Investments in Real Estate (Tables)

6 Months Ended

Jun. 30, 2026

Real Estate [Abstract]

Schedule of Acquisitions

Below is a summary of our acquisitions for the six months ended June 30, 2026 (unaudited):

	Number of Properties	Investment ($ in millions)	Weighted Average Lease Term (Years)
Acquisitions
U.S. real estate	198	$2,137.9	11.0
Europe real estate	48	1,245.8	8.0
Total real estate acquisitions	246	$3,383.7	9.9
Real estate properties under development
U.S. real estate	45	$75.8	16.9
Europe real estate	37	118.0	10.0
Total real estate properties under development	82	$193.8	12.7
Total (1)	328	$3,577.5	10.0

(1)Our clients occupying the new properties are 51.8% retail, 48.1% industrial, and 0.1% other property types based on net operating income.

Approximately 48% of the net operating income generated from acquisitions during the six months ended June 30, 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	$390.8	£136.9	€139.0
Buildings and improvements	1,474.2	256.3	356.4
Lease intangible assets (1)	275.9	85.7	65.7
Other assets (2)	44.3	—	—
Lease intangible liabilities (3)	(37.4)	(7.8)	(19.0)
Other liabilities (4)	(10.6)	—	(1.6)
Total	$2,137.2	£471.1	€540.5

(1)The weighted average amortization period for acquired lease intangible assets is 10.7 years.

(2)USD-denominated other assets consists entirely of $44.3 million of financing receivables allocated to sale-leaseback transactions.

(3)The weighted average amortization period for acquired lease intangible liabilities is 13.5 years.

(4)USD-denominated other liabilities consists entirely of $10.6 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 June 30, 2026 (in thousands):

	Net increase (decrease) to rental revenue	Increase to amortization expense
2026	$(21,066)	$382,061
2027	(40,628)	676,275
2028	(32,435)	577,552
2029	(29,335)	497,831
2030	(17,337)	418,795
Thereafter	333,708	1,797,923
Total	$192,907	$4,350,437

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 June 30,		Six months ended June 30,
	2026	2025	2026	2025
Number of properties	80	73	177	128
Net sales proceeds	$160.7	$116.8	$348.6	$209.4
Gain on sales of real estate	$38.3	$38.6	$73.9	$61.1