residual value of the real estate 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 determine residual value. The Company elected to account for lease concessions consistent with ASC 842 as though enforceable rights and obligations for those concessions existed (regardless of whether they explicitly exist in the lease) The Company’s leases generally provide for rent escalations throughout the term of the lease. For leases with fixed rent 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 and may adjust annually or over multiple-year periods. 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 change in the factor on which the contingent lease payment is based actually occurs. 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. For lease concessions granted in conjunction with the COVID-19 pandemic, management reviewed all amounts recognized on a tenant-by-tenant basis for collectability. 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 Company’s 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 Initial direct costs associated with the origination of a lease are deferred and amortized as an adjustment to rental revenue. Above- and below-market lease intangibles are amortized as a decrease and increase, respectively, to rental revenue. Amortization of in-place lease intangibles is included in depreciation and amortization expense. 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 Company’s consolidated statements 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 investments. Restricted cash is classified within deferred costs and other assets, net in the accompanying consolidated balance sheets. Cash, cash equivalents and restricted cash consisted of the following (in thousands): March 31, 2022 December 31, 2021 March 31, 2021 Cash and cash equivalents $ 24,229 $ 17,799 $ 261,889 Restricted cash: Funds held in escrow ( 1) 2,347 — — Total cash, cash equivalents and restricted cash $ 26,576 $ 17,799 $ 261,889 (1)
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 $21.7 million as of both March 31, 2022 and December 31, 2021, after the impact of $2.3 million and $3.9 million of receivables, respectively, that were deemed not probable of collection. These receivables are recorded within deferred cost and other assets, net in the accompanying 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 $146.2 million and $137.6 million at March 31, 2022 and December 31, 2021, respectively, after the impact of $2.7 million and $2.6 million of receivables, respectively, that were deemed not probable of collection. These receivables are recorded within deferred costs and other assets, net in the accompanying 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. 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 income or loss from continuing operations as the basis for determining whether potential common shares are dilutive or anti-dilutive and undistributed net income or loss as the basis for determining 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 its 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, 2022
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, 2022 December 31, 2021 March 31, 2021 Cash and cash equivalents $ 24,229 $ 17,799 $ 261,889 Restricted cash: Funds held in escrow ( 1) 2,347 — — Total cash, cash equivalents and restricted cash $ 26,576 $ 17,799 $ 261,889 (1)

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 31, 2022
Real Estate [Abstract]
Summary of Real Estate Activity	During the three months ended March 31, 2022, 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, 2021 2,000 3 2,003 $ 7,934,823 $ 8,362 $ 7,943,185 Acquisitions/improvements (1) 41 — 41 505,238 — 505,238 Dispositions of real estate (2) (2 ) (3 ) (5 ) (1,815 ) (8,362 ) (10,177 ) Transfers to Held for Sale (9 ) 9 — (11,285 ) 11,285 — Reset of gross balances (3) — — — (4,608 ) — (4,608 ) Gross balance, March 31, 2022 2,030 9 2,039 8,422,353 11,285 8,433,638 Accumulated depreciation and amortization (1,244,814 ) (1,730 ) (1,246,544 ) Net balance, March 31, 2022 (4) $ 7,177,539 $ 9,555 $ 7,187,094 (1) Includes investments of $24.5 million in revenue producing capitalized expenditures, as well as $2.7 million of non-revenue producing capitalized expenditures during the three months ended March 31, 2022. ( 2 ) For the three months ended March 31, 2022, the net gain on disposal of properties held in use and held for sale was $0.3 million and $0.6 million, respectively. ( 3 ) 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 which have been fully amortized. ( 4 ) Reconciliation of total owned investments to the accompanying consolidated balance sheet at March 31, 2022 is as follows: Real estate assets held for investment, net $ 6,858,320 Intangible lease assets, net 439,106 Real estate assets under direct financing leases, net 7,442 Real estate assets held for sale, net 9,555 Intangible lease liabilities, net (127,329 ) Net balance $ 7,187,094
Schedule of Operating Lease Income	The following table summarizes the components of rental income recognized on these operating leases in the accompanying consolidated statements of operations (in thousands): Three Months Ended March 31, 2022 2021 Base Cash Rent (1) $ 150,635 $ 125,197 Variable cash rent (including reimbursables) 7,218 3,014 Straight-line rent, net of uncollectible reserve (2) 8,575 5,673 Amortization of above- and below- market lease intangibles, net (3) 647 774 Total rental income $ 167,075 $ 134,658 (1) Includes net impact of amounts recovered/(amounts not deemed probable of collection) of $0.1 million and $(1.1) million for the three months ended March 31, 2022 and 2021, respectively. (2) Includes net impact of amounts not deemed probable of collection of $2.2 million for the three months ended March 31, 2021. (3) Excludes amortization of in-place leases of $10.4 million and $9.1 million for the three months ended March 31, 2022 and 2021, respectively, which is included in depreciation and amortization expense in the accompanying consolidated statements of operations.
Schedule of Minimum Future Contractual Rent to be Received from Operating Lease	Scheduled minimum future rent to be received under the remaining non-cancellable term of these operating leases (including contractual fixed rent increases occurring on or after April 1, 2022) at March 31, 2022 are as follows (in thousands): March 31, 2022 Remainder of 2022 $ 469,027 2023 618,693 2024 605,399 2025 593,938 2026 567,428 Thereafter 4,354,297 Total future minimum rentals $ 7,208,782
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, 2022 December 31, 2021 In-place leases $ 554,358 $ 536,344 Above-market leases 102,204 100,837 Less: accumulated amortization (217,456 ) (210,209 ) Intangible lease assets, net $ 439,106 $ 426,972 Below-market leases $ 190,376 $ 188,718 Less: accumulated amortization (63,047 ) (60,641 ) Intangible lease liabilities, net $ 127,329 $ 128,077
Summary of Impairment and Credit Losses Recognized	The following table summarizes total impairments recognized in the accompanying consolidated statements of operations (in thousands): Three Months Ended March 31, 2022 2021 Real estate asset impairment $ — $ 6,034 Intangible asset impairment — 696 Allowance for credit losses on loans receivable 127 — Total impairment loss $ 127 $ 6,730

