STAG Industrial (STAG) 10-Q 27 Jul 22 2022 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2022	Jul. 26, 2022
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
Document Transition Report	false
Entity File Number	1-34907
Entity Registrant Name	STAG Industrial, Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	27-3099608
Entity Address, Address Line One	One Federal Street
Entity Address, Address Line Two	23rd Floor
Entity Address, City or Town	Boston,
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02110
City Area Code	617
Local Phone Number	574-4777
Title of 12(b) Security	Common stock, $0.01 par value per share
Trading Symbol	STAG
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		179,215,896
Entity Central Index Key	0001479094
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Central Index Key	0001479094
Current Fiscal Year End Date	--12-31

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Rental Property:
Land	$ 636,274,000	$ 617,297,000
Buildings and improvements, net of accumulated depreciation of $682,095 and $611,867, respectively	4,610,814,000	4,435,743,000
Deferred leasing intangibles, net of accumulated amortization of $311,916 and $282,038, respectively	551,061,000	567,658,000
Total rental property, net	5,798,149,000	5,620,698,000
Cash and cash equivalents	12,614,000	18,981,000
Restricted cash	3,233,000	4,215,000
Tenant accounts receivable	100,500,000	93,600,000
Prepaid expenses and other assets	66,903,000	60,953,000
Interest rate swaps	37,899,000	5,220,000
Operating lease right-of-use assets	32,237,000	29,582,000
Assets held for sale, net	57,773,000	0
Total assets	6,109,308,000	5,833,249,000
Liabilities:
Unsecured credit facility	116,000,000	296,000,000
Unsecured term loans, net	971,272,000	970,577,000
Unsecured notes, net	1,295,064,000	896,941,000
Mortgage notes, net	53,635,000	54,744,000
Accounts payable, accrued expenses and other liabilities	84,379,000	76,475,000
Interest rate swaps	0	17,052,000
Tenant prepaid rent and security deposits	37,549,000	37,138,000
Dividends and distributions payable	22,282,000	21,906,000
Deferred leasing intangibles, net of accumulated amortization of $24,066 and $21,136, respectively	36,084,000	35,721,000
Operating lease liabilities	35,894,000	33,108,000
Liabilities held for sale, net	654,000	0
Total liabilities	2,652,813,000	2,439,662,000
Commitments and contingencies (Note 11)
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
Preferred stock	0	0
Common stock, par value $0.01 per share, 300,000,000 shares authorized at June 30, 2022 and December 31, 2021, 179,211,738 and 177,769,342 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively	1,792,000	1,777,000
Additional paid-in capital	4,182,165,000	4,130,038,000
Cumulative dividends in excess of earnings	(838,437,000)	(792,332,000)
Accumulated other comprehensive income (loss)	36,895,000	(11,783,000)
Stockholders' Equity Attributable to Parent, Total	3,382,415,000	3,327,700,000
Noncontrolling interest	74,080,000	65,887,000
Total equity	3,456,495,000	3,393,587,000
Total liabilities and equity	$ 6,109,308,000	$ 5,833,249,000

Consolidated Balance Sheet (Par

Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Building and Improvements, accumulated depreciation	$ 682,095	$ 611,867
Deferred leasing intangible assets, accumulated amortization	311,916	282,038
Deferred leasing intangible liabilities, accumulated amortization	$ 24,066	$ 21,136
Preferred Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Preferred Stock, Shares Authorized	20,000,000	20,000,000
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Common Stock, Shares, Outstanding	179,211,738	177,769,342
Common Stock, Shares Authorized	300,000,000	300,000,000
Common Stock, Shares, Issued	179,211,738	177,769,342

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenues [Abstract]
Rental income	$ 161,057	$ 137,805	$ 319,658	$ 271,630
Other income	443	622	1,051	792
Total revenue	161,500	138,427	320,709	272,422
Expenses
Property	28,874	25,356	60,649	52,358
General and administrative	12,234	12,578	24,547	25,368
Depreciation and amortization	69,279	57,332	136,645	115,739
Other expenses	532	511	1,029	1,363
Total expenses	110,919	95,777	222,870	194,828
Other income (expense)
Interest and other income	23	30	57	62
Interest expense	(17,896)	(15,273)	(35,155)	(30,631)
Debt extinguishment and modification expenses	0	0	0	(679)
Gain on the sales of rental property, net	376	5,976	24,331	12,385
Total other income (expense)	(17,497)	(9,267)	(10,767)	(18,863)
Net income	33,084	33,383	87,072	58,731
Less: income attributable to noncontrolling interest after preferred stock dividends	708	733	1,870	1,206
Net income attributable to STAG Industrial, Inc.	32,376	32,650	85,202	57,525
Less: preferred stock dividends	0	0	0	1,289
Less: redemption of preferred stock	0	0	0	2,582
Less: amount allocated to participating securities	59	74	121	147
Net income attributable to common stockholders	$ 32,317	$ 32,576	$ 85,081	$ 53,507
Weighted average common shares outstanding — basic	179,049	159,736	178,442	159,086
Weighted average common shares outstanding — diluted	179,144	161,367	178,586	160,249
Net income per share attributable to common stockholders — basic	$ 0.18	$ 0.20	$ 0.48	$ 0.34
Net income per share attributable to common stockholders — diluted	$ 0.18	$ 0.20	$ 0.48	$ 0.33

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 33,084	$ 33,383	$ 87,072	$ 58,731
Other comprehensive income:
Income on interest rate swaps	12,509	1,432	49,746	13,582
Other comprehensive income	12,509	1,432	49,746	13,582
Comprehensive income	45,593	34,815	136,818	72,313
Income attributable to noncontrolling interest after preferred stock dividends	(708)	(733)	(1,870)	(1,206)
Other comprehensive income attributable to noncontrolling interest	(266)	(31)	(1,068)	(299)
Comprehensive income attributable to STAG Industrial, Inc.	$ 44,619	$ 34,051	$ 133,880	$ 70,808

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Preferred Stock	Common Stock	Additional Paid-in Capital	Cumulative Dividends in excess of Earnings	Accumulated Other Comprehensive Income (Loss)	Total Stockholders' Equity	Noncontrolling Interest - Unit holders in Operating Partnership
Balance at Dec. 31, 2020	$ 2,771,052	$ 75,000	$ 1,582	$ 3,421,721	$ (742,071)	$ (40,025)	$ 2,716,207	$ 54,845
Balance (in shares) at Dec. 31, 2020			158,209,823
Increase (Decrease) in Stockholders' Equity
Proceeds from sales of common stock, net	63,359		$ 19	63,340			63,359
Proceeds from sales of common stock (in shares)			1,888,290
Redemption of preferred stock	(75,009)	(75,000)		(2,573)	(2,582)		(75,009)
Dividends, Common Stock					(116,864)
Dividends							(116,864)
Distribution Made to Limited Partner, Cash Distributions Declared								(5,761)
Dividends and Distributions, Net	(122,625)
Non-cash compensation activity, net	7,812			(1,022)			(1,142)	8,954
Non-cash compensation activity (in shares)			98,091
Non-cash compensation activity (in excess of earnings)			$ (1)		(121)
Redemption of common units to common stock			$ (1)	(1,990)			(1,991)	(1,991)
Redemption of common units to common stock (in shares)			119,334
Rebalancing of noncontrolling interest				(1,660)			(1,660)	1,660
Other comprehensive income	13,582					13,283	13,283	299
Net income	58,731				57,525		57,525	1,206
Balance at Jun. 30, 2021	2,716,902	0	$ 1,603	3,486,942	(804,113)	(26,742)	2,657,690	59,212
Balance (in shares) at Jun. 30, 2021			160,315,538
Balance at Dec. 31, 2020	2,771,052	75,000	$ 1,582	3,421,721	(742,071)	(40,025)	2,716,207	$ 54,845
Balance (in shares) at Dec. 31, 2020			158,209,823
Increase (Decrease) in Stockholders' Equity
Redemption of common units to common stock (in shares)								0
Balance at Dec. 31, 2021	3,393,587	0	$ 1,777	4,130,038	(792,332)	(11,783)	3,327,700	$ 65,887
Balance (in shares) at Dec. 31, 2021			177,769,342
Balance at Mar. 31, 2021	2,698,116	0	$ 1,591	3,443,787	(778,727)	(28,143)	2,638,508	59,608
Balance (in shares) at Mar. 31, 2021			159,082,448
Increase (Decrease) in Stockholders' Equity
Proceeds from sales of common stock, net	41,793		$ 12	41,781			41,793
Proceeds from sales of common stock (in shares)			1,208,014
Dividends, Common Stock					(58,036)
Dividends							(58,036)
Distribution Made to Limited Partner, Cash Distributions Declared								(4,325)
Dividends and Distributions, Net	(62,361)
Non-cash compensation activity, net	4,539			2,192			2,192	2,347
Non-cash compensation activity (in shares)			2,901
Non-cash compensation activity (in excess of earnings)			$ 0		0
Redemption of common units to common stock			$ 0	(368)			(368)	(368)
Redemption of common units to common stock (in shares)			22,175
Rebalancing of noncontrolling interest				(1,186)			(1,186)	1,186
Other comprehensive income	1,432					1,401	1,401	31
Net income	33,383				32,650		32,650	733
Balance at Jun. 30, 2021	2,716,902	0	$ 1,603	3,486,942	(804,113)	(26,742)	2,657,690	59,212
Balance (in shares) at Jun. 30, 2021			160,315,538
Balance at Dec. 31, 2021	3,393,587	0	$ 1,777	4,130,038	(792,332)	(11,783)	3,327,700	65,887
Balance (in shares) at Dec. 31, 2021			177,769,342
Increase (Decrease) in Stockholders' Equity
Proceeds from sales of common stock, net	54,883		$ 13	54,870			54,883
Proceeds from sales of common stock (in shares)			1,328,335
Dividends, Common Stock					(130,527)
Dividends							(130,527)
Distribution Made to Limited Partner, Cash Distributions Declared								3,384
Dividends and Distributions, Net	(133,911)
Non-cash compensation activity, net	5,118			(1,208)			(1,987)	7,105
Non-cash compensation activity (in shares)			49,061
Non-cash compensation activity (in excess of earnings)			$ (1)		(780)
Redemption of common units to common stock			$ (1)	(1,216)			(1,217)	$ (1,217)
Redemption of common units to common stock (in shares)			65,000					0
Rebalancing of noncontrolling interest				(2,751)			(2,751)	$ 2,751
Other comprehensive income	49,746					48,678	48,678	1,068
Net income	87,072				85,202		85,202	1,870
Balance at Jun. 30, 2022	3,456,495	0	$ 1,792	4,182,165	(838,437)	36,895	3,382,415	74,080
Balance (in shares) at Jun. 30, 2022			179,211,738
Balance at Mar. 31, 2022	3,474,879	0	$ 1,792	4,179,361	(805,400)	24,652	3,400,405	74,474
Balance (in shares) at Mar. 31, 2022			179,211,305
Increase (Decrease) in Stockholders' Equity
Proceeds from sales of common stock, net	(93)		$ 0	(93)			(93)
Proceeds from sales of common stock (in shares)			0
Dividends, Common Stock					(65,413)
Dividends							(65,413)
Distribution Made to Limited Partner, Cash Distributions Declared								(1,910)
Dividends and Distributions, Net	(67,323)
Non-cash compensation activity, net	3,439			2,071			2,071	1,368
Non-cash compensation activity (in shares)			433
Non-cash compensation activity (in excess of earnings)			$ 0		0
Rebalancing of noncontrolling interest				826			826	(826)
Other comprehensive income	12,509					12,243	12,243	266
Net income	33,084				32,376		32,376	708
Balance at Jun. 30, 2022	$ 3,456,495	$ 0	$ 1,792	$ 4,182,165	$ (838,437)	$ 36,895	$ 3,382,415	$ 74,080
Balance (in shares) at Jun. 30, 2022			179,211,738

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities:
Net income	$ 87,072	$ 58,731
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	136,645	115,739
Non-cash portion of interest expense	1,744	1,276
Amortization of above and below market leases, net	(113)	1,799
Straight-line rent adjustments, net	(8,089)	(8,887)
Gain on the sales of rental property, net	(24,331)	(12,385)
Non-cash compensation expense	6,686	9,154
Change in assets and liabilities:
Tenant accounts receivable	1,307	3,212
Prepaid expenses and other assets	(10,915)	(10,018)
Accounts payable, accrued expenses and other liabilities	771	864
Tenant prepaid rent and security deposits	411	2,888
Total adjustments	104,116	103,642
Net cash provided by operating activities	191,188	162,373
Cash flows from investing activities:
Acquisitions of land and buildings and improvements	(294,387)	(194,164)
Acquisitions of operating lease liabilities	3,541	0
Additions of land and building and improvements	(36,639)	(18,913)
Acquisitions of other assets	2,134	0
Proceeds from sales of rental property, net	38,409	39,619
Acquisition deposits, net	593	(877)
Payment to acquire operating lease right-of-use assets	(3,541)	0
Acquisitions of deferred leasing intangibles	(40,751)	(27,682)
Net cash used in investing activities	(334,909)	(202,017)
Cash flows from financing activities:
Proceeds from unsecured credit facility	871,000	765,000
Repayment of unsecured credit facility	(1,051,000)	(588,000)
Proceeds from unsecured term loans	0	300,000
Repayment of unsecured term loans	0	(300,000)
Proceeds from unsecured notes	400,000	0
Repayment of mortgage notes	(1,173)	(1,093)
Payment of loan fees and costs	2,119	2,847
Proceeds from sales of common stock, net	54,797	63,314
Redemption of preferred stock	0	(75,000)
Dividends and distributions	133,537	122,212
Repurchase and retirement of share-based compensation	(1,596)	(1,342)
Net cash provided by financing activities	136,372	37,820
Decrease in cash and cash equivalents and restricted cash	(7,349)	(1,824)
Cash and cash equivalents and restricted cash—beginning of period	23,196	20,339
Cash and cash equivalents and restricted cash—end of period	15,847	18,515
Supplemental disclosure:
Cash paid for interest, net of capitalized interest	33,105	29,574
Supplemental schedule of non-cash investing and financing activities
Contribution of Property	(1,713)	0
Escrow Deposit Disbursements Related to Property Acquisition	1,713	0
Acquisitions of land and buildings and improvements	0	4,239
Acquisitions of deferred leasing intangibles	0	703
Change in additions of land, building, and improvements included in accounts payable, accrued expenses, and other liabilities	(7,064)	3,469
Additions to building and other capital improvements from non-cash compensation	(40)	0
Assumption of mortgage notes	0	5,103
Fair market value adjustment to mortgage notes acquired	0	(161)
Change in loan fees, costs, and offering costs included in accounts payable, accrued expenses, and other liabilities	27	1,016
Dividends and distributions payable	$ 22,282	$ 19,803

Organization and Description of

Organization and Description of Business	6 Months Ended
	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of Business	Organization and Description of Business STAG Industrial, Inc. (the “Company”) is an industrial real estate operating company focused on the acquisition and operation of single-tenant, industrial properties throughout the United States. The Company was formed as a Maryland corporation and has elected to be treated and intends to continue to qualify as a real estate investment trust (“REIT”) under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended. The Company is structured as an umbrella partnership REIT, commonly called an UPREIT, and owns substantially all of its assets and conducts substantially all of its business through its operating partnership, STAG Industrial Operating Partnership, L.P., a Delaware limited partnership (the “Operating Partnership”). As of June 30, 2022 and December 31, 2021, the Company owned a 97.9% and 98.1%, respectively, common equity interest in the Operating Partnership. The Company, through its wholly owned subsidiary, is the sole general partner of the Operating Partnership. As used herein, the “Company” refers to STAG Industrial, Inc. and its consolidated subsidiaries, including the Operating Partnership, except where context otherwise requires. As of June 30, 2022, the Company owned 559 industrial buildings in 40 states with approximately 111.5 million rentable square feet. COVID-19 Pandemic The Company and the real estate industry generally continue to face risks and uncertainties related to the ongoing public health crisis of the novel coronavirus disease (“COVID-19”) pandemic. The Company closely monitors the effect of the COVID-19 pandemic on all aspects of its business, including how the pandemic will affect its tenants and business partners. The Company did not incur significant disruptions from the COVID-19 pandemic or enter into any rent deferral agreements during the three and six months ended June 30, 2022 and 2021. The Company will continue to evaluate tenant rent relief requests on an individual basis, considering a number of factors. Not all tenant requests will ultimately result in modified agreements, nor is the Company foregoing its contractual rights under its lease agreements. The Company remains unable to predict the ultimate impact that the pandemic will have on its financial condition, results of operations and cash flows due to numerous uncertainties. The extent to which the COVID-19 pandemic affects the Company’s operations and those of its tenants will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the scope, severity and duration of the pandemic, the actions taken to contain the pandemic or mitigate its impact, and the direct and indirect economic effects of the pandemic and containment measures, among others.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Interim Financial Information The accompanying interim financial statements have been presented in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and with the instructions to Form 10-Q and Regulation S-X for interim financial information. Accordingly, these statements do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, the accompanying interim financial statements include all adjustments, consisting of normal recurring items, necessary for their fair statement in conformity with GAAP. Interim results are not necessarily indicative of results for a full year. The year-end consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the Company’s consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021. Basis of Presentation The Company’s consolidated financial statements include the accounts of the Company, the Operating Partnership, and their consolidated subsidiaries. Interests in the Operating Partnership not owned by the Company are referred to as “Noncontrolling Common Units.” These Noncontrolling Common Units are held by other limited partners in the form of common units (“Other Common Units”) and long term incentive plan units (“LTIP units”) issued pursuant to the STAG Industrial, Inc. 2011 Equity Incentive Plan, as amended and restated (the “2011 Plan”). All significant intercompany balances and transactions have been eliminated in the consolidation of entities. The financial statements of the Company are presented on a consolidated basis for all periods presented. Restricted Cash The following table presents a reconciliation of cash and cash equivalents and restricted cash reported on the accompanying Consolidated Balance Sheets to amounts reported on the accompanying Consolidated Statements of Cash Flows. Reconciliation of cash and cash equivalents and restricted cash (in thousands) June 30, 2022 December 31, 2021 Cash and cash equivalents $ 12,614 $ 18,981 Restricted cash 3,233 4,215 Total cash and cash equivalents and restricted cash $ 15,847 $ 23,196 Taxes Federal Income Taxes The Company’s taxable REIT subsidiary recognized net income (loss) of approximately $0, $0.1 million, $(4,000), and $(4,000) for the three and six months ended June 30, 2022 and 2021, respectively. State and Local Income, Excise, and Franchise Tax State and local income, excise, and franchise taxes in the amount of approximately $0.4 million, $0.9 million, $0.4 million, and $0.8 million have been recorded in other expenses on the accompanying Consolidated Statements of Operations for the three and six months ended June 30, 2022 and 2021, respectively. Uncertain Tax Positions As of June 30, 2022 and December 31, 2021, there were no liabilities for uncertain tax positions. Concentrations of Credit Risk

