v3.25.4
Schedule III - Real Estate and Accumulated Depreciation and Amortization - (Parenthetical) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Land, buildings, and leasehold interests:      
Beginning balance $ 10,809,168 $ 10,397,432 $ 9,678,127
Acquisitions and dollars invested in projects under construction and tenant improvements 924,599 565,707 820,238
Dispositions (207,334) (147,339) (94,943)
Impairment losses (28,602) (6,632) (5,990)
Ending balance 11,497,831 [1],[2],[3] 10,809,168 10,397,432
Accumulated depreciation and amortization:      
Beginning balance 2,065,520 1,864,614 1,660,665
Dispositions (65,041) (41,046) (26,236)
Depreciation and amortization expense 258,991 241,952 230,185
Ending balance 2,259,470 [4] 2,065,520 $ 1,864,614
Net investment in direct financing leases 1,181 $ 2,520  
Real estate, federal income tax basis $ 11,354,050    
Maximum [Member]      
Accumulated depreciation and amortization:      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation 18 months    
Minimum [Member]      
Accumulated depreciation and amortization:      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation 12 months    
[1] As of December 31, 2025, there were no encumbrances or carrying costs on any of the properties in the Portfolio.
[2] For financial reporting purposes, leases recorded as a direct financing lease are excluded from the real estate gross amounts at the close of the period and depreciation is not applicable. As of December 31, 2025, the net investment in real estate accounted for under the direct financing method was $1,181.
[3] The following is a reconciliation of the real estate portfolio accounted for using the operating method, including real estate held for sale for the years ended December 31:

 

2025

 

 

2024

 

 

2023

 

 

 

 

 

 

 

 

 

 

Beginning balance, January 1

$

10,809,168

 

 

$

10,397,432

 

 

$

9,678,127

 

Acquisitions and dollars invested in projects under construction or tenant improvements

 

924,599

 

 

 

565,707

 

 

 

820,238

 

Dispositions

 

(207,334

)

 

 

(147,339

)

 

 

(94,943

)

Impairment losses

 

(28,602

)

 

 

(6,632

)

 

 

(5,990

)

Ending balance, December 31

$

11,497,831

 

 

$

10,809,168

 

 

$

10,397,432

 
[4] The following is a reconciliation of accumulated depreciation and amortization for the years ended December 31:

 

2025

 

 

2024

 

 

2023

 

Beginning balance, January 1

$

2,065,520

 

 

$

1,864,614

 

 

$

1,660,665

 

Dispositions

 

(65,041

)

 

 

(41,046

)

 

 

(26,236

)

Depreciation and amortization expense

 

258,991

 

 

 

241,952

 

 

 

230,185

 

Ending balance, December 31

$

2,259,470

 

 

$

2,065,520

 

 

$

1,864,614