Leases (Tables)

9 Months Ended

Sep. 30, 2026

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


		Nine Months Ended
	Classification	September 30, 2026		September 30, 2025
Operating lease cost:(1)
Real estate lease expense	Property operating expenses	$	98,188	$	72,748
Non-real estate investment lease expense	General and administrative expenses	4,521		4,712
Financing lease cost:
Amortization of leased assets	Property operating expenses	14,447		3,721
Interest on lease liabilities	Interest expense	19,882		4,155

Total		$	137,038	$	85,336

(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	September 30, 2026		December 31, 2025
Right of use assets:
Operating leases - real estate	Right of use assets, net	$	1,375,994	$	1,537,490
Financing leases - real estate	Right of use assets, net	546,673		620,555
Real estate right of use assets, net		1,922,667		2,158,045
Operating leases - non-real estate investments	Receivables and other assets	25,621		25,073
Total right of use assets, net		$	1,948,288	$	2,183,118

Lease liabilities:
Operating leases		$	1,491,135	$	1,642,849
Financing leases		476,934		540,144
Total		$	1,968,069	$	2,182,993