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2022
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, 2022 December 31, 2021 Debt: Revolving credit facilities 1.74% 1.18% 4.0 $ 519,500 $ 288,400 Senior Unsecured Notes 3.42% 3.25% 7.2 2,750,000 2,750,000 Mortgages payable 4.87% 5.82% 8.7 5,221 5,350 Total debt 3.17% 2.92% 6.7 3,274,721 3,043,750 Debt discount, net (10,511 ) (10,824 ) Deferred financing costs, net (4) (19,701 ) (20,334 ) Total debt, net $ 3,244,509 $ 3,012,592 (1) Includes amortization of debt discount/premium, amortization of deferred financing costs, facility fees, and non-utilization fees, where applicable, calculated for the three months ended March 31, 2022 based on the average principal balance outstanding during the period. (2) Represents the weighted average stated interest rate based on the outstanding principal balance as of March 31, 2022. (3) Represents the weighted average remaining years to maturity based on the outstanding principal balance as of March 31, 2022. (4) Excludes deferred financing costs for the revolving credit facilities.
Summary of Senior Unsecured Notes	The following is a summary of the Senior Unsecured Notes outstanding (dollars in thousands): Maturity Date Interest Payment Dates Stated Interest Rate March 31, 2022 December 31, 2021 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, 2022, scheduled debt maturities, including balloon payments, were as follows (in thousands): Scheduled Principal Balloon Payment Total Remainder of 2022 $ 396 $ — $ 396 2023 556 — 556 2024 590 — 590 2025 610 16 626 2026 468 819,500 819,968 Thereafter 2,532 2,450,053 2,452,585 Total $ 5,152 $ 3,269,569 $ 3,274,721
Summary of Components of Interest Expense Related to Borrowings	The following table is a summary of the components of interest expense related to the Company's borrowings (in thousands): Three Months Ended March 31, 2022 2021 Revolving credit facilities (1) $ 1,822 $ 795 Term loans — 24 Senior Unsecured Notes 22,313 19,057 Mortgages payable 77 2,264 Convertible Notes — 1,785 Non-cash: Amortization of deferred financing costs 922 1,111 Amortization of debt discount, net 313 886 Amortization of net losses related to interest rate swaps 702 702 Capitalized interest (126 ) — Total interest expense $ 26,023 $ 26,624 (1) Includes facility fees of approximately $0.5 million for both the three months ended March 31, 2022 and 2021.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Summary of Dividends Declared	For the three months ended March 31, 2022, 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 9, 2022 $ 0.638 March 31, 2022 $ 85,688 April 14, 2022 Preferred Stock February 9, 2022 $ 0.375 March 15, 2022 $ 2,588 March 31, 2022

