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Leases (Tables)
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Schedule of Company's Lease Income, Excluding Discontinued Operation
The following table summarizes the Company’s lease income (in thousands):
 Year Ended December 31,
 202420232022
Fixed income from operating leases$1,530,493 $1,236,502 $1,182,463 
Variable income from operating leases556,703 395,303 359,312 
Interest income from direct financing leases— — 1,168 
Schedule of Future Minimum Lease Payments Due Under Operating Leases
The following table summarizes future minimum lease payments to be received from tenants under non-cancelable operating leases as of December 31, 2024 (in thousands):
YearAmount
2025$1,427,402 
20261,339,275 
20271,246,068 
20281,138,062 
20291,003,394 
Thereafter3,681,731 
$9,835,932 
Schedule of Tenant Purchase Options
Certain leases contain purchase options whereby the tenant may elect to acquire the underlying real estate. Annualized base rent from leases subject to purchase options, summarized by the year the purchase options are exercisable are as follows (dollars in thousands):
Year
Annualized
Base Rent(1)
Number of
Properties
2025$16,109 12 
202619,071 8 
20278,415 4 
202816,209 5 
20296,053 7 
Thereafter22,364 9 
 $88,221 45 
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(1)Represents the most recent month’s base rent including additional rent floors annualized for 12 months. Base rent does not include tenant recoveries, additional rents in excess of floors, and non-cash revenue adjustments (i.e., straight-line rents, amortization of market lease intangibles, and deferred revenues).
Schedule of Other Lease Information
The following tables provide information regarding the Company’s leases to which it is the lessee, such as corporate offices and ground leases, excluding lease costs related to discontinued operations (dollars in thousands):
Year Ended December 31,
Lease Expense Information:202420232022
Total lease expense$22,768 $17,010 $16,689 

Weighted Average Lease Term and Discount Rate:December 31,
2024		December 31,
2023
Weighted average remaining lease term (years):
Operating leases(1)
4851
Weighted average discount rate:
Operating leases4.79 %4.23 %
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(1)As of December 31, 2024 and 2023, the weighted average remaining lease term including the Company’s options to extend its operating leases was 66 years and 67 years, respectively.
Schedule of Future Minimum Lease Obligations, 842
The following table summarizes future minimum lease payments under non-cancelable ground and other operating leases included in the Company’s lease liability as of December 31, 2024 (in thousands):
YearAmount
2025$21,514 
202618,423 
202718,434 
202818,489 
202918,687 
Thereafter738,666 
Undiscounted minimum lease payments included in the lease liability834,213 
Less: imputed interest(526,993)
Present value of lease liability$307,220