Rental Property

Rental Property	6 Months Ended
	Jun. 30, 2022
Real Estate [Abstract]
Rental Property	Rental Property The following table summarizes the components of rental property as of June 30, 2022 and December 31, 2021. Rental Property (in thousands) June 30, 2022 December 31, 2021 Land $ 636,274 $ 617,297 Buildings, net of accumulated depreciation of $455,845 and $406,670, respectively 4,180,194 4,035,210 Tenant improvements, net of accumulated depreciation of $29,256 and $26,065, respectively 43,072 43,999 Building and land improvements, net of accumulated depreciation of $196,994 and $179,132, respectively 328,971 320,041 Construction in progress 58,577 36,493 Deferred leasing intangibles, net of accumulated amortization of $311,916 and $282,038, respectively 551,061 567,658 Total rental property, net $ 5,798,149 $ 5,620,698 Acquisitions The following table summarizes the acquisitions of the Company during the three and six months ended June 30, 2022. The Company accounted for all of its acquisitions as asset acquisitions. Market (1) Date Acquired Square Feet Number of Buildings Purchase Price Kansas City, MO January 6, 2022 702,000 1 $ 60,428 Chicago, IL January 31, 2022 72,499 1 8,128 Columbus, OH February 8, 2022 138,213 1 11,492 Cleveland, OH February 8, 2022 136,800 1 13,001 Nashville, TN March 10, 2022 109,807 1 12,810 Greenville/Spartanburg, SC March 10, 2022 289,103 1 28,274 Memphis, TN March 18, 2022 195,622 1 15,828 Greenville/Spartanburg, SC March 18, 2022 155,717 1 16,390 Three months ended March 31, 2022 1,799,761 8 $ 166,351 Atlanta, GA April 1, 2022 210,858 1 21,119 Minneapolis/St. Paul, MN April 4, 2022 160,000 1 13,472 West Michigan, MI April 14, 2022 211,125 2 12,274 Pittsburgh, PA April 19, 2022 400,000 1 50,178 Greenville/Spartanburg, SC (2) April 22, 2022 — — 5,559 Birmingham, AL May 5, 2022 67,168 1 7,871 South Bay/San Jose, CA June 7, 2022 175,325 1 29,630 Washington, DC June 29, 2022 140,555 1 20,257 Hampton Roads, VA June 29, 2022 102,512 1 10,561 Three months ended June 30, 2022 1,467,543 9 $ 170,921 Six months ended June 30, 2022 3,267,304 17 $ 337,272 (1) As defined by CoStar Realty Information Inc (“CoStar”). If the building is located outside of a CoStar defined market, the city and state is reflected. (2) The Company acquired vacant land parcels. The following table summarizes the allocation of the total purchase price paid (on the closing dates) for the assets and liabilities acquired by the Company during the six months ended June 30, 2022 in connection with the acquisitions identified in the table above. Six months ended June 30, 2022 Acquired Assets and Liabilities Purchase Price (in thousands) Weighted Average Amortization Period (years) of Intangibles at Acquisition Land $ 26,720 N/A Buildings 252,487 N/A Tenant improvements 1,779 N/A Building and land improvements 13,401 N/A Other assets 2,134 N/A Operating lease right-of-use assets 3,541 N/A Deferred leasing intangibles - In-place leases 28,559 8.2 Deferred leasing intangibles - Tenant relationships 15,125 11.3 Deferred leasing intangibles - Above market leases 2,438 11.7 Deferred leasing intangibles - Below market leases (5,371) 8.0 Operating lease liabilities (3,541) N/A Total purchase price $ 337,272 The following table summarizes the results of operations for the three and six months ended June 30, 2022 for the buildings acquired during the six months ended June 30, 2022, which are included in the Company’s Consolidated Statements of Operations from the date of acquisition. Results of Operations (in thousands) Three months ended June 30, 2022 Six months ended June 30, 2022 Total revenue $ 4,054 $ 5,305 Net income $ 265 $ 151 Dispositions During the six months ended June 30, 2022, the Company sold two buildings and one land parcel to third parties comprised of approximately 0.3 million rentable square feet with a net book value of approximately $14.1 million. These buildings contributed approximately $0, $0.2 million, $0.4 million and $0.8 million to revenue for the three and six months ended June 30, 2022 and 2021, respectively. These buildings contributed approximately ($27,000), $0.1 million, $0.3 million, and $0.5 million to net income (loss) (exclusive of gain on the sales of rental property, net) for the three and six months ended June 30, 2022 and 2021, respectively. Net proceeds from the sales of rental property were approximately $38.4 million and the Company recognized the full gain on the sales of rental property, net, of approximately $24.3 million for the six months ended June 30, 2022. Assets Held for Sale As of June 30, 2022, the related land, building and improvements, net, deferred leasing intangibles assets, net and deferred leasing intangibles liabilities, net, of approximately $5.5 million, $42.6 million, $9.7 million, and $0.7 million, respectively, for three buildings were classified as assets and liabilities held for sale, net on the accompanying Consolidated Balance Sheets. These buildings contributed approximately $1.2 million, $2.5 million, $1.7 million and $3.5 million to revenue for the three and six months ended June 30, 2022 and 2021, respectively. These buildings contributed approximately $0.4 million, $0.7 million, $0.9 million and $1.8 million to net income for the three and six months ended June 30, 2022 and 2021, respectively. Deferred Leasing Intangibles The following table summarizes the deferred leasing intangibles on the accompanying Consolidated Balance Sheets as of June 30, 2022 and December 31, 2021. June 30, 2022 December 31, 2021 Deferred Leasing Intangibles (in thousands) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Above market leases $ 88,114 $ (32,834) $ 55,280 $ 91,565 $ (32,110) $ 59,455 Other intangible lease assets 774,863 (279,082) 495,781 758,131 (249,928) 508,203 Total deferred leasing intangible assets $ 862,977 $ (311,916) $ 551,061 $ 849,696 $ (282,038) $ 567,658 Below market leases $ 60,150 $ (24,066) $ 36,084 $ 56,857 $ (21,136) $ 35,721 Total deferred leasing intangible liabilities $ 60,150 $ (24,066) $ 36,084 $ 56,857 $ (21,136) $ 35,721 The following table summarizes the amortization expense and the net increase (decrease) to rental income for the amortization of deferred leasing intangibles during the three and six months ended June 30, 2022 and 2021. Three months ended June 30, Six months ended June 30, Deferred Leasing Intangibles Amortization (in thousands) 2022 2021 2022 2021 Net increase (decrease) to rental income related to above and below market lease amortization $ 22 $ (330) $ 101 $ (1,810) Amortization expense related to other intangible lease assets $ 24,705 $ 21,422 $ 48,782 $ 43,869 The following table summarizes the amortization of deferred leasing intangibles over the next five calendar years (including the remainder of 2022) as of June 30, 2022. Year Amortization Expense Related to Other Intangible Lease Assets (in thousands) Net Increase (Decrease) to Rental Income Related to Above and Below Market Lease Amortization (in thousands) Remainder of 2022 $ 46,432 $ 74 2023 $ 83,154 $ (58) 2024 $ 72,189 $ (695) 2025 $ 63,028 $ (529) 2026 $ 54,085 $ (1,213)

Debt

Debt	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
Debt	Debt The following table summarizes the Company’s outstanding indebtedness, including borrowings under the Company’s unsecured credit facility, unsecured term loans, unsecured notes, and mortgage notes as of June 30, 2022 and December 31, 2021. Loan Principal Outstanding as of June 30, 2022 (in thousands) Principal Outstanding as of December 31, 2021 (in thousands) Interest Rate (1)(2) Maturity Date Prepayment Terms (3) Unsecured credit facility: Unsecured Credit Facility (4)(5) $ 116,000 $ 296,000 L + 0.775% October 23, 2026 i Total unsecured credit facility 116,000 296,000 Unsecured term loans: Unsecured Term Loan D (6) 150,000 150,000 2.85 % January 4, 2023 i Unsecured Term Loan E (6) 175,000 175,000 3.77 % January 15, 2024 i Unsecured Term Loan F 200,000 200,000 2.96 % January 12, 2025 i Unsecured Term Loan G 300,000 300,000 1.13 % February 5, 2026 i Unsecured Term Loan A 150,000 150,000 2.15 % March 15, 2027 i Total unsecured term loans 975,000 975,000 Total unamortized deferred financing fees and debt issuance costs (3,728) (4,423) Total carrying value unsecured term loans, net 971,272 970,577 Unsecured notes: Series F Unsecured Notes 100,000 100,000 3.98 % January 5, 2023 ii Series A Unsecured Notes 50,000 50,000 4.98 % October 1, 2024 ii Series D Unsecured Notes 100,000 100,000 4.32 % February 20, 2025 ii Series G Unsecured Notes 75,000 75,000 4.10 % June 13, 2025 ii Series B Unsecured Notes 50,000 50,000 4.98 % July 1, 2026 ii Series C Unsecured Notes 80,000 80,000 4.42 % December 30, 2026 ii Series E Unsecured Notes 20,000 20,000 4.42 % February 20, 2027 ii Series H Unsecured Notes 100,000 100,000 4.27 % June 13, 2028 ii Series I Unsecured Notes 275,000 275,000 2.80 % September 29, 2031 ii Series K Unsecured Notes 400,000 — 4.12 % June 28, 2032 ii Series J Unsecured Notes 50,000 50,000 2.95 % September 28, 2033 ii Total unsecured notes 1,300,000 900,000 Total unamortized deferred financing fees and debt issuance costs (4,936) (3,059) Total carrying value unsecured notes, net 1,295,064 896,941 Mortgage notes (secured debt): Wells Fargo Bank, National Association CMBS Loan 45,603 46,610 4.31 % December 1, 2022 iii Thrivent Financial for Lutherans 3,363 3,430 4.78 % December 15, 2023 iv United of Omaha Life Insurance Company 4,844 4,943 3.71 % October 1, 2039 ii Total mortgage notes 53,810 54,983 Net unamortized fair market value discount (136) (136) Total unamortized deferred financing fees and debt issuance costs (39) (103) Total carrying value mortgage notes, net 53,635 54,744 Total / weighted average interest rate (7) $ 2,435,971 $ 2,218,262 3.25 % (1) Interest rate as of June 30, 2022. At June 30, 2022, the one-month LIBOR (“L”) was 1.78671%. The current interest rate is not adjusted to include the amortization of deferred financing fees or debt issuance costs incurred in obtaining debt or any unamortized fair market value premiums. The spread over the applicable rate for the Company’s unsecured credit facility and unsecured term loans is based on the Company’s debt rating and leverage ratio, as defined in the respective loan agreements. (2) The unsecured term loans have a stated interest rate of one-month LIBOR plus a spread of 0.85%, with the exception of Unsecured Term Loan D which has a stated interest rate of one-month LIBOR plus a spread of 1.0%. As of June 30, 2022, one-month LIBOR for the Unsecured Term Loans A, D, E, F, and G was swapped to a fixed rate of 1.30%, 1.85%, 2.92%, 2.11%, and 0.28%, respectively. One-month LIBOR for the Unsecured Term Loan G will be swapped to a fixed rate of 0.94% effective April 18, 2023. (3) Prepayment terms consist of (i) pre-payable with no penalty; (ii) pre-payable with penalty; (iii) pre-payable without penalty three months prior to the maturity date, subject to defeasance; and (iv) pre-payable without penalty three months prior to the maturity date. (4) The capacity of the unsecured credit facility is $750.0 million. Deferred financing fees and debt issuance costs, net of accumulated amortization related to the unsecured credit facility of approximately $4.6 million and $5.2 million are included in prepaid expenses and other assets on the accompanying Consolidated Balance Sheets as of June 30, 2022 and December 31, 2021, respectively. The initial maturity date is October 24, 2025, or such later date which may be extended pursuant to two six-month extension options exercisable by the Company in its discretion upon advance written notice. Exercise of each six-month option is subject to the following conditions: (i) absence of a default immediately before the extension and immediately after giving effect to the extension; (ii) accuracy of representations and warranties as of the extension date (both immediately before and after the extension), as if made on the extension date; and (iii) payment of a fee. Neither extension option is subject to lender consent, assuming proper notice and satisfaction of the conditions. (5) Subsequent to June 30, 2022, on July 26, 2022, the Company entered into an amended and restated credit agreement for the unsecured credit facility. Refer to Note 12 for additional details. (6) Subsequent to June 30, 2022, the Unsecured Term Loan D and the Unsecured Term Loan E were repaid in full in connection with the Company's new unsecured term loan agreements entered into on July 26, 2022. Refer to Note 12 for additional details. (7) The weighted average interest rate was calculated using the fixed interest rate swapped on the notional amount of $975.0 million of debt, and is not adjusted to include the amortization of deferred financing fees or debt issuance costs incurred in obtaining debt or any unamortized fair market value premiums or discounts. The aggregate undrawn nominal commitment on the unsecured credit facility as of June 30, 2022 was approximately $630.4 million, including issued letters of credit. The Company’s actual borrowing capacity at any given point in time may be less or restricted to a maximum amount based on the Company’s debt covenant compliance. Total accrued interest for the Company’s indebtedness was approximately $9.6 million and $8.6 million as of June 30, 2022 and December 31, 2021, respectively, and is included in accounts payable, accrued expenses and other liabilities on the accompanying Consolidated Balance Sheets. The following table summarizes the costs included in interest expense related to the Company’s debt arrangements on the accompanying Consolidated Statement of Operations for the three and six months ended June 30, 2022 and 2021. Three months ended June 30, Six months ended June 30, Costs Included in Interest Expense (in thousands) 2022 2021 2022 2021 Amortization of deferred financing fees and debt issuance costs and fair market value premiums/discounts $ 880 $ 789 $ 1,744 $ 1,276 Facility, unused, and other fees $ 345 $ 440 $ 686 $ 826 On April 28, 2022, the Company entered into a note purchase agreement (the “April 2022 NPA”) for the private placement by the Operating Partnership of $400.0 million senior unsecured notes (the “Series K Unsecured Notes”) maturing June 28, 2032, with a fixed annual interest rate of 4.12%. The April 2022 NPA contains a number of financial covenants substantially similar to the financial covenants contained in the Company’s unsecured credit facility and other unsecured notes, plus a financial covenant that requires the Company to maintain a minimum interest coverage ratio of not less than 1.50:1.00. The Operating Partnership issued the Series K Unsecured Notes on June 28, 2022. The Company and certain wholly owned subsidiaries of the Operating Partnership are guarantors of the Series K Unsecured Notes. Financial Covenant Considerations The Company was in compliance with all financial and other covenants as of June 30, 2022 and December 31, 2021 related to its unsecured credit facility, unsecured term loans, unsecured notes, and mortgage notes. The real estate net book value of the properties that are collateral for the Company’s debt arrangements was approximately $86.9 million and $88.5 million at June 30, 2022 and December 31, 2021, respectively, and is limited to senior, property-level secured debt financing arrangements. Fair Value of Debt The following table summarizes the aggregate principal amount outstanding under the Company’s debt arrangements and the corresponding estimate of fair value as of June 30, 2022 and December 31, 2021. June 30, 2022 December 31, 2021 Indebtedness (in thousands) Principal Outstanding Fair Value Principal Outstanding Fair Value Unsecured credit facility $ 116,000 $ 116,000 $ 296,000 $ 296,000 Unsecured term loans 975,000 975,112 975,000 975,224 Unsecured notes 1,300,000 1,200,811 900,000 937,183 Mortgage notes 53,810 53,163 54,983 56,323 Total principal amount 2,444,810 $ 2,345,086 2,225,983 $ 2,264,730 Net unamortized fair market value discount (136) (136) Total unamortized deferred financing fees and debt issuance costs (8,703) (7,585) Total carrying value $ 2,435,971 $ 2,218,262 The applicable fair value guidance establishes a three tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. The fair value of the Company’s debt is based on Level 3 inputs.

