Leases (Tables)

6 Months Ended

Jun. 30, 2025

Leases [Abstract]

Summary of Components of Lease Expense

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

		Six Months Ended
	Classification	June 30, 2025		June 30, 2024
Operating lease cost: (1)
Real estate lease expense	Property operating expenses	$	48,093	$	11,830
Non-real estate investment lease expense	General and administrative expenses	3,081		3,084
Financing lease cost:
Amortization of leased assets	Property operating expenses	2,428		2,165
Interest on lease liabilities	Interest expense	2,649		1,747
Total		$	56,251	$	18,826

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

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 (in thousands):

	Classification	June 30, 2025		December 31, 2024
Right of use assets:
Operating leases - real estate	Right of use assets, net	$	1,152,154	$	1,094,549
Financing leases - real estate	Right of use assets, net	127,018		106,582
Real estate right of use assets, net		1,279,172		1,201,131
Operating leases - non-real estate investments	Receivables and other assets	22,143		7,605
Total right of use assets, net		$	1,301,315	$	1,208,736
Lease liabilities:
Operating leases		$	1,227,184	$	1,150,062
Financing leases		108,463		108,037
Total		$	1,335,647	$	1,258,099