Leases (Tables)

3 Months Ended

Mar. 31, 2025

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 March 31,
	2025		2024
Fixed lease payments	$	1,688,180	$	1,814,604
Variable lease payments	144,209		148,461
Rental revenue	$	1,832,389	$	1,963,065

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

	Three Months Ended March 31,
	2025		2024
Interest on lease liabilities	$	1,087	$	1,091
Amortization of right-of-use assets	304		299
Total financing lease costs	$	1,391	$	1,390

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 March 31, 2025 ($ 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
2025 (remaining)	$	1,320,441
2026	1,685,818
2027	1,498,317
2028	1,296,381
2029	1,104,577
2030	915,965
Thereafter	14,140,717
Total	$	21,962,216

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 March 31, 2025 ($ in thousands):

	Operating Leases		Financing Leases
2025 (remaining)	$	27,990	$	3,303
2026	36,101		4,507
2027	36,454		4,633
2028	36,739		4,763
2029	36,861		4,896
2030	37,037		5,033
Thereafter	2,034,889		549,465
Total undiscounted future lease payments	2,246,071		576,600
Difference between undiscounted cash flows and discounted cash flows	(1,639,080)		(496,803)
Total lease liability	$	606,991	$	79,797

Schedule 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 March 31,
	2025		2024
Fixed ground rent expense	$	3,634	$	3,948
Variable ground rent expense	9,005		8,235
Total cash portion of ground rent expense	12,639		12,183
Straight-line ground rent expense	4,870		5,334
Total operating lease costs	$	17,509	$	17,517