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Supplemental Detail for Certain Components of Consolidated Balance Sheets (Tables)
 6 Months Ended
Jun. 30, 2025
Disclosure Text Block Supplement [Abstract]  
Schedule of Accounts Receivable, Net
A.Accounts receivable, net, consist of the following at:June 30, 2025December 31, 2024
Straight-line rent receivables, net$784,286 $694,844 
Client receivables, net177,766 182,824 
$962,052 $877,668 
The following table presents information about our loans as of June 30, 2025 and December 31, 2024 (dollars in millions):
June 30, 2025
Maturity
Interest
Rates (1)
PrincipalAmortized CostAllowance
Carrying Amount (2)
Senior Secured Notes ReceivableOctober 2029 - November 2030
8.125% - SONIA+5.75%
$880.4 $874.2 $(11.7)$862.5 
Mortgage Loans (3)(4)
June 2028 - September 2038
7.50% - 8.37%
255.4 255.6 (0.1)255.5 
Unsecured and Other Loans (5)
December 2026 - December 2028
10.25% - 11.00%
214.7 214.8 (3.0)211.8 
Total$1,350.5 $1,344.6 $(14.8)$1,329.8 
December 31, 2024
Maturity
Interest
Rates (1)
PrincipalAmortized CostAllowance
Carrying Amount (2)
Senior Secured Notes ReceivableOctober 2029 - November 2030
8.125% - SONIA+5.75%
$803.7 $797.2 $(11.4)$785.8 
Mortgage LoanSeptember 2038
8.37%
33.5 33.5 — 33.5 
Unsecured LoanDecember 2026
11.00%
11.0 10.1 (0.9)9.2 
Total$848.2 $840.8 $(12.3)$828.5 
(1) As of June 30, 2025 and December 31, 2024, we held two interest-only notes bearing interest at Sterling Overnight Indexed Average (“SONIA”) plus a margin.
(2) As of June 30, 2025 and December 31, 2024, the total carrying amount of the investment in loans excludes accrued interest of $17.4 million and $13.8 million, respectively, which is presented in 'Other assets, net' on our consolidated balance sheets.
(3) In June 2025, we invested £121.5 million, equivalent to $166.6 million as of June 30, 2025, in a mortgage loan secured by an office property in London. The interest-only loan bears a fixed interest rate of 7.50% and matures in June 2030. The loan includes additional funding commitments of £20.5 million over the next two years.
(4) In June 2025, we invested £40.3 million, equivalent to $55.3 million as of June 30, 2025, in a mortgage loan secured by a logistics property in the U.K. The interest-only loan bears a fixed interest rate of 7.50% and matures in June 2028, with one 12-month extension option available. The loan includes additional funding commitments of £8.5 million over the next three years.
(5) In February 2025, we invested in a $200.0 million loan, maturing in December 2028 with two 12-month extension options. This interest-only loan bears interest at either a cash rate of 10.25% or a payment-in-kind rate of 10.75%. We paid $199.8 million for this loan and incurred $1.1 million in origination costs. The discount and deferred costs are being amortized over the loan term.
The following table presents information about our investments in sale-leaseback transactions accounted for as financing receivables in accordance with ASC 842, Leases, as of June 30, 2025 and December 31, 2024 (dollars in millions):
Carrying Value as of
MaturityJune 30, 2025December 31, 2024
Financing receivables, net2026 - 2048$1,588.7 $1,609.0 
Total$1,588.7$1,609.0
Schedule of Lease Intangible Assets, Net
B.Lease intangible assets, net, consist of the following at:June 30, 2025December 31, 2024
In-place leases$7,539,751 $7,347,301 
Above-market leases2,242,456 2,203,420 
Accumulated amortization of in-place leases(2,895,785)(2,487,302)
Accumulated amortization of above-market leases(854,444)(742,338)
Other items2,168 1,911 
$6,034,146 $6,322,992 
Schedule of Other Assets, Net
C.Other assets, net, consist of the following at:June 30, 2025December 31, 2024
Financing receivables, net$1,588,727 $1,609,044 
Loans receivable, net1,329,808 828,500 
Right of use asset - financing leases, net782,970 653,353 
Right of use asset - operating leases, net613,803 619,350 
Value-added tax receivable145,415 48,075 
Prepaid expenses89,089 63,499 
Revolving credit facilities origination costs, net30,945 7,331 
Restricted escrow deposits22,219 36,326 
Interest receivable19,534 16,071 
Impounds related to mortgages payable19,070 14,218 
Derivative assets and receivables - at fair value14,328 47,165 
Corporate assets, net14,048 12,763 
Investment in sales type lease6,171 6,138 
Non-refundable escrow deposits— 225 
Other items78,254 56,510 
$4,754,381 $4,018,568 
Schedule of Account Payable and Accrued Expenses
D.Accounts payable and accrued expenses consist of the following at:June 30, 2025December 31, 2024
Notes payable - interest payable$363,581 $261,605 
Derivative liabilities and payables - at fair value191,697 81,524 
Property taxes payable86,284 92,440 
Accrued income taxes71,437 84,884 
Accrued property expenses71,009 61,118 
Value-added tax payable47,973 26,829 
Accrued costs on properties under development37,834 59,602 
Mortgages, term loans, and credit line - interest payable2,250 4,584 
Other items82,014 86,830 
$954,079 $759,416 
Schedule of Lease Intangible Liabilities, Net
E.Lease intangible liabilities, net, consist of the following at:June 30, 2025December 31, 2024
Below-market leases$2,150,028 $2,119,200 
Accumulated amortization of below-market leases(569,037)(483,430)
$1,580,991 $1,635,770 
Schedule of Other Liabilities
F.Other liabilities consist of the following at:June 30, 2025December 31, 2024
Lease liability - operating leases$443,182 $452,956 
Rent received in advance and other deferred revenue 358,646 352,334 
Lease liability - financing leases79,292 77,190 
Security deposits37,953 35,594 
Other items6,219 5,054 
$925,292 $923,128