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements, Nonrecurring	The following table sets forth the Company’s assets that were accounted for at fair value on a nonrecurring basis as of their respective measurement dates (in thousands): Fair Value Hierarchy Level Description Fair Value Level 1 Level 2 Level 3 Assets held at March 31, 2022 Impaired at March 31, 2022 $ — $ — $ — $ — Assets held at December 31, 2021 Impaired at March 31, 2021 $ 1,739 $ — $ — $ 1,739 Impaired at June 30, 2021 $ 9,655 $ — $ — $ 9,655 Impaired at September 30, 2021 $ 3,479 $ — $ — $ 3,479 Impaired at December 31, 2021 $ 11,656 $ — $ — $ 11,656
Fair Value Inputs of Long-Lived Assets Held and Used and Held for Sale	For the remaining properties, the Company estimated property fair value using price per square foot from unobservable inputs. The unobservable inputs for the remaining 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, 2022 N/A December 31, 2021 PSA, LOI or BOV Retail 6 $63.83 - $418.57 $ 102.35 39,603 PSA, LOI or BOV Medical 2 $65.63 - $105.16 $ 75.60 41,496 PSA, LOI or BOV Data Center 1 $38.57 $ 38.57 188,475 Comparable Properties Retail 3 $29.35 - $483.09 $ 67.48 42,357 Comparable Properties Medical 1 $78.66 - $106.35 $ 95.00 15,974
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, 2022 December 31, 2021 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Loans receivable, net $ 23,023 $ 24,367 $ 10,450 $ 11,381 2019 Credit Facility 519,500 539,182 288,400 288,549 Senior Unsecured Notes, net (1) 2,719,597 2,645,123 2,718,641 2,865,187 Mortgages payable, net (1) 5,412 5,362 5,551 5,748 (1)

Incentive Award Plan (Tables)

Incentive Award Plan (Tables)	3 Months Ended
	Mar. 31, 2022
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, 2022 December 31, 2021 Restricted share awards $ 7,476 $ 4,787 Market-based awards 24,113 11,143 Total unamortized stock-based compensation expense $ 31,589 $ 15,930

Income Per Share (Tables)

Income Per Share (Tables)	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Reconciliation of the Numerator and Denominator Used in the Computation of Basic and Diluted Income (Loss) Per Share	The table below is a reconciliation of the numerator and denominator used in the computation of basic and diluted net income (loss) Three Months Ended March 31, 2022 2021 Basic and diluted income (loss): Income (loss) from continuing operations $ 56,056 $ (1,469 ) Less: dividends paid to preferred stockholders (2,588 ) (2,588 ) Less: dividends and income attributable to unvested restricted stock (131 ) (144 ) Net income (loss) attributable to common stockholders used in basic and diluted income (loss) per share $ 53,337 $ (4,201 ) Basic weighted average shares of common stock outstanding: Weighted average shares of common stock outstanding 128,193,656 114,949,691 Less: unvested weighted average shares of restricted stock (241,831 ) (276,473 ) Basic weighted average shares of common stock outstanding 127,951,825 114,673,218 Net income (loss) per share attributable to common stockholders - basic $ 0.42 $ (0.04 ) 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 128,360,431 114,673,218 Net income (loss) per share attributable to common stockholders - diluted $ 0.42 $ (0.04 ) Potentially dilutive shares of common stock related to: Unvested restricted share awards 110,203 99,864 Unsettled shares under open forward equity contracts — 411,074 Unvested market-based awards — 188,510 (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, 2022
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
General partner ownership of operating partnership	1.00%
Limited partner ownership of operating partnership	99.00%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Narrative (Details)	3 Months Ended
	Mar. 31, 2022USD ($)segment	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)
Summary Of Significant Accounting Policies [Line Items]
Net assets	$ 7,789,101,000		$ 7,330,870,000
Net liabilities	$ 3,523,933,000		3,331,071,000
Number of segments | segment	1
Deferred rent recognized related to COVID19 pandemic	$ 200,000	$ 2,700,000
Accounts receivable	21,700,000		21,700,000
Accounts receivable, deemed not probable of collection	2,300,000		3,900,000
Deferred rental revenue receivables	146,200,000		137,600,000
Deferred rent receivables, deemed not probable of collection	2,700,000		2,600,000
Goodwill impairment	0
Special Purpose Entity
Summary Of Significant Accounting Policies [Line Items]
Net assets	12,100,000		12,300,000
Net liabilities	$ 5,300,000		$ 5,500,000

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Cash and cash equivalents	$ 24,229	$ 17,799	$ 261,889
Funds held in escrow	2,347	0	0
Total cash, cash equivalents and restricted cash	$ 26,576	$ 17,799	$ 261,889	$ 83,298

