v3.26.3
Leases (Tables)
 9 Months Ended
Sep. 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 September 30,Nine Months Ended September 30,
2026202520262025
Fixed lease payments$1,451,712 $1,589,774 $4,537,842 $4,915,166 
Variable lease payments121,900 129,369 386,129 407,026 
Rental revenue$1,573,612 $1,719,143 $4,923,971 $5,322,192 
The following table details the fixed and variable components of the Company’s financing leases ($ in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Interest on lease liabilities$1,148 $1,110 $3,394 $3,276 
Amortization of right-of-use assets315 288 988 901 
Total financing lease costs$1,463 $1,398 $4,382 $4,177 
Schedule of Undiscounted Future Minimum Rental Income
The following table presents the undiscounted future minimum rents the Company expects to receive for its industrial, data centers, net lease, retail, and office properties as of September 30, 2026 ($ 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)$420,943 
20271,663,509 
20281,558,992 
20291,387,122 
20301,214,576 
20311,010,140 
Thereafter13,718,897 
Total$20,974,179 
Schedule of Future Lease Payments Due Under Ground Leases
The following table details the future lease payments due under the Company’s ground leases as of September 30, 2026 ($ in thousands):
Operating
Leases		Financing
Leases
2026 (remaining)$8,902 $1,143 
202736,454 4,633 
202836,739 4,763 
202936,861 4,896 
203037,037 5,033 
203137,065 5,173 
Thereafter1,997,822 544,292 
Total undiscounted future lease payments2,190,880 569,933 
Difference between undiscounted cash flows and discounted cash flows(1,584,348)(488,376)
Total lease liability$606,532 $81,557 
Schedule of Fixed and Variable Components of Operating and Financing Leases
The following table details the fixed and variable components of the Company’s operating leases ($ in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Fixed ground rent expense$6,657 $6,619 $13,628 $13,646 
Variable ground rent expense9,597 10,244 29,637 28,732 
Total cash portion of ground rent expense16,254 16,863 43,265 42,378 
Straight-line ground rent expense1,081 1,078 9,554 10,291 
Total operating lease costs$17,335 $17,941 $52,819 $52,669