Spirit Realty Capital 10-Q 8 Nov 22 2022 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2022	Nov. 04, 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	Sep. 30, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		139,660,241
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	Sep. 30, 2022	Dec. 31, 2021
Real estate assets held for investment:
Land and improvements	$ 2,734,123	$ 2,516,715
Buildings and improvements	5,713,209	4,962,203
Less: accumulated depreciation	(1,188,794)	(1,033,391)
Total real estate assets held for investment, net	7,258,538	6,445,527
Intangible lease assets, net	440,910	426,972
Real estate assets under direct financing leases, net	7,434	7,442
Real estate assets held for sale, net	24,344	8,264
Loans receivable, net	23,023	10,450
Total investments, net	7,754,249	6,898,655
Cash and cash equivalents	109,829	17,799
Deferred costs and other assets, net	251,832	188,816
Goodwill	225,600	225,600
Total assets	8,341,510	7,330,870
Liabilities:
Revolving credit facilities		288,400
Term loans	791,791
Senior Unsecured Notes, net	2,721,534	2,718,641
Mortgages payable, net	5,130	5,551
Total debt, net	3,518,455	3,012,592
Intangible lease liabilities, net	121,670	128,077
Accounts payable, accrued expenses and other liabilities	180,595	190,402
Total liabilities	3,820,720	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 September 30, 2022 and December 31, 2021	166,177	166,177
Common stock, $0.05 par value, 350,000,000 shares authorized: 139,661,826 and 127,699,235 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively	6,983	6,385
Capital in excess of common stock par value	7,217,245	6,673,440
Accumulated deficit	(2,905,376)	(2,840,356)
Accumulated other comprehensive income (loss)	35,761	(5,847)
Total stockholders’ equity	4,520,790	3,999,799
Total liabilities and stockholders’ equity	$ 8,341,510	$ 7,330,870

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 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	139,661,826	127,699,235
Common stock, shares outstanding	139,661,826	127,699,235

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenues:
Rental income	$ 180,296	$ 151,376	$ 520,930	$ 450,483
Interest income on loans receivable	521		1,362
Earned income from direct financing leases	131	131	393	394
Other operating income	1,956	1,061	3,550	1,458
Total revenues	182,904	152,568	526,235	452,335
Expenses:
General and administrative	14,313	13,103	42,408	39,599
Property costs (including reimbursable)	7,395	5,862	22,600	17,633
Deal pursuit costs	470	361	1,490	860
Interest	30,956	25,078	84,573	77,872
Depreciation and amortization	74,600	63,061	216,606	180,222
Impairments	1,571	4,435	11,096	18,965
Total expenses	129,305	111,900	378,773	335,151
Other income:
Gain (loss) on debt extinguishment		1	(172)	(29,186)
Gain on disposition of assets	23,302	453	63,107	39,796
Other income			5,679
Total other income	23,302	454	68,614	10,610
Income before income tax expense	76,901	41,122	216,076	127,794
Income tax expense	(261)	(244)	(640)	(461)
Net income	76,640	40,878	215,436	127,333
Dividends paid to preferred shareholders	(2,587)	(2,587)	(7,763)	(7,763)
Net income attributable to common stockholders	$ 74,053	$ 38,291	$ 207,673	$ 119,570
Net income per share attributable to common stockholders:
Basic (in USD per share)	$ 0.54	$ 0.32	$ 1.56	$ 1.02
Diluted (in USD per share)	$ 0.54	$ 0.32	$ 1.56	$ 1.02
Weighted average shares of common stock outstanding:
Basic (in shares)	136,314,369	119,775,871	132,835,210	116,503,634
Diluted (in shares)	136,314,369	120,302,158	132,965,297	116,870,429
Dividends declared per common share/per partnership unit issued (in USD per share)	$ 0.6630	$ 0.6380	$ 1.9390	$ 1.8880

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement Of Income And Comprehensive Income [Abstract]
Net income attributable to common stockholders	$ 74,053	$ 38,291	$ 207,673	$ 119,570
Other comprehensive income:
Net reclassification of amounts from AOCIL	40,204	702	41,608	2,106
Total comprehensive income	$ 114,257	$ 38,993	$ 249,281	$ 121,676

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Preferred Stock	Common Stock	Capital in Excess of Par Value	Accumulated Deficit	AOCIL
Beginning balance, value at Dec. 31, 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 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, 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)	127,333
Net income attributable to common stockholders	119,570
Other comprehensive income	2,106
Ending balance, value at Sep. 30, 2021	3,838,630	$ 166,177	$ 6,166	6,472,964	(2,800,129)	(6,548)
Preferred shares outstanding, ending balance at Sep. 30, 2021		6,900,000
Common shares outstanding, ending balance at Sep. 30, 2021			123,315,721
Beginning balance, value at Mar. 31, 2021	3,525,056	$ 166,177	$ 5,747	6,129,869	(2,768,785)	(7,952)
Preferred shares outstanding, beginning balance at Mar. 31, 2021		6,900,000
Common shares outstanding, beginning balance at Mar. 31, 2021			114,947,986
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	87,924				87,924
Dividends declared on preferred stock	(2,588)				(2,588)
Net income attributable to common stockholders	85,336				85,336
Other comprehensive income	702					702
Dividends declared on common stock	(74,436)				(74,436)
Tax withholdings related to net stock settlements	(549)		$ (1)		(548)
Tax withholdings related to net stock settlements (in shares)			(12,597)
Issuance of shares of common stock, net	145,461		$ 206	145,255
Issuance of shares of common stock, net (in shares)			4,116,932
Stock-based compensation, net	3,254		$ 3	3,611	(360)
Stock-based compensation, net (in shares)			51,591
Ending balance, value at Jun. 30, 2021	3,684,824	$ 166,177	$ 5,955	6,278,735	(2,758,793)	(7,250)
Preferred shares outstanding, ending balance at Jun. 30, 2021		6,900,000
Common shares outstanding, ending balance at Jun. 30, 2021			119,103,912
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	40,878				40,878
Dividends declared on preferred stock	(2,587)				(2,587)
Net income attributable to common stockholders	38,291				38,291
Other comprehensive income	702					702
Dividends declared on common stock	(78,674)				(78,674)
Issuance of shares of common stock, net	190,936		$ 211	190,725
Issuance of shares of common stock, net (in shares)			4,212,644
Stock-based compensation, net	2,551			3,504	(953)
Stock-based compensation, net (in shares)			(835)
Ending balance, value at Sep. 30, 2021	3,838,630	$ 166,177	$ 6,166	6,472,964	(2,800,129)	(6,548)
Preferred shares outstanding, ending balance at Sep. 30, 2021		6,900,000
Common shares outstanding, ending balance at Sep. 30, 2021			123,315,721
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 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
Common shares outstanding, ending balance at Mar. 31, 2022			134,306,501
Beginning balance, value at Dec. 31, 2021	$ 3,999,799	$ 166,177	$ 6,385	6,673,440	(2,840,356)	(5,847)
Preferred shares outstanding, beginning balance at Dec. 31, 2021	6,900,000	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)	$ 215,436
Net income attributable to common stockholders	207,673
Other comprehensive income	41,608
Tax withholdings related to net stock settlements	(6,400)
Ending balance, value at Sep. 30, 2022	$ 4,520,790	$ 166,177	$ 6,983	7,217,245	(2,905,376)	35,761
Preferred shares outstanding, ending balance at Sep. 30, 2022	6,900,000	6,900,000
Common shares outstanding, ending balance at Sep. 30, 2022	139,661,826		139,661,826
Beginning balance, value at Mar. 31, 2022	$ 4,265,168	$ 166,177	$ 6,715	6,976,901	(2,879,480)	(5,145)
Preferred shares outstanding, beginning balance at Mar. 31, 2022		6,900,000
Common shares outstanding, beginning balance at Mar. 31, 2022			134,306,501
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	82,740				82,740
Dividends declared on preferred stock	(2,588)				(2,588)
Net income attributable to common stockholders	80,152				80,152
Other comprehensive income	702					702
Dividends declared on common stock	(86,987)				(86,987)
Tax withholdings related to net stock settlements	(17)				(17)
Tax withholdings related to net stock settlements (in shares)			(403)
Issuance of shares of common stock, net	89,964		$ 100	89,864
Issuance of shares of common stock, net (in shares)			1,999,996
Stock-based compensation, net	3,889		$ 2	4,385	(498)
Stock-based compensation, net (in shares)			35,591
Ending balance, value at Jun. 30, 2022	4,352,871	$ 166,177	$ 6,817	7,071,150	(2,886,830)	(4,443)
Preferred shares outstanding, ending balance at Jun. 30, 2022		6,900,000
Common shares outstanding, ending balance at Jun. 30, 2022			136,341,685
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	76,640				76,640
Dividends declared on preferred stock	(2,587)				(2,587)
Net income attributable to common stockholders	74,053				74,053
Other comprehensive income	40,204					40,204
Dividends declared on common stock	(92,595)				(92,595)
Issuance of shares of common stock, net	141,868		$ 166	141,702
Issuance of shares of common stock, net (in shares)			3,320,559
Stock-based compensation, net	4,389			4,393	(4)
Stock-based compensation, net (in shares)			(418)
Ending balance, value at Sep. 30, 2022	$ 4,520,790	$ 166,177	$ 6,983	$ 7,217,245	$ (2,905,376)	$ 35,761
Preferred shares outstanding, ending balance at Sep. 30, 2022	6,900,000	6,900,000
Common shares outstanding, ending balance at Sep. 30, 2022	139,661,826		139,661,826