Investments - Narrative (Detail

Investments - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)StateProperty	Mar. 31, 2021USD ($)Property	Dec. 31, 2021Property
Real Estate Properties [Line Items]
Gross investment in owned real estate properties	$ 8,400,000
Portfolio diversity, number of states | State	49
Minimum real estate investment in state for disclosure	10.00%
Sales-type and direct financing leases minimum future payments to be received	$ 2,900
Direct financing leases, net investment balance	7,500
Remaining reserve against net investment	100
Construction loan	12,700
Allowance (reversal) for credit losses	127	$ 0
Loan receivable, with outstanding principal	23,700
Total allowance for credit losses	$ 700
Texas
Real Estate Properties [Line Items]
Investment in real estate properties	13.10%
Property Subject To Operating Lease
Real Estate Properties [Line Items]
Number of properties | Property	2,033	1,869	1,998
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, 2022USD ($)Property
Dollar Amount of Investments
Ending balance	$ 8,400,000
Net balance	$ 7,187,094
Held in Use
Number of Properties
Beginning balance (in properties) | Property	2,000
Acquisitions/improvements (in properties) | Property	41
Dispositions of real estate (in properties) | Property	(2)
Transfers to Held for Sale (in properties) | Property	(9)
Reset of gross balances (in properties) | Property	0
Ending balance (in properties) | Property	2,030
Dollar Amount of Investments
Beginning balance	$ 7,934,823
Acquisitions	505,238
Dispositions	(1,815)
Transfers to Held for Sale	(11,285)
Reset of gross balances	(4,608)
Ending balance	8,422,353
Accumulated depreciation and amortization	(1,244,814)
Net balance	$ 7,177,539
Held for Sale
Number of Properties
Beginning balance (in properties) | Property	3
Acquisitions/improvements (in properties) | Property	0
Dispositions of real estate (in properties) | Property	(3)
Transfers to Held for Sale (in properties) | Property	9
Reset of gross balances (in properties) | Property	0
Ending balance (in properties) | Property	9
Dollar Amount of Investments
Beginning balance	$ 8,362
Acquisitions	0
Dispositions	(8,362)
Transfers to Held for Sale	11,285
Reset of gross balances	0
Ending balance	11,285
Accumulated depreciation and amortization	(1,730)
Net balance	$ 9,555
Total
Number of Properties
Beginning balance (in properties) | Property	2,003
Acquisitions/improvements (in properties) | Property	41
Dispositions of real estate (in properties) | Property	(5)
Transfers to Held for Sale (in properties) | Property	0
Reset of gross balances (in properties) | Property	0
Ending balance (in properties) | Property	2,039
Dollar Amount of Investments
Beginning balance	$ 7,943,185
Acquisitions	505,238
Dispositions	(10,177)
Transfers to Held for Sale	0
Reset of gross balances	(4,608)
Ending balance	8,433,638
Accumulated depreciation and amortization	(1,246,544)
Net balance	$ 7,187,094

Investments - Summary of Owne_2

Investments - Summary of Owned Real Estate Activity (Footnote) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Real Estate [Line Items]
Revenue producing capitalized expenditures	$ 24,500
Non-revenue producing capitalized expenditures	2,700
Real estate assets held for investment, net	6,858,320	$ 6,445,527
Intangible lease assets, net	439,106	426,972
Real estate assets under direct financing leases, net	7,442	7,442
Real estate assets held for sale, net	9,555	8,264
Intangible lease liabilities, net	(127,329)	$ (128,077)
Net balance	7,187,094
Held in Use
Real Estate [Line Items]
Gain on disposal of properties	300
Net balance	7,177,539
Held for Sale
Real Estate [Line Items]
Gain on disposal of properties	600
Net balance	$ 9,555

Investments - Operating Lease I

Investments - Operating Lease Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Lessor, Lease, Description [Line Items]
Base Cash Rent	$ 150,635	$ 125,197
Variable cash rent (including reimbursables)	7,218	3,014
Straight-line rent, net of uncollectible reserve	8,575	5,673
Amortization of above- and below- market lease intangibles, net	647	774
Total rental income	167,075	134,658
Base cash rent amounts recovered/ (amounts not deemed probable of collection)	100	(1,100)
Straight-line rent amounts not deemed probable of collection		2,200
In-place leases
Lessor, Lease, Description [Line Items]
Leases amortization expenses	$ 10,400	$ 9,100

Investments - Schedule of Minim

Investments - Schedule of Minimum Future Rent to be Received from Operating Leases (Details) $ in Thousands	Mar. 31, 2022USD ($)
Operating Leases, Future Contractual Rent Receivable
Remainder of 2022	$ 469,027
2023	618,693
2024	605,399
2025	593,938
2026	567,428
Thereafter	4,354,297
Total future minimum rentals	$ 7,208,782

Investments - Schedule of Lease

Investments - Schedule of Lease Intangible Assets and Liabilities, Net of Accumulated Amortization (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Lessor, Lease, Description [Line Items]
Less: accumulated amortization	$ (217,456)	$ (210,209)
Intangible lease assets, net	439,106	426,972
Below-market leases	190,376	188,718
Less: accumulated amortization	(63,047)	(60,641)
Intangible lease liabilities, net	127,329	128,077
In-place leases
Lessor, Lease, Description [Line Items]
Intangible lease assets, gross	554,358	536,344
Above-market leases
Lessor, Lease, Description [Line Items]
Intangible lease assets, gross	$ 102,204	$ 100,837

