Land, Buildings and Improvements, and Assets Held for Sale (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Property, Plant, and Equipment [Abstract] |
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| Schedule of Real Estate |
Land and buildings leased to others, which are subject to operating leases, and real estate under construction, are summarized as follows (in thousands): | | | | | | | | | | | | | June 30, 2026 | | December 31, 2025 | | Land | $ | 3,197,296 | | | $ | 2,839,757 | | | Buildings and improvements | 11,982,742 | | | 11,531,634 | | | Real estate under construction | 42,829 | | | 79,915 | | | Less: Accumulated depreciation | (2,097,308) | | | (2,026,829) | | | $ | 13,125,559 | | | $ | 12,424,477 | |
The aggregate purchase price allocation for investments disclosed above is as follows (dollars in thousands): | | | | | | | Total Capitalized Costs | | Land | $ | 421,871 | | | Buildings and improvements | 665,535 | | | Intangible assets: | | In-place lease (weighted-average expected life of 16.3 years) | 210,068 | | Above-market rent (expected life of 12.1 years) | 114 | | Below-market rent (expected life of 12.4 years) | (2,017) | | | Right-of-use assets: | | | Land lease right-of-use assets | 335 | | Below-market ground lease intangibles (weighted-average expected life of 39.7 years) | 7,653 | | | Right-of-use liabilities: | | | Land lease right-of-use liabilities | (335) | | | $ | 1,303,224 | |
| | | | | | | | | | | | | June 30, 2026 | | December 31, 2025 | | Land | $ | 16,405 | | | $ | 25,665 | | | Buildings and improvements | 165,289 | | | 260,414 | | | Less: Accumulated depreciation | (53,426) | | | (59,626) | | | $ | 128,268 | | | $ | 226,453 | |
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| Schedule of Real Estate Acquired |
During the six months ended June 30, 2026, we entered into the following investments, which were deemed to be real estate asset acquisitions (dollars in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | Property Location(s) | | Number of Properties | | Date of Acquisition | | Property Type | | Total Capitalized Costs | | Las Vegas, New Mexico | | 1 | | 1/13/2026 | | Retail | | $ | 2,195 | | | Arlington Heights, Illinois | | 1 | | 1/15/2026 | | Industrial | | 9,432 | | Various, Poland (a) | | 8 | | 1/28/2026; 2/18/2026 | | Warehouse | | 201,789 | | | Solon, Ohio | | 1 | | 1/29/2026 | | Warehouse | | 43,387 | | Various, Canada (a) | | 14 | | 3/10/2026 | | Retail | | 211,883 | | Bahlingen am Kaiserstuhl, Germany (a) | | 1 | | 3/10/2026 | | Industrial | | 23,621 | | | Eden, North Carolina | | 1 | | 4/2/2026 | | Industrial | | 12,729 | | | Akron, Ohio | | 1 | | 4/27/2026 | | Specialty (Healthcare) | | 27,165 | | Various, Germany (a) | | 4 | | 4/29/2026 | | Industrial | | 51,842 | | Various, United States (b) | | 43 | | 5/8/2026 | | Industrial | | 400,188 | | Various, Lithuania (12 properties), Latvia (4 properties), and Estonia (3 properties) (a) (c) | | 19 | | 5/20/2026 | | Retail; Warehouse | | 206,591 | | Murcia, Spain (a) (d) | | 2 | | 5/26/2026 | | Warehouse | | 33,926 | | | Bloomfield, New Mexico | | 2 | | 6/9/2026 | | Retail | | 3,766 | | | Tulsa, Oklahoma | | 1 | | 6/30/2026 | | Warehouse | | 74,710 | | | | 99 | | | | | | $ | 1,303,224 | |
__________ (a)Amount reflects the applicable exchange rate on the date of transaction. (b)This investment includes properties located across 24 U.S. states. (c)We acquired these properties from a jointly owned investment in which we own a 70% interest and account for as an equity method investment (Note 7). In connection with this acquisition, we assumed a non-recourse mortgage loan encumbering the properties with an outstanding principal balance of $97.8 million (Note 7, Note 10) (d)We entered into a purchase agreement to acquire an additional industrial facility leased to this tenant for $37.5 million, which is expected to be completed in 2027.
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| Schedule of Real Estate under Construction |
During the six months ended June 30, 2026, we completed the following construction projects (dollars in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Property Location(s) | | Primary Transaction Type | | Number of Properties | | | | Property Type | | Total Capitalized Costs | | Surprise, Arizona | | Build-to-Suit | | 1 | | | | Retail | | $ | 12,175 | | Oskarshamn, Sweden (a) | | Build-to-Suit | | 1 | | | | Warehouse | | 18,449 | | | Billings, Montana | | Build-to-Suit | | 1 | | | | Education (Medical School) | | 25,825 | | | Overland Park, Kansas | | Expansion | | 1 | | | | Specialty (Healthcare) | | 9,922 | | | | | | 4 | | | | | | $ | 66,371 | |
__________ (a)Amount reflects the applicable exchange rate on the date of transaction.
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| 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): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | 2026 | | 2025 | | 2026 | | 2025 | Lease income — fixed | $ | 363,146 | | | $ | 322,188 | | | $ | 721,149 | | | $ | 636,272 | | Lease income — variable (a) | 46,515 | | | 42,007 | | | 91,343 | | | 81,691 | | | Total operating lease income | $ | 409,661 | | | $ | 364,195 | | | $ | 812,492 | | | $ | 717,963 | |
__________ (a)Includes (i) rent increases based on changes in the U.S. Consumer Price Index (CPI) and other comparable indices and (ii) reimbursements for property taxes, insurance, and common area maintenance services.
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| Schedule of Disclosure of Long Lived Assets Held-for-Sale |
Below is a summary of our properties held for sale (in thousands): | | | | | | | | | | | | | June 30, 2026 | | December 31, 2025 | Land, buildings and improvements — net lease and other | $ | 11,787 | | | $ | 3,741 | | | In-place lease intangible assets and other | 7,301 | | | — | | | Above-market rent intangible assets | 1,922 | | | — | | | Accumulated depreciation and amortization | (10,569) | | | (414) | | | Assets held for sale, net | $ | 10,441 | | | $ | 3,327 | |
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