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Operating activities
Net income (loss)	$ 76,640	$ 40,878	$ 215,436	$ 127,333
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	74,600	63,061	216,606	180,222
Impairments	1,571	4,435	11,096	18,965
Amortization of deferred financing costs	1,475	910	3,637	3,026
Amortization of debt discounts	318	307	947	1,830
Amortization of deferred losses on interest rate swaps	702	702	2,106	2,106
Stock-based compensation expense			12,805	10,496
Loss on debt extinguishment		(1)	172	29,186
Gain on dispositions of real estate and other assets	(23,302)	(453)	(63,107)	(39,796)
Non-cash revenue			(30,165)	(38,190)
Other			10	12
Changes in operating assets and liabilities:
Deferred costs and other assets, net			(1,683)	3,508
Accounts payable, accrued expenses and other liabilities			(28,975)	(23,315)
Net cash provided by operating activities			338,885	275,383
Investing activities
Acquisitions of real estate			(1,118,290)	(769,039)
Capitalized real estate expenditures			(55,318)	(6,748)
Investments in loans receivable			(12,700)
Proceeds from dispositions of real estate and other assets, net			183,767	94,449
Net cash used in investing activities			(1,002,541)	(681,338)
Financing activities
Borrowings under revolving credit facilities			1,267,800	764,200
Repayments under revolving credit facilities			(1,556,200)	(714,900)
Repayments under mortgages payable			(391)	(208,765)
Borrowings under term loans			800,000
Repayments under term loans				(178,000)
Repayments under Convertible Notes				(190,426)
Borrowings under Senior Unsecured Notes				794,842
Debt extinguishment costs				(26,685)
Deferred financing costs			(17,028)	(7,071)
Proceeds from issuance of common stock, net of offering costs			531,565	336,602
Repurchase of shares of common stock, including tax withholdings related to net stock settlements			(6,427)	(4,392)
Common stock dividends paid			(255,870)	(219,421)
Preferred stock dividends paid			(7,763)	(7,763)
Net cash provided by financing activities			755,686	338,221
Net increase (decrease) in cash, cash equivalents and restricted cash			92,030	(67,734)
Cash, cash equivalents and restricted cash, beginning of period			17,799	83,298
Cash, cash equivalents and restricted cash, end of period	109,829	15,564	109,829	15,564
Cash paid for interest, net of interest capitalized			99,575	89,098
Interest capitalized			741
Cash paid for income taxes			676	581
Supplemental Disclosures of Non-Cash Activities:
Dividends declared and unpaid	92,595	78,675	92,595	78,675
Accrued market-based award dividend rights			998	1,674
Accrued capitalized costs	$ 18,103	$ 6,739	18,103	$ 6,739
Derivative changes in fair value			$ 39,502

Organization

Organization	9 Months Ended
	Sep. 30, 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	9 Months Ended
	Sep. 30, 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 September 30, 2022 and December 31, 2021, net assets totaling $11.8 million and $12.3 million, respectively, were held, and net liabilities totaling $5.1 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 has occurred. Rental income is subject to an evaluation for collectability, which includes management’s estimates of amounts that will not be realized based on an assessment of the risks inherent in the portfolio, considering historical experience, as well as the tenant's payment history and financial condition. The Company does not recognize rental income for amounts that are not probable of collection. 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. There was no restricted cash held as of either September 30, 2022 or December 31, 2021. 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 $17.9 million and $21.7 million at September 30, 2022 and December 31, 2021, respectively, after the impact of $3.3 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 $161.8 million and $137.6 million at September 30, 2022 and December 31, 2021, respectively, after the impact of $0.3 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 (loss) from continuing operations to determine whether potential common shares are dilutive or anti-dilutive and undistributed net income (loss) to determine whether undistributed earnings are allocable to participating securities. Forward Equity Sale Agreements The Corporation may enter into forward sale agreements for the sale and issuance of shares of 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	9 Months Ended
	Sep. 30, 2022
Real Estate [Abstract]
Investments	NOTE 3. INVESTMENTS Owned Properties As of September 30, 2022, the Company's gross investment in owned real estate properties totaled approximately $9.0 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 14.3%, 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 nine months ended September 30, 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) 148 — 148 1,190,726 — 1,190,726 Dispositions of real estate (2) (3) (22 ) (11 ) (33 ) (115,798 ) (17,471 ) (133,269 ) Transfers to Held for Sale (23 ) 23 — (40,194 ) 40,194 — Impairments (4) — — — (10,969 ) — (10,969 ) Reset of gross balances (5) — — — (16,224 ) — (16,224 ) Gross balance, September 30, 2022 2,103 15 2,118 8,942,364 31,085 8,973,449 Accumulated depreciation and amortization (1,357,152 ) (6,741 ) (1,363,893 ) Net balance, September 30, 2022 (6) $ 7,585,212 $ 24,344 $ 7,609,556 (1) Includes investments of $56.9 million in revenue producing capitalized expenditures, as well as $11.9 million of non-revenue producing capitalized expenditures during the nine months ended September 30, 2022. ( 2 ) For the nine months ended September 30, 2022, the net gains on disposal of properties held in use and held for sale were $60.3 million and $2.8 million, respectively. (3) During the nine months ended September 30, 2022, the Company sold eight properties pursuant to a 1031 Exchange for $88.1 million. As of September 30, 2022, all the proceeds had been used to fund acquisitions. ( 4 ) Impairments on owned real estate is comprised of real estate and intangible asset impairment. For the nine months ended September 30, 2022, all of the impairments recorded were on properties held in use. ( 5 ) 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. ( 6 ) Reconciliation of total owned investments to the accompanying consolidated balance sheet at September 30, 2022 is as follows: Real estate assets held for investment, net $ 7,258,538 Intangible lease assets, net 440,910 Real estate assets under direct financing leases, net 7,434 Real estate assets held for sale, net 24,344 Intangible lease liabilities, net (121,670 ) Net balance $ 7,609,556 Operating Leases As of September 30, 2022, December 31, 2021 and September 30, 2021, the Company held 2,113; 1,998; and 1,909 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 September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Base Cash Rent (1) $ 162,467 $ 137,234 $ 471,052 $ 400,215 Variable cash rent (including reimbursables) 6,479 4,753 19,713 12,078 Straight-line rent, net of uncollectible reserve (2) 10,875 8,840 28,465 35,941 Amortization of above- and below- market lease intangibles, net (3) 475 549 1,700 2,249 Total rental income $ 180,296 $ 151,376 $ 520,930 $ 450,483 (1) Includes net impact of amounts (reserved)/recovered of $(0.6) million and $(0.5) million for the three and nine months ended September 30, 2022, respectively, and $(0.1) million and $5.6 million for the three and nine months ended September 30, 2021, respectively. (2) Includes net impact of amounts recovered/(reserved) of $1.2 million and $1.1 million for the three and nine months ended September 30, 2022, respectively, and $(0.1) million and $11.0 million for the three and nine months ended September 30, 2021, respectively. (3) Excludes amortization of in-place leases of $11.3 million and $32.6 million for the three and nine months ended September 30, 2022, respectively, and $9.8 million and $28.6 million for the three and nine months ended September 30, 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 October 1, 2022) at September 30, 2022 are as follows (in thousands): September 30, 2022 Remainder of 2022 $ 167,283 2023 664,151 2024 649,973 2025 638,168 2026 609,487 Thereafter 4,885,095 Total future minimum rentals $ 7,614,157 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): September 30, 2022 December 31, 2021 In-place leases $ 572,407 $ 536,344 Above-market leases 101,195 100,837 Less: accumulated amortization (232,692 ) (210,209 ) Intangible lease assets, net $ 440,910 $ 426,972 Below-market leases $ 186,006 $ 188,718 Less: accumulated amortization (64,336 ) (60,641 ) Intangible lease liabilities, net $ 121,670 $ 128,077 Direct Financing Leases As of September 30, 2022, the Company held one property under a direct financing lease, which was held in use. As of September 30, 2022, this property had $2.6 million in scheduled minimum future payments to be received under its remaining non-cancellable lease term. As of September 30, 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 nine months ended September 30, 2022. As of September 30, 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 September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Real estate asset impairment $ 1,632 $ 4,092 $ 10,535 $ 17,875 Intangible net (liability)/asset impairment (61 ) 343 434 1,090 Allowance for credit losses on loans receivable — — 127 — Total impairment loss $ 1,571 $ 4,435 $ 11,096 $ 18,965

