v3.26.1
Leases (Tables)
 6 Months Ended
Jun. 30, 2026
Leases [Abstract]  
Schedule of Components of Operating Lease Income from Leases
The following table details the components of operating lease income from leases in which the Company is the lessor ($ in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Fixed lease payments$1,504,457 $1,637,212 $3,086,130 $3,325,392 
Variable lease payments124,648 133,448 264,229 277,657 
Rental revenue$1,629,105 $1,770,660 $3,350,359 $3,603,049 
The following table details the fixed and variable components of the Company’s financing leases ($ in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Interest on lease liabilities$1,125 $1,079 $2,246 $2,166 
Amortization of right-of-use assets337 309 673 613 
Total financing lease costs$1,462 $1,388 $2,919 $2,779 
Schedule of Undiscounted Future Minimum Rental Income
The following table presents the undiscounted future minimum rents the Company expects to receive for its industrial, data centers, net lease, retail, and office properties as of June 30, 2026 ($ in thousands). Leases at the Company’s rental housing properties are short term, generally 12 months or less, and are therefore not included.
YearFuture Minimum Rents
2026 (remaining)$842,294 
20271,624,579 
20281,482,817 
20291,305,682 
20301,132,601 
2031650,424 
Thereafter13,947,775 
Total$20,986,172 
Schedule of Future Lease Payments Due Under Ground Leases
The following table details the future lease payments due under the Company’s ground leases as of June 30, 2026 ($ in thousands):
Operating
Leases		Financing
Leases
2026 (remaining)$20,182 $2,283 
202736,454 4,633 
202836,739 4,763 
202936,861 4,896 
203037,037 5,033 
203137,065 5,173 
Thereafter1,997,821 544,292 
Total undiscounted future lease payments2,202,159 571,073 
Difference between undiscounted cash flows and discounted cash flows(1,593,593)(489,796)
Total lease liability$608,566 $81,277 
Schedule of Fixed and Variable Components of Operating and Financing Leases
The following table details the fixed and variable components of the Company’s operating leases ($ in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Fixed ground rent expense$3,406 $3,393 $6,971 $7,027 
Variable ground rent expense10,302 9,483 20,040 18,488 
Total cash portion of ground rent expense13,708 12,876 27,011 25,515 
Straight-line ground rent expense4,375 4,343 8,473 9,213 
Total operating lease costs$18,083 $17,219 $35,484 $34,728