Derivative Financial Instrument

Derivative Financial Instruments	6 Months Ended
	Jun. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Derivative Financial Instruments Risk Management Objective of Using Derivatives The Company’s use of derivative instruments is limited to the utilization of interest rate swaps to manage interest rate risk exposure on existing and future liabilities and not for speculative purposes. The principal objective of such arrangements is to minimize the risks and related costs associated with the Company’s operating and financial structure. The following table summarizes the Company’s outstanding interest rate swaps as of June 30, 2022. All of the Company’s interest rate swaps are designated as qualifying cash flow hedges. Interest Rate Derivative Counterparty Trade Date Effective Date Notional Amount Fair Value Pay Fixed Interest Rate Receive Variable Interest Rate Maturity Date The Toronto-Dominion Bank Jul-20-2017 Oct-30-2017 $ 25,000 $ 108 1.8485 % One-month L Jan-04-2023 Royal Bank of Canada Jul-20-2017 Oct-30-2017 $ 25,000 $ 107 1.8505 % One-month L Jan-04-2023 Wells Fargo Bank, N.A. Jul-20-2017 Oct-30-2017 $ 25,000 $ 107 1.8505 % One-month L Jan-04-2023 PNC Bank, N.A. Jul-20-2017 Oct-30-2017 $ 25,000 $ 108 1.8485 % One-month L Jan-04-2023 PNC Bank, N.A. Jul-20-2017 Oct-30-2017 $ 50,000 $ 216 1.8475 % One-month L Jan-04-2023 The Toronto-Dominion Bank Apr-20-2020 Sep-29-2020 $ 75,000 $ 1,633 0.2750 % One-month L Apr-18-2023 Wells Fargo Bank, N.A. Apr-20-2020 Sep-29-2020 $ 75,000 $ 1,627 0.2790 % One-month L Apr-18-2023 The Toronto-Dominion Bank Apr-20-2020 Mar-19-2021 $ 75,000 $ 1,633 0.2750 % One-month L Apr-18-2023 Wells Fargo Bank, N.A. Apr-20-2020 Mar-19-2021 $ 75,000 $ 1,626 0.2800 % One-month L Apr-18-2023 The Toronto-Dominion Bank Jul-24-2018 Jul-26-2019 $ 50,000 $ 171 2.9180 % One-month L Jan-12-2024 PNC Bank, N.A. Jul-24-2018 Jul-26-2019 $ 50,000 $ 170 2.9190 % One-month L Jan-12-2024 Bank of Montreal Jul-24-2018 Jul-26-2019 $ 50,000 $ 170 2.9190 % One-month L Jan-12-2024 U.S. Bank, N.A. Jul-24-2018 Jul-26-2019 $ 25,000 $ 85 2.9190 % One-month L Jan-12-2024 Wells Fargo Bank, N.A. May-02-2019 Jul-15-2020 $ 50,000 $ 930 2.2460 % One-month L Jan-15-2025 U.S. Bank, N.A. May-02-2019 Jul-15-2020 $ 50,000 $ 936 2.2459 % One-month L Jan-15-2025 Regions Bank May-02-2019 Jul-15-2020 $ 50,000 $ 933 2.2459 % One-month L Jan-15-2025 Bank of Montreal Jul-16-2019 Jul-15-2020 $ 50,000 $ 1,590 1.7165 % One-month L Jan-15-2025 U.S. Bank, N.A. Feb-17-2021 Apr-18-2023 $ 150,000 $ 7,690 0.9385 % One-month L Feb-5-2026 Wells Fargo Bank, N.A. Feb-17-2021 Apr-18-2023 $ 75,000 $ 3,818 0.9365 % One-month L Feb-5-2026 The Toronto-Dominion Bank Feb-17-2021 Apr-18-2023 $ 75,000 $ 3,861 0.9360 % One-month L Feb-5-2026 Regions Bank Oct-26-2021 Apr-01-2022 $ 50,000 $ 3,446 1.3045 % One-month L Mar-15-2027 Bank of Montreal Oct-26-2021 Apr-01-2022 $ 50,000 $ 3,472 1.3045 % One-month L Mar-15-2027 PNC Bank, N.A. Oct-26-2021 Apr-01-2022 $ 50,000 $ 3,462 1.3045 % One-month L Mar-15-2027 The following table summarizes the fair value of the interest rate swaps outstanding as of June 30, 2022 and December 31, 2021. Balance Sheet Line Item (in thousands) Notional Amount June 30, 2022 Fair Value June 30, 2022 Notional Amount December 31, 2021 Fair Value December 31, 2021 Interest rate swaps-Asset $ 1,275,000 $ 37,899 $ 600,000 $ 5,220 Interest rate swaps-Liability $ — $ — $ 825,000 $ (17,052) Cash Flow Hedges of Interest Rate Risk The Company’s objectives in using interest rate swaps are to add stability to interest expense and to manage its exposure to interest rate movements. For derivatives designated and that qualify as cash flow hedges of interest rate risk, the gain or loss on the derivative is recorded in accumulated other comprehensive income (loss) and subsequently reclassified to interest expense in the same periods during which the hedged transaction affects earnings. Amounts reported in accumulated other comprehensive income (loss) related to derivatives designated as qualifying cash flow hedges will be reclassified to interest expense as interest payments are made on the Company’s variable rate debt. The Company estimates that approximately $13.7 million will be reclassified from accumulated other comprehensive income (loss) as a decrease to interest expense over the next 12 months. The following table summarizes the effect of cash flow hedge accounting and the location of amounts related to Company’s derivatives in the consolidated financial statements for the three and six months ended June 30, 2022 and 2021. Three months ended June 30, Six months ended June 30, Effect of Cash Flow Hedge Accounting (in thousands) 2022 2021 2022 2021 Income (loss) recognized in accumulated other comprehensive income (loss) on interest rate swaps $ 10,628 $ (2,501) $ 44,134 $ 5,249 Loss reclassified from accumulated other comprehensive income (loss) into income as interest expense $ 1,881 $ 3,933 $ 5,612 $ 8,333 Total interest expense presented in the Consolidated Statements of Operations in which the effects of cash flow hedges are recorded $ 17,896 $ 15,273 $ 35,155 $ 30,631 Credit-risk-related Contingent Features The Company has agreements with each of its derivative counterparties that contain a provision where the Company could be declared in default on its derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to the Company’s default on the indebtedness. As of June 30, 2022, the Company had not breached the provisions of these agreements and had not posted any collateral related to these agreements. Fair Value of Interest Rate Swaps The Company’s valuation of the interest rate swaps is determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs including interest rate curves. The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by the Company or its counterparties. However, as of June 30, 2022 and December 31, 2021, the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives. As a result, the Company has determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. The following table summarizes the Company’s financial instruments that were recorded at fair value on a recurring basis as of June 30, 2022 and December 31, 2021. Fair Value Measurements as of June 30, 2022 Using Balance Sheet Line Item (in thousands) Fair Value June 30, 2022 Level 1 Level 2 Level 3 Interest rate swaps-Asset $ 37,899 $ — $ 37,899 $ — Interest rate swaps-Liability $ — $ — $ — $ — Fair Value Measurements as of December 31, 2021 Using Balance Sheet Line Item (in thousands) Fair Value December 31, 2021 Level 1 Level 2 Level 3 Interest rate swaps-Asset $ 5,220 $ — $ 5,220 $ — Interest rate swaps-Liability $ (17,052) $ — $ (17,052) $ —

Equity

Equity	6 Months Ended
	Jun. 30, 2022
Stockholders' Equity Note [Abstract]
Equity	Equity Preferred Stock The Company is authorized to issue up to 20,000,000 shares of preferred stock, par value $0.01 per share. As of June 30, 2022 and December 31, 2021, there were no shares of preferred stock issued or outstanding. The following table summarizes the dividends declared on the Company’s outstanding shares of preferred stock during the year ended December 31, 2021. Quarter Ended 2021 Declaration Date Series C Payment Date March 31 January 11, 2021 $ 0.4296875 March 31, 2021 Total $ 0.4296875 Common Stock The Company is authorized to issue up to 300,000,000 shares of common stock, par value $0.01 per share. The following table summarizes the terms of the Company’s at-the market (“ATM”) common stock offering program as of June 30, 2022. ATM Common Stock Offering Program Date Maximum Aggregate Offering Price (in thousands) Aggregate Available as of June 30, 2022 (in thousands) 2022 $750 million ATM February 17, 2022 $ 750,000 $ 750,000 The following tables summarize the activity under the ATM common stock offering program during the six months ended June 30, 2022 and year ended December 31, 2021. Six months ended June 30, 2022 ATM Common Stock Offering Program Shares Weighted Average Price Per Share Net Proceeds (in thousands) 2019 $600 million ATM (1) 128,335 $ 45.03 $ 5,721 Total/weighted average 128,335 $ 45.03 $ 5,721 (1) This program ended before March 31, 2022. Year ended December 31, 2021 ATM Common Stock Offering Program (1) Shares Weighted Average Price Per Share Net Proceeds (in thousands) 2019 $600 million ATM (2) 5,110,002 $ 37.53 $ 189,974 Total/weighted average 5,110,002 $ 37.53 $ 189,974 (1) Excludes shares of common stock sold under the ATM common stock offering program on a forward basis or issued upon physical settlement of the related forward sale agreements during the period. (2) This program ended before March 31, 2022. In connection with the Company’s underwritten public offering that closed in November 2021, on December 3, 2021, the Company executed a forward sale agreement for the sale of an additional 1,200,000 shares of common stock on a forward basis at a price of $41.87 per share. The Company did not initially receive any proceeds from the sale of shares on a forward basis. On March 29, 2022, the Company physically settled in full the forward sales agreement by issuing 1,200,000 shares of common stock for net proceeds of approximately $49.7 million, or $41.39 per share. The following tables summarize the dividends declared on the Company’s outstanding shares of common stock during the six months ended June 30, 2022 and the year ended December 31, 2021. Month Ended 2022 Declaration Date Record Date Per Share Payment Date June 30 April 14, 2022 June 30, 2022 $ 0.121667 July 15, 2022 May 31 April 14, 2022 May 31, 2022 0.121667 June 15, 2022 April 30 April 14, 2022 April 29, 2022 0.121667 May 16, 2022 March 31 January 10, 2022 March 31, 2022 0.121667 April 18, 2022 February 28 January 10, 2022 February 28, 2022 0.121667 March 15, 2022 January 31 January 10, 2022 January 31, 2022 0.121667 February 15, 2022 Total $ 0.730002 Month Ended 2021 Declaration Date Record Date Per Share Payment Date December 31 October 13, 2021 December 31, 2021 $ 0.120833 January 18, 2022 November 30 October 13, 2021 November 30, 2021 0.120833 December 15, 2021 October 31 October 13, 2021 October 29, 2021 0.120833 November 15, 2021 September 30 July 13, 2021 September 30, 2021 0.120833 October 15, 2021 August 31 July 13, 2021 August 31, 2021 0.120833 September 15, 2021 July 31 July 13, 2021 July 30, 2021 0.120833 August 16, 2021 June 30 April 12, 2021 June 30, 2021 0.120833 July 15, 2021 May 31 April 12, 2021 May 28, 2021 0.120833 June 15, 2021 April 30 April 12, 2021 April 30, 2021 0.120833 May 17, 2021 March 31 January 11, 2021 March 31, 2021 0.120833 April 15, 2021 February 28 January 11, 2021 February 26, 2021 0.120833 March 15, 2021 January 31 January 11, 2021 January 29, 2021 0.120833 February 16, 2021 Total $ 1.449996 On July 12, 2022, the Company’s board of directors declared dividends of the Company’s outstanding shares of common stock for the months ending July 31, 2022, August 31, 2022, and September 30, 2022 at a monthly rate of $0.121667 per share. Restricted Shares of Common Stock The Company granted restricted shares of common stock under the 2011 Plan on January 10, 2022 to certain employees of the Company, which will vest in equal installments on an annual basis over four years (beginning on January 1, 2023), subject to the recipient’s continued employment. The following table summarizes activity related to the Company’s unvested restricted shares of common stock during the six months ended June 30, 2022 and the year ended December 31, 2021. Unvested Restricted Shares of Common Stock Shares Weighted Average Grant Date Fair Value per Share Balance at December 31, 2020 184,890 $ 27.70 Granted 90,304 $ 29.77 Vested (79,140) (1) $ 27.01 Forfeited (10,339) $ 30.32 Balance at December 31, 2021 185,715 $ 28.86 Granted 58,580 $ 44.19 Vested (73,556) (1) $ 28.03 Forfeited (9,056) $ 35.06 Balance at June 30, 2022 161,683 $ 34.44 (1) The Company repurchased and retired 25,836 and 27,706 restricted shares of common stock that vested during the six months ended June 30, 2022 and the year ended December 31, 2021, respectively. The unrecognized compensation expense associated with the Company’s restricted shares of common stock at June 30, 2022 was approximately $4.2 million and is expected to be recognized over a weighted average period of approximately 2.7 years. The following table summarizes the fair value at vesting for the restricted shares of common stock that vested during the three and six months ended June 30, 2022 and 2021. Three months ended June 30, Six months ended June 30, Vested Restricted Shares of Common Stock 2022 2021 2022 2021 Vested restricted shares of common stock — — 73,556 72,788 Fair value of vested restricted shares of common stock (in thousands) $ — $ — $ 3,528 $ 2,280

Noncontrolling Interest

Noncontrolling Interest	6 Months Ended
	Jun. 30, 2022
Noncontrolling Interest [Abstract]
Noncontrolling Interest	Noncontrolling Interest The following table summarizes the activity for noncontrolling interest in the Company during the six months ended June 30, 2022 and the year ended December 31, 2021. Noncontrolling Interest LTIP Units Other Total Noncontrolling Interest Balance at December 31, 2020 1,692,423 1,592,815 3,285,238 2.0 % Granted/Issued 405,844 — 405,844 N/A Forfeited — — — N/A Conversions from LTIP units to Other Common Units (149,143) 149,143 — N/A Redemptions from Other Common Units to common stock — (171,318) (171,318) N/A Balance at December 31, 2021 1,949,124 1,570,640 3,519,764 1.9 % Granted/Issued 470,237 — 470,237 N/A Forfeited — — — N/A Conversions from LTIP units to Other Common Units (65,000) 65,000 — N/A Redemptions from Other Common Units to common stock — (65,000) (65,000) N/A Balance at June 30, 2022 2,354,361 1,570,640 3,925,001 2.1 % LTIP Units The Company granted LTIP units under the 2011 Plan on January 10, 2022 to non-employee, independent directors, which will vest on January 1, 2023, subject to the recipient’s continued service. The Company granted LTIP units under the 2011 Plan on January 10, 2022 to certain executive officers and senior employees of the Company, which will vest in equal installments on a quarterly basis over four years (beginning on March 31, 2022), subject to the recipient’s continued employment. Refer to Note 8 for a discussion of the LTIP units granted on January 10, 2022 pursuant to the 2019 performance units. The fair value of the LTIP units as of the grant date was determined by a lattice-binomial option-pricing model based on a Monte Carlo simulation. The fair value of the LTIP units are based on Level 3 inputs and non-recurring fair value measurements. The following table summarizes the assumptions used in valuing the LTIP units granted during the six months ended June 30, 2022 (excluding the LTIP units granted pursuant to the 2019 performance units discussed in Note 8 below). LTIP Units Assumptions Grant date January 10, 2022 Expected term (years) 10 Expected stock price volatility 34.0 % Expected dividend yield 4.0 % Risk-free interest rate 1.204 % Fair value of LTIP units at issuance (in thousands) $ 4,385 LTIP units at issuance 104,241 Fair value unit price per LTIP unit at issuance $ 42.07 The expected stock price volatility is based on a mix of the historical and implied volatilities of the Company and certain peer group companies. The expected dividend yield is based on the Company’s average historical dividend yield and the dividend yield as of the valuation date for each award. The risk-free interest rate is based on U.S. Treasury note yields matching a three-year time period. The following table summarizes activity related to the Company’s unvested LTIP units during the six months ended June 30, 2022 and the year ended December 31, 2021. Unvested LTIP Units LTIP Units Weighted Average Grant Date Fair Value per Unit Balance at December 31, 2020 211,448 $ 26.54 Granted 405,844 $ 28.13 Vested (427,184) $ 27.47 Forfeited — $ — Balance at December 31, 2021 190,108 $ 27.84 Granted 470,237 $ 42.07 Vested (444,675) $ 39.83 Forfeited — $ — Balance at June 30, 2022 215,670 $ 34.15 The unrecognized compensation expense associated with the Company’s LTIP units at June 30, 2022 was approximately $4.2 million and is expected to be recognized over a weighted average period of approximately 2.5 years. The following table summarizes the fair value at vesting for the LTIP units that vested during the three and six months ended June 30, 2022 and 2021. Three months ended June 30, Six months ended June 30, Vested LTIP units 2022 2021 2022 2021 Vested LTIP units 30,327 45,335 444,675 228,821 Fair value of vested LTIP units (in thousands) $ 951 $ 1,686 $ 19,544 $ 7,369

Equity Incentive Plan

Equity Incentive Plan	6 Months Ended
	Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]
Equity Incentive Plan	Equity Incentive PlanOn January 10, 2022, the compensation committee of the board of directors approved and the Company granted performance units under the 2011 Plan to the executive officers and certain key employees of the Company. The terms of the performance units granted on January 10, 2022 are substantially the same as the terms of the performance units granted in January 2021, 2020, and 2019, except that the measuring period commenced on January 1, 2022 and ends on December 31, 2024. The fair value of the performance units as of the grant date was determined by a lattice-binomial option-pricing model based on a Monte Carlo simulation. The fair value of the performance units is based on Level 3 inputs and non-recurring fair value measurements. The performance unit equity compensation expense is recognized ratably from the grant date into earnings over the vesting period. The following table summarizes the assumptions used in valuing the performance units granted during the six months ended June 30, 2022. Performance Units Assumptions Grant date January 10, 2022 Expected stock price volatility 34.1 % Expected dividend yield 4.0 % Risk-free interest rate 1.1979 % Fair value of performance units grant (in thousands) $ 6,289 The expected stock price volatility is based on a mix of the historical and implied volatilities of the Company and certain peer group companies. The expected dividend yield is based on the Company’s average historical dividend yield and the dividend yield as of the valuation date for each award. The risk-free interest rate is based on U.S. Treasury note yields matching the three-year time period of the performance period. On December 31, 2021, the measuring period for the 2019 performance units concluded. The compensation committee of the board of directors determined that the Company’s total stockholder return exceeded the threshold percentage and return hurdle and approved the issuance of an aggregate of 365,996 vested LTIP units and 27,934 vested shares of common stock to the participants (of which 8,257 shares of common stock were repurchased and retired), which were issued on January 10, 2022. The unrecognized compensation expense associated with the Company’s performance units at June 30, 2022 was approximately $8.7 million and is expected to be recognized over a weighted average period of approximately 2.0 years. Non-cash Compensation Expense The following table summarizes the amount recorded in general and administrative expenses in the accompanying Consolidated Statements of Operations for the amortization of restricted shares of common stock, LTIP units, performance units, and the Company’s director compensation for the three and six months ended June 30, 2022 and 2021. Three months ended June 30, Six months ended June 30, Non-Cash Compensation Expense (in thousands) 2022 2021 2022 2021 Restricted shares of common stock $ 565 $ 586 $ 1,113 $ 1,237 LTIP units 1,367 2,346 2,651 4,754 Performance units 1,364 1,484 2,660 2,922 Director compensation (1) 125 123 246 241 Total non-cash compensation expense $ 3,421 $ 4,539 $ 6,670 $ 9,154 (1) All of the Company’s independent directors elected to receive shares of common stock in lieu of cash for their service during the three and six months ended June 30, 2022 and 2021. The number of shares of common stock granted was calculated based on the trailing ten day average common stock price on the third business day preceding the grant date.