Debt

Debt	9 Months Ended
	Sep. 30, 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) September 30, 2022 December 31, 2021 Debt: Revolving credit facilities 2.53% — 3.5 $ — $ 288,400 Term loans 4.09% 3.73% 4.1 800,000 — Senior Unsecured Notes 3.42% 3.25% 6.7 2,750,000 2,750,000 Mortgages payable 4.87% 5.82% 8.2 4,959 5,350 Total debt 3.31% 3.36% 6.1 3,554,959 3,043,750 Debt discount, net (9,877 ) (10,824 ) Deferred financing costs, net (4) (26,627 ) (20,334 ) Total debt, net $ 3,518,455 $ 3,012,592 (1) Includes amortization of debt discount/premium, amortization of deferred financing costs, facility fees, non-utilization fees and impact of cash flow hedges, where applicable, calculated for the nine months ended September 30, 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 September 30, 2022, including the impact of cash flow hedges on term loans. The weighted average stated interest rate for the term loans excluding the impact of cash flow hedges was 4.03% as of September 30, 2022. (3) Represents the weighted average remaining years to maturity based on the outstanding principal balance as of September 30, 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 September 30, 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 $8.4 million as of September 30, 2022, compared to $1.4 million as of December 31, 2021. As of September 30, 2022, the full $1.2 billion 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. On August 22, 2022, the Operating Partnership entered into the 2022 Term Loan Agreement, which provides for borrowings in an aggregate amount of $800.0 million comprised of a $300.0 million tranche with a maturity date of August 22, 2025 and a $500.0 million tranche with a maturity date of August 20, 2027. The Term Loan Agreement also includes an accordion feature to increase the available term loans by $200.0 million in aggregate, subject to satisfying certain requirements. As of September 30, 2022, the 2022 Term Loans bore interest at a 1-month adjusted SOFR rate plus an applicable margin of 0.850% per annum, based on the Operating Partnership’s credit rating. In conjunction with entering into the 2022 Term Loans, the Company entered into interest rate swaps as a cash flow hedge. See Note 7 for further detail. The Company incurred $8.4 million in deferred financing costs in connection with entering into the 2022 Term Loan Agreement, and the unamortized deferred financing costs were $8.2 million as of September 30, 2022. In connection with the issuance of the 2022 Term Loan Agreement, the Company and Operating Partnership are subject to ongoing compliance with a number of customary financial and other affirmative and negative covenants, all of which the Company and the Operating Partnership were in compliance with as of September 30, 2022. 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 September 30, 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. I f any of the Senior Unsecured Notes are redeemed three months or less (or two month s or less in the case of the 2027 Senior Notes and 2028 Senior Notes) prior to the ir respective maturity date s , the redemption price will not include a make-whole premium. As of September 30, 2022 and December 31, 2021, the unamortized deferred financing costs were $18.4 million and $20.3 million, respectively, and the unamortized discount was $10.0 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 these loans in March 2021 and, as of September 30, 2022, had 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 September 30, 2022 and December 31, 2021, and the unamortized net premium as of both September 30, 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 nine months ended September 30, 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 nine months ended September 30, 2021, the Company extinguished the following debt: • $178.0 million of indebtedness outstanding under the 2020 Term Loans, resulting in a loss on debt extinguishment of $0.7 million, • $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, and • $190.4 million of Convertible Notes upon their maturity. Debt Maturities As of September 30, 2022, scheduled debt maturities, including balloon payments, were as follows (in thousands): Scheduled Principal Balloon Payment Total Remainder of 2022 $ 134 $ — $ 134 2023 556 — 556 2024 590 — 590 2025 610 300,016 300,626 2026 468 300,000 300,468 Thereafter 2,532 2,950,053 2,952,585 Total $ 4,890 $ 3,550,069 $ 3,554,959 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 September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Revolving credit facilities (1) $ 3,550 $ 765 $ 8,520 $ 2,118 Term loans (2) 2,940 — 2,940 24 Senior Unsecured Notes 22,313 22,313 66,939 63,683 Mortgages payable 73 81 225 2,427 Convertible Notes — — — 2,658 Non-cash: Amortization of deferred financing costs 1,475 910 3,637 3,026 Amortization of debt discount, net 318 307 947 1,830 Amortization of net losses related to interest rate swaps 702 702 2,106 2,106 Capitalized interest (415 ) — (741 ) — Total interest expense $ 30,956 $ 25,078 $ 84,573 $ 77,872 (1) Includes facility fees of approximately $0.5 million and $1.4 million for the three and nine months ended September 30, 2022, respectively, and $0.4 million and $1.3 million for the three and nine months ended September 30, 2021. ( 2 ) Includes impact of cash flow hedge.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 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. All of these shares were settled during the nine months ended September 30, 2022, generating net proceeds of $427.7 million. In November 2020, the Board of Directors approved a new $500.0 million ATM Program, and the Company 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 Company terminated its 2020 ATM Program. The following details the activity under the 2021 ATM Program since its inception (in thousands): 2021 ATM Forward Shares Regular Shares Total Shares Net Proceeds on Issuances Month ended 12/31/2021 Shares sold 2,268 438 2,706 Shares issued (2,212 ) (438 ) (2,650 ) $ 120,286 Unsettled shares sold as of 12/31/2021 56 — 56 Nine months ended 9/30/2022 Shares sold 1,234 1,161 2,395 Shares issued (1,290 ) (1,161 ) (2,451 ) $ 103,946 Unsettled shares sold as of 9/30/2022 — — — As of September 30, 2022, approximately $273.2 million of capacity remained available under the 2021 ATM Program. Preferred Stock As of September 30, 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 $1.50 per share on an annual basis). Dividends Declared For the nine months ended September 30, 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 May 18, 2022 $ 0.638 June 30, 2022 $ 86,987 July 15, 2022 August 8, 2022 $ 0.663 September 30, 2022 $ 92,595 October 14, 2022 Preferred Stock February 9, 2022 $ 0.375 March 15, 2022 $ 2,588 March 31, 2022 May 18, 2022 $ 0.375 June 15, 2022 $ 2,588 June 30, 2022 August 8, 2022 $ 0.375 September 15, 2022 $ 2,587 September 30, 2022 The common stock dividend declared on August 8, 2022 is included in accounts payable, accrued expenses and other liabilities in the consolidated balance sheet as of September 30, 2022.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 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 September 30, 2022, no accruals have been made. As of September 30, 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 September 30, 2022, the Company had commitments totaling $169.2 million, of which $27.4 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. $56.4 million of the Company’s commitments are expected to be funded during 2022, with the remainder to be funded by the end of 2024. 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 September 30, 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 5.3 years. As of September 30, 2022 and December 31, 2021, the Company had a right-of-use lease asset balance of $3.6 million and $3.7 million, respectively, and operating lease liabilities of $4.9 million and $5.1 million, respectively, for these leases.

Derivative and Hedging Activiti

Derivative and Hedging Activities	9 Months Ended
	Sep. 30, 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 AOCIL 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. The Company is exposed to credit risk in the event of non-performance by its derivative counterparties. The Company evaluates counterparty credit risk through monitoring the creditworthiness of counterparties, which includes review of debt ratings and financial performance. To mitigate credit risk, the Company enters into agreements with counterparties it considers credit-worthy, such as large financial institutions with favorable credit ratings. In the third quarter of 2019, the Company terminated interest rate swaps which had been entered into in December 2018 and accelerated the reclassification of a loss of $12.5 million from AOCIL to termination of interest rate swaps as a result of a portion of the hedged forecasted transactions becoming probable not to occur. There were no events of default related to the interest rate swaps prior to their termination. Given that a portion of the hedged transactions remained probable to occur, $12.3 million of the loss was deferred in other comprehensive loss and is being amortized over the remaining initial term of the interest rate swaps, which ends January 31, 2024. As of September 30, 2022 During the third quarter of 2022, the Company entered into new interest rate swaps, which were designated as cash flow hedge instruments and are recorded in deferred costs and other assets, net on the Company’s consolidated balance sheet. These instruments swap 1-month SOFR for a fixed payment. The following table summarizes the key terms and fair value of these instruments (in thousands): Fair Value of Asset Interest Rate Swap Notional Amount Fixed Interest Rate Effective Date Maturity Date September 30, 2022 $ 300,000 2.501% September 15, 2022 August 22, 2027 $ 17,070 $ 200,000 2.507% September 15, 2022 August 22, 2027 11,200 $ 300,000 2.636% September 15, 2022 August 22, 2025 11,232 $ 39,502 The following table provides information about the amounts recorded in AOCIL, as well as any amounts reclassified to operations (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Cash flow hedge derivatives $ 39,606 $ — $ 39,606 $ — Amount of gain reclassified from AOCIL to interest (104 ) — (104 ) — Amount of loss reclassified from AOCIL to interest 702 702 2,106 2,106 Total $ 40,204 $ 702 $ 41,608 $ 2,106 During the next 12 months, we estimate that approximately $2.8 million

