Leases (Tables)

12 Months Ended

Dec. 31, 2025

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,
	2025		2024		2023
Fixed income from operating leases	$	1,565,590	$	1,530,493	$	1,236,502
Variable income from operating leases	591,153		556,703		395,303

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, 2025 (in thousands):

Year	Amount
2026	$	1,429,141
2027	1,374,492
2028	1,272,129
2029	1,149,355
2030	986,141
Thereafter	3,597,746
	$	9,809,004

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, excluding leases related to assets classified as held for sale, are as follows (dollars in thousands):

Year	Annualized Base Rent(1)		Number of Properties
2026	$	13,324	8
2027	14,185		8
2028	19,404		6
2029	6,466		7
2030	—		—
Thereafter	28,495		10
	$	81,874	39

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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 (dollars in thousands):

	Year Ended December 31,
Lease Expense Information:	2025		2024		2023
Total lease expense	$	23,168	$	22,768	$	17,010

Weighted Average Lease Term and Discount Rate:	December 31, 2025		December 31, 2024
Weighted average remaining lease term (years):
Operating leases(1)	47		48
Weighted average discount rate:
Operating leases	4.86	%	4.79	%

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(1)As of December 31, 2025 and 2024, the weighted average remaining lease term including the Company’s options to extend its operating leases was 64 years and 66 years, respectively.

Schedule of Future Minimum Lease Obligations

The following table summarizes future minimum lease payments under non-cancelable ground and other operating leases, excluding amounts reported in liabilities related to assets held for sale, included in the Company’s lease liability as of December 31, 2025 (in thousands):

Year	Amount
2026	$	21,049
2027	18,176
2028	18,209
2029	18,378
2030	15,654
Thereafter	741,080
Undiscounted minimum lease payments included in the lease liability	832,546
Less: imputed interest	(536,286)
Present value of lease liability	$	296,260