Investments - Summary of Impair

Investments - Summary of Impairment and Credit Losses Recognized (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Real Estate [Abstract]
Real estate asset impairment	$ 0	$ 6,034
Intangible asset impairment	0	696
Allowance for credit losses on loans receivable	127	0
Total impairment loss	$ 127	$ 6,730

Debt - Summary of Debt (Details

Debt - Summary of Debt (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Effective Interest Rates	3.17%
Stated Interest Rate	2.92%
Remaining Years to Maturity	6 years 8 months 12 days
Total debt, gross	$ 3,274,721,000	$ 3,043,750,000
Debt discount, net	(10,511,000)	(10,824,000)
Deferred financing costs, net	(19,701,000)	(20,334,000)
Total debt, net	$ 3,244,509,000	3,012,592,000
Revolving credit facilities
Debt Instrument [Line Items]
Effective Interest Rates	1.74%
Stated Interest Rate	1.18%
Remaining Years to Maturity	4 years
Total debt, gross	$ 519,500,000	288,400,000
Senior Unsecured Notes
Debt Instrument [Line Items]
Effective Interest Rates	3.42%
Stated Interest Rate	3.25%
Remaining Years to Maturity	7 years 2 months 12 days
Total debt, gross	$ 2,750,000,000	2,750,000,000
Deferred financing costs, net	$ (19,700,000)	(20,300,000)
Mortgages Payable
Debt Instrument [Line Items]
Effective Interest Rates	4.87%
Stated Interest Rate	5.82%
Remaining Years to Maturity	8 years 8 months 12 days
Total debt, gross	$ 5,221,000	5,350,000
Deferred financing costs, net	$ 0	$ 0

Debt - Revolving Credit Facilit

Debt - Revolving Credit Facilities - Narrative (Details)	Mar. 30, 2022USD ($)ExtensionOption	Mar. 31, 2022USD ($)	Dec. 31, 2021USD ($)	Jan. 14, 2019USD ($)
Line of Credit Facility [Line Items]
Unamortized deferred financing costs		$ 19,701,000	$ 20,334,000
Credit Facility 2019 | Revolving credit facilities | Unsecured Debt
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 1,200,000,000			$ 800,000,000
Number of extension options | ExtensionOption	2
Term of extension option	6 months
Increased borrowing capacity under accordion feature	$ 500,000,000
Credit facility maturity date	Mar. 31, 2026
Description of variable rate basis		1-Month adjusted SOFR	1-Month LIBOR
Facility fee percentage		0.15%	0.20%
Write off deferred financing costs		$ 200,000
Deferred financing costs incurred		8,600,000
Unamortized deferred financing costs		9,600,000	$ 1,400,000
Line of credit facility remaining borrowing capacity		680,500,000
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 - Summary of Senior Unsecu

Debt - Summary of Senior Unsecured Notes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Stated Interest Rate	2.92%
Total Debt	$ 3,274,721	$ 3,043,750
Senior Notes
Debt Instrument [Line Items]
Stated Interest Rate	3.25%
Total Debt	$ 2,750,000	2,750,000
Senior Notes | Weighted Average
Debt Instrument [Line Items]
Stated Interest Rate	3.25%
Senior 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 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 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 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	4.00%
Total Debt	$ 400,000	400,000
Senior 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 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 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	Mar. 03, 2021	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Debt Instrument [Line Items]
Proceeds from issuance of debt			$ 794,842
Unamortized deferred financing costs		$ 19,701		$ 20,334
Senior Notes
Debt Instrument [Line Items]
Unamortized discount		$ 10,700		11,000
Redemption price, percent of principal amount		100.00%
Unamortized deferred financing costs		$ 19,700		$ 20,300
Senior Notes | 2028 and 2032 Senior Unsecured Notes
Debt Instrument [Line Items]
Aggregate principal amount of debt	$ 800,000
Proceeds from issuance of debt	787,700
Deferred financing costs	7,100
Unamortized discount	$ 5,200

Debt - Mortgages Payable - Narr

Debt - Mortgages Payable - Narrative (Details)	Mar. 31, 2022USD ($)Propertyloan	Dec. 31, 2021USD ($)	Mar. 31, 2021Propertyloan
Debt Instrument [Line Items]
Stated interest rate	2.92%
Unamortized deferred financing costs	$ 19,701,000	$ 20,334,000
Mortgages Payable
Debt Instrument [Line Items]
Number of loans secured by mortgage on leased properties and related assets | loan			3
Number of properties securing borrowings | Property			86
Mortgages Payable
Debt Instrument [Line Items]
Number of loans secured by mortgage on leased properties and related assets | loan	2
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	6.00%

