Leases (Tables)

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Summary of Components of Lease Expense

The components of lease expense were as follows for the periods presented (in thousands):

		Year Ended December 31,
	Classification	2024		2023		2022
Operating lease cost: (1)
Real estate lease expense	Property operating expenses	$	42,110	$	21,970	$	22,150
Non-real estate investment lease expense	General and administrative expenses	5,190		7,243		5,794
Financing lease cost:
Amortization of leased assets	Property operating expenses	5,852		5,854		6,837
Interest on lease liabilities	Interest expense	4,332		4,050		6,164
Sublease income	Rental income	—		(3,933)		(11,487)
Total		$	57,484	$	35,184	$	29,458

(1) Includes short-term leases, which are immaterial

Supplemental cash flow information related to leases was as follows for the periods indicated (in thousands):

		Year Ended December 31,
	Classification	2024		2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	Decrease (increase) in receivables and other assets	$	13,108	$	(590)	$	8,805
Operating cash flows from operating leases	Increase (decrease) in accrued expenses and other liabilities	(10,570)		(2,037)		(5,570)
Operating cash flows from financing leases	Decrease (increase) in receivables and other assets	885		3,061		8,672
Financing cash flows from financing leases	Other financing activities	1,211		(2,704)		(2,255)

Summary of Maturities of Lease Liabilities, Operating Leases

Maturities of lease liabilities as of December 31, 2024 are as follows (in thousands):

	Operating Leases		Financing Leases
2025	$	79,616	$	7,883
2026	79,455		7,892
2027	79,471		7,233
2028	79,467		5,333
2029	78,636		5,320
Thereafter	1,892,926		422,093
Total lease payments	2,289,571		455,754
Less: Imputed interest	(1,139,509)		(347,717)
Total present value of lease liabilities	$	1,150,062	$	108,037

Summary of Maturities of Lease Liabilities, Finance Leases

Maturities of lease liabilities as of December 31, 2024 are as follows (in thousands):

	Operating Leases		Financing Leases
2025	$	79,616	$	7,883
2026	79,455		7,892
2027	79,471		7,233
2028	79,467		5,333
2029	78,636		5,320
Thereafter	1,892,926		422,093
Total lease payments	2,289,571		455,754
Less: Imputed interest	(1,139,509)		(347,717)
Total present value of lease liabilities	$	1,150,062	$	108,037

Summary of Supplemental Balance Sheet Information Related to Leases

Supplemental balance sheet information related to leases in which we are the lessee is as follows for the periods presented (in thousands, except lease terms and discount rate):

	Classification	December 31, 2024			December 31, 2023
Right of use assets:
Operating leases - real estate	Right of use assets, net	$	1,094,549		$	283,293
Financing leases - real estate	Right of use assets, net	106,582			67,676
Real estate right of use assets, net		1,201,131			350,969
Operating leases - non-real estate investments	Receivables and other assets	7,605			11,338
Total right of use assets, net		$	1,208,736		$	362,307
Lease liabilities:
Operating leases		$	1,150,062		$	303,553
Financing leases		108,037			79,677
Total lease liabilities		$	1,258,099		$	383,230
Weighted average remaining lease term (years):
Operating leases		28.1			45.6
Financing leases		51.2			60.7
Weighted average discount rate:
Operating leases		5.0		%	5.3		%
Financing leases		6.0		%	7.7		%

Summary of Operating Lease, Lease Income

Rental income related to operating leases and the corresponding variable lease payments, which primarily represents the reimbursement of operating costs such as common area maintenance expenses, utilities, insurance and real estate taxes, for the periods indicated were as follows (in thousands):

	Year Ended December 31,
	2024		2023		2022
Fixed income from operating leases	$	1,351,865	$	1,344,096	$	1,258,238
Variable lease income	218,413		211,977		193,548

Sales-Type and Direct Financing Leases, Payment to be Received, Maturity

The following table sets forth the future minimum lease payments receivable for operating leases in effect at December 31, 2024 (excluding properties in our Seniors Housing Operating portfolio and excluding any operating expense reimbursements) (in thousands):

	Operating Leases
2025	$	1,430,747
2026	1,414,315
2027	1,405,804
2028	1,384,054
2029	1,355,320
Thereafter	10,224,420
Total	$	17,214,660