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Supplemental Detail for Certain Components of Consolidated Balance Sheets (Tables) | 6 Months Ended
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Jun. 30, 2025
Disclosure Text Block Supplement [Abstract] |
Schedule of Accounts Receivable, Net |
A. | Accounts receivable, net, consist of the following at: | June 30, 2025 |  | December 31, 2024
| Straight-line rent receivables, net | $ | 784,286 |  |  | $ | 694,844 |
| Client receivables, net | 177,766 |  |  | 182,824 |
|  | $ | 962,052 |  |  | $ | 877,668 |
The following table presents information about our loans as of June 30, 2025 and December 31, 2024 (dollars in millions):
|  |  |  |  |  | June 30, 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% |  | $ | 880.4 |  |  | $ | 874.2 |  |  | $ | (11.7) |  |  | $ | 862.5 |
Mortgage Loans (3)(4) |  | June 2028 - September 2038 |  | 7.50% - 8.37% |  | 255.4 |  |  | 255.6 |  |  | (0.1) |  |  | 255.5 |
Unsecured and Other Loans (5) |  | December 2026 - December 2028 |  | 10.25% - 11.00% |  | 214.7 |  |  | 214.8 |  |  | (3.0) |  |  | 211.8 |
Total |  |  |  |  |  | $ | 1,350.5 |  |  | $ | 1,344.6 |  |  | $ | (14.8) |  |  | $ | 1,329.8 |
|  |  |  |  |  | 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 June 30, 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 June 30, 2025 and December 31, 2024, the total carrying amount of the investment in loans excludes accrued interest of $17.4 million and $13.8 million, respectively, which is presented in 'Other assets, net' on our consolidated balance sheets. (3) In June 2025, we invested £121.5 million, equivalent to $166.6 million as of June 30, 2025, in a mortgage loan secured by an office property in London. The interest-only loan bears a fixed interest rate of 7.50% and matures in June 2030. The loan includes additional funding commitments of £20.5 million over the next two years. (4) In June 2025, we invested £40.3 million, equivalent to $55.3 million as of June 30, 2025, in a mortgage loan secured by a logistics property in the U.K. The interest-only loan bears a fixed interest rate of 7.50% and matures in June 2028, with one 12-month extension option available. The loan includes additional funding commitments of £8.5 million over the next three years. (5) In February 2025, we invested in a $200.0 million 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 June 30, 2025 and December 31, 2024 (dollars in millions):
|  |  | Carrying Value as of
| Maturity |  | June 30, 2025 |  | December 31, 2024
Financing receivables, net | 2026 - 2048 |  | $ | 1,588.7 |  |  | $ | 1,609.0 |
Total |  |  | $ | 1,588.7 |  | $ | 1,609.0
Schedule of Lease Intangible Assets, Net |
B. | Lease intangible assets, net, consist of the following at: | June 30, 2025 |  | December 31, 2024
| In-place leases | $ | 7,539,751 |  |  | $ | 7,347,301 |
| Above-market leases | 2,242,456 |  |  | 2,203,420 |
| Accumulated amortization of in-place leases | (2,895,785) |  |  | (2,487,302) |
| Accumulated amortization of above-market leases | (854,444) |  |  | (742,338) |
| Other items | 2,168 |  |  | 1,911 |
|  | $ | 6,034,146 |  |  | $ | 6,322,992 |
Schedule of Other Assets, Net |
C. | Other assets, net, consist of the following at: | June 30, 2025 |  | December 31, 2024
| Financing receivables, net | $ | 1,588,727 |  |  | $ | 1,609,044 |
| Loans receivable, net | 1,329,808 |  |  | 828,500 |
| Right of use asset - financing leases, net | 782,970 |  |  | 653,353 |
| Right of use asset - operating leases, net | 613,803 |  |  | 619,350 |
| Value-added tax receivable | 145,415 |  |  | 48,075 |
| Prepaid expenses | 89,089 |  |  | 63,499 |
| Revolving credit facilities origination costs, net | 30,945 |  |  | 7,331 |
| Restricted escrow deposits | 22,219 |  |  | 36,326 |
| Interest receivable | 19,534 |  |  | 16,071 |
| Impounds related to mortgages payable | 19,070 |  |  | 14,218 |
| Derivative assets and receivables - at fair value | 14,328 |  |  | 47,165 |
| Corporate assets, net | 14,048 |  |  | 12,763 |
| Investment in sales type lease | 6,171 |  |  | 6,138 |
| Non-refundable escrow deposits | — |  |  | 225 |
| Other items | 78,254 |  |  | 56,510 |
|  | $ | 4,754,381 |  |  | $ | 4,018,568 |
Schedule of Account Payable and Accrued Expenses |
D. | Accounts payable and accrued expenses consist of the following at: | June 30, 2025 |  | December 31, 2024
| Notes payable - interest payable | $ | 363,581 |  |  | $ | 261,605 |
| Derivative liabilities and payables - at fair value | 191,697 |  |  | 81,524 |
| Property taxes payable | 86,284 |  |  | 92,440 |
| Accrued income taxes | 71,437 |  |  | 84,884 |
| Accrued property expenses | 71,009 |  |  | 61,118 |
| Value-added tax payable | 47,973 |  |  | 26,829 |
| Accrued costs on properties under development | 37,834 |  |  | 59,602 |
| Mortgages, term loans, and credit line - interest payable | 2,250 |  |  | 4,584 |
| Other items | 82,014 |  |  | 86,830 |
|  | $ | 954,079 |  |  | $ | 759,416 |
Schedule of Lease Intangible Liabilities, Net |
E. | Lease intangible liabilities, net, consist of the following at: | June 30, 2025 |  | December 31, 2024
| Below-market leases | $ | 2,150,028 |  |  | $ | 2,119,200 |
| Accumulated amortization of below-market leases | (569,037) |  |  | (483,430) |
|  | $ | 1,580,991 |  |  | $ | 1,635,770 |
Schedule of Other Liabilities |
F. | Other liabilities consist of the following at: | June 30, 2025 |  | December 31, 2024
| Lease liability - operating leases | $ | 443,182 |  |  | $ | 452,956 |
| Rent received in advance and other deferred revenue | 358,646 |  |  | 352,334 |
| Lease liability - financing leases | 79,292 |  |  | 77,190 |
| Security deposits | 37,953 |  |  | 35,594 |
| Other items | 6,219 |  |  | 5,054 |
|  | $ | 925,292 |  |  | $ | 923,128 |

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