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Real Estate (Tables) | 12 Months Ended
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Dec. 31, 2024
Real Estate [Abstract] |
Components of Rental Property | The Company’s components of Real estate, net consist of the following (in thousands):
|  | December 31, |
|  | 2024 |  |  | 2023 |
Land: |  |  |  |  |  |
Developed land |  | $ | 4,483,219 |  |  | $ | 4,166,475 |
Undeveloped land |  |  | 8,980 |  |  |  | 5,458 |
Land held for development |  |  | 5,997 |  |  |  | 5,864 |
Total land |  |  | 4,498,196 |  |  |  | 4,177,797 |
Buildings and improvements: |  |  |  |  |  |
Buildings |  |  | 11,542,812 |  |  |  | 10,312,001 |
Building improvements |  |  | 2,449,924 |  |  |  | 2,213,248 |
Tenant improvements |  |  | 1,387,142 |  |  |  | 1,158,919 |
Fixtures and leasehold improvements |  |  | 45,417 |  |  |  | 41,055 |
Above-market leases |  |  | 183,599 |  |  |  | 170,513 |
In-place leases |  |  | 1,063,482 |  |  |  | 864,261 |
Total buildings and improvements |  |  | 16,672,376 |  |  |  | 14,759,997 |
Real estate |  |  | 21,170,572 |  |  |  | 18,937,794 |
Accumulated depreciation and amortization (1) |  |  | (4,360,239 | ) |  |  | (3,842,869 | )
Total real estate, net |  | $ | 16,810,333 |  |  | $ | 15,094,925 |
(1) The Company had accumulated amortization relating to in-place leases and above-market leases aggregati ng $858,309 at December 31, 2024 and $751,215 at December 31, 2023.
Estimated Net Amortization Income (Expense) | The estimated net amortization income/(expense) associated with the Company’s above-market and below-market leases and in-place leases for the next five years are as follows (in millions):
|  | 2025 |  |  | 2026 |  |  | 2027 |  |  | 2028 |  |  | 2029 |
Above-market and below-market leases amortization, net |  | $ | 17.2 |  |  | $ | 15.7 |  |  | $ | 15.5 |  |  | $ | 15.6 |  |  | $ | 15.6 |
In-place leases amortization |  | $ | (99.1 | ) |  | $ | (70.7 | ) |  | $ | (51.4 | ) |  | $ | (37.7 | ) |  | $ | (22.5 | )

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- Definition Tabular disclosure of the amount of amortization income (expense) expected to be recorded in succeeding fiscal years for leases acquired as part of a real property acquisition at above and below market lease rate with a finite life. As well as amortization expense of tenant relationships and leases in place. + References No definition available. + Details
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- References No definition available. + Details
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- Definition Tabular disclosure of lessor's underlying asset for which right to use has been conveyed to lessee under operating lease. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 840 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481501/840-20-50-4 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479773/842-30-50-13 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 360 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482099/360-10-50-1 + Details
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