Schedule III — Real Estate and Accumulated Depreciation - Narratives (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
SEC Schedule III, Real Estate and Accumulated Depreciation
Accumulated amortization (finite lived intangible assets)	$ 1,493,453	$ 1,420,928
Accumulated amortization (intangible liabilities)	98,264	78,140
Sale-leaseback transactions accounted for as loans receivable	857,931	451,813
Secured loans receivable	35,783	31,857
Real Estate Held for Development and Sale, Net	3,300
Real estate under construction	79,900
Federal income taxes	17,400,000
Sales-type leases
SEC Schedule III, Real Estate and Accumulated Depreciation
Net investments in direct financing leases	10,642	36,891
Lease intangibles
SEC Schedule III, Real Estate and Accumulated Depreciation
Finite-lived intangible liabilities, gross	202,300
Accumulated amortization (intangible liabilities)	98,300
Lease intangibles
SEC Schedule III, Real Estate and Accumulated Depreciation
Gross Carrying Amount	2,984,804	2,822,658
Accumulated amortization (finite lived intangible assets)	$ 1,491,875	$ 1,419,929

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Cost basis of real estate investments for federal income tax purposes for entities with a substantial portion of business acquiring and holding investment real estate.

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Accumulated amount of amortization of assets, excluding financial assets and goodwill, lacking physical substance with a finite life.

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Cost of real estate projects incurred for projects for eventual sale or transfer (condominium or time share projects, vacation clubs).

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Accumulated amount of amortization of liabilities, excluding financial liabilities, lacking physical substance with a finite life.

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