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	NOTE 8. FAIR VALUE MEASUREMENTS Recurring Fair Value Measurements The Company’s interest rate swaps are measured using a market approach, using prices obtained from a nationally recognized pricing service and pricing models with market observable inputs such as interest rates and volatilities. These measurements are classified as Level 2 of the fair value hierarchy. The following table sets forth the Company’s financial assets that were accounted for at fair value on a recurring basis (in thousands): Fair Value Hierarchy Level Description Fair Value Level 1 Level 2 Level 3 Derivatives held at September 30, 2022 Interest rate swaps $ 39,502 $ — $ 39,502 $ — 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 September 30, 2022 Impaired at March 31, 2022 $ — $ — $ — $ — Impaired at June 30, 2022 $ 8,006 $ — $ — $ 8,006 Impaired at September 30, 2022 $ 4,094 $ — $ — $ 4,094 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 As of September 30, 2022, the Company held eight properties that were impaired during 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 September 30, 2022 PSA, LOI or BOV Retail 6 $41.46 - $105.63 $ 89.13 45,931 PSA, LOI or BOV Data Center 1 $24.94 $ 24.94 188,475 Comparable Properties Retail 1 $60.14 - $75.51 $ 69.28 48,042 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 estimated fair values of the Senior Unsecured Notes are classified as Level 1 of the fair value of the hierarchy and the remaining estimates are classified as Level 2. The following table discloses fair value information for these financial instruments (in thousands): September 30, 2022 December 31, 2021 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Loans receivable, net (1) $ 23,023 $ 23,228 $ 10,450 $ 11,381 2019 Credit Facility — — 288,400 288,549 2022 Term Loans, net (2) 791,791 831,032 — — Senior Unsecured Notes, net (2) 2,721,534 2,263,756 2,718,641 2,865,187 Mortgages payable, net (2) 5,130 4,790 5,551 5,748 (1) ( 2 )

Incentive Award Plan

Incentive Award Plan	9 Months Ended
	Sep. 30, 2022
Compensation Related Costs [Abstract]
Incentive Award Plan	NOTE 9. INCENTIVE AWARD PLAN Amended Incentive Award Plan Pursuant to the Amended Incentive Award Plan, restricted share awards and market-based awards are granted to certain of the Company’s officers, directors and other employees. The vesting of these awards results in federal and state income tax liabilities for the recipients. As permitted by the terms of the Amended Incentive Award Plan and the award grants, certain executive officers and employees elected to surrender shares of common stock valued at $6.4 million during the nine months ended September 30, 2022 solely to pay the associated statutory tax withholdings. Restricted Share Awards During the nine months ended September 30, 2022, the Company granted 122 thousand restricted shares under the Amended Incentive Award Plan to certain directors and employees and recorded $5.6 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 September 30, 2022, there were approximately 216 thousand unvested restricted shares outstanding. Market-Based Awards During the nine months ended September 30, 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 $2.4 million and $3.3 million in dividend rights have been accrued as of September 30, 2022 and December 31, 2021, respectively. For outstanding non-vested awards at September 30, 2022, 0.3 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 $4.4 million and $12.8 million for the three and nine months ended September 30, 2022, respectively, and $3.5 million and $10.5 million for the three and nine months ended September 30, 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): September 30, 2022 December 31, 2021 Restricted share awards $ 6,121 $ 4,787 Market-based awards 18,147 11,143 Total unamortized stock-based compensation expense $ 24,268 $ 15,930

Income Per Share

Income Per Share	9 Months Ended
	Sep. 30, 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 Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Basic and diluted income: Income from continuing operations $ 76,640 $ 40,878 $ 215,436 $ 127,333 Less: dividends paid to preferred stockholders (2,587 ) (2,587 ) (7,763 ) (7,763 ) Less: dividends attributable to unvested restricted stock (142 ) (147 ) (412 ) (433 ) Net income attributable to common stockholders used in basic and diluted income per share $ 73,911 $ 38,144 $ 207,261 $ 119,137 Basic weighted average shares of common stock outstanding: Weighted average shares of common stock outstanding 136,530,530 120,009,550 133,058,487 116,752,993 Less: unvested weighted average shares of restricted stock (216,161 ) (233,679 ) (223,277 ) (249,359 ) Basic weighted average shares of common stock outstanding 136,314,369 119,775,871 132,835,210 116,503,634 Net income per share attributable to common stockholders - basic $ 0.54 $ 0.32 $ 1.56 $ 1.02 Diluted weighted average shares of common stock outstanding: (1) Plus: unvested market-based awards — 523,432 130,087 365,843 Plus: unsettled shares under open forward equity contracts — 2,855 — 952 Diluted weighted average shares of common stock outstanding 136,314,369 120,302,158 132,965,297 116,870,429 Net income per share attributable to common stockholders - diluted $ 0.54 $ 0.32 $ 1.56 $ 1.02 Potentially dilutive shares of common stock related to: Unvested restricted share awards 51,338 93,711 65,060 88,050 (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)	9 Months Ended
	Sep. 30, 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 September 30, 2022 and December 31, 2021, net assets totaling $11.8 million and $12.3 million, respectively, were held, and net liabilities totaling $5.1 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 has occurred. Rental income is subject to an evaluation for collectability, which includes management’s estimates of amounts that will not be realized based on an assessment of the risks inherent in the portfolio, considering historical experience, as well as the tenant's payment history and financial condition. The Company does not recognize rental income for amounts that are not probable of collection. 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. There was no restricted cash held as of either September 30, 2022 or December 31, 2021.
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 $17.9 million and $21.7 million at September 30, 2022 and December 31, 2021, respectively, after the impact of $3.3 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 $161.8 million and $137.6 million at September 30, 2022 and December 31, 2021, respectively, after the impact of $0.3 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 (loss) from continuing operations to determine whether potential common shares are dilutive or anti-dilutive and undistributed net income (loss) to determine whether undistributed earnings are allocable to participating securities.
Forward Equity Sale Agreements	Forward Equity Sale Agreements The Corporation may enter into forward sale agreements for the sale and issuance of shares of 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 (Tables)

Investments (Tables)	9 Months Ended
	Sep. 30, 2022
Real Estate [Abstract]
Summary of Real Estate Activity	During the nine months ended September 30, 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) 148 — 148 1,190,726 — 1,190,726 Dispositions of real estate (2) (3) (22 ) (11 ) (33 ) (115,798 ) (17,471 ) (133,269 ) Transfers to Held for Sale (23 ) 23 — (40,194 ) 40,194 — Impairments (4) — — — (10,969 ) — (10,969 ) Reset of gross balances (5) — — — (16,224 ) — (16,224 ) Gross balance, September 30, 2022 2,103 15 2,118 8,942,364 31,085 8,973,449 Accumulated depreciation and amortization (1,357,152 ) (6,741 ) (1,363,893 ) Net balance, September 30, 2022 (6) $ 7,585,212 $ 24,344 $ 7,609,556 (1) Includes investments of $56.9 million in revenue producing capitalized expenditures, as well as $11.9 million of non-revenue producing capitalized expenditures during the nine months ended September 30, 2022. ( 2 ) For the nine months ended September 30, 2022, the net gains on disposal of properties held in use and held for sale were $60.3 million and $2.8 million, respectively. (3) During the nine months ended September 30, 2022, the Company sold eight properties pursuant to a 1031 Exchange for $88.1 million. As of September 30, 2022, all the proceeds had been used to fund acquisitions. ( 4 ) Impairments on owned real estate is comprised of real estate and intangible asset impairment. For the nine months ended September 30, 2022, all of the impairments recorded were on properties held in use. ( 5 ) 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. ( 6 ) Reconciliation of total owned investments to the accompanying consolidated balance sheet at September 30, 2022 is as follows: Real estate assets held for investment, net $ 7,258,538 Intangible lease assets, net 440,910 Real estate assets under direct financing leases, net 7,434 Real estate assets held for sale, net 24,344 Intangible lease liabilities, net (121,670 ) Net balance $ 7,609,556
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 September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Base Cash Rent (1) $ 162,467 $ 137,234 $ 471,052 $ 400,215 Variable cash rent (including reimbursables) 6,479 4,753 19,713 12,078 Straight-line rent, net of uncollectible reserve (2) 10,875 8,840 28,465 35,941 Amortization of above- and below- market lease intangibles, net (3) 475 549 1,700 2,249 Total rental income $ 180,296 $ 151,376 $ 520,930 $ 450,483 (1) Includes net impact of amounts (reserved)/recovered of $(0.6) million and $(0.5) million for the three and nine months ended September 30, 2022, respectively, and $(0.1) million and $5.6 million for the three and nine months ended September 30, 2021, respectively. (2) Includes net impact of amounts recovered/(reserved) of $1.2 million and $1.1 million for the three and nine months ended September 30, 2022, respectively, and $(0.1) million and $11.0 million for the three and nine months ended September 30, 2021, respectively. (3) Excludes amortization of in-place leases of $11.3 million and $32.6 million for the three and nine months ended September 30, 2022, respectively, and $9.8 million and $28.6 million for the three and nine months ended September 30, 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 October 1, 2022) at September 30, 2022 are as follows (in thousands): September 30, 2022 Remainder of 2022 $ 167,283 2023 664,151 2024 649,973 2025 638,168 2026 609,487 Thereafter 4,885,095 Total future minimum rentals $ 7,614,157
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): September 30, 2022 December 31, 2021 In-place leases $ 572,407 $ 536,344 Above-market leases 101,195 100,837 Less: accumulated amortization (232,692 ) (210,209 ) Intangible lease assets, net $ 440,910 $ 426,972 Below-market leases $ 186,006 $ 188,718 Less: accumulated amortization (64,336 ) (60,641 ) Intangible lease liabilities, net $ 121,670 $ 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 September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Real estate asset impairment $ 1,632 $ 4,092 $ 10,535 $ 17,875 Intangible net (liability)/asset impairment (61 ) 343 434 1,090 Allowance for credit losses on loans receivable — — 127 — Total impairment loss $ 1,571 $ 4,435 $ 11,096 $ 18,965

