Real Estate (Tables)

12 Months Ended

Dec. 31, 2024

Real Estate [Abstract]

Components of Rental Property

The Company’s components of Real estate, net consist of the following (in thousands):

	December 31,
	2024			2023
Land:
Developed land	$	4,483,219		$	4,166,475
Undeveloped land		8,980			5,458
Land held for development		5,997			5,864
Total land		4,498,196			4,177,797
Buildings and improvements:
Buildings		11,542,812			10,312,001
Building improvements		2,449,924			2,213,248
Tenant improvements		1,387,142			1,158,919
Fixtures and leasehold improvements		45,417			41,055
Above-market leases		183,599			170,513
In-place leases		1,063,482			864,261
Total buildings and improvements		16,672,376			14,759,997
Real estate		21,170,572			18,937,794
Accumulated depreciation and amortization (1)		(4,360,239	)		(3,842,869	)
Total real estate, net	$	16,810,333		$	15,094,925

(1)The Company had accumulated amortization relating to in-place leases and above-market leases aggregating $858,309 at December 31, 2024 and $751,215 at December 31, 2023.

Estimated Net Amortization Income (Expense)

The estimated net amortization income/(expense) associated with the Company’s above-market and below-market leases and in-place leases for the next five years are as follows (in millions):

	2025			2026			2027			2028			2029
Above-market and below-market leases amortization, net	$	17.2		$	15.7		$	15.5		$	15.6		$	15.6
In-place leases amortization	$	(99.1	)	$	(70.7	)	$	(51.4	)	$	(37.7	)	$	(22.5	)