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Schedule III - Consolidated Financial Statement Schedule of Rental Properties and Accumulated Depreciation Rollforward (Details) - USD ($) $ in Thousands | 12 Months Ended
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Dec. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022
Rental Properties and Current, Near-Term and Future Value-Creation Projects |  |  |  |
Balance at beginning of period | $ 36,618,530 |  | $ 34,299,503 | $ 28,751,910
Acquisitions (including real estate, land, and joint venture consolidation) | 248,378 |  | 296,694 | 2,722,214
Additions to real estate | 2,368,086 |  | 3,107,612 | 3,388,478
Deductions (including dispositions and direct financing leases) | (1,499,776) |  | (1,085,279) | (563,099)
Balance at end of period | 37,735,218 | [1] | 36,618,530 | 34,299,503
Accumulated Depreciation |  |  |  |
Balance at beginning of period | 4,985,019 |  | 4,354,063 | 3,771,241
Depreciation expense on properties | 996,550 |  | 841,893 | 751,584
Sale of properties | (356,390) |  | (210,937) | (168,762)
Balance at end of period | $ 5,625,179 | [2] | $ 4,985,019 | $ 4,354,063
[1] | As of December 31, 2024, the total cost of our real estate assets aggregated $37.7 billion, which exceeded the cost of real estate for federal income tax purposes aggregating $37.2 billion by approximately $489.4 million.
[2] | The depreciable life is up to 40 years for buildings and building improvements, up to 20 years for land improvements, and the term of the respective lease for tenant improvements.

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- Definition Amount of accumulated depreciation pertaining to real estate investments for entities with a substantial portion of business acquiring and holding investment real estate. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 970 -SubTopic 360 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-28(Column F)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478979/970-360-S99-1 + Details
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- Definition Amount of decrease to accumulated depreciation for real estate investments sold for entities with a substantial portion of business acquiring and holding investment real estate. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 970 -SubTopic 360 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-28(Column E)(Footnote 4)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478979/970-360-S99-1 + Details
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- Definition Amount of real estate investments sold for entities with a substantial portion of business acquiring and holding investment real estate. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 970 -SubTopic 360 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-28(Column E)(Footnote 4)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478979/970-360-S99-1 + Details
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- Definition Amount, before accumulated depreciation, of real estate investment by entity with substantial portion of business acquiring and holding investment real estate or interest in real estate. Excludes real estate not held as investment or interest. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 970 -SubTopic 360 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-28(Column E)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478979/970-360-S99-1 + Details
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