Leases (Tables)

12 Months Ended

Dec. 31, 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):

	Year Ended December 31,
	2023		2022		2021
Fixed lease payments	$	7,307,874	$	6,152,782	$	2,860,344
Variable lease payments	508,366		411,337		280,184
Rental revenue	$	7,816,240	$	6,564,119	$	3,140,528

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

	Year Ended December 31,
	2023		2022		2021
Interest on lease liabilities	$	4,150	$	4,038	$	3,403
Amortization of right-of-use assets	1,249		1,278		1,139
Total financing lease costs	$	5,399	$	5,316	$	4,542

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 December 31, 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
2024	$	1,826,714
2025	1,718,795
2026	1,570,722
2027	1,357,373
2028	1,138,278
Thereafter	15,777,327
Total	$	23,389,209

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 December 31, 2023 ($ in thousands):

	Operating Leases		Financing Leases
2024	$	37,201	$	4,266
2025	37,755		4,385
2026	37,922		4,507
2027	38,322		4,633
2028	38,676		4,763
Thereafter	2,590,567		559,374
Total undiscounted future lease payments	2,780,443		581,928
Difference between undiscounted cash flows and discounted cash flows	(2,136,640)		(503,671)
Total lease liability	$	643,803	$	78,257

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):

	Year Ended December 31,
	2023		2022		2021
Fixed ground rent expense	$	19,021	$	22,789	$	4,904
Variable ground rent expense	23,056		1,042		36
Total cash portion of ground rent expense	42,077		23,831		4,940
Straight-line ground rent expense	17,903		13,552		7,488
Total operating lease costs	$	59,980	$	37,383	$	12,428