v3.25.4
Land, Buildings and Improvements, and Assets Held for Sale (Tables)
 12 Months Ended
Dec. 31, 2025
Real Estate [Abstract]  
Schedule of Land, Building and Improvements
Land and buildings leased to others, which are subject to operating leases, and real estate under construction, are summarized as follows (in thousands):
December 31,
20252024
Land$2,839,757 $2,398,409 
Buildings and improvements11,531,634 10,388,418 
Real estate under construction79,915 56,042 
Less: Accumulated depreciation(2,026,829)(1,701,892)
$12,424,477 $11,140,977 
The aggregate purchase price allocation for investments disclosed above is as follows (dollars in thousands):
Total Capitalized Costs
Land$420,119 
Buildings and improvements995,255 
Intangible assets and liabilities:
In-place lease (weighted-average expected life of 16.0 years)
252,165 
Above-market rent (expected life of 15.5 years)
14,059 
Below-market rent (expected life of 5.7 years)
(3,061)
Right-of-use assets:
Land lease right-of-use assets2,296 
Below-market ground lease intangibles1,495 
Prepaid rent liabilities(23,715)
Operating lease liabilities(2,296)
$1,656,317 
Below is a summary of our Land, buildings and improvements — operating properties (in thousands): 
December 31,
20252024
Land$25,665 $144,871 
Buildings and improvements260,414 1,053,805 
Less: Accumulated depreciation(59,626)(100,575)
$226,453 $1,098,101 
Schedule of Real Estate Acquired
During 2025, we entered into the following investments, which were deemed to be real estate asset acquisitions (dollars in thousands):
Property Location(s)Number of PropertiesDate of AcquisitionProperty Type
Total Capitalized Costs (a)
Various, United States (a)
592/26/2025Industrial, Warehouse$136,022 
Various, United States (b)
43/3/2025Retail8,474 
Mishawaka, Indiana13/26/2025Specialty (Healthcare)31,762 
Various, Germany (3 properties) and La Garriga, Spain (c)
44/11/2025Industrial42,981 
Santa Fe Springs, California14/23/2025Warehouse128,043 
Various, Italy (7 properties) and Málaga and Burgos, Spain (c)
95/13/2025Industrial73,280 
Chattanooga, Tennessee16/16/2025Industrial20,247 
Newark, New Jersey and Boston, Massachusetts26/17/2025Industrial101,856 
San Francisco, California17/11/2025Industrial49,604 
Various, United States (d)
87/11/2025; 8/28/2025Retail15,796 
Loughborough and Ilkeston, United Kingdom (c)
27/16/2025Retail68,308 
Houston, Texas17/31/2025Industrial18,357 
Various, France (3 properties) and Medina del Campo, Spain (c)
47/31/2025Industrial56,388 
Various, Italy (c)
358/6/2025Industrial, Warehouse81,900 
Monterrey and San Juan del Rio, Mexico48/26/2025Industrial44,033 
Mesquite, Texas19/18/2025Industrial92,271 
Kissimmee, Florida19/23/2025Retail14,338 
Toronto and Markham, Canada; and Lee’s Summit, Missouri (c)
39/24/2025Industrial67,170 
Compton, California110/1/2025Warehouse5,937 
Various, United States (d)
410/2/2025Specialty (Healthcare)137,275 
San Juan del Rio, Mexico110/2/2025Industrial9,999 
Various, United States (e)
810/9/2025; 12/10/2025Retail15,986 
New Hartford, New York111/26/2025Retail (Car Wash)5,084 
Wasserburg am Inn, Germany (c)
112/16/2025Industrial27,142 
Cesena and Gela, Italy (c)
212/17/2025Industrial, Warehouse2,218 
Various, United States (f)
1012/18/2025Retail321,826 
Navarra and Zaragoza, Spain (c)
412/22/2025Warehouse80,020 
173$1,656,317 
__________
(a)This investment includes properties located across 13 U.S. states.
(b)This investment includes properties located across three U.S. states.
(c)Amount reflects the applicable exchange rate on the date of transaction.
(d)This investment includes properties located across four U.S. states.
(e)This investment includes properties located across five U.S. states.