Debt - Convertible Notes - Narr

Debt - Convertible Notes - Narrative (Details) - USD ($)	1 Months Ended	12 Months Ended
	May 31, 2014	Dec. 31, 2020	Mar. 31, 2022
Debt Instrument [Line Items]
Stated interest rate			2.92%
Convertible Senior Notes | Convertible Senior Notes Due 2021
Debt Instrument [Line Items]
Aggregate principal amount of debt	$ 345,000,000
Stated interest rate	3.75%
Repurchase of convertible notes		$ 154,600,000
Debt instrument, maturity date	May 15, 2021

Debt - Debt Extinguishment - Na

Debt - Debt Extinguishment - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)	Mar. 31, 2021USD ($)Propertyloan
Debt Instrument [Line Items]
Gain (Loss) on extinguishment of debt	$ (172)	$ (29,177)
Mortgages Payable
Debt Instrument [Line Items]
Gain (Loss) on extinguishment of debt		(28,500)
Debt extinguished		$ 207,400
Number of loans secured by mortgage on leased properties and related assets | loan		3
Number of properties securing borrowings | Property		86
Term Loan
Debt Instrument [Line Items]
Gain (Loss) on extinguishment of debt		$ (700)
Debt extinguished		$ 178,000
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, 2022	Dec. 31, 2021
Scheduled Debt Maturities
Remainder of 2022	$ 396
2023	556
2024	590
2025	626
2026	819,968
Thereafter	2,452,585
Total debt, net	3,274,721	$ 3,043,750
Scheduled Principal
Scheduled Debt Maturities
Remainder of 2022	396
2023	556
2024	590
2025	610
2026	468
Thereafter	2,532
Total debt, net	5,152
Balloon Payment
Scheduled Debt Maturities
2025	16
2026	819,500
Thereafter	2,450,053
Total debt, net	$ 3,269,569

Debt - Summary of Components of

Debt - Summary of Components of Interest Expense Related to Borrowings (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Non-cash:
Amortization of deferred financing costs	$ 922	$ 1,111
Amortization of debt discount, net	313	886
Amortization of net losses related to interest rate swaps	702	702
Capitalized interest	(126)	0
Total interest expense	26,023	26,624
Revolving credit facilities
Schedule Of Interest Expenses [Line Items]
Facility fees	500	500
Interest expense	1,822	795
Term Loan
Schedule Of Interest Expenses [Line Items]
Interest expense	0	24
Senior Unsecured Notes
Schedule Of Interest Expenses [Line Items]
Interest expense	22,313	19,057
Mortgages payable
Schedule Of Interest Expenses [Line Items]
Interest expense	77	2,264
Convertible Notes
Schedule Of Interest Expenses [Line Items]
Interest expense	$ 0	$ 1,785

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details) - USD ($)	1 Months Ended	3 Months Ended	5 Months Ended	13 Months Ended
	Jan. 31, 2022	Mar. 31, 2022	Mar. 31, 2022	Nov. 30, 2021	Dec. 31, 2021
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		6.00%
Liquidation value (in USD per share)		$ 25	$ 25
Dividend rate, quarterly basis (in USD per share)		$ 0.375
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
Issuance of common shares		6,300,000
Proceeds from issuance of common stock, net of offering costs		$ 286,500,000
Number of remaining open forward sale agreements		3,100,000	3,100,000
ATM Program, November 2020
Class Of Stock [Line Items]
Proceeds from issuance of common stock, net of offering costs				$ 391,400,000
Common stock authorized				$ 500,000,000
Common stock sold				9,300,000
ATM Program, November 2021
Class Of Stock [Line Items]
Forward sale agreements, shares of common stock			2,500,000
Issuance of common shares		300,000
Proceeds from issuance of common stock, net of offering costs		$ 13,300,000
Common stock authorized			$ 500,000,000
Common stock sold		200,000	2,900,000
Gross proceeds capacity remaining		$ 364,900,000	$ 364,900,000
Open forward contracts		$ 0	$ 0