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 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) September 30, 2022 December 31, 2021 Debt: Revolving credit facilities 2.53% — 3.5 $ — $ 288,400 Term loans 4.09% 3.73% 4.1 800,000 — Senior Unsecured Notes 3.42% 3.25% 6.7 2,750,000 2,750,000 Mortgages payable 4.87% 5.82% 8.2 4,959 5,350 Total debt 3.31% 3.36% 6.1 3,554,959 3,043,750 Debt discount, net (9,877 ) (10,824 ) Deferred financing costs, net (4) (26,627 ) (20,334 ) Total debt, net $ 3,518,455 $ 3,012,592 (1) Includes amortization of debt discount/premium, amortization of deferred financing costs, facility fees, non-utilization fees and impact of cash flow hedges, where applicable, calculated for the nine months ended September 30, 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 September 30, 2022, including the impact of cash flow hedges on term loans. The weighted average stated interest rate for the term loans excluding the impact of cash flow hedges was 4.03% as of September 30, 2022. (3) Represents the weighted average remaining years to maturity based on the outstanding principal balance as of September 30, 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 September 30, 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 September 30, 2022, scheduled debt maturities, including balloon payments, were as follows (in thousands): Scheduled Principal Balloon Payment Total Remainder of 2022 $ 134 $ — $ 134 2023 556 — 556 2024 590 — 590 2025 610 300,016 300,626 2026 468 300,000 300,468 Thereafter 2,532 2,950,053 2,952,585 Total $ 4,890 $ 3,550,069 $ 3,554,959
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 September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Revolving credit facilities (1) $ 3,550 $ 765 $ 8,520 $ 2,118 Term loans (2) 2,940 — 2,940 24 Senior Unsecured Notes 22,313 22,313 66,939 63,683 Mortgages payable 73 81 225 2,427 Convertible Notes — — — 2,658 Non-cash: Amortization of deferred financing costs 1,475 910 3,637 3,026 Amortization of debt discount, net 318 307 947 1,830 Amortization of net losses related to interest rate swaps 702 702 2,106 2,106 Capitalized interest (415 ) — (741 ) — Total interest expense $ 30,956 $ 25,078 $ 84,573 $ 77,872 (1) Includes facility fees of approximately $0.5 million and $1.4 million for the three and nine months ended September 30, 2022, respectively, and $0.4 million and $1.3 million for the three and nine months ended September 30, 2021. ( 2 ) Includes impact of cash flow hedge.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2022
Equity [Abstract]
Summary of Activities Under 2021 ATM Program	The following details the activity under the 2021 ATM Program since its inception (in thousands): 2021 ATM Forward Shares Regular Shares Total Shares Net Proceeds on Issuances Month ended 12/31/2021 Shares sold 2,268 438 2,706 Shares issued (2,212 ) (438 ) (2,650 ) $ 120,286 Unsettled shares sold as of 12/31/2021 56 — 56 Nine months ended 9/30/2022 Shares sold 1,234 1,161 2,395 Shares issued (1,290 ) (1,161 ) (2,451 ) $ 103,946 Unsettled shares sold as of 9/30/2022 — — —
Summary of Dividends Declared	For the nine months ended September 30, 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 May 18, 2022 $ 0.638 June 30, 2022 $ 86,987 July 15, 2022 August 8, 2022 $ 0.663 September 30, 2022 $ 92,595 October 14, 2022 Preferred Stock February 9, 2022 $ 0.375 March 15, 2022 $ 2,588 March 31, 2022 May 18, 2022 $ 0.375 June 15, 2022 $ 2,588 June 30, 2022 August 8, 2022 $ 0.375 September 15, 2022 $ 2,587 September 30, 2022

Derivative and Hedging Activi_2

Derivative and Hedging Activities (Tables)	9 Months Ended
	Sep. 30, 2022
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Schedule of Summary of Notional Amount and Fair Value of Instruments	The following table summarizes the key terms and fair value of these instruments (in thousands): Fair Value of Asset Interest Rate Swap Notional Amount Fixed Interest Rate Effective Date Maturity Date September 30, 2022 $ 300,000 2.501% September 15, 2022 August 22, 2027 $ 17,070 $ 200,000 2.507% September 15, 2022 August 22, 2027 11,200 $ 300,000 2.636% September 15, 2022 August 22, 2025 11,232 $ 39,502
Summary of Amounts Recorded in AOCIL	The following table provides information about the amounts recorded in AOCIL, as well as any amounts reclassified to operations (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Cash flow hedge derivatives $ 39,606 $ — $ 39,606 $ — Amount of gain reclassified from AOCIL to interest (104 ) — (104 ) — Amount of loss reclassified from AOCIL to interest 702 702 2,106 2,106 Total $ 40,204 $ 702 $ 41,608 $ 2,106

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements, Recurring	The following table sets forth the Company’s financial assets that were accounted for at fair value on a recurring basis (in thousands): Fair Value Hierarchy Level Description Fair Value Level 1 Level 2 Level 3 Derivatives held at September 30, 2022 Interest rate swaps $ 39,502 $ — $ 39,502 $ —
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 September 30, 2022 Impaired at March 31, 2022 $ — $ — $ — $ — Impaired at June 30, 2022 $ 8,006 $ — $ — $ 8,006 Impaired at September 30, 2022 $ 4,094 $ — $ — $ 4,094 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 September 30, 2022 PSA, LOI or BOV Retail 6 $41.46 - $105.63 $ 89.13 45,931 PSA, LOI or BOV Data Center 1 $24.94 $ 24.94 188,475 Comparable Properties Retail 1 $60.14 - $75.51 $ 69.28 48,042 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): September 30, 2022 December 31, 2021 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Loans receivable, net (1) $ 23,023 $ 23,228 $ 10,450 $ 11,381 2019 Credit Facility — — 288,400 288,549 2022 Term Loans, net (2) 791,791 831,032 — — Senior Unsecured Notes, net (2) 2,721,534 2,263,756 2,718,641 2,865,187 Mortgages payable, net (2) 5,130 4,790 5,551 5,748 (1) ( 2 )

Incentive Award Plan (Tables)

Incentive Award Plan (Tables)	9 Months Ended
	Sep. 30, 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): September 30, 2022 December 31, 2021 Restricted share awards $ 6,121 $ 4,787 Market-based awards 18,147 11,143 Total unamortized stock-based compensation expense $ 24,268 $ 15,930

Income Per Share (Tables)

Income Per Share (Tables)	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Reconciliation of the Numerator and Denominator Used in the Computation of Basic and Diluted Income Per Share	The table below is a reconciliation of the numerator and denominator used in the computation of basic and diluted net income Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Basic and diluted income: Income from continuing operations $ 76,640 $ 40,878 $ 215,436 $ 127,333 Less: dividends paid to preferred stockholders (2,587 ) (2,587 ) (7,763 ) (7,763 ) Less: dividends attributable to unvested restricted stock (142 ) (147 ) (412 ) (433 ) Net income attributable to common stockholders used in basic and diluted income per share $ 73,911 $ 38,144 $ 207,261 $ 119,137 Basic weighted average shares of common stock outstanding: Weighted average shares of common stock outstanding 136,530,530 120,009,550 133,058,487 116,752,993 Less: unvested weighted average shares of restricted stock (216,161 ) (233,679 ) (223,277 ) (249,359 ) Basic weighted average shares of common stock outstanding 136,314,369 119,775,871 132,835,210 116,503,634 Net income per share attributable to common stockholders - basic $ 0.54 $ 0.32 $ 1.56 $ 1.02 Diluted weighted average shares of common stock outstanding: (1) Plus: unvested market-based awards — 523,432 130,087 365,843 Plus: unsettled shares under open forward equity contracts — 2,855 — 952 Diluted weighted average shares of common stock outstanding 136,314,369 120,302,158 132,965,297 116,870,429 Net income per share attributable to common stockholders - diluted $ 0.54 $ 0.32 $ 1.56 $ 1.02 Potentially dilutive shares of common stock related to: Unvested restricted share awards 51,338 93,711 65,060 88,050 (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	9 Months Ended
	Sep. 30, 2022
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
General partner ownership of operating partnership	1%
Limited partner ownership of operating partnership	99%

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Narrative (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) segment	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Net assets	$ 8,341,510,000		$ 8,341,510,000		$ 7,330,870,000
Net liabilities	3,820,720,000		$ 3,820,720,000		3,331,071,000
Number of segments | segment			1
Deferred rent recognized related to COVID19 pandemic	0	$ 1,000,000	$ 400,000	$ 12,800,000
Accounts receivable	17,900,000		17,900,000		21,700,000
Accounts receivable, deemed not probable of collection	3,300,000		3,300,000		3,900,000
Deferred rental revenue receivables	161,800,000		161,800,000		137,600,000
Deferred rent receivables, deemed not probable of collection	300,000		300,000		2,600,000
Goodwill impairment			0
Special Purpose Entity
Summary Of Significant Accounting Policies [Line Items]
Net assets	11,800,000		11,800,000		12,300,000
Net liabilities	$ 5,100,000		$ 5,100,000		$ 5,500,000