Leases

Leases	6 Months Ended
	Jun. 30, 2022
Leases [Abstract]
Leases	Leases Lessor Leases The Company has operating leases in which it is the lessor for its rental property. Certain leases contain variable lease payments based upon changes in the Consumer Price Index (“CPI”). Billings for real estate taxes and other expenses are also considered to be variable lease payments. Certain leases contain options to renew or terminate the lease, and options for the lessee to purchase the rental property, all of which are predominately at the sole discretion of the lessee. The following table summarizes the components of rental income included in the accompanying Consolidated Statements of Operations for the three and six months ended June 30, 2022 and 2021. Three months ended June 30, Six months ended June 30, Rental Income (in thousands) 2022 2021 2022 2021 Fixed lease payments $ 124,593 $ 103,778 $ 244,833 $ 204,957 Variable lease payments 32,714 29,639 66,492 58,883 Straight-line rental income 3,728 4,718 8,232 9,600 Net increase (decrease) to rental income related to above and below market lease amortization 22 (330) 101 (1,810) Total rental income $ 161,057 $ 137,805 $ 319,658 $ 271,630 The Company evaluates its operating leases to determine if it is probable it will collect substantially all of the lessee’s remaining lease payments under the lease term. For those that are not probable of collection, the Company converts to the cash basis of accounting. If the Company subsequently determines that it is probable it will collect substantially all of the lessee’s remaining lease payments under the lease term, the Company will reinstate the accrued rent balance adjusting for the amount related to the period when the lease was accounted for on a cash basis. As of June 30, 2022 and December 31, 2021, the Company had accrued rental income of approximately $84.0 million and $75.8 million, respectively, included in tenant accounts receivable on the accompanying Consolidated Balance Sheets. As of June 30, 2022 and December 31, 2021, the Company had approximately $30.7 million and $32.9 million, respectively, of total lease security deposits available in the form of existing letters of credit, which are not reflected on the accompanying Consolidated Balance Sheets. As of June 30, 2022 and December 31, 2021, the Company had approximately $0.7 million and $0.7 million, respectively, of lease security deposits available in cash, which are included in restricted cash on the accompanying Consolidated Balance Sheets. The Company’s remaining lease security deposits are commingled in cash and cash equivalents. These funds may be used to settle tenant accounts receivables in the event of a default under the related lease. As of June 30, 2022 and December 31, 2021, the Company’s total liability associated with these lease security deposits was approximately $17.1 million and $15.2 million, respectively, which is included in tenant prepaid rent and security deposits on the accompanying Consolidated Balance Sheets. The Company estimates that billings for real estate taxes, which are the responsibility of certain tenants under the terms of their leases and are not reflected on the Company’s consolidated financial statements, was approximately $5.6 million, $11.0 million $5.3 million and $10.4 million for the three and six months ended June 30, 2022 and 2021, respectively. These amounts would have been the maximum real estate tax expense of the Company, excluding any penalties or interest, had the tenants not met their contractual obligations for these periods. The following table summarizes the maturity of fixed lease payments under the Company’s leases as of June 30, 2022. Year Maturity of Fixed Lease Payments (in thousands) Remainder of 2022 $ 252,326 2023 $ 492,202 2024 $ 443,585 2025 $ 384,636 2026 $ 318,421 Thereafter $ 1,057,107 Lessee Leases The Company has operating leases in which it is the lessee for its ground leases and corporate office leases. These leases have remaining lease terms of approximately 0.9 years to 48.2 years. Certain ground leases contain options to extend the leases for ten years to 20 years, all of which are reasonably certain to be exercised, and are included in the computation of the Company’s right-of-use assets and operating lease liabilities. The following table summarizes supplemental information related to operating lease right-of-use assets and operating lease liabilities recognized in the Company’s Consolidated Balance Sheets as of June 30, 2022 and December 31, 2021. Operating Lease Term and Discount Rate June 30, 2022 December 31, 2021 Weighted average remaining lease term (years) 31.0 29.0 Weighted average discount rate 6.7 % 6.6 % The following table summarizes the operating lease cost included in the Company’s Consolidated Statements of Operations for the three and six months ended June 30, 2022 and 2021. Three months ended June 30, Six months ended June 30, Operating Lease Cost (in thousands) 2022 2021 2022 2021 Operating lease cost included in property expense attributable to ground leases $ 605 $ 417 $ 1,138 $ 834 Operating lease cost included in general and administrative expense attributable to corporate office leases 436 429 873 858 Total operating lease cost $ 1,041 $ 846 $ 2,011 $ 1,692 The following table summarizes supplemental cash flow information related to operating leases in the Company’s Consolidated Statements of Cash Flows for the six months ended June 30, 2022 and 2021. Six months ended June 30, Operating Leases (in thousands) 2022 2021 Cash paid for amounts included in the measurement of lease liabilities (operating cash flows) $ 1,850 $ 952 The following table summarizes the maturity of operating lease liabilities under the Company’s ground leases and corporate office leases as of June 30, 2022. Year Maturity of Operating Lease Liabilities (1) (in thousands) Remainder of 2022 $ 1,934 2023 3,875 2024 3,914 2025 3,959 2026 2,993 Thereafter 83,985 Total lease payments 100,660 Less: Imputed interest (64,766) Present value of operating lease liabilities $ 35,894 (1) Operating lease liabilities do not include estimates of CPI rent changes required by certain ground lease agreements. Therefore, actual payments may differ from those presented.
Leases	Leases Lessor Leases The Company has operating leases in which it is the lessor for its rental property. Certain leases contain variable lease payments based upon changes in the Consumer Price Index (“CPI”). Billings for real estate taxes and other expenses are also considered to be variable lease payments. Certain leases contain options to renew or terminate the lease, and options for the lessee to purchase the rental property, all of which are predominately at the sole discretion of the lessee. The following table summarizes the components of rental income included in the accompanying Consolidated Statements of Operations for the three and six months ended June 30, 2022 and 2021. Three months ended June 30, Six months ended June 30, Rental Income (in thousands) 2022 2021 2022 2021 Fixed lease payments $ 124,593 $ 103,778 $ 244,833 $ 204,957 Variable lease payments 32,714 29,639 66,492 58,883 Straight-line rental income 3,728 4,718 8,232 9,600 Net increase (decrease) to rental income related to above and below market lease amortization 22 (330) 101 (1,810) Total rental income $ 161,057 $ 137,805 $ 319,658 $ 271,630 The Company evaluates its operating leases to determine if it is probable it will collect substantially all of the lessee’s remaining lease payments under the lease term. For those that are not probable of collection, the Company converts to the cash basis of accounting. If the Company subsequently determines that it is probable it will collect substantially all of the lessee’s remaining lease payments under the lease term, the Company will reinstate the accrued rent balance adjusting for the amount related to the period when the lease was accounted for on a cash basis. As of June 30, 2022 and December 31, 2021, the Company had accrued rental income of approximately $84.0 million and $75.8 million, respectively, included in tenant accounts receivable on the accompanying Consolidated Balance Sheets. As of June 30, 2022 and December 31, 2021, the Company had approximately $30.7 million and $32.9 million, respectively, of total lease security deposits available in the form of existing letters of credit, which are not reflected on the accompanying Consolidated Balance Sheets. As of June 30, 2022 and December 31, 2021, the Company had approximately $0.7 million and $0.7 million, respectively, of lease security deposits available in cash, which are included in restricted cash on the accompanying Consolidated Balance Sheets. The Company’s remaining lease security deposits are commingled in cash and cash equivalents. These funds may be used to settle tenant accounts receivables in the event of a default under the related lease. As of June 30, 2022 and December 31, 2021, the Company’s total liability associated with these lease security deposits was approximately $17.1 million and $15.2 million, respectively, which is included in tenant prepaid rent and security deposits on the accompanying Consolidated Balance Sheets. The Company estimates that billings for real estate taxes, which are the responsibility of certain tenants under the terms of their leases and are not reflected on the Company’s consolidated financial statements, was approximately $5.6 million, $11.0 million $5.3 million and $10.4 million for the three and six months ended June 30, 2022 and 2021, respectively. These amounts would have been the maximum real estate tax expense of the Company, excluding any penalties or interest, had the tenants not met their contractual obligations for these periods. The following table summarizes the maturity of fixed lease payments under the Company’s leases as of June 30, 2022. Year Maturity of Fixed Lease Payments (in thousands) Remainder of 2022 $ 252,326 2023 $ 492,202 2024 $ 443,585 2025 $ 384,636 2026 $ 318,421 Thereafter $ 1,057,107 Lessee Leases The Company has operating leases in which it is the lessee for its ground leases and corporate office leases. These leases have remaining lease terms of approximately 0.9 years to 48.2 years. Certain ground leases contain options to extend the leases for ten years to 20 years, all of which are reasonably certain to be exercised, and are included in the computation of the Company’s right-of-use assets and operating lease liabilities. The following table summarizes supplemental information related to operating lease right-of-use assets and operating lease liabilities recognized in the Company’s Consolidated Balance Sheets as of June 30, 2022 and December 31, 2021. Operating Lease Term and Discount Rate June 30, 2022 December 31, 2021 Weighted average remaining lease term (years) 31.0 29.0 Weighted average discount rate 6.7 % 6.6 % The following table summarizes the operating lease cost included in the Company’s Consolidated Statements of Operations for the three and six months ended June 30, 2022 and 2021. Three months ended June 30, Six months ended June 30, Operating Lease Cost (in thousands) 2022 2021 2022 2021 Operating lease cost included in property expense attributable to ground leases $ 605 $ 417 $ 1,138 $ 834 Operating lease cost included in general and administrative expense attributable to corporate office leases 436 429 873 858 Total operating lease cost $ 1,041 $ 846 $ 2,011 $ 1,692 The following table summarizes supplemental cash flow information related to operating leases in the Company’s Consolidated Statements of Cash Flows for the six months ended June 30, 2022 and 2021. Six months ended June 30, Operating Leases (in thousands) 2022 2021 Cash paid for amounts included in the measurement of lease liabilities (operating cash flows) $ 1,850 $ 952 The following table summarizes the maturity of operating lease liabilities under the Company’s ground leases and corporate office leases as of June 30, 2022. Year Maturity of Operating Lease Liabilities (1) (in thousands) Remainder of 2022 $ 1,934 2023 3,875 2024 3,914 2025 3,959 2026 2,993 Thereafter 83,985 Total lease payments 100,660 Less: Imputed interest (64,766) Present value of operating lease liabilities $ 35,894 (1) Operating lease liabilities do not include estimates of CPI rent changes required by certain ground lease agreements. Therefore, actual payments may differ from those presented.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per ShareDuring the three and six months ended June 30, 2022 and 2021, there were 162,891, 164,068, 202,171 and 200,501 unvested restricted shares of common stock (on a weighted average basis), respectively, that were considered participating securities for the purposes of computing earnings per share. The following table reconciles the numerators and denominators in the computation of basic and diluted earnings per share of common stock for the three and six months ended June 30, 2022 and 2021. Three months ended June 30, Six months ended June 30, Earnings Per Share (in thousands, except per share data) 2022 2021 2022 2021 Numerator Net income attributable to common stockholders $ 32,317 $ 32,576 $ 85,081 $ 53,507 Denominator Weighted average common shares outstanding — basic 179,049 159,736 178,442 159,086 Effect of dilutive securities (1) Share-based compensation 95 584 144 467 Shares issuable under forward sales agreements — 1,047 — 696 Weighted average common shares outstanding — diluted 179,144 161,367 178,586 160,249 Net income per share — basic and diluted Net income per share attributable to common stockholders — basic $ 0.18 $ 0.20 $ 0.48 $ 0.34 Net income per share attributable to common stockholders — diluted $ 0.18 $ 0.20 $ 0.48 $ 0.33

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and ContingenciesThe Company is subject to various legal proceedings and claims that arise in the ordinary course of business. These matters are generally covered by insurance subject to deductible requirements. Management believes that the ultimate settlement of these actions will not have a material adverse effect on the Company’s financial position, results of operations, or cash flows.The Company has letters of credit of approximately $3.6 million as of June 30, 2022 related to construction projects and certain other agreements.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The following non-recognized subsequent events were noted. On July 26, 2022, the Company entered into an amended and restated credit agreement for the unsecured credit facility (the “July 2022 Credit Agreement”), which provided for an increase in the aggregate commitments available for borrowing under the unsecured credit facility from $750.0 million to up to $1.0 billion. The July 2022 Credit Agreement also provided for the replacement of one-month LIBOR for one-month Secured Overnight Financing Rate (“SOFR”), plus a 0.10% adjustment. Other than the increase in the borrowing commitments and the interest rate provisions described above, the material terms of the unsecured credit facility remain unchanged. On July 26, 2022, the Company entered into separate loan agreements for (i) a new $187.5 million unsecured term loan with Bank of America, N.A. and the other lenders party thereto (“Unsecured Term Loan H”), and (i) a new $187.5 million unsecured term loan with Wells Fargo Bank, National Association, and the other lenders party thereto (“Unsecured Term Loan I”). In connection with the new unsecured term loans, the $150.0 million Unsecured Term Loan D and the $175.0 million Unsecured Term Loan E were repaid in full. Each of the Unsecured Term Loan H and the Unsecured Term Loan I bears a current annual interest rate of one-month SOFR, plus a 0.10% adjustment and a spread of 0.85% based on the Company’s debt rating and leverage ratio (as defined in the loan agreement), and matures on January 25, 2028. On July 27, 2022, the Company entered into seven interest rate swaps with a total notional amount of $375.0 million that fix SOFR at 2.579% on the new unsecured term loans. The new interest rate swap with a notional amount of $50.0 million is effective on July 27, 2022 and matures on January 25, 2028. The remaining interest rate swaps become effective on January 4, 2023 and January 12, 2024 upon the maturity of the interest rate swaps previously designated to the Unsecured Term Loan D and Unsecured Term Loan E, respectively, and mature on January 25, 2028.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Quarterly Financial Information	Interim Financial Information The accompanying interim financial statements have been presented in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and with the instructions to Form 10-Q and Regulation S-X for interim financial information. Accordingly, these statements do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, the accompanying interim financial statements include all adjustments, consisting of normal recurring items, necessary for their fair statement in conformity with GAAP. Interim results are not necessarily indicative of results for a full year. The year-end consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the Company’s consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021.
Basis of Presentation	Basis of Presentation The Company’s consolidated financial statements include the accounts of the Company, the Operating Partnership, and their consolidated subsidiaries. Interests in the Operating Partnership not owned by the Company are referred to as “Noncontrolling Common Units.” These Noncontrolling Common Units are held by other limited partners in the form of common units (“Other Common Units”) and long term incentive plan units (“LTIP units”) issued pursuant to the STAG Industrial, Inc. 2011 Equity Incentive Plan, as amended and restated (the “2011 Plan”). All significant intercompany balances and transactions have been

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Cash, Cash Equivalents and Restricted Cash (Tables)	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Schedule of Cash, Cash Equivalents and Restricted Cash	The following table presents a reconciliation of cash and cash equivalents and restricted cash reported on the accompanying Consolidated Balance Sheets to amounts reported on the accompanying Consolidated Statements of Cash Flows. Reconciliation of cash and cash equivalents and restricted cash (in thousands) June 30, 2022 December 31, 2021 Cash and cash equivalents $ 12,614 $ 18,981 Restricted cash 3,233 4,215 Total cash and cash equivalents and restricted cash $ 15,847 $ 23,196

Rental Property (Tables)

Rental Property (Tables)	6 Months Ended
	Jun. 30, 2022
Real Estate [Abstract]
Schedule of Real Estate Properties	The following table summarizes the components of rental property as of June 30, 2022 and December 31, 2021. Rental Property (in thousands) June 30, 2022 December 31, 2021 Land $ 636,274 $ 617,297 Buildings, net of accumulated depreciation of $455,845 and $406,670, respectively 4,180,194 4,035,210 Tenant improvements, net of accumulated depreciation of $29,256 and $26,065, respectively 43,072 43,999 Building and land improvements, net of accumulated depreciation of $196,994 and $179,132, respectively 328,971 320,041 Construction in progress 58,577 36,493 Deferred leasing intangibles, net of accumulated amortization of $311,916 and $282,038, respectively 551,061 567,658 Total rental property, net $ 5,798,149 $ 5,620,698
Asset Acquisition	The following table summarizes the acquisitions of the Company during the three and six months ended June 30, 2022. The Company accounted for all of its acquisitions as asset acquisitions. Market (1) Date Acquired Square Feet Number of Buildings Purchase Price Kansas City, MO January 6, 2022 702,000 1 $ 60,428 Chicago, IL January 31, 2022 72,499 1 8,128 Columbus, OH February 8, 2022 138,213 1 11,492 Cleveland, OH February 8, 2022 136,800 1 13,001 Nashville, TN March 10, 2022 109,807 1 12,810 Greenville/Spartanburg, SC March 10, 2022 289,103 1 28,274 Memphis, TN March 18, 2022 195,622 1 15,828 Greenville/Spartanburg, SC March 18, 2022 155,717 1 16,390 Three months ended March 31, 2022 1,799,761 8 $ 166,351 Atlanta, GA April 1, 2022 210,858 1 21,119 Minneapolis/St. Paul, MN April 4, 2022 160,000 1 13,472 West Michigan, MI April 14, 2022 211,125 2 12,274 Pittsburgh, PA April 19, 2022 400,000 1 50,178 Greenville/Spartanburg, SC (2) April 22, 2022 — — 5,559 Birmingham, AL May 5, 2022 67,168 1 7,871 South Bay/San Jose, CA June 7, 2022 175,325 1 29,630 Washington, DC June 29, 2022 140,555 1 20,257 Hampton Roads, VA June 29, 2022 102,512 1 10,561 Three months ended June 30, 2022 1,467,543 9 $ 170,921 Six months ended June 30, 2022 3,267,304 17 $ 337,272 (1) As defined by CoStar Realty Information Inc (“CoStar”). If the building is located outside of a CoStar defined market, the city and state is reflected.
Summary of allocation of the consideration paid for the acquired assets and liabilities in connection with the acquisition of buildings at the date of acquisition	The following table summarizes the allocation of the total purchase price paid (on the closing dates) for the assets and liabilities acquired by the Company during the six months ended June 30, 2022 in connection with the acquisitions identified in the table above. Six months ended June 30, 2022 Acquired Assets and Liabilities Purchase Price (in thousands) Weighted Average Amortization Period (years) of Intangibles at Acquisition Land $ 26,720 N/A Buildings 252,487 N/A Tenant improvements 1,779 N/A Building and land improvements 13,401 N/A Other assets 2,134 N/A Operating lease right-of-use assets 3,541 N/A Deferred leasing intangibles - In-place leases 28,559 8.2 Deferred leasing intangibles - Tenant relationships 15,125 11.3 Deferred leasing intangibles - Above market leases 2,438 11.7 Deferred leasing intangibles - Below market leases (5,371) 8.0 Operating lease liabilities (3,541) N/A Total purchase price $ 337,272
Schedule of pro forma information for acquired properties	The following table summarizes the results of operations for the three and six months ended June 30, 2022 for the buildings acquired during the six months ended June 30, 2022, which are included in the Company’s Consolidated Statements of Operations from the date of acquisition. Results of Operations (in thousands) Three months ended June 30, 2022 Six months ended June 30, 2022 Total revenue $ 4,054 $ 5,305 Net income $ 265 $ 151
Schedule of Finite-Lived Intangible Assets and Below Market Leases	The following table summarizes the deferred leasing intangibles on the accompanying Consolidated Balance Sheets as of June 30, 2022 and December 31, 2021. June 30, 2022 December 31, 2021 Deferred Leasing Intangibles (in thousands) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Above market leases $ 88,114 $ (32,834) $ 55,280 $ 91,565 $ (32,110) $ 59,455 Other intangible lease assets 774,863 (279,082) 495,781 758,131 (249,928) 508,203 Total deferred leasing intangible assets $ 862,977 $ (311,916) $ 551,061 $ 849,696 $ (282,038) $ 567,658 Below market leases $ 60,150 $ (24,066) $ 36,084 $ 56,857 $ (21,136) $ 35,721 Total deferred leasing intangible liabilities $ 60,150 $ (24,066) $ 36,084 $ 56,857 $ (21,136) $ 35,721 The following table summarizes the amortization expense and the net increase (decrease) to rental income for the amortization of deferred leasing intangibles during the three and six months ended June 30, 2022 and 2021. Three months ended June 30, Six months ended June 30, Deferred Leasing Intangibles Amortization (in thousands) 2022 2021 2022 2021 Net increase (decrease) to rental income related to above and below market lease amortization $ 22 $ (330) $ 101 $ (1,810) Amortization expense related to other intangible lease assets $ 24,705 $ 21,422 $ 48,782 $ 43,869
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	The following table summarizes the amortization of deferred leasing intangibles over the next five calendar years (including the remainder of 2022) as of June 30, 2022. Year Amortization Expense Related to Other Intangible Lease Assets (in thousands) Net Increase (Decrease) to Rental Income Related to Above and Below Market Lease Amortization (in thousands) Remainder of 2022 $ 46,432 $ 74 2023 $ 83,154 $ (58) 2024 $ 72,189 $ (695) 2025 $ 63,028 $ (529) 2026 $ 54,085 $ (1,213)
Below Market Lease, Future Amortization Income	The following table summarizes the amortization of deferred leasing intangibles over the next five calendar years (including the remainder of 2022) as of June 30, 2022. Year Amortization Expense Related to Other Intangible Lease Assets (in thousands) Net Increase (Decrease) to Rental Income Related to Above and Below Market Lease Amortization (in thousands) Remainder of 2022 $ 46,432 $ 74 2023 $ 83,154 $ (58) 2024 $ 72,189 $ (695) 2025 $ 63,028 $ (529) 2026 $ 54,085 $ (1,213)