Stockholders' Equity - Summary

Stockholders' Equity - Summary of Dividends Declared (Details) - USD ($) $ / shares in Units, $ in Thousands	Feb. 09, 2022	Mar. 31, 2022	Mar. 31, 2021
Equity [Abstract]
Common stock, dividend per share (in USD per share)	$ 0.638	$ 0.6380	$ 0.6250
Common stock, total amount	$ 85,688	$ 85,688	$ 71,837
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, 2022USD ($)claimground_lease	Dec. 31, 2021USD ($)tenant
Commitments And Contingencies Disclosure [Abstract]
Contingently liable amount of debt owed by tenant		$ 5,700,000
Number of tenants indemnified by | tenant		1
Other income	$ 5,679,000
Accruals made for environmental remediation	$ 0
Outstanding claims | claim	0
Total commitments	$ 301,600,000
Total commitments relating to future acquisitions	248,400,000
Commitments expected to be funded in remainder of year	$ 293,700,000
Operating lease renewal option	two
Operating lease renewal term	5 years
Number of long-term non-cancelable ground leases | ground_lease	4
Operating lease, weighted average remaining lease term	5 years 9 months 18 days
Operating lease, right-of-use assets	$ 3,800,000	$ 3,700,000
Operating lease liabilities	$ 5,200,000	$ 5,100,000

Derivative and Hedging Activi_2

Derivative and Hedging Activities - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Sep. 30, 2019	Dec. 31, 2021
Derivative [Line Items]
Accumulated other comprehensive loss	$ (5,145)			$ (5,847)
Amount reclassified as an increase to interest expense related to terminated hedges of existing floating-rate debt within the next 12 months	2,800
Interest Expense
Derivative [Line Items]
Amount of loss reclassified from AOCL to interest expense	700	$ 700
Interest Rate Swap
Derivative [Line Items]
Accumulated other comprehensive loss	$ 5,100
Designated as Hedging Instrument | Interest Rate Swap
Derivative [Line Items]
Termination of interest rate swaps			$ 12,500
Deferred loss on termination of interest rate swaps			$ 12,300

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - Fair Value, Measurements, Nonrecurring - Property	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
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	0	14
Fair Value Estimated Using Capitalization Rate | Measurement Input Capitalization Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of properties accounted for at fair value		1
Fair value input, capitalization rate		14.00%

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Assets at Fair Value on Nonrecurring Basis (Details) - Fair Value, Measurements, Nonrecurring - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Assets Held Impaired At March 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets Impaired Fair Value Disclosure	$ 0
Assets Held Impaired At March 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets Impaired Fair Value Disclosure		$ 1,739
Assets Held Impaired At June 30, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets Impaired Fair Value Disclosure		9,655
Assets Held Impaired At September 30, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets Impaired Fair Value Disclosure		3,479
Assets Held Impaired At December 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets Impaired Fair Value Disclosure		11,656
Level 1 | Assets Held Impaired At March 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets Impaired Fair Value Disclosure	0
Level 1 | Assets Held Impaired At March 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets Impaired Fair Value Disclosure		0
Level 1 | Assets Held Impaired At June 30, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets Impaired Fair Value Disclosure		0
Level 1 | Assets Held Impaired At September 30, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets Impaired Fair Value Disclosure		0
Level 1 | Assets Held Impaired At December 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets Impaired Fair Value Disclosure		0
Level 2 | Assets Held Impaired At March 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets Impaired Fair Value Disclosure	0
Level 2 | Assets Held Impaired At March 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets Impaired Fair Value Disclosure		0
Level 2 | Assets Held Impaired At June 30, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets Impaired Fair Value Disclosure		0
Level 2 | Assets Held Impaired At September 30, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets Impaired Fair Value Disclosure		0
Level 2 | Assets Held Impaired At December 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets Impaired Fair Value Disclosure		0
Level 3 | Assets Held Impaired At March 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets Impaired Fair Value Disclosure	$ 0
Level 3 | Assets Held Impaired At March 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets Impaired Fair Value Disclosure		1,739
Level 3 | Assets Held Impaired At June 30, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets Impaired Fair Value Disclosure		9,655
Level 3 | Assets Held Impaired At September 30, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets Impaired Fair Value Disclosure		3,479
Level 3 | Assets Held Impaired At December 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets Impaired Fair Value Disclosure		$ 11,656