Investments - Narrative (Detail

Investments - Narrative (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022 USD ($) State Property	Sep. 30, 2021 USD ($) Property	Sep. 30, 2022 USD ($) State Property	Sep. 30, 2021 USD ($) Property	Dec. 31, 2021 Property
Real Estate Properties [Line Items]
Gross investment in owned real estate properties	$ 9,000,000		$ 9,000,000
Portfolio diversity, number of states | State	49		49
Minimum real estate investment in state for disclosure	10%		10%
Sales-type and direct financing leases minimum future payments to be received	$ 2,600		$ 2,600
Direct financing leases, net investment balance	7,500		7,500
Remaining reserve against net investment	100		100
Construction loan	12,700		12,700
Allowance (reversal) for credit losses	0	$ 0	127	$ 0
Loan receivable, with outstanding principal	23,700		23,700
Total allowance for credit losses	$ 700		$ 700
Texas
Real Estate Properties [Line Items]
Investment in real estate properties	14.30%		14.30%
Property Subject To Operating Lease
Real Estate Properties [Line Items]
Number of properties | Property	2,113	1,909	2,113	1,909	1,998
Property Subject To Direct Financing Lease
Real Estate Properties [Line Items]
Number of properties | Property	1		1

Investments - Summary of Owned

Investments - Summary of Owned Real Estate Activity (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022 USD ($) Property	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) Property	Sep. 30, 2021 USD ($)
Real Estate Activity
Impairments	$ 1,571	$ 4,435	$ 11,096	$ 18,965
Ending balance	9,000,000		9,000,000
Net balance	$ 7,609,556		$ 7,609,556
Held in Use
Number of Properties
Beginning balance (in properties) | Property			2,000
Acquisitions/improvements (in properties) | Property			148
Dispositions of real estate (in properties) | Property			(22)
Transfers to Held for Sale (in properties) | Property			(23)
Impairments (in properties) | Property | Property			0
Reset of gross balances (in properties) | Property			0
Ending balance (in properties) | Property	2,103		2,103
Real Estate Activity
Beginning balance			$ 7,934,823
Acquisitions			1,190,726
Dispositions			(115,798)
Transfers to Held for Sale			(40,194)
Impairments			(10,969)
Reset of gross balances			(16,224)
Ending balance	$ 8,942,364		8,942,364
Accumulated depreciation and amortization	(1,357,152)		(1,357,152)
Net balance	$ 7,585,212		$ 7,585,212
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			(11)
Transfers to Held for Sale (in properties) | Property			23
Impairments (in properties) | Property | Property			0
Reset of gross balances (in properties) | Property			0
Ending balance (in properties) | Property	15		15
Real Estate Activity
Beginning balance			$ 8,362
Acquisitions			0
Dispositions			(17,471)
Transfers to Held for Sale			40,194
Impairments			0
Reset of gross balances			0
Ending balance	$ 31,085		31,085
Accumulated depreciation and amortization	(6,741)		(6,741)
Net balance	$ 24,344		$ 24,344
Total
Number of Properties
Beginning balance (in properties) | Property			2,003
Acquisitions/improvements (in properties) | Property			148
Dispositions of real estate (in properties) | Property			(33)
Transfers to Held for Sale (in properties) | Property			0
Impairments (in properties) | Property | Property			0
Reset of gross balances (in properties) | Property			0
Ending balance (in properties) | Property	2,118		2,118
Real Estate Activity
Beginning balance			$ 7,943,185
Acquisitions			1,190,726
Dispositions			(133,269)
Transfers to Held for Sale			0
Impairments			(10,969)
Reset of gross balances			(16,224)
Ending balance	$ 8,973,449		8,973,449
Accumulated depreciation and amortization	(1,363,893)		(1,363,893)
Net balance	$ 7,609,556		$ 7,609,556

Investments - Summary of Owne_2

Investments - Summary of Owned Real Estate Activity (Footnote) (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($) Property	Dec. 31, 2021 USD ($)
Real Estate [Line Items]
Revenue producing capitalized expenditures	$ 56,900
Non-revenue producing capitalized expenditures	11,900
Real estate assets held for investment, net	7,258,538	$ 6,445,527
Intangible lease assets, net	440,910	426,972
Real estate assets under direct financing leases, net	7,434	7,442
Real estate assets held for sale, net	24,344	8,264
Intangible lease liabilities, net	(121,670)	$ (128,077)
Net balance	7,609,556
Held-in-use
Real Estate [Line Items]
Gains on disposal of properties	60,300
Held-for-sale
Real Estate [Line Items]
Gains on disposal of properties	$ 2,800
Disposal Group 1031 Exchange
Real Estate [Line Items]
Dispositions of real estate (in properties) | Property	8
Proceeds from sale of property	$ 88,100

Investments - Operating Lease I

Investments - Operating Lease Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Lessor, Lease, Description [Line Items]
Base Cash Rent	$ 162,467	$ 137,234	$ 471,052	$ 400,215
Variable cash rent (including reimbursables)	6,479	4,753	19,713	12,078
Straight-line rent, net of uncollectible reserve	10,875	8,840	28,465	35,941
Amortization of above- and below- market lease intangibles, net	475	549	1,700	2,249
Total rental income	180,296	151,376	520,930	450,483
Base cash rent amounts (reserved)/recovered	(600)	(100)	(500)	5,600
Straight-line rent amounts (reserved)/recovered	1,200	(100)	1,100	11,000
In-place leases
Lessor, Lease, Description [Line Items]
Leases amortization expenses	$ 11,300	$ 9,800	$ 32,600	$ 28,600

Investments - Schedule of Minim

Investments - Schedule of Minimum Future Rent to be Received from Operating Leases (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Operating Leases, Future Contractual Rent Receivable
Remainder of 2022	$ 167,283
2023	664,151
2024	649,973
2025	638,168
2026	609,487
Thereafter	4,885,095
Total future minimum rentals	$ 7,614,157

Investments - Schedule of Lease

Investments - Schedule of Lease Intangible Assets and Liabilities, Net of Accumulated Amortization (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Lessor, Lease, Description [Line Items]
Less: accumulated amortization	$ (232,692)	$ (210,209)
Intangible lease assets, net	440,910	426,972
Below-market leases	186,006	188,718
Less: accumulated amortization	(64,336)	(60,641)
Intangible lease liabilities, net	121,670	128,077
In-place leases
Lessor, Lease, Description [Line Items]
Intangible lease assets, gross	572,407	536,344
Above-market leases
Lessor, Lease, Description [Line Items]
Intangible lease assets, gross	$ 101,195	$ 100,837

Investments - Summary of Impair

Investments - Summary of Impairment and Credit Losses Recognized (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Real Estate [Abstract]
Real estate asset impairment	$ 1,632	$ 4,092	$ 10,535	$ 17,875
Intangible net (liability)/asset impairment	(61)	343	434	1,090
Allowance for credit losses on loans receivable	0	0	127	0
Total impairment loss	$ 1,571	$ 4,435	$ 11,096	$ 18,965

Debt - Summary of Debt (Details

Debt - Summary of Debt (Details) - USD ($)	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Effective Interest Rates	3.31%
Stated Interest Rate	3.36%
Remaining Years to Maturity	6 years 1 month 6 days
Total debt, gross	$ 3,554,959,000	$ 3,043,750,000
Debt discount, net	(9,877,000)	(10,824,000)
Deferred financing costs, net	(26,627,000)	(20,334,000)
Total debt, net	$ 3,518,455,000	3,012,592,000
Revolving credit facilities
Debt Instrument [Line Items]
Effective Interest Rates	2.53%
Remaining Years to Maturity	3 years 6 months
Total debt, gross		288,400,000
Term loans
Debt Instrument [Line Items]
Effective Interest Rates	4.09%
Stated Interest Rate	3.73%
Remaining Years to Maturity	4 years 1 month 6 days
Total debt, gross	$ 800,000,000
Deferred financing costs, net	$ (8,200,000)
Senior Unsecured Notes
Debt Instrument [Line Items]
Effective Interest Rates	3.42%
Stated Interest Rate	3.25%
Remaining Years to Maturity	6 years 8 months 12 days
Total debt, gross	$ 2,750,000,000	2,750,000,000
Deferred financing costs, net	$ (18,400,000)	(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 2 months 12 days
Total debt, gross	$ 4,959,000	5,350,000
Deferred financing costs, net	$ 0	$ 0

Debt - Summary of Debt (Footnot

Debt - Summary of Debt (Footnote) (Details)	Sep. 30, 2022
Term Loan
Debt Instrument [Line Items]
Debt instrument interest rate stated percentage excluding the impact of cash flow hedges	4.03%

Debt - Revolving Credit Facilit

Debt - Revolving Credit Facilities - Narrative (Details)		9 Months Ended	12 Months Ended
	Mar. 30, 2022 USD ($) ExtensionOption	Sep. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)	Jan. 14, 2019 USD ($)
Line of Credit Facility [Line Items]
Unamortized deferred financing costs		$ 26,627,000	$ 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		8,400,000	$ 1,400,000
Line of credit facility remaining borrowing capacity		1,200,000
Letters of credit outstanding		$ 0
Credit Facility 2019 | Revolving credit facilities | Unsecured Debt | SOFR
Line of Credit Facility [Line Items]
Basis spread on variable rate		0.775%
Credit Facility 2019 | Revolving credit facilities | Unsecured Debt | LIBOR
Line of Credit Facility [Line Items]
Basis spread on variable rate			0.90%