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
Summary of the mortgage notes payable, unsecured term loans and credit facility	The following table summarizes the Company’s outstanding indebtedness, including borrowings under the Company’s unsecured credit facility, unsecured term loans, unsecured notes, and mortgage notes as of June 30, 2022 and December 31, 2021. Loan Principal Outstanding as of June 30, 2022 (in thousands) Principal Outstanding as of December 31, 2021 (in thousands) Interest Rate (1)(2) Maturity Date Prepayment Terms (3) Unsecured credit facility: Unsecured Credit Facility (4)(5) $ 116,000 $ 296,000 L + 0.775% October 23, 2026 i Total unsecured credit facility 116,000 296,000 Unsecured term loans: Unsecured Term Loan D (6) 150,000 150,000 2.85 % January 4, 2023 i Unsecured Term Loan E (6) 175,000 175,000 3.77 % January 15, 2024 i Unsecured Term Loan F 200,000 200,000 2.96 % January 12, 2025 i Unsecured Term Loan G 300,000 300,000 1.13 % February 5, 2026 i Unsecured Term Loan A 150,000 150,000 2.15 % March 15, 2027 i Total unsecured term loans 975,000 975,000 Total unamortized deferred financing fees and debt issuance costs (3,728) (4,423) Total carrying value unsecured term loans, net 971,272 970,577 Unsecured notes: Series F Unsecured Notes 100,000 100,000 3.98 % January 5, 2023 ii Series A Unsecured Notes 50,000 50,000 4.98 % October 1, 2024 ii Series D Unsecured Notes 100,000 100,000 4.32 % February 20, 2025 ii Series G Unsecured Notes 75,000 75,000 4.10 % June 13, 2025 ii Series B Unsecured Notes 50,000 50,000 4.98 % July 1, 2026 ii Series C Unsecured Notes 80,000 80,000 4.42 % December 30, 2026 ii Series E Unsecured Notes 20,000 20,000 4.42 % February 20, 2027 ii Series H Unsecured Notes 100,000 100,000 4.27 % June 13, 2028 ii Series I Unsecured Notes 275,000 275,000 2.80 % September 29, 2031 ii Series K Unsecured Notes 400,000 — 4.12 % June 28, 2032 ii Series J Unsecured Notes 50,000 50,000 2.95 % September 28, 2033 ii Total unsecured notes 1,300,000 900,000 Total unamortized deferred financing fees and debt issuance costs (4,936) (3,059) Total carrying value unsecured notes, net 1,295,064 896,941 Mortgage notes (secured debt): Wells Fargo Bank, National Association CMBS Loan 45,603 46,610 4.31 % December 1, 2022 iii Thrivent Financial for Lutherans 3,363 3,430 4.78 % December 15, 2023 iv United of Omaha Life Insurance Company 4,844 4,943 3.71 % October 1, 2039 ii Total mortgage notes 53,810 54,983 Net unamortized fair market value discount (136) (136) Total unamortized deferred financing fees and debt issuance costs (39) (103) Total carrying value mortgage notes, net 53,635 54,744 Total / weighted average interest rate (7) $ 2,435,971 $ 2,218,262 3.25 % (1) Interest rate as of June 30, 2022. At June 30, 2022, the one-month LIBOR (“L”) was 1.78671%. The current interest rate is not adjusted to include the amortization of deferred financing fees or debt issuance costs incurred in obtaining debt or any unamortized fair market value premiums. The spread over the applicable rate for the Company’s unsecured credit facility and unsecured term loans is based on the Company’s debt rating and leverage ratio, as defined in the respective loan agreements. (2) The unsecured term loans have a stated interest rate of one-month LIBOR plus a spread of 0.85%, with the exception of Unsecured Term Loan D which has a stated interest rate of one-month LIBOR plus a spread of 1.0%. As of June 30, 2022, one-month LIBOR for the Unsecured Term Loans A, D, E, F, and G was swapped to a fixed rate of 1.30%, 1.85%, 2.92%, 2.11%, and 0.28%, respectively. One-month LIBOR for the Unsecured Term Loan G will be swapped to a fixed rate of 0.94% effective April 18, 2023. (3) Prepayment terms consist of (i) pre-payable with no penalty; (ii) pre-payable with penalty; (iii) pre-payable without penalty three months prior to the maturity date, subject to defeasance; and (iv) pre-payable without penalty three months prior to the maturity date. (4) The capacity of the unsecured credit facility is $750.0 million. Deferred financing fees and debt issuance costs, net of accumulated amortization related to the unsecured credit facility of approximately $4.6 million and $5.2 million are included in prepaid expenses and other assets on the accompanying Consolidated Balance Sheets as of June 30, 2022 and December 31, 2021, respectively. The initial maturity date is October 24, 2025, or such later date which may be extended pursuant to two six-month extension options exercisable by the Company in its discretion upon advance written notice. Exercise of each six-month option is subject to the following conditions: (i) absence of a default immediately before the extension and immediately after giving effect to the extension; (ii) accuracy of representations and warranties as of the extension date (both immediately before and after the extension), as if made on the extension date; and (iii) payment of a fee. Neither extension option is subject to lender consent, assuming proper notice and satisfaction of the conditions. (5) Subsequent to June 30, 2022, on July 26, 2022, the Company entered into an amended and restated credit agreement for the unsecured credit facility. Refer to Note 12 for additional details. (6) Subsequent to June 30, 2022, the Unsecured Term Loan D and the Unsecured Term Loan E were repaid in full in connection with the Company's new unsecured term loan agreements entered into on July 26, 2022. Refer to Note 12 for additional details. (7) The weighted average interest rate was calculated using the fixed interest rate swapped on the notional amount of $975.0 million of debt, and is not adjusted to include the amortization of deferred financing fees or debt issuance costs incurred in obtaining debt or any unamortized fair market value premiums or discounts.
Interest Income and Interest Expense Disclosure [Table Text Block]	The following table summarizes the costs included in interest expense related to the Company’s debt arrangements on the accompanying Consolidated Statement of Operations for the three and six months ended June 30, 2022 and 2021. Three months ended June 30, Six months ended June 30, Costs Included in Interest Expense (in thousands) 2022 2021 2022 2021 Amortization of deferred financing fees and debt issuance costs and fair market value premiums/discounts $ 880 $ 789 $ 1,744 $ 1,276 Facility, unused, and other fees $ 345 $ 440 $ 686 $ 826
Schedule of aggregate carrying value of the debt and the corresponding estimate of fair value	The following table summarizes the aggregate principal amount outstanding under the Company’s debt arrangements and the corresponding estimate of fair value as of June 30, 2022 and December 31, 2021. June 30, 2022 December 31, 2021 Indebtedness (in thousands) Principal Outstanding Fair Value Principal Outstanding Fair Value Unsecured credit facility $ 116,000 $ 116,000 $ 296,000 $ 296,000 Unsecured term loans 975,000 975,112 975,000 975,224 Unsecured notes 1,300,000 1,200,811 900,000 937,183 Mortgage notes 53,810 53,163 54,983 56,323 Total principal amount 2,444,810 $ 2,345,086 2,225,983 $ 2,264,730 Net unamortized fair market value discount (136) (136) Total unamortized deferred financing fees and debt issuance costs (8,703) (7,585) Total carrying value $ 2,435,971 $ 2,218,262

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments [Table Text Block]	The following table summarizes the Company’s outstanding interest rate swaps as of June 30, 2022. All of the Company’s interest rate swaps are designated as qualifying cash flow hedges. Interest Rate Derivative Counterparty Trade Date Effective Date Notional Amount Fair Value Pay Fixed Interest Rate Receive Variable Interest Rate Maturity Date The Toronto-Dominion Bank Jul-20-2017 Oct-30-2017 $ 25,000 $ 108 1.8485 % One-month L Jan-04-2023 Royal Bank of Canada Jul-20-2017 Oct-30-2017 $ 25,000 $ 107 1.8505 % One-month L Jan-04-2023 Wells Fargo Bank, N.A. Jul-20-2017 Oct-30-2017 $ 25,000 $ 107 1.8505 % One-month L Jan-04-2023 PNC Bank, N.A. Jul-20-2017 Oct-30-2017 $ 25,000 $ 108 1.8485 % One-month L Jan-04-2023 PNC Bank, N.A. Jul-20-2017 Oct-30-2017 $ 50,000 $ 216 1.8475 % One-month L Jan-04-2023 The Toronto-Dominion Bank Apr-20-2020 Sep-29-2020 $ 75,000 $ 1,633 0.2750 % One-month L Apr-18-2023 Wells Fargo Bank, N.A. Apr-20-2020 Sep-29-2020 $ 75,000 $ 1,627 0.2790 % One-month L Apr-18-2023 The Toronto-Dominion Bank Apr-20-2020 Mar-19-2021 $ 75,000 $ 1,633 0.2750 % One-month L Apr-18-2023 Wells Fargo Bank, N.A. Apr-20-2020 Mar-19-2021 $ 75,000 $ 1,626 0.2800 % One-month L Apr-18-2023 The Toronto-Dominion Bank Jul-24-2018 Jul-26-2019 $ 50,000 $ 171 2.9180 % One-month L Jan-12-2024 PNC Bank, N.A. Jul-24-2018 Jul-26-2019 $ 50,000 $ 170 2.9190 % One-month L Jan-12-2024 Bank of Montreal Jul-24-2018 Jul-26-2019 $ 50,000 $ 170 2.9190 % One-month L Jan-12-2024 U.S. Bank, N.A. Jul-24-2018 Jul-26-2019 $ 25,000 $ 85 2.9190 % One-month L Jan-12-2024 Wells Fargo Bank, N.A. May-02-2019 Jul-15-2020 $ 50,000 $ 930 2.2460 % One-month L Jan-15-2025 U.S. Bank, N.A. May-02-2019 Jul-15-2020 $ 50,000 $ 936 2.2459 % One-month L Jan-15-2025 Regions Bank May-02-2019 Jul-15-2020 $ 50,000 $ 933 2.2459 % One-month L Jan-15-2025 Bank of Montreal Jul-16-2019 Jul-15-2020 $ 50,000 $ 1,590 1.7165 % One-month L Jan-15-2025 U.S. Bank, N.A. Feb-17-2021 Apr-18-2023 $ 150,000 $ 7,690 0.9385 % One-month L Feb-5-2026 Wells Fargo Bank, N.A. Feb-17-2021 Apr-18-2023 $ 75,000 $ 3,818 0.9365 % One-month L Feb-5-2026 The Toronto-Dominion Bank Feb-17-2021 Apr-18-2023 $ 75,000 $ 3,861 0.9360 % One-month L Feb-5-2026 Regions Bank Oct-26-2021 Apr-01-2022 $ 50,000 $ 3,446 1.3045 % One-month L Mar-15-2027 Bank of Montreal Oct-26-2021 Apr-01-2022 $ 50,000 $ 3,472 1.3045 % One-month L Mar-15-2027 PNC Bank, N.A. Oct-26-2021 Apr-01-2022 $ 50,000 $ 3,462 1.3045 % One-month L Mar-15-2027
Schedule of interest rate swaps	The following table summarizes the fair value of the interest rate swaps outstanding as of June 30, 2022 and December 31, 2021. Balance Sheet Line Item (in thousands) Notional Amount June 30, 2022 Fair Value June 30, 2022 Notional Amount December 31, 2021 Fair Value December 31, 2021 Interest rate swaps-Asset $ 1,275,000 $ 37,899 $ 600,000 $ 5,220 Interest rate swaps-Liability $ — $ — $ 825,000 $ (17,052)
Schedule of the location in the financial statements of the gain or loss recognized on interest rate swaps	The following table summarizes the effect of cash flow hedge accounting and the location of amounts related to Company’s derivatives in the consolidated financial statements for the three and six months ended June 30, 2022 and 2021. Three months ended June 30, Six months ended June 30, Effect of Cash Flow Hedge Accounting (in thousands) 2022 2021 2022 2021 Income (loss) recognized in accumulated other comprehensive income (loss) on interest rate swaps $ 10,628 $ (2,501) $ 44,134 $ 5,249 Loss reclassified from accumulated other comprehensive income (loss) into income as interest expense $ 1,881 $ 3,933 $ 5,612 $ 8,333 Total interest expense presented in the Consolidated Statements of Operations in which the effects of cash flow hedges are recorded $ 17,896 $ 15,273 $ 35,155 $ 30,631
Schedule of financial instruments accounted for at fair value on a recurring basis	The following table summarizes the Company’s financial instruments that were recorded at fair value on a recurring basis as of June 30, 2022 and December 31, 2021. Fair Value Measurements as of June 30, 2022 Using Balance Sheet Line Item (in thousands) Fair Value June 30, 2022 Level 1 Level 2 Level 3 Interest rate swaps-Asset $ 37,899 $ — $ 37,899 $ — Interest rate swaps-Liability $ — $ — $ — $ — Fair Value Measurements as of December 31, 2021 Using Balance Sheet Line Item (in thousands) Fair Value December 31, 2021 Level 1 Level 2 Level 3 Interest rate swaps-Asset $ 5,220 $ — $ 5,220 $ — Interest rate swaps-Liability $ (17,052) $ — $ (17,052) $ —

Equity (Tables)

Equity (Tables)	6 Months Ended
	Jun. 30, 2022
Stockholders' Equity Note [Abstract]
Dividends Declared [Table Text Block]	The following table summarizes the dividends declared on the Company’s outstanding shares of preferred stock during the year ended December 31, 2021. Quarter Ended 2021 Declaration Date Series C Payment Date March 31 January 11, 2021 $ 0.4296875 March 31, 2021 Total $ 0.4296875
Schedule of stock sale activity	The following table summarizes the terms of the Company’s at-the market (“ATM”) common stock offering program as of June 30, 2022. ATM Common Stock Offering Program Date Maximum Aggregate Offering Price (in thousands) Aggregate Available as of June 30, 2022 (in thousands) 2022 $750 million ATM February 17, 2022 $ 750,000 $ 750,000 The following tables summarize the activity under the ATM common stock offering program during the six months ended June 30, 2022 and year ended December 31, 2021. Six months ended June 30, 2022 ATM Common Stock Offering Program Shares Weighted Average Price Per Share Net Proceeds (in thousands) 2019 $600 million ATM (1) 128,335 $ 45.03 $ 5,721 Total/weighted average 128,335 $ 45.03 $ 5,721 (1) This program ended before March 31, 2022. Year ended December 31, 2021 ATM Common Stock Offering Program (1) Shares Weighted Average Price Per Share Net Proceeds (in thousands) 2019 $600 million ATM (2) 5,110,002 $ 37.53 $ 189,974 Total/weighted average 5,110,002 $ 37.53 $ 189,974 (1) Excludes shares of common stock sold under the ATM common stock offering program on a forward basis or issued upon physical settlement of the related forward sale agreements during the period. (2) This program ended before March 31, 2022.
Common Stock Dividends Declared [Table Text Block]	The following tables summarize the dividends declared on the Company’s outstanding shares of common stock during the six months ended June 30, 2022 and the year ended December 31, 2021. Month Ended 2022 Declaration Date Record Date Per Share Payment Date June 30 April 14, 2022 June 30, 2022 $ 0.121667 July 15, 2022 May 31 April 14, 2022 May 31, 2022 0.121667 June 15, 2022 April 30 April 14, 2022 April 29, 2022 0.121667 May 16, 2022 March 31 January 10, 2022 March 31, 2022 0.121667 April 18, 2022 February 28 January 10, 2022 February 28, 2022 0.121667 March 15, 2022 January 31 January 10, 2022 January 31, 2022 0.121667 February 15, 2022 Total $ 0.730002 Month Ended 2021 Declaration Date Record Date Per Share Payment Date December 31 October 13, 2021 December 31, 2021 $ 0.120833 January 18, 2022 November 30 October 13, 2021 November 30, 2021 0.120833 December 15, 2021 October 31 October 13, 2021 October 29, 2021 0.120833 November 15, 2021 September 30 July 13, 2021 September 30, 2021 0.120833 October 15, 2021 August 31 July 13, 2021 August 31, 2021 0.120833 September 15, 2021 July 31 July 13, 2021 July 30, 2021 0.120833 August 16, 2021 June 30 April 12, 2021 June 30, 2021 0.120833 July 15, 2021 May 31 April 12, 2021 May 28, 2021 0.120833 June 15, 2021 April 30 April 12, 2021 April 30, 2021 0.120833 May 17, 2021 March 31 January 11, 2021 March 31, 2021 0.120833 April 15, 2021 February 28 January 11, 2021 February 26, 2021 0.120833 March 15, 2021 January 31 January 11, 2021 January 29, 2021 0.120833 February 16, 2021 Total $ 1.449996
Schedule of activity related to unvested restricted stock awards	the six months ended June 30, 2022 and the year ended December 31, 2021. Unvested Restricted Shares of Common Stock Shares Weighted Average Grant Date Fair Value per Share Balance at December 31, 2020 184,890 $ 27.70 Granted 90,304 $ 29.77 Vested (79,140) (1) $ 27.01 Forfeited (10,339) $ 30.32 Balance at December 31, 2021 185,715 $ 28.86 Granted 58,580 $ 44.19 Vested (73,556) (1) $ 28.03 Forfeited (9,056) $ 35.06 Balance at June 30, 2022 161,683 $ 34.44 (1) The Company repurchased and retired 25,836 and 27,706 restricted shares of common stock that vested during the six months ended June 30, 2022 and the year ended December 31, 2021, respectively.
Schedule of vested restricted shares of common stock activity	The following table summarizes the fair value at vesting for the restricted shares of common stock that vested during the three and six months ended June 30, 2022 and 2021. Three months ended June 30, Six months ended June 30, Vested Restricted Shares of Common Stock 2022 2021 2022 2021 Vested restricted shares of common stock — — 73,556 72,788 Fair value of vested restricted shares of common stock (in thousands) $ — $ — $ 3,528 $ 2,280

Noncontrolling Interest (Tables

Noncontrolling Interest (Tables)	6 Months Ended
	Jun. 30, 2022
Noncontrolling Interest [Abstract]
Noncontrolling interest activity	The following table summarizes the activity for noncontrolling interest in the Company during the six months ended June 30, 2022 and the year ended December 31, 2021. Noncontrolling Interest LTIP Units Other Total Noncontrolling Interest Balance at December 31, 2020 1,692,423 1,592,815 3,285,238 2.0 % Granted/Issued 405,844 — 405,844 N/A Forfeited — — — N/A Conversions from LTIP units to Other Common Units (149,143) 149,143 — N/A Redemptions from Other Common Units to common stock — (171,318) (171,318) N/A Balance at December 31, 2021 1,949,124 1,570,640 3,519,764 1.9 % Granted/Issued 470,237 — 470,237 N/A Forfeited — — — N/A Conversions from LTIP units to Other Common Units (65,000) 65,000 — N/A Redemptions from Other Common Units to common stock — (65,000) (65,000) N/A Balance at June 30, 2022 2,354,361 1,570,640 3,925,001 2.1 %
Schedule of share-based payment award, LTIP unit awards, valuation assumptions	six months ended June 30, 2022 (excluding the LTIP units granted pursuant to the 2019 performance units discussed in Note 8 below). LTIP Units Assumptions Grant date January 10, 2022 Expected term (years) 10 Expected stock price volatility 34.0 % Expected dividend yield 4.0 % Risk-free interest rate 1.204 % Fair value of LTIP units at issuance (in thousands) $ 4,385 LTIP units at issuance 104,241 Fair value unit price per LTIP unit at issuance $ 42.07
Schedule of activity related to unvested LTIP unit awards	The following table summarizes activity related to the Company’s unvested LTIP units during the six months ended June 30, 2022 and the year ended December 31, 2021. Unvested LTIP Units LTIP Units Weighted Average Grant Date Fair Value per Unit Balance at December 31, 2020 211,448 $ 26.54 Granted 405,844 $ 28.13 Vested (427,184) $ 27.47 Forfeited — $ — Balance at December 31, 2021 190,108 $ 27.84 Granted 470,237 $ 42.07 Vested (444,675) $ 39.83 Forfeited — $ — Balance at June 30, 2022 215,670 $ 34.15
Schedule of vested LTIP unit award activity	The following table summarizes the fair value at vesting for the LTIP units that vested during the three and six months ended June 30, 2022 and 2021. Three months ended June 30, Six months ended June 30, Vested LTIP units 2022 2021 2022 2021 Vested LTIP units 30,327 45,335 444,675 228,821 Fair value of vested LTIP units (in thousands) $ 951 $ 1,686 $ 19,544 $ 7,369

Equity Incentive Plan (Tables)

Equity Incentive Plan (Tables)	6 Months Ended
	Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]
Schedule of share-based payment award, performance unit awards, valuation assumptions	The following table summarizes the assumptions used in valuing the performance units granted during the six months ended June 30, 2022. Performance Units Assumptions Grant date January 10, 2022 Expected stock price volatility 34.1 % Expected dividend yield 4.0 % Risk-free interest rate 1.1979 % Fair value of performance units grant (in thousands) $ 6,289
Summary of Equity Compensation Expense	The following table summarizes the amount recorded in general and administrative expenses in the accompanying Consolidated Statements of Operations for the amortization of restricted shares of common stock, LTIP units, performance units, and the Company’s director compensation for the three and six months ended June 30, 2022 and 2021. Three months ended June 30, Six months ended June 30, Non-Cash Compensation Expense (in thousands) 2022 2021 2022 2021 Restricted shares of common stock $ 565 $ 586 $ 1,113 $ 1,237 LTIP units 1,367 2,346 2,651 4,754 Performance units 1,364 1,484 2,660 2,922 Director compensation (1) 125 123 246 241 Total non-cash compensation expense $ 3,421 $ 4,539 $ 6,670 $ 9,154 (1) All of the Company’s independent directors elected to receive shares of common stock in lieu of cash for their service during the three and six months ended June 30, 2022 and 2021. The number of shares of common stock granted was calculated based on the trailing ten day average common stock price on the third business day preceding the grant date.

