Leases (Tables)

3 Months Ended

Mar. 31, 2026

Leases [Abstract]

Summary of Components of Lease Expense

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

		Three Months Ended
	Classification	March 31, 2026		March 31, 2025
Operating lease cost:(1)
Real estate lease expense	Property operating expenses	$	33,425	$	23,406
Non-real estate investment lease expense	General and administrative expenses	1,630		1,484
Financing lease cost:
Amortization of leased assets	Property operating expenses	4,610		1,229
Interest on lease liabilities	Interest expense	6,472		1,232
Total		$	46,137	$	27,351

(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	March 31, 2026		December 31, 2025
Right of use assets:
Operating leases - real estate	Right of use assets, net	$	1,422,203	$	1,537,490
Financing leases - real estate	Right of use assets, net	600,963		620,555
Real estate right of use assets, net		2,023,166		2,158,045
Operating leases - non-real estate investments	Receivables and other assets	24,105		25,073
Total right of use assets, net		$	2,047,271	$	2,183,118
Lease liabilities:
Operating leases		$	1,528,863	$	1,642,849
Financing leases		522,410		540,144
Total		$	2,051,273	$	2,182,993