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Supplemental Detail for Certain Components of Consolidated Balance Sheets (Tables)
 9 Months Ended
Sep. 30, 2025
Disclosure Text Block Supplement [Abstract]  
Schedule of Accounts Receivable, Net
A.Accounts receivable, net, consist of the following at:September 30, 2025December 31, 2024
Straight-line rent receivables, net$828,754 $694,844 
Client receivables, net177,962 182,824 
$1,006,716 $877,668 
The following table presents information about our loans as of September 30, 2025 and December 31, 2024 (dollars in millions):
September 30, 2025
Maturity
Interest
Rates (1)
PrincipalAmortized CostAllowance
Carrying Amount (2)
Senior Secured Notes Receivable (3)(4)
October 2029 - July 2031
8.00% - SONIA+5.75%
$1,249.2 $1,239.5 $(22.6)$1,216.9 
Mortgage Loans (5)(6)
June 2028 - September 2038
7.50% - 8.37%
251.1 251.2 (0.1)251.1 
Unsecured and Other Loans (7)
December 2026 - December 2028
10.25% - 11.00%
214.7 214.9 (3.2)211.7 
Total$1,715.0 $1,705.6 $(25.9)$1,679.7 
December 31, 2024
MaturityInterest
Rates		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 September 30, 2025, we held three notes that bear variable interests, indexed to Sterling Overnight Indexed Average (“SONIA”).
(2) As of September 30, 2025 and December 31, 2024, the total carrying amount of the investment in loans excluded accrued interest of $39.3 million and $13.8 million, respectively, which is presented in 'Other assets, net' on our consolidated balance sheets.
(3) In July 2025, we acquired EUR-denominated senior secured notes at par value with a principal amount of €100.0 million, equivalent to $117.4 million as of September 30, 2025. The interest-only notes mature in July 2031 and bear interest at a fixed rate of 8.00%.
(4) In July 2025, we acquired GBP-denominated senior secured notes with a principal amount of £200.0 million, equivalent to $268.8 million as of September 30, 2025. The interest-only notes mature in November 2030 and bear interest at SONIA plus a margin ranging from 4.50% to 5.25%, based on the borrower's leverage ratio, and a credit adjustment spread of 0.11%. As of September 30, 2025, the all-in margin was determined to be 5.36%. We paid £197.0 million for the notes and will amortize the discount over the term of the notes.
(5) In June 2025, we invested £121.5 million, equivalent to $163.3 million as of September 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. As of September 30, 2025, the remaining additional funding commitments were £20.5 million.
(6) In June 2025, we invested £40.3 million, equivalent to $54.3 million as of September 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. As of September 30, 2025, the remaining additional funding commitments were £8.4 million.
(7) 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 September 30, 2025 and December 31, 2024 (dollars in millions):
Carrying Value as of
MaturitySeptember 30, 2025December 31, 2024
Financing receivables, net
2026 - 2050
$1,573.7 $1,609.0 
Total$1,573.7$1,609.0
Schedule of Lease Intangible Assets, Net
B.Lease intangible assets, net, consist of the following at:September 30, 2025December 31, 2024
In-place leases$7,579,399 $7,347,301 
Above-market leases2,247,757 2,203,420 
Accumulated amortization of in-place leases(3,068,084)(2,487,302)
Accumulated amortization of above-market leases(902,440)(742,338)
Other items2,167 1,911 
$5,858,799 $6,322,992 
Schedule of Other Assets, Net
C.Other assets, net, consist of the following at:September 30, 2025December 31, 2024
Loans receivable, net$1,679,710 $828,500 
Financing receivables, net1,573,668 1,609,044 
Right of use asset - financing leases, net801,983 653,353 
Right of use asset - operating leases, net603,527 619,350 
Prepaid expenses87,313 63,499 
Value-added tax receivable83,760 48,075 
Interest receivable41,415 16,071 
Derivative assets and receivables - at fair value37,991 47,165 
Revolving credit facilities origination costs, net28,091 7,331 
Restricted escrow deposits23,582 36,326 
Corporate assets, net14,627 12,763 
Investment in sales type lease6,188 6,138 
Impounds related to mortgages payable2,384 14,218 
Non-refundable escrow deposits200 225 
Other items82,915 56,510 
$5,067,354 $4,018,568 
Schedule of Account Payable and Accrued Expenses
D.Accounts payable and accrued expenses consist of the following at:September 30, 2025December 31, 2024
Notes payable - interest payable$287,885 $261,605 
Derivative liabilities and payables - at fair value160,409 81,524 
Property taxes payable109,827 92,440 
Accrued income taxes82,804 84,884 
Value-added tax payable68,394 26,829 
Accrued property expenses64,794 61,118 
Accrued costs on properties under development42,301 59,602 
Mortgages, term loans, and credit line - interest payable1,752 4,584 
Other items112,094 86,830 
$930,260 $759,416 
Schedule of Lease Intangible Liabilities, Net
E.Lease intangible liabilities, net, consist of the following at:September 30, 2025December 31, 2024
Below-market leases$2,131,418 $2,119,200 
Accumulated amortization of below-market leases(603,162)(483,430)
$1,528,256 $1,635,770 
Schedule of Other Liabilities
F.Other liabilities consist of the following at:September 30, 2025December 31, 2024
Lease liability - operating leases$439,741 $452,956 
Rent received in advance and other deferred revenue 357,263 352,334 
Lease liability - financing leases86,250 77,190 
Security deposits37,565 35,594 
Other items17,058 5,054 
$937,877 $923,128