Leases (Tables)

6 Months Ended

Jun. 30, 2026

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


		Six Months Ended
	Classification	June 30, 2026		June 30, 2025
Operating lease cost:(1)
Real estate lease expense	Property operating expenses	$	66,005	$	48,093
Non-real estate investment lease expense	General and administrative expenses	3,056		3,081
Financing lease cost:
Amortization of leased assets	Property operating expenses	9,774		2,428
Interest on lease liabilities	Interest expense	13,400		2,649

Total		$	92,235	$	56,251

(1) Includes short-term leases which are immaterial.

Supplemental balance sheet information related to leases in which we are the lessee is as follows (in thousands):


	Classification	June 30, 2026		December 31, 2025
Right of use assets:
Operating leases - real estate	Right of use assets, net	$	1,391,934	$	1,537,490
Financing leases - real estate	Right of use assets, net	567,480		620,555
Real estate right of use assets, net		1,959,414		2,158,045
Operating leases - non-real estate investments	Receivables and other assets	23,431		25,073
Total right of use assets, net		$	1,982,845	$	2,183,118

Lease liabilities:
Operating leases		$	1,502,260	$	1,642,849
Financing leases		492,291		540,144
Total		$	1,994,551	$	2,182,993