Leases (Tables)

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Summary of Minimum Lease Payments on Leases

The following table summarizes the minimum lease payments due from our customers on leases for space in our operating properties, prestabilized and under development properties, other real estate investments and assets held for sale or contribution at December 31, 2024 (in thousands):

2025	$	5,397,546
2026		5,086,934
2027		4,377,403
2028		3,575,743
2029		2,761,495
Thereafter		10,190,560
Total	$	31,389,681

Future Minimum Rental Payments under Non-Cancelable Operating Leases

The following table summarizes the fixed, future minimum rental payments, excluding variable costs, for leases that had commenced at December 31, 2024, with amounts discounted at lease commencement by our incremental borrowing rates to calculate the lease liabilities of our leases (in thousands):

2025	$	65,202
2026		56,694
2027		51,578
2028		49,818
2029		38,504
Thereafter		1,218,764
Total undiscounted rental payments		1,480,560
Less imputed interest		865,255
Total lease liabilities	$	615,305