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2022
Leases [Abstract]
Operating Lease, Lease Income [Table Text Block]	The following table summarizes the components of rental income included in the accompanying Consolidated Statements of Operations for the three and six months ended June 30, 2022 and 2021. Three months ended June 30, Six months ended June 30, Rental Income (in thousands) 2022 2021 2022 2021 Fixed lease payments $ 124,593 $ 103,778 $ 244,833 $ 204,957 Variable lease payments 32,714 29,639 66,492 58,883 Straight-line rental income 3,728 4,718 8,232 9,600 Net increase (decrease) to rental income related to above and below market lease amortization 22 (330) 101 (1,810) Total rental income $ 161,057 $ 137,805 $ 319,658 $ 271,630
Lessor, Operating Lease, Payments to be Received, Maturity	The following table summarizes the maturity of fixed lease payments under the Company’s leases as of June 30, 2022. Year Maturity of Fixed Lease Payments (in thousands) Remainder of 2022 $ 252,326 2023 $ 492,202 2024 $ 443,585 2025 $ 384,636 2026 $ 318,421 Thereafter $ 1,057,107
Lease, Cost [Table Text Block]	The following table summarizes supplemental information related to operating lease right-of-use assets and operating lease liabilities recognized in the Company’s Consolidated Balance Sheets as of June 30, 2022 and December 31, 2021. Operating Lease Term and Discount Rate June 30, 2022 December 31, 2021 Weighted average remaining lease term (years) 31.0 29.0 Weighted average discount rate 6.7 % 6.6 % The following table summarizes the operating lease cost included in the Company’s Consolidated Statements of Operations for the three and six months ended June 30, 2022 and 2021. Three months ended June 30, Six months ended June 30, Operating Lease Cost (in thousands) 2022 2021 2022 2021 Operating lease cost included in property expense attributable to ground leases $ 605 $ 417 $ 1,138 $ 834 Operating lease cost included in general and administrative expense attributable to corporate office leases 436 429 873 858 Total operating lease cost $ 1,041 $ 846 $ 2,011 $ 1,692 The following table summarizes supplemental cash flow information related to operating leases in the Company’s Consolidated Statements of Cash Flows for the six months ended June 30, 2022 and 2021. Six months ended June 30, Operating Leases (in thousands) 2022 2021 Cash paid for amounts included in the measurement of lease liabilities (operating cash flows) $ 1,850 $ 952
Lessee, Operating Lease, Liability, Maturity [Table Text Block]	The following table summarizes the maturity of operating lease liabilities under the Company’s ground leases and corporate office leases as of June 30, 2022. Year Maturity of Operating Lease Liabilities (1) (in thousands) Remainder of 2022 $ 1,934 2023 3,875 2024 3,914 2025 3,959 2026 2,993 Thereafter 83,985 Total lease payments 100,660 Less: Imputed interest (64,766) Present value of operating lease liabilities $ 35,894 (1) Operating lease liabilities do not include estimates of CPI rent changes required by certain ground lease agreements. Therefore, actual payments may differ from those presented.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
Schedule of computation of basic and diluted earnings per common share	The following table reconciles the numerators and denominators in the computation of basic and diluted earnings per share of common stock for the three and six months ended June 30, 2022 and 2021. Three months ended June 30, Six months ended June 30, Earnings Per Share (in thousands, except per share data) 2022 2021 2022 2021 Numerator Net income attributable to common stockholders $ 32,317 $ 32,576 $ 85,081 $ 53,507 Denominator Weighted average common shares outstanding — basic 179,049 159,736 178,442 159,086 Effect of dilutive securities (1) Share-based compensation 95 584 144 467 Shares issuable under forward sales agreements — 1,047 — 696 Weighted average common shares outstanding — diluted 179,144 161,367 178,586 160,249 Net income per share — basic and diluted Net income per share attributable to common stockholders — basic $ 0.18 $ 0.20 $ 0.48 $ 0.34 Net income per share attributable to common stockholders — diluted $ 0.18 $ 0.20 $ 0.48 $ 0.33

Organization and Description _2

Organization and Description of Business (Details) ft² in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2022 ft² state building	Dec. 31, 2021
Real Estate Properties [Line Items]
Number of properties | building	559
Number of states in which the entity owned buildings | state	40
Area (in square feet) | ft²	111.5
STAG Industrial, Inc. [Member]
Real Estate Properties [Line Items]
Ownership interest in Operating Partnership (as a percent)	97.90%	98.10%

Organization and Description _3

Organization and Description of Business - COVID-19 Pandemic (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Rent Deferrals Granted	$ 0	$ 0	$ 0	$ 0

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Cash and cash equivalents	$ 12,614	$ 18,981
Restricted cash	3,233	4,215
Cash and cash equivalents and restricted cash—end of period	$ 15,847	$ 23,196	$ 18,515	$ 20,339

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Taxes (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Business Acquisition [Line Items]
Net income	$ 33,084,000	$ 33,383,000	$ 87,072,000	$ 58,731,000
State and local income, excise and franchise taxes	400,000	400,000	900,000	800,000
State and local income, excise and franchise taxes	400,000	400,000	900,000	800,000
Liabilities for uncertain tax positions	0		0		$ 0
Real Estate Investment Trust
Business Acquisition [Line Items]
Net income	$ 0	$ (4,000)	$ 100,000	$ (4,000)

Rental Property - Summary (Deta

Rental Property - Summary (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Property Subject to or Available for Operating Lease [Line Items]
Land	$ 636,274	$ 617,297
Buildings, net of accumulated depreciation of $455,845 and $406,670, respectively	4,180,194	4,035,210
Tenant improvements, net of accumulated depreciation of $29,256 and $26,065, respectively	43,072	43,999
Building and land improvements, net of accumulated depreciation of $196,994 and $179,132, respectively	328,971	320,041
Construction in progress	58,577	36,493
Deferred leasing intangibles, net of accumulated amortization of $311,916 and $282,038, respectively	551,061	567,658
Building and Improvements, accumulated depreciation	682,095	611,867
Deferred leasing intangible assets, accumulated amortization	311,916	282,038
Total rental property, net	5,798,149	5,620,698
Buildings, net of accumulated depreciation of $455,845 and $406,670, respectively
Property Subject to or Available for Operating Lease [Line Items]
Building and Improvements, accumulated depreciation	455,845	406,670
Tenant improvements, net of accumulated depreciation of $29,256 and $26,065, respectively
Property Subject to or Available for Operating Lease [Line Items]
Building and Improvements, accumulated depreciation	29,256	26,065
Building and land improvements, net of accumulated depreciation of $196,994 and $179,132, respectively
Property Subject to or Available for Operating Lease [Line Items]
Building and Improvements, accumulated depreciation	$ 196,994	$ 179,132

Rental Property - Acquisitions

Rental Property - Acquisitions (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022 USD ($) ft² buildings building	Mar. 31, 2022 USD ($) ft² buildings	Jun. 30, 2022 USD ($) ft² buildings building
Asset Acquisition [Line Items]
Area (in square feet)	111,500,000		111,500,000
Number of properties | building	559		559
Acquisitions Q2 2022
Asset Acquisition [Line Items]
Area (in square feet)	1,467,543		1,467,543
Number of properties | building	9		9
Business Combination, Consideration Transferred | $	$ 170,921
Acquisitions 2022
Asset Acquisition [Line Items]
Area (in square feet)	3,267,304		3,267,304
Number of properties | building	17		17
Business Combination, Consideration Transferred | $			$ 337,272
Acquistions Q1 2022
Asset Acquisition [Line Items]
Area (in square feet)		1,799,761
Number of properties | buildings		8
Asset Acquisition, Consideration Transferred | $		$ 166,351
Kansas City , MO, 1-06-2022
Asset Acquisition [Line Items]
Area (in square feet)		702,000
Number of properties | buildings		1
Asset Acquisition, Consideration Transferred | $		$ 60,428
Elmhurst, IL, 1-31-2022
Asset Acquisition [Line Items]
Area (in square feet)		72,499
Number of properties | buildings		1
Asset Acquisition, Consideration Transferred | $		$ 8,128
Columbus, IL, 2-08-2022
Asset Acquisition [Line Items]
Area (in square feet)		138,213
Number of properties | buildings		1
Asset Acquisition, Consideration Transferred | $		$ 11,492
Macedonia, OH, 2-08-2022
Asset Acquisition [Line Items]
Area (in square feet)		136,800
Number of properties | buildings		1
Asset Acquisition, Consideration Transferred | $		$ 13,001
Murfreesboro, TN, 3-10-2022
Asset Acquisition [Line Items]
Area (in square feet)		109,807
Number of properties | buildings		1
Asset Acquisition, Consideration Transferred | $		$ 12,810
Piedmont, SC, 3-10-2022 (1)
Asset Acquisition [Line Items]
Area (in square feet)		289,103
Number of properties | buildings		1
Asset Acquisition, Consideration Transferred | $		$ 28,274
Memphis, TN, 3-18-2022
Asset Acquisition [Line Items]
Area (in square feet)		195,622
Number of properties | buildings		1
Asset Acquisition, Consideration Transferred | $		$ 15,828
Piedmont, SC, 3-18-2022 (2)
Asset Acquisition [Line Items]
Area (in square feet)		155,717
Number of properties | buildings		1
Asset Acquisition, Consideration Transferred | $		$ 16,390
Atlanta, GA, 4-1-2022
Asset Acquisition [Line Items]
Area (in square feet)	210,858		210,858
Number of properties | buildings	1		1
Asset Acquisition, Consideration Transferred | $	$ 21,119
Minneapolis,/ St Paul, MN 4-4-2022
Asset Acquisition [Line Items]
Area (in square feet)	160,000		160,000
Number of properties | buildings	1		1
Asset Acquisition, Consideration Transferred | $	$ 13,472
West Michigan, MI, 4-14-2022
Asset Acquisition [Line Items]
Area (in square feet)	211,125		211,125
Number of properties | buildings	2		2
Asset Acquisition, Consideration Transferred | $	$ 12,274
Pittsburgh, PA, 4-19-2022
Asset Acquisition [Line Items]
Area (in square feet)	400,000		400,000
Number of properties | buildings	1		1
Asset Acquisition, Consideration Transferred | $	$ 50,178
Greenville/ Spartanburg, SC, 4-22-2022
Asset Acquisition [Line Items]
Area (in square feet)	0		0
Number of properties | buildings	0		0
Asset Acquisition, Consideration Transferred | $	$ 5,559
Birmingham, AL, 5-5-2022
Asset Acquisition [Line Items]
Area (in square feet)	67,168		67,168
Number of properties | buildings	1		1
Asset Acquisition, Consideration Transferred | $	$ 7,871
Hollister, CA, 6-7-2022
Asset Acquisition [Line Items]
Area (in square feet)	175,325		175,325
Number of properties | buildings	1		1
Asset Acquisition, Consideration Transferred | $	$ 29,630
Fredericksburg, VA, 6-29-2022
Asset Acquisition [Line Items]
Area (in square feet)	140,555		140,555
Number of properties | buildings	1		1
Asset Acquisition, Consideration Transferred | $	$ 20,257
Norfolk, VA, 6-29-2022
Asset Acquisition [Line Items]
Area (in square feet)	102,512		102,512
Number of properties | buildings	1		1
Asset Acquisition, Consideration Transferred | $	$ 10,561

Rental Property - Acquisition_2

Rental Property - Acquisitions - Allocation of Consideration (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Allocation of the consideration paid for the acquired assets and liabilities
Land	$ 26,720
Buildings	252,487
Tenant improvements	1,779
Operating lease right-of-use assets	32,237		$ 29,582
Operating lease liabilities	(35,894)		$ (33,108)
Building and land improvements	13,401
Other assets	2,134
Total purchase price	337,272
Assumption of mortgage notes	0	$ 5,103
Acquisitions 2022
Allocation of the consideration paid for the acquired assets and liabilities
Operating lease right-of-use assets	3,541
Operating lease liabilities	(3,541)
In-place leases
Allocation of the consideration paid for the acquired assets and liabilities
Deferred leasing intangibles	$ (28,559)
Weighted average amortization period of lease intangibles	8 years 2 months 12 days
Tenant relationships
Allocation of the consideration paid for the acquired assets and liabilities
Deferred leasing intangibles	$ (15,125)
Weighted average amortization period of lease intangibles	11 years 3 months 18 days
Above market leases
Allocation of the consideration paid for the acquired assets and liabilities
Deferred leasing intangibles	$ (2,438)
Weighted average amortization period of lease intangibles	11 years 8 months 12 days
Below market leases
Allocation of the consideration paid for the acquired assets and liabilities
Deferred leasing intangibles	$ 5,371
Weighted average amortization period of lease intangibles	8 years

Rental Property - Acquisition_3

Rental Property - Acquisitions - Results of Operations (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2022
Acquistions Q1 2022
Business Acquisition [Line Items]
Revenue	$ 4,054
Net income (loss)	$ 265
Acquisitions 2022
Business Acquisition [Line Items]
Revenue		$ 5,305
Net income (loss)		$ (151)

Rental Property - Disposals (De

Rental Property - Disposals (Details) ft² in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022 USD ($) ft² building landParcel	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) ft² building landParcel	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of buildings disposed | building	559		559
Area (in square feet) | ft²	111.5		111.5
Total rental property, net	$ 5,798,149,000		$ 5,798,149,000		$ 5,620,698,000
Land	$ 636,274,000		$ 636,274,000		$ 617,297,000
Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of buildings disposed | building	2		2
Area (in square feet) | ft²	0.3		0.3
Total rental property, net	$ 14,100,000		$ 14,100,000
Contribution to revenue	0	$ 400,000	200,000	$ 800,000
Disposal Group, Including Discontinued Operation, Operating Income (Loss)	$ (27,000)	$ 300,000	100,000	$ 500,000
Net proceeds from sales of rental property			38,400,000
Gain (Loss) on Sale			$ 24,300,000
Number of land parcels | landParcel	1		1

Rental Property - Held for Sale

Rental Property - Held for Sale (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022 USD ($) building	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) building	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Long Lived Assets Held-for-sale [Line Items]
Assets held for sale, net	$ 57,773		$ 57,773		$ 0
Number of properties | building	559		559
Leases, Deferred Intangible Assets, Net
Long Lived Assets Held-for-sale [Line Items]
Assets held for sale, net	$ 9,700		$ 9,700
Leases, Deferred Intangible Liabilities, Net
Long Lived Assets Held-for-sale [Line Items]
Assets held for sale, net	700		700
Building and Building Improvements [Member]
Long Lived Assets Held-for-sale [Line Items]
Assets held for sale, net	42,600		42,600
Land and Land Improvements
Long Lived Assets Held-for-sale [Line Items]
Assets held for sale, net	$ 5,500		$ 5,500
Disposal Group, Held-for-sale, Not Discontinued Operations [Member]
Long Lived Assets Held-for-sale [Line Items]
Number of properties | building	3		3
Contribution to revenue	$ 1,200	$ 1,700	$ 2,500	$ 3,500
Disposal Group, Including Discontinued Operation, Operating Income (Loss)	$ 400	$ 900	$ 700	$ 1,800

Rental Property - Deferred Leas

Rental Property - Deferred Leasing Intangibles (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Deferred leasing intangibles, gross	$ 862,977		$ 862,977		$ 849,696
Deferred leasing intangibles assets, accumulated amortization	(311,916)		(311,916)		(282,038)
Deferred leasing intangibles, net	551,061		551,061		567,658
Below market lease, gross	60,150		60,150		56,857
Below market lease, accumulated amortization	(24,066)		(24,066)		(21,136)
Below market lease, net	36,084		36,084		35,721
Net decrease to rental income related to above and below market lease amortization	22	$ (330)	101	$ (1,810)
Above market leases
Finite-Lived Intangible Assets [Line Items]
Deferred leasing intangibles, gross	88,114		88,114		91,565
Deferred leasing intangibles assets, accumulated amortization	(32,834)		(32,834)		(32,110)
Deferred leasing intangibles, net	55,280		55,280		59,455
Other intangible lease assets
Finite-Lived Intangible Assets [Line Items]
Deferred leasing intangibles, gross	774,863		774,863		758,131
Deferred leasing intangibles assets, accumulated amortization	(279,082)		(279,082)		(249,928)
Deferred leasing intangibles, net	495,781		495,781		$ 508,203
Amortization expense related to other intangible lease assets	24,705	$ 21,422	48,782	$ 43,869
Amortization Expense Related to Other Intangible Lease Assets (in thousands)
Remainder of 2022	46,432		46,432
2023	83,154		83,154
2024	72,189		72,189
2025	63,028		63,028
2026	54,085		54,085
Net decrease to rental income related to above and below market lease amortization
Net Increase (Decrease) to Rental Income Related to Above and Below Market Lease Amortization (in thousands)
Remainder of 2022	74		74
2023	(58)		(58)
2024	(695)		(695)
2025	(529)		(529)
2026	$ (1,213)		$ (1,213)

