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v3.25.1

Supplemental Detail for Certain Components of Consolidated Balance Sheets (Tables) | 3 Months Ended
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Mar. 31, 2025
Disclosure Text Block Supplement [Abstract] |
Schedule of Accounts Receivable, Net |
A. | Accounts receivable, net, consist of the following at: | March 31, 2025 |  | December 31, 2024
| Straight-line rent receivables, net | $ | 746,757 |  |  | $ | 694,844 |
| Client receivables, net | 205,653 |  |  | 182,824 |
|  | $ | 952,410 |  |  | $ | 877,668 |
The following table presents information about our loans as of March 31, 2025 and December 31, 2024 (dollars in millions):
|  |  |  |  |  | March 31, 2025
|  | Maturity |  | Interest Rates (1) |  | Principal |  | Amortized Cost |  | Allowance |  | Carrying Amount (2)
Senior Secured Notes Receivable |  | October 2029 - November 2030 |  | 8.125% - SONIA+5.75% |  | $ | 830.5 |  |  | $ | 824.2 |  |  | $ | (11.8) |  |  | $ | 812.4 |
Mortgage Loan |  | September 2038 |  | 8.37% |  | 33.5 |  |  | 33.5 |  |  | — |  |  | 33.5 |
Unsecured and Other Loans (3) |  | December 2026 - December 2028 |  | 10.25% - 11.00% |  | 211.0 |  |  | 211.1 |  |  | (2.3) |  |  | 208.8 |
Total |  |  |  |  |  | $ | 1,075.0 |  |  | $ | 1,068.8 |  |  | $ | (14.1) |  |  | $ | 1,054.7 |
|  |  |  |  |  | December 31, 2024
|  | Maturity |  | Interest Rates (1) |  | Principal |  | Amortized Cost |  | Allowance |  | Carrying Amount (2)
Senior Secured Notes Receivable |  | October 2029 - November 2030 |  | 8.125% - SONIA+5.75% |  | $ | 803.7 |  |  | $ | 797.2 |  |  | $ | (11.4) |  |  | $ | 785.8 |
Mortgage Loan |  | September 2038 |  | 8.37% |  | 33.5 |  |  | 33.5 |  |  | — |  |  | 33.5 |
Unsecured Loan |  | December 2026 |  | 11.00% |  | 11.0 |  |  | 10.1 |  |  | (0.9) |  |  | 9.2 |
Total |  |  |  |  |  | $ | 848.2 |  |  | $ | 840.8 |  |  | $ | (12.3) |  |  | $ | 828.5 |
(1) As of March 31, 2025 and December 31, 2024, we held two interest-only notes bearing interest at Sterling Overnight Indexed Average (“SONIA”) plus a margin. (2) As of March 31, 2025 and December 31, 2024, the total carrying amount of the investment in loans excludes accrued interest of $29.4 million and $13.8 million, respectively, which is presented in 'Other assets, net' on our consolidated balance sheets. (3) In February 2025, we invested $200.0 million in a loan, maturing in December 2028 with two 12-month extension options. This interest-only loan bears interest at either a cash rate of 10.25% or a payment-in-kind rate of 10.75%. We paid $199.8 million for this loan and incurred $1.1 million in origination costs. The discount and deferred costs are being amortized over the loan term. The following table presents information about our investments in sale-leaseback transactions accounted for as financing receivables in accordance with ASC 842, Leases as of March 31, 2025 and December 31, 2024 (dollars in millions):
|  |  | Carrying Value as of
| Maturity |  | March 31, 2025 |  | December 31, 2024
Financing receivables, net | 2028 - 2048 |  | $ | 1,582.8 |  |  | $ | 1,609.0 |
Total |  |  | $ | 1,582.8 |  | $ | 1,609.0
Schedule of Lease Intangible Assets, Net |
B. | Lease intangible assets, net, consist of the following at: | March 31, 2025 |  | December 31, 2024
| In-place leases | $ | 7,469,150 |  |  | $ | 7,347,301 |
| Above-market leases | 2,230,921 |  |  | 2,203,420 |
| Accumulated amortization of in-place leases | (2,689,173) |  |  | (2,487,302) |
| Accumulated amortization of above-market leases | (796,442) |  |  | (742,338) |
| Other items | 1,998 |  |  | 1,911 |
|  | $ | 6,216,454 |  |  | $ | 6,322,992 |
Schedule of Other Assets, Net |
C. | Other assets, net, consist of the following at: | March 31, 2025 |  | December 31, 2024
| Financing receivables, net | $ | 1,582,784 |  |  | $ | 1,609,044 |
| Loans receivable, net | 1,054,703 |  |  | 828,500 |
| Right of use asset - financing leases, net | 749,317 |  |  | 653,353 |
| Right of use asset - operating leases, net | 611,491 |  |  | 619,350 |
| Prepaid expenses | 97,688 |  |  | 63,499 |
| Value-added tax receivable | 57,244 |  |  | 48,075 |
| Interest receivable | 31,677 |  |  | 16,071 |
| Derivative assets and receivables - at fair value | 18,620 |  |  | 47,165 |
| Impounds related to mortgages payable | 16,061 |  |  | 14,218 |
| Restricted escrow deposits | 15,617 |  |  | 36,326 |
| Corporate assets, net | 13,606 |  |  | 12,763 |
| Investment in sales type lease | 6,154 |  |  | 6,138 |
| Revolving credit facility origination costs, net | 6,098 |  |  | 7,331 |
| Non-refundable escrow deposits | 100 |  |  | 225 |
| Other items | 63,543 |  |  | 56,510 |
|  | $ | 4,324,703 |  |  | $ | 4,018,568 |
Schedule of Account Payable and Accrued Expenses |
D. | Accounts payable and accrued expenses consist of the following at: | March 31, 2025 |  | December 31, 2024
| Notes payable - interest payable | $ | 258,345 |  |  | $ | 261,605 |
| Derivative liabilities and payables - at fair value | 100,726 |  |  | 81,524 |
| Property taxes payable | 86,709 |  |  | 92,440 |
| Accrued property expenses | 72,286 |  |  | 61,118 |
| Accrued income taxes | 48,467 |  |  | 84,884 |
| Accrued costs on properties under development | 39,190 |  |  | 59,602 |
| Value-added tax payable | 37,636 |  |  | 26,829 |
| Mortgages, term loans, and credit line - interest payable | 3,855 |  |  | 4,584 |
| Other items | 82,850 |  |  | 86,830 |
|  | $ | 730,064 |  |  | $ | 759,416 |
Schedule of Lease Intangible Liabilities, Net |
E. | Lease intangible liabilities, net, consist of the following at: | March 31, 2025 |  | December 31, 2024
| Below-market leases | $ | 2,135,977 |  |  | $ | 2,119,200 |
| Accumulated amortization of below-market leases | (526,892) |  |  | (483,430) |
|  | $ | 1,609,085 |  |  | $ | 1,635,770 |
Schedule of Other Liabilities |
F. | Other liabilities consist of the following at: | March 31, 2025 |  | December 31, 2024
| Lease liability - operating leases | $ | 447,473 |  |  | $ | 452,956 |
| Rent received in advance and other deferred revenue | 349,311 |  |  | 352,334 |
| Lease liability - financing leases | 77,995 |  |  | 77,190 |
| Security deposits | 35,983 |  |  | 35,594 |
| Other items | 5,197 |  |  | 5,054 |
|  | $ | 915,959 |  |  | $ | 923,128 |

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