Leases (Tables)

6 Months Ended

Jun. 30, 2023

Leases [Abstract]

Schedule of Components of Operating Lease Income from Leases

The following table details the components of operating lease income from leases in which the Company is the lessor ($ in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Fixed lease payments	$	1,826,835	$	1,358,425	$	3,694,361	$	2,570,963
Variable lease payments	117,806		90,668		238,345		181,850
Rental revenue	$	1,944,641	$	1,449,093	$	3,932,706	$	2,752,813

The following table details the fixed and variable components of the Company’s financing leases ($ in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Interest on lease liabilities	$	1,024	$	997	$	2,048	$	1,993
Amortization of right-of-use assets	320		330		639		654
Total financing lease costs	$	1,344	$	1,327	$	2,687	$	2,647

Schedule of Undiscounted Future Minimum Rental Income

The following table presents the undiscounted future minimum rents the Company expects to receive for its industrial, net lease, data centers, retail, and office properties as of June 30, 2023 ($ in thousands). Leases at the Company’s rental housing and self storage properties are short term, generally 12 months or less, and are therefore not included.

Year	Future Minimum Rents
2023 (remaining)	$	909,480
2024	1,779,384
2025	1,651,722
2026	1,500,612
2027	1,288,147
2028	1,075,149
Thereafter	15,783,417
Total	$	23,987,911

Schedule of Future Lease Payments Due Under Ground Leases

The following table details the future lease payments due under the Company’s ground leases as of June 30, 2023 ($ in thousands):

	Operating Leases		Financing Leases
2023 (remaining)	$	20,437	$	2,102
2024	37,073		4,266
2025	37,690		4,385
2026	37,855		4,507
2027	38,253		4,633
2028	38,605		4,763
Thereafter	2,574,603		559,374
Total undiscounted future lease payments	2,784,516		584,030
Difference between undiscounted cash flows and discounted cash flows	(2,141,188)		(506,384)
Total lease liability	$	643,328	$	77,646

Summary of Fixed and Variable Components of Operating and Financing Leases

The following table details the fixed and variable components of the Company’s operating leases ($ in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Fixed ground rent expense	$	3,820	$	2,264	$	7,848	$	4,533
Variable ground rent expense	6,831		5		12,825		10
Total cash portion of ground rent expense	10,651		2,269		20,673		4,543
Straight-line ground rent expense	5,520		3,217		10,923		6,070
Total operating lease costs	$	16,171	$	5,486	$	31,596	$	10,613