Debt - Term Loans - Narrative (

Debt - Term Loans - Narrative (Details) - USD ($)			9 Months Ended
	Aug. 22, 2022	Jan. 04, 2021	Sep. 30, 2021	Sep. 30, 2022	Dec. 31, 2021
Line of Credit Facility [Line Items]
Repayments of long-term debt			$ 178,000,000
Unamortized deferred financing costs				$ 26,627,000	$ 20,334,000
Term Loan
Line of Credit Facility [Line Items]
Repayments of long-term debt		$ 178,000,000
Line of credit facility, current borrowing capacity	$ 800,000,000
Increased borrowing capacity under accordion feature	$ 200,000,000
Description of variable rate basis	1-month adjusted SOFR
Unamortized deferred financing costs				$ 8,200,000
Deferred financing costs	$ 8,400,000
Term Loan | Tranche One
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 300,000,000
Credit facility maturity date	Aug. 22, 2025
Term Loan | Tranche Two
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 500,000,000
Credit facility maturity date	Aug. 20, 2027
Term Loan | SOFR
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.85%

Debt - Summary of Senior Unsecu

Debt - Summary of Senior Unsecured Notes (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Stated Interest Rate	3.36%
Total Debt	$ 3,554,959	$ 3,043,750
Senior Unsecured Notes
Debt Instrument [Line Items]
Stated Interest Rate	3.25%
Total Debt	$ 2,750,000	2,750,000
Senior Unsecured Notes | Weighted Average
Debt Instrument [Line Items]
Stated Interest Rate	3.25%
Senior Unsecured Notes | 2026 Senior Unsecured Notes
Debt Instrument [Line Items]
Maturity Date	Sep. 15, 2026
Interest Payment Dates	March 15 and September 15
Stated Interest Rate	4.45%
Total Debt	$ 300,000	300,000
Senior Unsecured Notes | 2027 Senior Unsecured Notes
Debt Instrument [Line Items]
Maturity Date	Jan. 15, 2027
Interest Payment Dates	January 15 and July 15
Stated Interest Rate	3.20%
Total Debt	$ 300,000	300,000
Senior Unsecured Notes | 2028 Senior Unsecured Notes
Debt Instrument [Line Items]
Maturity Date	Mar. 15, 2028
Interest Payment Dates	March 15 and September 15
Stated Interest Rate	2.10%
Total Debt	$ 450,000	450,000
Senior Unsecured Notes | 2029 Senior Unsecured Notes
Debt Instrument [Line Items]
Maturity Date	Jul. 15, 2029
Interest Payment Dates	January 15 and July 15
Stated Interest Rate	4%
Total Debt	$ 400,000	400,000
Senior Unsecured Notes | 2030 Senior Unsecured Notes
Debt Instrument [Line Items]
Maturity Date	Jan. 15, 2030
Interest Payment Dates	January 15 and July 15
Stated Interest Rate	3.40%
Total Debt	$ 500,000	500,000
Senior Unsecured Notes | 2031 Senior Unsecured Notes
Debt Instrument [Line Items]
Maturity Date	Feb. 15, 2031
Interest Payment Dates	February 15 and August 15
Stated Interest Rate	3.20%
Total Debt	$ 450,000	450,000
Senior Unsecured Notes | 2032 Senior Unsecured Notes
Debt Instrument [Line Items]
Maturity Date	Feb. 15, 2032
Interest Payment Dates	February 15 and August 15
Stated Interest Rate	2.70%
Total Debt	$ 350,000	$ 350,000

Debt - Senior Unsecured Notes -

Debt - Senior Unsecured Notes - Narrative (Details) - USD ($) $ in Thousands		9 Months Ended
	Mar. 03, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Debt Instrument [Line Items]
Proceeds from issuance of debt			$ 794,842
Unamortized deferred financing costs		$ 26,627		$ 20,334
Senior Unsecured Notes
Debt Instrument [Line Items]
Unamortized discount		$ 10,000		11,000
Redemption price, percent of principal amount		100%
Unamortized deferred financing costs		$ 18,400		$ 20,300
Senior Unsecured 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)	Sep. 30, 2022 USD ($) Property loan	Dec. 31, 2021 USD ($)	Sep. 30, 2021 Property loan	Mar. 31, 2021 loan
Debt Instrument [Line Items]
Stated Interest Rate	3.36%
Unamortized deferred financing costs	$ 26,627,000	$ 20,334,000
Mortgages Payable
Debt Instrument [Line Items]
Number of loans secured by mortgage on leased properties and related assets | loan			3	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%

Debt - Convertible Notes - Narr

Debt - Convertible Notes - Narrative (Details) - USD ($)	1 Months Ended	9 Months Ended	12 Months Ended
	May 31, 2014	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2022
Debt Instrument [Line Items]
Stated Interest Rate				3.36%
Repurchase of convertible notes		$ 190,426,000
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	9 Months Ended
	Sep. 30, 2021 USD ($) Property loan	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($) Property loan	Mar. 31, 2021 loan
Debt Instrument [Line Items]
Gain (Loss) on extinguishment of debt	$ 1	$ (172)	$ (29,186)
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		3	3
Number of properties securing borrowings | Property	86		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)
Convertible Senior Notes Due 2021 | Convertible Senior Notes
Debt Instrument [Line Items]
Debt extinguished			$ 190,400

Debt - Schedule of Debt Maturit

Debt - Schedule of Debt Maturities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Scheduled Debt Maturities
Remainder of 2022	$ 134
2023	556
2024	590
2025	300,626
2026	300,468
Thereafter	2,952,585
Total debt, net	3,554,959	$ 3,043,750
Scheduled Principal
Scheduled Debt Maturities
Remainder of 2022	134
2023	556
2024	590
2025	610
2026	468
Thereafter	2,532
Total debt, net	4,890
Balloon Payment
Scheduled Debt Maturities
2025	300,016
2026	300,000
Thereafter	2,950,053
Total debt, net	$ 3,550,069

Debt - Summary of Components of

Debt - Summary of Components of Interest Expense Related to Borrowings (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Interest Expense
Amortization of deferred financing costs	$ 1,475	$ 910	$ 3,637	$ 3,026
Amortization of debt discount, net	318	307	947	1,830
Amortization of net losses related to interest rate swaps	702	702	2,106	2,106
Capitalized interest	(415)	0	(741)	0
Total interest expense	30,956	25,078	84,573	77,872
Revolving credit facilities
Schedule Of Interest Expenses [Line Items]
Facility fees	500	400	1,400	1,300
Interest expense	3,550	765	8,520	2,118
Term Loan
Schedule Of Interest Expenses [Line Items]
Interest expense	2,940	0	2,940	24
Senior Unsecured Notes
Schedule Of Interest Expenses [Line Items]
Interest expense	22,313	22,313	66,939	63,683
Mortgages payable
Schedule Of Interest Expenses [Line Items]
Interest expense	73	81	225	2,427
Convertible Notes
Schedule Of Interest Expenses [Line Items]
Interest expense	$ 0	$ 0	$ 0	$ 2,658

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details) - USD ($)	1 Months Ended		9 Months Ended		11 Months Ended	13 Months Ended
	Jan. 31, 2022	Dec. 31, 2021	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Nov. 30, 2021
Class Of Stock [Line Items]
Proceeds from issuance of common stock, net of offering costs			$ 531,565,000	$ 336,602,000
Preferred stock, shares outstanding		6,900,000	6,900,000		6,900,000
Dividend rate			6%
Liquidation value (in USD per share)			$ 25		$ 25
Dividend rate, annual basis (in USD per share)			$ 1.50
Forward Sales Agreements
Class Of Stock [Line Items]
Forward sale agreements, shares of common stock	9,400,000
Forward sale agreements, price per share	$ 47.60
Proceeds from issuance of common stock, net of offering costs			$ 427,700,000
ATM Program, November 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]
Proceeds from issuance of common stock, net of offering costs		$ 120,286,000	$ 103,946,000
Common stock authorized					$ 500,000,000
Common stock sold		2,706,000	2,395,000
Gross proceeds capacity remaining			$ 273,200,000		$ 273,200,000

Stockholders' Equity - Summary

Stockholders' Equity - Summary of Activities Under 2021 ATM Program (Details) - USD ($) shares in Thousands, $ in Thousands	1 Months Ended	9 Months Ended
	Dec. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
Class Of Stock [Line Items]
Net Proceeds on Issuances		$ 531,565	$ 336,602
ATM Program, November 2021
Class Of Stock [Line Items]
Shares sold	2,706	2,395
Shares issued	(2,650)	(2,451)
Unsettled shares sold	56
Net Proceeds on Issuances	$ 120,286	$ 103,946
ATM Program, November 2021 | Forward Shares
Class Of Stock [Line Items]
Shares sold	2,268	1,234
Shares issued	(2,212)	(1,290)
Unsettled shares sold	56
ATM Program, November 2021 | Regular Shares
Class Of Stock [Line Items]
Shares sold	438	1,161
Shares issued	(438)	(1,161)