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value Inputs of Long-Lived Assets Held and Used (Details)	12 Months Ended
	Dec. 31, 2021ft²Property$ / 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	6
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	63.83
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	418.57
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	102.35
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	39,603
Fair Value Estimated Using Listing Price or Broker Opinion of Value | Medical
Impaired Long Lived Assets Held And Used [Line Items]
Number of properties accounted for at fair value | Property	2
Fair Value Estimated Using Listing Price or Broker Opinion of Value | Medical | Measurement Input, Price Per Square Foot | Minimum
Impaired Long Lived Assets Held And Used [Line Items]
Price Per Square Foot Range	65.63
Fair Value Estimated Using Listing Price or Broker Opinion of Value | Medical | Measurement Input, Price Per Square Foot | Maximum
Impaired Long Lived Assets Held And Used [Line Items]
Price Per Square Foot Range	105.16
Fair Value Estimated Using Listing Price or Broker Opinion of Value | Medical | Measurement Input, Price Per Square Foot | Weighted Average
Impaired Long Lived Assets Held And Used [Line Items]
Price Per Square Foot Range	75.60
Fair Value Estimated Using Listing Price or Broker Opinion of Value | Medical | Measurement Input Square Footage
Impaired Long Lived Assets Held And Used [Line Items]
Square Footage | ft²	41,496
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
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	38.57
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	38.57
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
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	29.35
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	483.09
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	67.48
Fair Value Estimated Using Comparable Properties | Retail | Measurement Input Square Footage
Impaired Long Lived Assets Held And Used [Line Items]
Square Footage | ft²	42,357
Fair Value Estimated Using Comparable Properties | Medical
Impaired Long Lived Assets Held And Used [Line Items]
Number of properties accounted for at fair value | Property	1
Fair Value Estimated Using Comparable Properties | Medical | Measurement Input, Price Per Square Foot | Minimum
Impaired Long Lived Assets Held And Used [Line Items]
Price Per Square Foot Range	78.66
Fair Value Estimated Using Comparable Properties | Medical | Measurement Input, Price Per Square Foot | Maximum
Impaired Long Lived Assets Held And Used [Line Items]
Price Per Square Foot Range	106.35
Fair Value Estimated Using Comparable Properties | Medical | Measurement Input, Price Per Square Foot | Weighted Average
Impaired Long Lived Assets Held And Used [Line Items]
Price Per Square Foot Range	95
Fair Value Estimated Using Comparable Properties | Medical | Measurement Input Square Footage
Impaired Long Lived Assets Held And Used [Line Items]
Square Footage | ft²	15,974

Fair Value Measurements - Sch_2

Fair Value Measurements - Schedule of Carrying Amount and Estimated Fair Value Of Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans receivable, net	$ 23,023	$ 10,450
Revolving credit facilities	519,500	288,400
Senior Unsecured Notes, net	2,719,597	2,718,641
Mortgages payable, net	5,412	5,551
Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans receivable, net	24,367	11,381
2019 Credit Facility	539,182	288,549
Senior Unsecured Notes, net	2,645,123	2,865,187
Mortgages payable, net	$ 5,362	$ 5,748

Incentive Award Plan - Narrativ

Incentive Award Plan - Narrative (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Value of shares surrendered for payment of federal and state with holding taxes	$ 6,410	$ 3,843
General and Administrative Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 4,000	$ 3,400
Restricted Share Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares)	87
Deferred compensation expense	$ 4,100
Outstanding unvested shares	206
Restricted Share Awards | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred compensation expense over requisite service period	1 year
Restricted Share Awards | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
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)	166
Expected volatility	39.50%
Minimum required service period	3 years
Average volatility rate	35.70%
Risk free interest rate	1.59%
Market-based award, grant date fair value	$ 93.26
Accrued dividend rights	$ 1,900		$ 3,300
Shares expected to be released	900
Market-Based Awards | Group of Industry Peers
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility rate, minimum	21.50%
Volatility rate, maximum	53.60%
Market-Based Awards | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent multiplier for shares granted	0.00%
Market-Based Awards | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent multiplier for shares granted	375.00%

Incentive Award Plan - Summary

Incentive Award Plan - Summary of Remaining Unamortized Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unamortized stock-based compensation expense	$ 31,589	$ 15,930
Restricted Share Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unamortized stock-based compensation expense	7,476	4,787
Market-Based Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unamortized stock-based compensation expense	$ 24,113	$ 11,143

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, 2022	Mar. 31, 2021
Basic and diluted income (loss):
Income (loss) from continuing operations	$ 56,056	$ (1,469)
Less: dividends paid to preferred stockholders	(2,588)	(2,588)
Less: dividends and income attributable to unvested restricted stock	(131)	(144)
Net income (loss) attributable to common stockholders used in basic and diluted income (loss) per share	$ 53,337	$ (4,201)
Basic weighted average shares of common stock outstanding:
Weighted average shares of common stock outstanding	128,193,656	114,949,691
Less: unvested weighted average shares of restricted stock	(241,831)	(276,473)
Basic weighted average shares of common stock outstanding	127,951,825	114,673,218
Net income (loss) per share attributable to common stockholders - basic	$ 0.42	$ (0.04)
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	128,360,431	114,673,218
Net income (loss) per share attributable to common stockholders - diluted	$ 0.42	$ (0.04)
Unvested restricted share awards
Potentially dilutive shares of common stock related to:
Dilutive shares	110,203	99,864
Unsettled shares under open forward equity contracts
Potentially dilutive shares of common stock related to:
Dilutive shares		411,074
Unvested market-based awards
Potentially dilutive shares of common stock related to:
Dilutive shares		188,510