Investments in Real Estate (Tables)

3 Months Ended

Mar. 31, 2026

Real Estate [Abstract]

Schedule of Acquisitions

Below is a summary of our acquisitions for the three months ended March 31, 2026 (unaudited):

	Number of Properties	Investment ($ in millions)		Weighted Average Lease Term (Years)
Acquisitions
U.S. real estate	109	$	578.1	10.1
Europe real estate	43	1,001.9		7.6
Total real estate acquisitions	152	$	1,580.0	8.5
Real estate properties under development
U.S. real estate	20	$	31.0	17.5
Europe real estate	17	58.0		12.1
Total real estate properties under development	37	$	89.0	14.1
Total (1)	189	$	1,669.0	8.8

(1)Our clients occupying the new properties are 66.7% retail, 33.1% industrial, and 0.2% other property types based on net operating income. Approximately 45% of the net operating income generated from acquisitions during the three months ended March 31, 2026 was from investment grade rated clients, their subsidiaries, or affiliated companies at the date of acquisition.

Schedule Allocation of Acquisitions

The aggregate purchase price, including properties acquired through takeout financing and reported in properties under development in the table above, was allocated as follows (in millions):

	Acquisitions -  USD		Acquisitions - Sterling		Acquisitions - Euro
Land	$	128.8	£	106.5	€	140.6
Buildings and improvements	373.5		191.7		313.0
Lease intangible assets (1)	83.8		47.0		62.3
Other assets (2)	2.4		—		—
Lease intangible liabilities (3)	(9.5)		(7.5)		(19.7)
Other liabilities (4)	(0.8)		—		—
Total	$	578.2	£	337.7	€	496.2

(1)The weighted average amortization period for acquired lease intangible assets is 9.8 years.

(2)USD-denominated other assets consists entirely of $2.4 million of financing receivables allocated to sales-leaseback transactions.

(3)The weighted average amortization period for acquired lease intangible liabilities is 13.8 years.

(4)USD-denominated other liabilities consists entirely of $0.8 million deferred rent on certain below-market leases.

Schedule of Future Impact Related to Amortization of Above-Market, Below-Market and in-place Lease Intangibles

The following table presents the estimated impact during the next five years and thereafter related to the amortization of the above-market and below-market lease intangibles and the amortization of the in-place lease intangibles as of March 31, 2026 (in thousands):

	Net increase (decrease) to rental revenue		Increase to amortization expense
2026	$	(31,831)	$	569,530
2027	(40,527)		657,519
2028	(31,297)		558,446
2029	(27,393)		481,356
2030	(15,224)		402,048
Thereafter	351,054		1,703,751
Total	$	204,782	$	4,372,650

Schedule of Gain on Sales of Real Estate

The following table summarizes our properties sold during the periods indicated below (dollars in millions):

	Three months ended March 31,
	2026		2025
Number of properties	97		55
Net sales proceeds	$	188.0	$	92.6
Gain on sales of real estate	$	35.6	$	22.5