Stockholders' Equity - Summar_2

Stockholders' Equity - Summary of Dividends Declared (Details) - USD ($) $ / shares in Units, $ in Thousands				3 Months Ended						9 Months Ended
	Aug. 08, 2022	May 18, 2022	Feb. 09, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
Equity [Abstract]
Common stock, dividend per share (in USD per share)	$ 0.663	$ 0.638	$ 0.638	$ 0.6630			$ 0.6380			$ 1.9390	$ 1.8880
Common stock, total amount	$ 92,595	$ 86,987	$ 85,688	$ 92,595	$ 86,987	$ 85,688	$ 78,674	$ 74,436	$ 71,837
Preferred stock, dividend per share (in USD per share)	$ 0.375	$ 0.375	$ 0.375
Preferred stock, total amount	$ 2,587	$ 2,588	$ 2,588	$ 2,587	$ 2,588	$ 2,588	$ 2,587	$ 2,588	$ 2,588

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details)	9 Months Ended
	Sep. 30, 2022 USD ($) claim ground_lease	Dec. 31, 2021 USD ($) 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	$ 169,200,000
Total commitments relating to future acquisitions	27,400,000
Commitments expected to be funded in remainder of year	$ 56,400,000
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 3 months 18 days
Operating lease, right-of-use assets	$ 3,600,000	$ 3,700,000
Operating lease liabilities	$ 4,900,000	$ 5,100,000

Derivative and Hedging Activi_3

Derivative and Hedging Activities - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2022	Dec. 31, 2021
Derivative [Line Items]
Accumulated other comprehensive income (loss)		$ 35,761	$ (5,847)
2018 Interest Rate Swap
Derivative [Line Items]
Accumulated other comprehensive income (loss)		3,700
Amount reclassified as an increase or decrease to interest expense related to terminated hedges of within the next 12 months		2,800
2022 Interest Rate Swap
Derivative [Line Items]
Amount reclassified as an increase or decrease to interest expense related to terminated hedges of within the next 12 months		$ (12,700)
Designated as Hedging Instrument | 2018 Interest Rate Swap
Derivative [Line Items]
Termination of interest rate swaps	$ 12,500
Deferred loss on termination of interest rate swaps	$ 12,300

Derivative and Hedging Activi_4

Derivative and Hedging Activities - Summary of Notional Amount and Fair Value of Instruments (Details) - Designated as Hedging Instrument	9 Months Ended
	Sep. 30, 2022 USD ($)
Derivative Instruments Gain Loss [Line Items]
Derivatives Designated as Hedging Instruments, Fair Value of Asset	$ 39,502,000
Interest Rate Swap One
Derivative Instruments Gain Loss [Line Items]
Derivatives Designated as Hedging Instruments, Notional Amount	$ 300,000,000
Derivatives Designated as Hedging Instruments, Fixed Interest Rate	2.501%
Derivatives Designated as Hedging Instruments, Effective Date	Sep. 15, 2022
Derivatives Designated as Hedging Instruments, Maturity Date	Aug. 22, 2027
Derivatives Designated as Hedging Instruments, Fair Value of Asset	$ 17,070,000
Interest Rate Swap Two
Derivative Instruments Gain Loss [Line Items]
Derivatives Designated as Hedging Instruments, Notional Amount	$ 200,000,000
Derivatives Designated as Hedging Instruments, Fixed Interest Rate	2.507%
Derivatives Designated as Hedging Instruments, Effective Date	Sep. 15, 2022
Derivatives Designated as Hedging Instruments, Maturity Date	Aug. 22, 2027
Derivatives Designated as Hedging Instruments, Fair Value of Asset	$ 11,200,000
Interest Rate Swap Three
Derivative Instruments Gain Loss [Line Items]
Derivatives Designated as Hedging Instruments, Notional Amount	$ 300,000,000
Derivatives Designated as Hedging Instruments, Fixed Interest Rate	2.636%
Derivatives Designated as Hedging Instruments, Effective Date	Sep. 15, 2022
Derivatives Designated as Hedging Instruments, Maturity Date	Aug. 22, 2025
Derivatives Designated as Hedging Instruments, Fair Value of Asset	$ 11,232,000

Derivative and Hedging Activi_5

Derivative and Hedging Activities - Summary of Amounts Recorded in AOCIL and Loss Recorded in Operations when Reclassified out of AOCIL (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Cash flow hedge derivatives	$ 39,606		$ 39,606
Amount of gain reclassified from AOCIL to interest	(104)		(104)
Amount of loss reclassified from AOCIL to interest	702	$ 702	2,106	$ 2,106
Total	$ 40,204	$ 702	$ 41,608	$ 2,106

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Assets at Fair Value on Recurring Basis (Details) - Fair Value, Measurements, Recurring - Interest Rate Swaps $ in Thousands	Sep. 30, 2022 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets Fair Value Disclosure	$ 39,502
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets Fair Value Disclosure	$ 39,502

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - Fair Value, Measurements, Nonrecurring - Property	9 Months Ended	12 Months Ended
	Sep. 30, 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	8	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%

Fair Value Measurements - Sch_2

Fair Value Measurements - Schedule of Assets at Fair Value on Nonrecurring Basis (Details) - Fair Value, Measurements, Nonrecurring - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Assets Held Impaired At June 30, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets Impaired Fair Value Disclosure	$ 8,006
Assets Held Impaired At September 30, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets Impaired Fair Value Disclosure	4,094
Assets Held Impaired At 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 3 | Assets Held Impaired At June 30, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets Impaired Fair Value Disclosure	8,006
Level 3 | Assets Held Impaired At September 30, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets Impaired Fair Value Disclosure	$ 4,094
Level 3 | Assets Held Impaired At 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)	9 Months Ended	12 Months Ended
	Sep. 30, 2022 ft² Property $ / ft²	Dec. 31, 2021 ft² Property $ / ft²
Fair Value Estimated Using Listing Price Or Broker Opinion Of Value | Retail
Impaired Long Lived Assets Held And Used [Line Items]
Number of properties accounted for at fair value | Property	6	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	41.46	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	105.63	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	89.13	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	45,931	39,603
Fair Value Estimated Using Listing Price Or Broker Opinion Of Value | Data Center
Impaired Long Lived Assets Held And Used [Line Items]
Number of properties accounted for at fair value | Property	1	1
Fair Value Estimated Using Listing Price Or Broker Opinion Of Value | Data Center | Measurement Input, Price Per Square Foot
Impaired Long Lived Assets Held And Used [Line Items]
Price Per Square Foot Range	24.94	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	24.94	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	188,475
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 Comparable Properties | Retail
Impaired Long Lived Assets Held And Used [Line Items]
Number of properties accounted for at fair value | Property	1	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	60.14	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	75.51	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	69.28	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	48,042	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_3

Fair Value Measurements - Schedule of Carrying Amount and Estimated Fair Value Of Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans receivable, net	$ 23,023	$ 10,450
Revolving credit facilities		288,400
Term loans	791,791
Senior Unsecured Notes, net	2,721,534	2,718,641
Mortgages payable, net	5,130	5,551
Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans receivable, net	23,228	11,381
2019 Credit Facility		288,549
2022 Term Loans, net	831,032
Senior Unsecured Notes, net	2,263,756	2,865,187
Mortgages payable, net	$ 4,790	$ 5,748

Incentive Award Plan - Narrativ

Incentive Award Plan - Narrative (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 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		$ 17	$ 6,410		$ 549	$ 3,843	$ 6,400
General and Administrative Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 4,400			$ 3,500			$ 12,800	$ 10,500
Restricted Share Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares)							122
Deferred compensation expense							$ 5,600
Outstanding unvested shares	216						216
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	$ 2,400						$ 2,400		$ 3,300
Shares expected to be released							300
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%
Market-Based Awards | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent multiplier for shares granted							375%

Incentive Award Plan - Summary

Incentive Award Plan - Summary of Remaining Unamortized Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unamortized stock-based compensation expense	$ 24,268	$ 15,930
Restricted Share Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unamortized stock-based compensation expense	6,121	4,787
Market-Based Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unamortized stock-based compensation expense	$ 18,147	$ 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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Basic and diluted income:
Income from continuing operations	$ 76,640	$ 40,878	$ 215,436	$ 127,333
Dividends paid to preferred shareholders	(2,587)	(2,587)	(7,763)	(7,763)
Less: dividends attributable to unvested restricted stock	(142)	(147)	(412)	(433)
Net income attributable to common stockholders used in basic and diluted income per share	$ 73,911	$ 38,144	$ 207,261	$ 119,137
Basic weighted average shares of common stock outstanding:
Weighted average shares of common stock outstanding	136,530,530	120,009,550	133,058,487	116,752,993
Less: unvested weighted average shares of restricted stock	(216,161)	(233,679)	(223,277)	(249,359)
Basic weighted average shares of common stock outstanding	136,314,369	119,775,871	132,835,210	116,503,634
Net income per share attributable to common stockholders - basic	$ 0.54	$ 0.32	$ 1.56	$ 1.02
Diluted weighted average shares of common stock outstanding:
Plus: unvested market-based awards		523,432	130,087	365,843
Plus: unsettled shares under open forward equity contracts		2,855		952
Diluted weighted average shares of common stock outstanding	136,314,369	120,302,158	132,965,297	116,870,429
Net income per share attributable to common stockholders - diluted	$ 0.54	$ 0.32	$ 1.56	$ 1.02
Unvested restricted share awards
Potentially dilutive shares of common stock related to:
Dilutive shares	51,338	93,711	65,060	88,050