Debt - Summary (Details)

Debt - Summary (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($) extention	Apr. 18, 2023	Dec. 31, 2021 USD ($)
Debt Instrument [Line Items]
Long-term debt, gross	$ 2,444,810		$ 2,225,983
Unamortized debt issuance costs	(8,703)		(7,585)
Debt Instrument, Unamortized Discount (Premium), Net	(136)		(136)
Principal outstanding	$ 2,435,971		2,218,262
Weighted average interest rate	3.25%
Interest Rate Swaps
Debt Instrument [Line Items]
Derivative notional amount swapped	$ 975,000
London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Stated interest rate	1.78671%
Term Loan | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	0.85%
$150 Million Unsecured Term Loan D | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	1%
Unsecured Credit Facility
Debt Instrument [Line Items]
Principal outstanding	$ 116,000		296,000
Debt Instrument, Maturity Date	Oct. 23, 2026
Maximum borrowing capacity	$ 750,000
Number Of Extensions | extention	2
Debt Instrument Term Extension Period	6 months
Unsecured Credit Facility | Prepaid Expenses and Other Assets
Debt Instrument [Line Items]
Unamortized debt issuance costs	$ (4,600)		(5,200)
Unsecured Credit Facility | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	0.775%
Unsecured Term Loans
Debt Instrument [Line Items]
Long-term debt, gross	$ 975,000		975,000
Unamortized debt issuance costs	(3,728)		(4,423)
Principal outstanding	971,272		970,577
Unsecured Term Loans | $150 Million Wells Fargo Unsecured Term Loan A
Debt Instrument [Line Items]
Long-term debt, gross	$ 150,000		150,000
Interest rate, effective percentage	2.15%
Debt Instrument, Maturity Date	Mar. 15, 2027
Unsecured Term Loans | $150 Million Unsecured Term Loan D
Debt Instrument [Line Items]
Long-term debt, gross	$ 150,000		150,000
Interest rate, effective percentage	2.85%
Debt Instrument, Maturity Date	Jan. 04, 2023
Fixed Interest Rate (as a percent)	1.85%
Unsecured Term Loans | $175 Million Unsecured Term Loan E
Debt Instrument [Line Items]
Long-term debt, gross	$ 175,000		175,000
Interest rate, effective percentage	3.77%
Debt Instrument, Maturity Date	Jan. 15, 2024
Fixed Interest Rate (as a percent)	2.92%
Unsecured Term Loans | $200 Million Unsecured Term Loan F [Member]
Debt Instrument [Line Items]
Long-term debt, gross	$ 200,000		200,000
Interest rate, effective percentage	2.96%
Debt Instrument, Maturity Date	Jan. 12, 2025
Fixed Interest Rate (as a percent)	2.11%
Unsecured Term Loans | $300 Million Unsecured Term Loan [Member]
Debt Instrument [Line Items]
Long-term debt, gross	$ 300,000		300,000
Interest rate, effective percentage	1.13%
Debt Instrument, Maturity Date	Feb. 05, 2026
Fixed Interest Rate (as a percent)	0.28%
Unsecured Term Loans | $300 Million Unsecured Term Loan [Member] | Scenario, Forecast [Member]
Debt Instrument [Line Items]
Fixed Interest Rate (as a percent)		0.94%
Unsecured Term Loans | $100 Million Series D Unsecured Notes
Debt Instrument [Line Items]
Fixed Interest Rate (as a percent)	1.30%
Unsecured Notes
Debt Instrument [Line Items]
Long-term debt, gross	$ 1,300,000		900,000
Unamortized debt issuance costs	(4,936)		(3,059)
Principal outstanding	1,295,064		896,941
Unsecured Notes | $100 Million Series F Unsecured Notes
Debt Instrument [Line Items]
Long-term debt, gross	$ 100,000		100,000
Stated interest rate	3.98%
Debt Instrument, Maturity Date	Jan. 05, 2023
Unsecured Notes | $50 Million Series A Unsecured Notes
Debt Instrument [Line Items]
Long-term debt, gross	$ 50,000		50,000
Stated interest rate	4.98%
Debt Instrument, Maturity Date	Oct. 01, 2024
Unsecured Notes | $100 Million Series D Unsecured Notes
Debt Instrument [Line Items]
Long-term debt, gross	$ 100,000		100,000
Stated interest rate	4.32%
Debt Instrument, Maturity Date	Feb. 20, 2025
Unsecured Notes | $75 Million Series G Unsecured Notes [Member]
Debt Instrument [Line Items]
Long-term debt, gross	$ 75,000		75,000
Stated interest rate	4.10%
Debt Instrument, Maturity Date	Jun. 13, 2025
Unsecured Notes | $50 Million Series B Unsecured Notes
Debt Instrument [Line Items]
Long-term debt, gross	$ 50,000		50,000
Stated interest rate	4.98%
Debt Instrument, Maturity Date	Jul. 01, 2026
Unsecured Notes | $80 Million Series C Unsecured Notes
Debt Instrument [Line Items]
Long-term debt, gross	$ 80,000		80,000
Stated interest rate	4.42%
Debt Instrument, Maturity Date	Dec. 30, 2026
Unsecured Notes | $20 Million Series E Unsecured Notes
Debt Instrument [Line Items]
Long-term debt, gross	$ 20,000		20,000
Stated interest rate	4.42%
Debt Instrument, Maturity Date	Feb. 20, 2027
Unsecured Notes | $100 Million Series H Unsecured Notes [Member]
Debt Instrument [Line Items]
Long-term debt, gross	$ 100,000		100,000
Stated interest rate	4.27%
Debt Instrument, Maturity Date	Jun. 13, 2028
Unsecured Notes | $275 Million Series I Unsecured Notes
Debt Instrument [Line Items]
Long-term debt, gross	$ 275,000		275,000
Stated interest rate	2.80%
Debt Instrument, Maturity Date	Sep. 29, 2031
Unsecured Notes | $50 Million Series J Unsecured Notes
Debt Instrument [Line Items]
Long-term debt, gross	$ 50,000		50,000
Stated interest rate	2.95%
Debt Instrument, Maturity Date	Sep. 28, 2033
Unsecured Notes | $400 Million Series K Unsecured Notes
Debt Instrument [Line Items]
Long-term debt, gross	$ 400,000		0
Stated interest rate	4.12%
Debt Instrument, Maturity Date	Jun. 28, 2032
Mortgage Loans Payable
Debt Instrument [Line Items]
Long-term debt, gross	$ 53,810		54,983
Unamortized debt issuance costs	(39)		(103)
Debt Instrument, Unamortized Discount (Premium), Net	(136)		(136)
Principal outstanding	53,635		54,744
Mortgage Loans Payable | Wells Fargo Bank, National Association CMBS Loan
Debt Instrument [Line Items]
Long-term debt, gross	$ 45,603		46,610
Stated interest rate	4.31%
Debt Instrument, Maturity Date	Dec. 01, 2022
Penalty free prepayment period	3 months
Mortgage Loans Payable | Thrivent Financial for Lutherans Due December 15, 2023 [Member]
Debt Instrument [Line Items]
Long-term debt, gross	$ 3,363		3,430
Stated interest rate	4.78%
Debt Instrument, Maturity Date	Dec. 15, 2023
Penalty free prepayment period	3 months
Mortgage Loans Payable | United of Omaha Life Insurance Company
Debt Instrument [Line Items]
Long-term debt, gross	$ 4,844		$ 4,943
Stated interest rate	3.71%
Debt Instrument, Maturity Date	Oct. 01, 2039

Debt - 2022 Activity (Details)

Debt - 2022 Activity (Details) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2022 USD ($)	Mar. 31, 2022	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Apr. 28, 2022 USD ($) Rate	Dec. 31, 2021 USD ($)
Debt Instrument [Line Items]
Debt Instrument, Unused Borrowing Capacity, Amount	$ 630,400			$ 630,400
Assumption of mortgage notes				0	$ 5,103
Debt Instrument, Unamortized Discount (Premium), Net	136			$ 136			$ 136
Debt Instrument, Covenant Compliance		The Company was in compliance with all financial and other covenants		The Company was in compliance with all financial and other covenants
Net book value of properties that are collateral for debt arrangements	86,900			$ 86,900			88,500
Long-term debt, gross	$ 2,444,810			$ 2,444,810			2,225,983
London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Stated interest rate	1.78671%			1.78671%
Unsecured Credit Facility | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Basis spread on variable rate				0.775%
Unsecured Notes
Debt Instrument [Line Items]
Long-term debt, gross	$ 1,300,000			$ 1,300,000			900,000
Interest Expense [Member]
Debt Instrument [Line Items]
Amortization of deferred financing fees	880		$ 789	1,744	1,276
Line of Credit Facility, Commitment Fee Amount	345		$ 440	686	$ 826
Accounts Payable and Accrued Liabilities [Member]
Debt Instrument [Line Items]
Interest payable	9,600			9,600			8,600
$400 Million Series K Unsecured Notes | Unsecured Notes
Debt Instrument [Line Items]
Long-term debt, gross	$ 400,000			$ 400,000			$ 0
Debt Instrument, Covenant, Interest Coverage Ratio, Minimum						1.50
Stated interest rate	4.12%			4.12%
$400 Million Unsecured Notes | Unsecured Notes
Debt Instrument [Line Items]
Long-term debt, gross						$ 400,000
Stated interest rate | Rate						4.12%

Debt - Fair Value (Details)

Debt - Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Long-term debt, gross	$ 2,444,810	$ 2,225,983
Unamortized debt issuance costs	(8,703)	(7,585)
Principal outstanding	2,435,971	2,218,262
Long-term debt, fair value	2,345,086	2,264,730
Debt Instrument, Unamortized Discount (Premium), Net	(136)	(136)
Unsecured Credit Facility
Debt Instrument [Line Items]
Principal outstanding	116,000	296,000
Long-term debt, fair value	116,000	296,000
Unsecured Term Loans
Debt Instrument [Line Items]
Long-term debt, gross	975,000	975,000
Unamortized debt issuance costs	(3,728)	(4,423)
Principal outstanding	971,272	970,577
Long-term debt, fair value	975,112	975,224
Unsecured Notes
Debt Instrument [Line Items]
Long-term debt, gross	1,300,000	900,000
Unamortized debt issuance costs	(4,936)	(3,059)
Principal outstanding	1,295,064	896,941
Long-term debt, fair value	1,200,811	937,183
Mortgage Loans Payable
Debt Instrument [Line Items]
Long-term debt, gross	53,810	54,983
Unamortized debt issuance costs	(39)	(103)
Principal outstanding	53,635	54,744
Long-term debt, fair value	53,163	56,323
Debt Instrument, Unamortized Discount (Premium), Net	$ (136)	$ (136)

Derivative Financial Instrume_3

Derivative Financial Instruments - Risk Management and Unsecured Loan Swaps (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Interest Rate Swaps
Unsecured Term Loan Swaps
Notional amount liabilities	$ 0	$ 825,000
Notional amount assets	1,275,000	$ 600,000
Interest Rate Derivative, The Toronto-Dominion Bank, October 30, 2017
Unsecured Term Loan Swaps
Notional amount liabilities	25,000
Derivative Liability, Fair Value, Gross Liability	$ 108
Fixed Interest Rate (as a percent)	1.8485%
Interest Rate Derivative, Royal Bank of Canada, October 30, 2017
Unsecured Term Loan Swaps
Notional amount liabilities	$ 25,000
Derivative Liability, Fair Value, Gross Liability	$ 107
Fixed Interest Rate (as a percent)	1.8505%
Interest Rate Derivative, Wells Fargo Bank, October 30, 2017
Unsecured Term Loan Swaps
Notional amount liabilities	$ 25,000
Derivative Liability, Fair Value, Gross Liability	$ 107
Fixed Interest Rate (as a percent)	1.8505%
Interest Rate Derivative, PNC Bank, $25m, October 30, 2017
Unsecured Term Loan Swaps
Notional amount liabilities	$ 25,000
Derivative Liability, Fair Value, Gross Liability	$ 108
Fixed Interest Rate (as a percent)	1.8485%
Interest Rate Derivative, PNC Bank, $50m, October 30, 2017
Unsecured Term Loan Swaps
Notional amount liabilities	$ 50,000
Derivative Liability, Fair Value, Gross Liability	$ 216
Fixed Interest Rate (as a percent)	1.8475%
Interest Rate Derivative, TD Bank, $75m, Sep 29, 2020
Unsecured Term Loan Swaps
Notional amount assets	$ 75,000
Derivative Asset, Fair Value, Gross Asset	$ 1,633
Fixed Interest Rate (as a percent)	0.275%
Interest Rate Derivative, Wells Fargo Bank, $75m, Sep 29, 2020
Unsecured Term Loan Swaps
Notional amount assets	$ 75,000
Derivative Asset, Fair Value, Gross Asset	$ 1,627
Fixed Interest Rate (as a percent)	0.279%
Interest Rate Derivative, TD Bank, $75m, March 19, 2021
Unsecured Term Loan Swaps
Notional amount assets	$ 75,000
Derivative Asset, Fair Value, Gross Asset	$ 1,633
Fixed Interest Rate (as a percent)	0.275%
Interest Rate Derivative, Wells Fargo Bank, $75m, March 19, 2021
Unsecured Term Loan Swaps
Notional amount assets	$ 75,000
Derivative Asset, Fair Value, Gross Asset	$ 1,626
Fixed Interest Rate (as a percent)	0.28%
Interest Rate Derivative, The Toronto-Dominion Bank, July 26, 2019 [Member]
Unsecured Term Loan Swaps
Notional amount liabilities	$ 50,000
Derivative Liability, Fair Value, Gross Liability	$ 171
Fixed Interest Rate (as a percent)	2.918%
Interest Rate Derivative, PNC Bank, July 26, 2019 [Member]
Unsecured Term Loan Swaps
Notional amount liabilities	$ 50,000
Derivative Liability, Fair Value, Gross Liability	$ 170
Fixed Interest Rate (as a percent)	2.919%
Interest Rate Derivative, Bank of Montreal, July 26, 2019 [Member]
Unsecured Term Loan Swaps
Notional amount liabilities	$ 50,000
Derivative Liability, Fair Value, Gross Liability	$ 170
Fixed Interest Rate (as a percent)	2.919%
Interest Rate Derivative, US Bank, July 26, 2019 [Member]
Unsecured Term Loan Swaps
Notional amount liabilities	$ 25,000
Derivative Liability, Fair Value, Gross Liability	$ 85
Fixed Interest Rate (as a percent)	2.919%
Interest Rate Derivative, Wells Fargo Bank, July 15, 2020 [Member]
Unsecured Term Loan Swaps
Notional amount assets	$ 50,000
Derivative Asset, Fair Value, Gross Asset	$ 930
Fixed Interest Rate (as a percent)	2.246%
Interest Rate Derivative, US Bank, July 15, 2020 [Member]
Unsecured Term Loan Swaps
Notional amount assets	$ 50,000
Derivative Asset, Fair Value, Gross Asset	$ 936
Fixed Interest Rate (as a percent)	2.2459%
Interest Rate Derivative, Regions Bank, July 15, 2020 [Member]
Unsecured Term Loan Swaps
Notional amount assets	$ 50,000
Derivative Asset, Fair Value, Gross Asset	$ 933
Fixed Interest Rate (as a percent)	2.2459%
Interest Rate Derivative, Bank of Montreal, July 15, 2020
Unsecured Term Loan Swaps
Notional amount assets	$ 50,000
Derivative Asset, Fair Value, Gross Asset	$ 1,590
Fixed Interest Rate (as a percent)	1.7165%
Interest Rate Derivative, US Bank N.A, April 18, 2023
Unsecured Term Loan Swaps
Notional amount assets	$ 150,000
Derivative Asset, Fair Value, Gross Asset	$ 7,690
Fixed Interest Rate (as a percent)	0.9385%
Interest Rate Derivative, Wells Fargo Bank, April 18, 2021
Unsecured Term Loan Swaps
Notional amount assets	$ 75,000
Derivative Asset, Fair Value, Gross Asset	$ 3,818
Fixed Interest Rate (as a percent)	0.9365%
Interest Rate Derivative, The Toronto-Dominion Bank, April 18, 2023
Unsecured Term Loan Swaps
Notional amount assets	$ 75,000
Derivative Asset, Fair Value, Gross Asset	$ 3,861
Fixed Interest Rate (as a percent)	0.936%
Interest Rate Derivative, Regions Bank, April 1, 2022
Unsecured Term Loan Swaps
Notional amount assets	$ 50,000
Derivative Asset, Fair Value, Gross Asset	$ 3,446
Fixed Interest Rate (as a percent)	1.3045%
Interest Rate Derivative, Ban of Montreal, April 1, 2022
Unsecured Term Loan Swaps
Notional amount assets	$ 50,000
Derivative Asset, Fair Value, Gross Asset	$ 3,472
Fixed Interest Rate (as a percent)	1.3045%
Interest Rate Derivative, PNC Bank, April 1, 2022
Unsecured Term Loan Swaps
Notional amount assets	$ 50,000
Derivative Asset, Fair Value, Gross Asset	$ 3,462
Fixed Interest Rate (as a percent)	1.3045%

Derivative Financial Instrume_4

Derivative Financial Instruments - FV of Interest Rate Swaps (Details) - Interest Rate Swaps - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Fair value of the interest rate swaps outstanding
Notional amount assets	$ 1,275,000	$ 600,000
Fair value - assets	37,899	5,220
Notional amount liabilities	0	825,000
Fair Value - liabilities	$ 0	$ (17,052)

Derivative Financial Instrume_5

Derivative Financial Instruments - Cash Flow Hedges and Contingent Features (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Cash Flow Hedges of Interest Rate Risk
Total interest expense presented in the Consolidated Statements of Operations in which the effects of cash flow hedges are recorded	$ 17,896	$ 15,273	$ 35,155	$ 30,631
Interest Rate Swaps
Cash Flow Hedges of Interest Rate Risk
Additional amount reclassified from accumulated other comprehensive income (loss) as a increase (decrease) to interest expense over the next twelve months	(13,700)		(13,700)
Income (loss) recognized in accumulated other comprehensive income (loss) on interest rate swaps	10,628	(2,501)	44,134	5,249
Loss reclassified from accumulated other comprehensive income (loss) into income as interest expense	1,881	3,933	5,612	8,333
Total interest expense presented in the Consolidated Statements of Operations in which the effects of cash flow hedges are recorded	$ 17,896	$ 15,273	$ 35,155	$ 30,631

Derivative Financial Instrume_6

Derivative Financial Instruments - FV on Recurring Basis (Details) - Interest Rate Swaps - Fair value on recurring basis - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Assets (liabilities):
Interest rate swaps-Asset	$ 37,899	$ 5,220
Interest rate swaps-Liability	0	(17,052)
Level 1
Assets (liabilities):
Interest rate swaps-Asset	0	0
Interest rate swaps-Liability	0	0
Level 2
Assets (liabilities):
Interest rate swaps-Asset	37,899	5,220
Interest rate swaps-Liability	0	(17,052)
Level 3
Assets (liabilities):
Interest rate swaps-Asset	0	0
Interest rate swaps-Liability	$ 0	$ 0

