Leases (Tables)

9 Months Ended

Sep. 30, 2025

Leases [Abstract]

Summary of Components of Lease Expense

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

		Nine Months Ended
	Classification	September 30, 2025		September 30, 2024
Operating lease cost:(1)
Real estate lease expense	Property operating expenses	$	72,748	$	17,837
Non-real estate investment lease expense	General and administrative expenses	4,712		4,838
Financing lease cost:
Amortization of leased assets	Property operating expenses	3,721		3,278
Interest on lease liabilities	Interest expense	4,155		2,923
Total		$	85,336	$	28,876

(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	September 30, 2025		December 31, 2024
Right of use assets:
Operating leases - real estate	Right of use assets, net	$	1,125,599	$	1,094,549
Financing leases - real estate	Right of use assets, net	124,848		106,582
Real estate right of use assets, net		1,250,447		1,201,131
Operating leases - non-real estate investments	Receivables and other assets	24,085		7,605
Total right of use assets, net		$	1,274,532	$	1,208,736
Lease liabilities:
Operating leases		$	1,203,954	$	1,150,062
Financing leases		107,646		108,037
Total		$	1,311,600	$	1,258,099