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Supplemental Detail for Certain Components of Consolidated Balance Sheets (Tables) | 9 Months Ended
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Sep. 30, 2025
Disclosure Text Block Supplement [Abstract] |
Schedule of Accounts Receivable, Net |
A. | Accounts receivable, net, consist of the following at: | September 30, 2025 |  | December 31, 2024
| Straight-line rent receivables, net | $ | 828,754 |  |  | $ | 694,844 |
| Client receivables, net | 177,962 |  |  | 182,824 |
|  | $ | 1,006,716 |  |  | $ | 877,668 |
The following table presents information about our loans as of September 30, 2025 and December 31, 2024 (dollars in millions):
|  |  |  |  |  | September 30, 2025
|  | Maturity |  | Interest Rates (1) |  | Principal |  | Amortized Cost |  | Allowance |  | Carrying Amount (2)
Senior Secured Notes Receivable (3)(4) |  | October 2029 - July 2031 |  | 8.00% - SONIA+5.75% |  | $ | 1,249.2 |  |  | $ | 1,239.5 |  |  | $ | (22.6) |  |  | $ | 1,216.9 |
Mortgage Loans (5)(6) |  | June 2028 - September 2038 |  | 7.50% - 8.37% |  | 251.1 |  |  | 251.2 |  |  | (0.1) |  |  | 251.1 |
Unsecured and Other Loans (7) |  | December 2026 - December 2028 |  | 10.25% - 11.00% |  | 214.7 |  |  | 214.9 |  |  | (3.2) |  |  | 211.7 |
Total |  |  |  |  |  | $ | 1,715.0 |  |  | $ | 1,705.6 |  |  | $ | (25.9) |  |  | $ | 1,679.7 |
|  |  |  |  |  | December 31, 2024
|  | Maturity |  | Interest Rates |  | 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 September 30, 2025, we held three notes that bear variable interests, indexed to Sterling Overnight Indexed Average (“SONIA”). (2) As of September 30, 2025 and December 31, 2024, the total carrying amount of the investment in loans excluded accrued interest of $39.3 million and $13.8 million, respectively, which is presented in 'Other assets, net' on our consolidated balance sheets. (3) In July 2025, we acquired EUR-denominated senior secured notes at par value with a principal amount of €100.0 million, equivalent to $117.4 million as of September 30, 2025. The interest-only notes mature in July 2031 and bear interest at a fixed rate of 8.00%. (4) In July 2025, we acquired GBP-denominated senior secured notes with a principal amount of £200.0 million, equivalent to $268.8 million as of September 30, 2025. The interest-only notes mature in November 2030 and bear interest at SONIA plus a margin ranging from 4.50% to 5.25%, based on the borrower's leverage ratio, and a credit adjustment spread of 0.11%. As of September 30, 2025, the all-in margin was determined to be 5.36%. We paid £197.0 million for the notes and will amortize the discount over the term of the notes. (5) In June 2025, we invested £121.5 million, equivalent to $163.3 million as of September 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. As of September 30, 2025, the remaining additional funding commitments were £20.5 million. (6) In June 2025, we invested £40.3 million, equivalent to $54.3 million as of September 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. As of September 30, 2025, the remaining additional funding commitments were £8.4 million. (7) 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 September 30, 2025 and December 31, 2024 (dollars in millions):
|  |  | Carrying Value as of
| Maturity |  | September 30, 2025 |  | December 31, 2024
Financing receivables, net | 2026 - 2050 |  | $ | 1,573.7 |  |  | $ | 1,609.0 |
Total |  |  | $ | 1,573.7 |  | $ | 1,609.0
Schedule of Lease Intangible Assets, Net |
B. | Lease intangible assets, net, consist of the following at: | September 30, 2025 |  | December 31, 2024
| In-place leases | $ | 7,579,399 |  |  | $ | 7,347,301 |
| Above-market leases | 2,247,757 |  |  | 2,203,420 |
| Accumulated amortization of in-place leases | (3,068,084) |  |  | (2,487,302) |
| Accumulated amortization of above-market leases | (902,440) |  |  | (742,338) |
| Other items | 2,167 |  |  | 1,911 |
|  | $ | 5,858,799 |  |  | $ | 6,322,992 |
Schedule of Other Assets, Net |
C. | Other assets, net, consist of the following at: | September 30, 2025 |  | December 31, 2024
| Loans receivable, net | $ | 1,679,710 |  |  | $ | 828,500 |
| Financing receivables, net | 1,573,668 |  |  | 1,609,044 |
| Right of use asset - financing leases, net | 801,983 |  |  | 653,353 |
| Right of use asset - operating leases, net | 603,527 |  |  | 619,350 |
| Prepaid expenses | 87,313 |  |  | 63,499 |
| Value-added tax receivable | 83,760 |  |  | 48,075 |
| Interest receivable | 41,415 |  |  | 16,071 |
| Derivative assets and receivables - at fair value | 37,991 |  |  | 47,165 |
| Revolving credit facilities origination costs, net | 28,091 |  |  | 7,331 |
| Restricted escrow deposits | 23,582 |  |  | 36,326 |
| Corporate assets, net | 14,627 |  |  | 12,763 |
| Investment in sales type lease | 6,188 |  |  | 6,138 |
| Impounds related to mortgages payable | 2,384 |  |  | 14,218 |
| Non-refundable escrow deposits | 200 |  |  | 225 |
| Other items | 82,915 |  |  | 56,510 |
|  | $ | 5,067,354 |  |  | $ | 4,018,568 |
Schedule of Account Payable and Accrued Expenses |
D. | Accounts payable and accrued expenses consist of the following at: | September 30, 2025 |  | December 31, 2024
| Notes payable - interest payable | $ | 287,885 |  |  | $ | 261,605 |
| Derivative liabilities and payables - at fair value | 160,409 |  |  | 81,524 |
| Property taxes payable | 109,827 |  |  | 92,440 |
| Accrued income taxes | 82,804 |  |  | 84,884 |
| Value-added tax payable | 68,394 |  |  | 26,829 |
| Accrued property expenses | 64,794 |  |  | 61,118 |
| Accrued costs on properties under development | 42,301 |  |  | 59,602 |
| Mortgages, term loans, and credit line - interest payable | 1,752 |  |  | 4,584 |
| Other items | 112,094 |  |  | 86,830 |
|  | $ | 930,260 |  |  | $ | 759,416 |
Schedule of Lease Intangible Liabilities, Net |
E. | Lease intangible liabilities, net, consist of the following at: | September 30, 2025 |  | December 31, 2024
| Below-market leases | $ | 2,131,418 |  |  | $ | 2,119,200 |
| Accumulated amortization of below-market leases | (603,162) |  |  | (483,430) |
|  | $ | 1,528,256 |  |  | $ | 1,635,770 |
Schedule of Other Liabilities |
F. | Other liabilities consist of the following at: | September 30, 2025 |  | December 31, 2024
| Lease liability - operating leases | $ | 439,741 |  |  | $ | 452,956 |
| Rent received in advance and other deferred revenue | 357,263 |  |  | 352,334 |
| Lease liability - financing leases | 86,250 |  |  | 77,190 |
| Security deposits | 37,565 |  |  | 35,594 |
| Other items | 17,058 |  |  | 5,054 |
|  | $ | 937,877 |  |  | $ | 923,128 |

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