(f)This investment includes properties located across nine U.S. states.
Schedule of Real Estate Under Construction
During 2025, we completed the following construction projects (dollars in thousands):
Property Location(s)Primary Transaction TypeNumber of PropertiesDate of CompletionProperty TypeTotal Capitalized Costs
Galeras, MexicoExpansion16/26/2025Industrial$4,843 
Bedford, MassachusettsRedevelopment17/22/2025Research and Development42,059 
Surprise, Arizona (a)
Build-to-Suit110/27/2025Industrial22,042 
3$68,944 
__________
(a)The tenant at this property commenced paying rent in January 2026.
Schedule of Operating Lease Income
Lease income related to operating leases recognized and included in the consolidated statements of income is as follows (in thousands):
Years Ended December 31,
202520242023
Lease income — fixed$1,313,926 $1,186,730 $1,254,340 
Lease income — variable (a)
165,278 145,058 173,036 
Total operating lease income$1,479,204 $1,331,788 $1,427,376 
__________
(a)Includes (i) rent increases based on changes in the CPI and other comparable indices and (ii) reimbursements for property taxes, insurance, and common area maintenance services.
Scheduled Future Minimum Lease Payments to be Received
Scheduled future lease payments to be received (exclusive of expenses paid by tenants, percentage of sales rents, and future CPI-based adjustments) under non-cancelable operating leases at December 31, 2025 are as follows (in thousands): 
Years Ending December 31, Total
2026$1,426,069 
20271,400,521 
20281,364,800 
20291,310,345 
20301,261,348 
Thereafter11,763,531 
Total$18,526,614 
Schedule of Lease Cost
Lease Cost

Lease costs for operating leases are included in (i) General and administrative expenses (office leases), (ii) Property expenses, excluding reimbursable tenant costs (land leases), and (iii) Reimbursable tenant costs (land leases) in the consolidated statements of income. Certain information related to the total lease cost for operating leases is as follows (in thousands):
Years Ended December 31,
202520242023
Fixed lease cost
$16,359 $15,550 $15,518 
Variable lease cost
2,204 1,992 1,731 
Total lease cost$18,563 $17,542 $17,249 
Supplemental Balance Sheet Information
Supplemental balance sheet information related to ROU assets and lease liabilities is as follows (dollars in thousands):
December 31,
Location on Consolidated Balance Sheets20252024
Operating ROU assets — land leasesIn-place lease intangible assets and other$123,242 $115,156 
Finance ROU assets — land and building leasesIn-place lease intangible assets and other26,860 25,253 
Operating ROU assets — office leasesOther assets, net47,719 51,319 
Total operating ROU assets$197,821 $191,728 
Operating lease liabilitiesAccounts payable, accrued expenses and other liabilities$144,252 $143,274 
Weighted-average remaining lease term — operating leases23.8 years23.4 years
Weighted-average discount rate — operating leases6.9 %6.8 %
Number of land lease arrangements — operating leases7172
Weighted-average remaining lease term — finance leases (a)
57.8 years56.4 years
Number of land and building lease arrangements — finance leases32
Number of office space arrangements44
Remaining lease term range (excluding extension options not reasonably certain of being exercised)
<1 – 94 years
<1 – 95 years
__________
(a)There are no related lease liabilities for our finance ROU assets. Therefore, there is no applicable weighted-average discount rate for such assets.
Undiscounted Cash Flows - Operating Lease
A reconciliation of the undiscounted cash flows for operating leases recorded on the consolidated balance sheet within Accounts payable, accrued expenses and other liabilities as of December 31, 2025 is as follows (in thousands):
Years Ending December 31, Total
2026$15,361 
202715,947 
202815,849 
202914,927 
203014,398 
Thereafter234,536 
Total lease payments311,018 
Less: amount of lease payments representing interest(166,766)
Present value of future lease payments/lease obligations$144,252 
Disclosure of Assets Held-for-sale, Net
Below is a summary of our properties held for sale (in thousands):
December 31,
20252024
Land, buildings and improvements — net lease and other
$3,741 $— 
Accumulated depreciation and amortization(414)— 
Assets held for sale, net$3,327 $—