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Leases (Tables)

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Schedule of Minimum Future Annual Rental Revenue to be Received on Operating Leases

At December 31, 2024, minimum future annual rental revenue to be received on the operating leases for the next five years and thereafter are as follows (dollars in millions):

						Future Minimum Operating Lease Payments						Future Minimum Direct Financing and Sale-Type Lease Payments (1)
2025						$	4,845.1					$	1.4
2026						4,685.1						1.4
2027						4,433.6						1.0
2028						4,082.3						0.7
2029						3,681.2						0.8
Thereafter						27,654.5						24.3
Total						$	49,381.8					$	29.6

(1) Related to three properties which are subject to direct financing leases and, therefore, revenue is recognized as rental income on the discounted cash flows of the lease payments. Amounts reflected are the cash rent on these respective properties. Two properties are subject to sales-type leases and, therefore, revenue is recognized as sales-type lease income on the discounted cash flows of the lease payments. Amounts reflected are the cash rent on these respective properties.

Schedule of Minimum Future Annual Rental Revenue to be Received on Direct Financing Leases

At December 31, 2024, minimum future annual rental revenue to be received on the operating leases for the next five years and thereafter are as follows (dollars in millions):

						Future Minimum Operating Lease Payments						Future Minimum Direct Financing and Sale-Type Lease Payments (1)
2025						$	4,845.1					$	1.4
2026						4,685.1						1.4
2027						4,433.6						1.0
2028						4,082.3						0.7
2029						3,681.2						0.8
Thereafter						27,654.5						24.3
Total						$	49,381.8					$	29.6

(1) Related to three properties which are subject to direct financing leases and, therefore, revenue is recognized as rental income on the discounted cash flows of the lease payments. Amounts reflected are the cash rent on these respective properties. Two properties are subject to sales-type leases and, therefore, revenue is recognized as sales-type lease income on the discounted cash flows of the lease payments. Amounts reflected are the cash rent on these respective properties.

Schedule of Minimum Future Rental Payments Under Operating Leases

At December 31, 2024, minimum future rental payments due from the Company over the next five years and thereafter are as follows (dollars in millions):

						Operating Leases						Finance  Leases						Total
2025						$	39.9					$	4.3					$	44.2
2026						40.0						10.0						50.0
2027						39.3						2.3						41.6
2028						34.0						2.4						36.4
2029						31.4						3.6						35.0
Thereafter						567.0						176.3						743.3
Total						$	751.6					$	198.9					$	950.5
Present value adjustment for remaining lease payments (1)						(298.6)						(121.7)
Total lease liability						$	453.0					$	77.2

(1) The discount rates are specific for individual leases primarily based on the lease term. The range of discount rates used to calculate the present value of the operating lease payments is 1.23% to 6.42% and for finance lease payments is 1.47% to 6.21%. The weighted average discount rate was derived from estimated incremental borrowing rates based on our credit quality, as we did not have any borrowings at the balance sheet date with comparable terms to our lease agreements. At December 31, 2024, the weighted average discount rate for operating leases is 3.96% and the weighted average remaining lease term is 23.74 years. At December 31, 2024, the weighted average discount rate for finance leases is 5.02% and the weighted average remaining lease term is 32.47 years.

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- References

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- Definition

Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478964/842-20-50-6

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- Definition

Tabular disclosure of maturity of undiscounted cash flows to be received by lessor on annual basis for operating lease.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 842
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479773/842-30-50-12

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- Definition

Tabular disclosure of maturity of undiscounted cash flows to be received on annual basis for sales-type and direct financing leases receivable. Includes, but is not limited to, reconciliation to lease receivable recognized in statement of financial position.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479773/842-30-50-10

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