Equity - Preferred Stock (Detai

Equity - Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Class of Stock [Line Items]
Less: redemption of preferred stock	$ 0	$ 0		$ 0	$ 2,582
Preferred Stock, Shares Issued	0			0		0
Preferred Stock, Shares Authorized	20,000,000			20,000,000		20,000,000
Preferred Stock, Par or Stated Value Per Share	$ 0.01			$ 0.01		$ 0.01
Series C Preferred Stock
Class of Stock [Line Items]
Preferred Stock, Dividends Per Share, Declared			$ 0.4296875		$ 0.4296875
Dividends Payable, Date Declared			Jan. 11, 2021
Dividends Payable, Date to be Paid			Mar. 31, 2021

Equity - Common Stock ATM (Deta

Equity - Common Stock ATM (Details) - USD ($) $ / shares in Units, $ in Thousands			6 Months Ended	12 Months Ended
	Mar. 29, 2022	Dec. 03, 2021	Jun. 30, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Common Stock, Shares, Issued			179,211,738	177,769,342
Common Stock
Class of Stock [Line Items]
Net proceeds from the sale of common stock	$ 49,700
Sale of Stock, Price Per Share	$ 41.39
Common Stock, Shares, Issued	1,200,000
At The Market Program 2019 $600 Million | Common Stock
Class of Stock [Line Items]
Number of shares sold			128,335	5,110,002
Net proceeds from the sale of common stock			$ 5,721	$ 189,974
Over-Allotment Option | Common Stock
Class of Stock [Line Items]
Forward Contract Indexed to Issuer's Equity, Forward Rate Per Share		$ 41.87
Forward Contract Indexed to Issuer's Equity, Indexed Shares		1,200,000
At The Market Program 2022 $750 Million
Class of Stock [Line Items]
Common Stock Value Authorized under Stock Offering Program			750,000
At The Market Program 2022 $750 Million | Common Stock
Class of Stock [Line Items]
Aggregate value of common stock available to be sold under the ATM			$ 750,000
At The Market Program | Common Stock
Class of Stock [Line Items]
Number of shares sold			128,335
Net proceeds from the sale of common stock			$ 5,721
Weighted Average | At The Market Program 2019 $600 Million | Common Stock
Class of Stock [Line Items]
Sale of Stock, Price Per Share			$ 45.03	$ 37.53
Weighted Average | At The Market Program | Common Stock
Class of Stock [Line Items]
Sale of Stock, Price Per Share			$ 45.03

Equity - Common Stock Dividends

Equity - Common Stock Dividends (Details) - $ / shares

1 Months Ended

6 Months Ended

12 Months Ended

Jul. 11, 2022

Jun. 30, 2022

May 31, 2022

Apr. 30, 2022

Mar. 31, 2022

Feb. 28, 2022

Jan. 31, 2022

Dec. 31, 2021

Nov. 30, 2021

Oct. 31, 2021

Sep. 30, 2021

Aug. 31, 2021

Jul. 31, 2021

Jun. 30, 2021

May 31, 2021

Apr. 30, 2021

Mar. 31, 2021

Feb. 28, 2021

Jan. 31, 2021

Jun. 30, 2022

Dec. 31, 2021

Class of Stock [Line Items]

Common Stock, Dividends, Per Share, Declared

$ 0.121667

$ 0.121667

$ 0.121667

$ 0.121667

$ 0.121667

$ 0.121667

$ 0.120833

$ 0.120833

$ 0.120833

$ 0.120833

$ 0.120833

$ 0.120833

$ 0.120833

$ 0.120833

$ 0.120833

$ 0.120833

$ 0.120833

$ 0.120833

$ 0.730002

$ 1.449996

Common Stock, Shares Authorized

300,000,000

300,000,000

300,000,000

300,000,000

Subsequent Event

Class of Stock [Line Items]

Common Stock, Dividends, Per Share, Declared

$ 0.121667

Common Stock

Class of Stock [Line Items]

Dividends Payable, Date Declared

Apr. 14, 2022

Apr. 14, 2022

Apr. 14, 2022

Jan. 10, 2022

Jan. 10, 2022

Jan. 10, 2022

Oct. 13, 2021

Oct. 13, 2021

Oct. 13, 2021

Jul. 13, 2021

Jul. 13, 2021

Jul. 13, 2021

Apr. 12, 2021

Apr. 12, 2021

Apr. 12, 2021

Jan. 11, 2021

Jan. 11, 2021

Jan. 11, 2021

Dividends Payable, Date to be Paid

Jul. 15, 2022

Jun. 15, 2022

May 16, 2022

Apr. 18, 2022

Mar. 15, 2022

Feb. 15, 2022

Jan. 18, 2022

Dec. 15, 2021

Nov. 15, 2021

Oct. 15, 2021

Sep. 15, 2021

Aug. 16, 2021

Jul. 15, 2021

Jun. 15, 2021

May 17, 2021

Apr. 15, 2021

Mar. 15, 2021

Feb. 16, 2021

Equity - Restricted Stock (Deta

Equity - Restricted Stock (Details) - Restricted stock - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		6 Months Ended		12 Months Ended
	Jan. 10, 2022	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	4 years
Shares
Unvested at beginning of period (in shares)				185,715	184,890	184,890
Granted (in shares)				58,580		90,304
Vested (in shares)		0	0	(73,556)	(72,788)	(79,140)
Forfeited (in shares)				(9,056)		(10,339)
Unvested at end of period (in shares)		161,683		161,683		185,715
Fair value of restricted stock per share at grant date				$ 44.19		$ 29.77
Stock Repurchased and Retired During Period, Shares				25,836		27,706
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value		$ 34.44		$ 34.44		$ 28.86	$ 27.70
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value				$ 28.03		$ 27.01
Unrecognized compensation costs		$ 4,200		$ 4,200
Unrecognized compensation costs, period for recognition				2 years 8 months 12 days
Vested (in shares)		0	0	(73,556)	(72,788)	(79,140)
Fair value of shares vested		$ 0	$ 0	$ 3,528	$ 2,280
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value				$ 35.06		$ 30.32

Noncontrolling Interest - Summa

Noncontrolling Interest - Summary (Details) - shares		6 Months Ended	12 Months Ended
	Jan. 10, 2022	Jun. 30, 2022	Dec. 31, 2021	Dec. 31, 2020
Limited Partner
Noncontrolling interest
Noncontrolling interest ownership percentage		2.10%	1.90%	2%
LTIP Units | Share-based Compensation Award, Tranche One [Member]
Noncontrolling interest
Vesting period (in years)	4 years
LTIP Units | Independent Director | Share-based Compensation Award, Tranche One [Member]
Noncontrolling interest
Vesting period (in years)	1 year
Noncontrolling Interest - Unit holders in Operating Partnership
Noncontrolling interest
Units outstanding, balance at beginning of period (in units)		3,519,764	3,285,238
Granted/Issued		470,237	405,844
Forfeited		0	0
Conversions from LTIP units to Other Common Units		0	0
Redemptions from Other Common Units to common stock		65,000	171,318
Units outstanding, balance at end of period (in units)		3,925,001	3,519,764
LTIP Units | Noncontrolling Interest - Unit holders in Operating Partnership
Noncontrolling interest
Units outstanding, balance at beginning of period (in units)		1,949,124	1,692,423
Granted/Issued		470,237	405,844
Forfeited		0	0
Conversions from LTIP units to Other Common Units		65,000	149,143
Redemptions from Other Common Units to common stock		0	0
Units outstanding, balance at end of period (in units)		2,354,361	1,949,124
Other Common Units | Noncontrolling Interest - Unit holders in Operating Partnership
Noncontrolling interest
Units outstanding, balance at beginning of period (in units)		1,570,640	1,592,815
Granted/Issued		0	0
Forfeited		0	0
Conversions from LTIP units to Other Common Units		65,000	149,143
Redemptions from Other Common Units to common stock		65,000	171,318
Units outstanding, balance at end of period (in units)		1,570,640	1,570,640

Noncontrolling Interest - LTIP

Noncontrolling Interest - LTIP FV Assumptions (Details) - LTIP Units - USD ($)		6 Months Ended	12 Months Ended
	Jan. 10, 2022	Jun. 30, 2022	Dec. 31, 2021
Assumptions
Expected term (years)	10 years
Expected stock price volatility	34%
Expected dividend yield	4%
Risk-free interest rate	1.204%
Fair value of LTIP units at issuance (in thousands)	$ 4,385,000
Granted (in shares)	104,241	470,237	405,844
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 42.07	$ 42.07	$ 28.13
Share-based Compensation Award, Tranche One [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	4 years
Independent Director | Share-based Compensation Award, Tranche One [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	1 year

Noncontrolling Interest - LTI_2

Noncontrolling Interest - LTIP Units (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		6 Months Ended		12 Months Ended
	Jan. 10, 2022	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021	Dec. 31, 2020
LTIP Units
Units
Unvested at beginning of period (in shares)				190,108	211,448	211,448
Granted	104,241			470,237		405,844
Vested (in units)		(30,327)	(45,335)	(444,675)	(228,821)	(427,184)
Forfeited (in units)				0		0
Unvested at end of period (in shares)		215,670		215,670		190,108
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value		$ 34.15		$ 34.15		$ 27.84	$ 26.54
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 42.07			42.07		28.13
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value				$ 39.83		$ 27.47
Unrecognized compensation costs		$ 4,200		$ 4,200
Unrecognized compensation costs, period for recognition				2 years 6 months
Vested (in units)		30,327	45,335	444,675	228,821	427,184
Fair value of units vested		$ 951	$ 1,686	$ 19,544	$ 7,369
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value				$ 0		$ 0
Restricted stock
Units
Unvested at beginning of period (in shares)				185,715	184,890	184,890
Granted				58,580		90,304
Vested (in units)		0	0	(73,556)	(72,788)	(79,140)
Forfeited (in units)				(9,056)		(10,339)
Unvested at end of period (in shares)		161,683		161,683		185,715
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value		$ 34.44		$ 34.44		$ 28.86	$ 27.70
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value				44.19		29.77
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value				$ 28.03		$ 27.01
Unrecognized compensation costs		$ 4,200		$ 4,200
Unrecognized compensation costs, period for recognition				2 years 8 months 12 days
Vested (in units)		0	0	73,556	72,788	79,140
Fair value of units vested		$ 0	$ 0	$ 3,528	$ 2,280
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value				$ 35.06		$ 30.32

Equity Incentive Plan - Perform

Equity Incentive Plan - Performance Plan Assumptions (Details) - Performance shares $ in Thousands	Jan. 10, 2022 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected stock price volatility	34.10%
Expected dividend yield	4%
Risk-free interest rate	1.1979%
Fair value of performance units grant (in thousands)	$ 6,289

Equity Incentive Plan - 2022 Ac

Equity Incentive Plan - 2022 Activity (Details) - USD ($) $ in Millions		6 Months Ended	12 Months Ended
	Jan. 10, 2022	Jun. 30, 2022	Dec. 31, 2021
LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted	104,241	470,237	405,844
Unrecognized compensation costs		$ 4.2
Unrecognized compensation costs, period for recognition		2 years 6 months
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	4 years
Stock Repurchased and Retired During Period, Shares		25,836	27,706
Granted		58,580	90,304
Unrecognized compensation costs		$ 4.2
Unrecognized compensation costs, period for recognition		2 years 8 months 12 days
Performance shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs		$ 8.7
Unrecognized compensation costs, period for recognition		2 years
Performance Units Granted in 2019 | LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of vested LTIP units and shares	365,996
Performance Units Granted in 2019 | Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Repurchased and Retired During Period, Shares	8,257
Issuance of vested LTIP units and shares	27,934

Equity Incentive Plan - Equity

Equity Incentive Plan - Equity Non-cash Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
General and Administrative Expenses
Equity Incentive Plan
Share-based compensation	$ 3,421	$ 4,539	$ 6,670	$ 9,154
Restricted stock | General and Administrative Expenses
Equity Incentive Plan
Share-based compensation	565	586	1,113	1,237
LTIP Units | General and Administrative Expenses
Equity Incentive Plan
Share-based compensation	1,367	2,346	2,651	4,754
Performance shares | General and Administrative Expenses
Equity Incentive Plan
Share-based compensation	1,364	1,484	2,660	2,922
Independent Director | General and Administrative Expenses
Equity Incentive Plan
Share-based compensation	$ 125	$ 123	$ 246	$ 241
Common Stock | Independent Director
Equity Incentive Plan
Number of days of average trailing stock price used to calculate number of shares of common stock granted	10 days	10 days	10 days	10 days

Leases - Rental Income (Details

Leases - Rental Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Leases [Abstract]
Fixed lease payments	$ 124,593	$ 103,778	$ 244,833	$ 204,957
Variable lease payments	32,714	29,639	66,492	58,883
Straight-line rental income	3,728	4,718	8,232	9,600
Net decrease to rental income related to above and below market lease amortization	22	(330)	101	(1,810)
Rental income	$ 161,057	$ 137,805	$ 319,658	$ 271,630

Leases - Tenant Accounts Receiv

Leases - Tenant Accounts Receivable (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Lease Security Deposits Available in Letters of Credit	$ 30.7		$ 30.7		$ 32.9
Lease security deposits in restricted cash	0.7		0.7		0.7
Lease security deposits included in tenant prepaid rent and security deposits on the Balance Sheet	17.1		17.1		15.2
Real Estate Taxes, Tenant Responsibility	5.6	$ 5.3	11	$ 10.4
Accrued Income Receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Deferred Rent Receivables, Net	$ 84		$ 84		$ 75.8

Leases - Maturity of Fixed Leas

Leases - Maturity of Fixed Lease Payments (Details) $ in Thousands	Jun. 30, 2022 USD ($)
Leases [Abstract]
2022	$ 252,326
2023	492,202
2023	443,585
2024	384,636
2025	318,421
Thereafter	$ 1,057,107

Leases - Lessee Leases (Details

Leases - Lessee Leases (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Lessee, Lease, Description [Line Items]
Operating Lease, Weighted Average Remaining Lease Term	31 years		31 years		29 years
Operating Lease, Weighted Average Discount Rate, Percent	6.70%		6.70%		6.60%
Lease, Cost	$ 1,041	$ 846	$ 2,011	$ 1,692
Operating Lease, Payments			$ 1,850	952
Minimum [Member]
Lessee, Lease, Description [Line Items]
Lessee, Operating Lease, Term of Contract	10 months 24 days		10 months 24 days
Lessee, Operating Lease, Renewal Term	10 years		10 years
Maximum [Member]
Lessee, Lease, Description [Line Items]
Lessee, Operating Lease, Term of Contract	48 years 2 months 12 days		48 years 2 months 12 days
Lessee, Operating Lease, Renewal Term	20 years		20 years
Operating Expense [Member]
Lessee, Lease, Description [Line Items]
Lease, Cost	$ 605	417	$ 1,138	834
General and Administrative Expenses
Lessee, Lease, Description [Line Items]
Lease, Cost	$ 436	$ 429	$ 873	$ 858

Leases - Maturity of Operating

Leases - Maturity of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Leases [Abstract]
2022	$ 1,934
2023	3,875
2023	3,914
2024	3,959
2025	2,993
Thereafter	83,985
Lessee, Operating Lease, Liability, Payments, Due	100,660
Less: Imputed interest	(64,766)
Operating lease liabilities	$ 35,894	$ 33,108

Earnings Per Share (Details)

Earnings Per Share (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Earnings Per Share [Abstract]
Participating securities	162,891	202,171	164,068	200,501

Earnings Per Share - Reconcilia

Earnings Per Share - Reconciliation of Numerator and Denominator (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Numerator
Net income attributable to common stockholders	$ 32,317	$ 32,576	$ 85,081	$ 53,507
Denominator
Weighted average common shares outstanding — basic	179,049	159,736	178,442	159,086
Shares issuable under forward sales agreements	0	1,047	0	696
Weighted average common shares outstanding — diluted	179,144	161,367	178,586	160,249
Net income per share attributable to common stockholders — basic	$ 0.18	$ 0.20	$ 0.48	$ 0.34
Net income per share attributable to common stockholders — diluted	$ 0.18	$ 0.20	$ 0.48	$ 0.33
Restricted stock
Denominator
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	163	202	164	201
Stock Compensation Plan
Denominator
Share-based compensation	95	584	144	467

Commitments and Contingencies -

Commitments and Contingencies - Agreements (Details) $ in Millions	Jun. 30, 2022 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Letters of credit outstanding	$ 3.6

Subsequent Events - Debt (Detai

Subsequent Events - Debt (Details) $ in Thousands	Jul. 27, 2022 USD ($) building	Jul. 26, 2022 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Debt Instrument [Line Items]
Long-term debt, gross			$ 2,444,810	$ 2,225,983
Interest Rate Swaps
Debt Instrument [Line Items]
Notional amount liabilities			0	825,000
Subsequent Event | Interest Rate Swaps
Debt Instrument [Line Items]
Number of derivative instruments | building	7
Notional amount liabilities	$ 375,000
Subsequent Event | Interest Rate Swap Due January 2028
Debt Instrument [Line Items]
Notional amount liabilities	$ 50,000
Subsequent Event | Secured Overnight Financing Rate (SOFR) | Interest Rate Swaps
Debt Instrument [Line Items]
Basis spread on variable rate	2.579%
Unsecured Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity			750,000
Unsecured Term Loans
Debt Instrument [Line Items]
Long-term debt, gross			975,000	975,000
July 2022 Credit Agreement | Unsecured Credit Facility | Subsequent Event
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 1,000,000
July 2022 Credit Agreement | Unsecured Credit Facility | Subsequent Event | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate		0.10%
Unsecured Term Loan H | Unsecured Term Loans | Subsequent Event
Debt Instrument [Line Items]
Long-term debt, gross		$ 187,500
Interest rate, effective percentage		0.85%
Unsecured Term Loan H | Unsecured Term Loans | Subsequent Event | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate		0.10%
Unsecured Term Loan I | Unsecured Term Loans | Subsequent Event
Debt Instrument [Line Items]
Long-term debt, gross		$ 187,500
Interest rate, effective percentage		0.85%
Unsecured Term Loan I | Unsecured Term Loans | Subsequent Event | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate		0.10%
$150 Million Unsecured Term Loan D | Unsecured Term Loans
Debt Instrument [Line Items]
Long-term debt, gross			$ 150,000	150,000
Interest rate, effective percentage			2.85%
$150 Million Unsecured Term Loan D | Unsecured Term Loans | Subsequent Event
Debt Instrument [Line Items]
Repayments of debt		$ 150,000
$175 Million Unsecured Term Loan E | Unsecured Term Loans
Debt Instrument [Line Items]
Long-term debt, gross			$ 175,000	$ 175,000
Interest rate, effective percentage			3.77%
$175 Million Unsecured Term Loan E | Unsecured Term Loans | Subsequent Event
Debt Instrument [Line Items]
Repayments of debt		$ 175,000