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Leases (Tables)
 12 Months Ended
Dec. 31, 2024
Lessor Disclosure [Abstract]  
Operating Lease - Schedule of Future Minimum Lease Receivable
Year
Amount
2025
$1,849,925
2026
1,775,175
2027
1,708,433
2028
1,577,208
2029
1,460,001
Thereafter
9,503,137
Total
$17,873,879
Net investment in direct financing and sales-type leases The components of our aggregate net investment in our direct financing lease as of December 31, 2024 and 2023 are
summarized in the table below (in thousands):
December 31,
2024
2023
Gross investment in direct financing lease
$251,405
$253,324
Less: unearned income on direct financing lease
(207,734)
(210,388)
Less: provision for expected credit losses
(2,168)
(2,839)
Net investment in direct financing lease
$41,503
$40,097
Direct Financing and Sales-Type Leases - Schedule of Future Minimum Payment Receivable Future lease payments to be received under the terms of our direct financing lease as of December 31, 2024 are outlined in
the table below (in thousands):
Year
Total
2025
$1,976
2026
2,036
2027
2,097
2028
2,160
2029
2,224
Thereafter
240,912
Total
$251,405
Income from rentals Our income from rentals includes revenue related to agreements for the rental of our real estate, which primarily includes
revenues subject to the lease accounting standard and the revenue recognition accounting standard as shown below (in thousands):
Year Ended December 31,
2024
2023
2022
Income from rentals:
Revenues subject to the lease accounting standard:
Operating leases
$3,005,137
$2,802,567
$2,534,862
Direct financing leases
2,653
2,608
3,094
Revenues subject to the lease accounting standard
3,007,790
2,805,175
2,537,956
Revenues subject to the revenue recognition
accounting standard
41,916
37,281
38,084
Income from rentals
$3,049,706
$2,842,456
$2,576,040
Summary of deferred leasing costs The following table summarizes our deferred leasing costs as of December 31, 2024 and 2023 (in thousands):
December 31,
2024
2023
Deferred leasing costs
$1,061,924
$1,035,339
Accumulated amortization
(575,965)
(525,941)
Deferred leasing costs, net
$485,959
$509,398
Lessee Disclosure [Abstract]  
Operating Lease - Schedule of Future Minimum Lease Payable The reconciliation of future lease payments under noncancelable operating leases in which we are the lessee to the operating
lease liability reflected in our consolidated balance sheet as of December 31, 2024 is in the table below (in thousands):
Year
Total
2025
$157,887
2026
23,081
2027
22,162
2028
21,830
2029
21,338
Thereafter
703,148
Total future payments under our operating leases in which we are the lessee
949,446
Effect of discounting
(442,319)
Operating lease liability
$507,127
Lesee operating costs For the years ended December 31, 2024, 2023, and 2022, our costs
for operating leases in which we are the lessee were as follows (in thousands):
Year Ended December 31,
2024
2023
2022
Gross operating lease costs
$40,740
$39,879
$36,527
Capitalized lease costs
(1,780)
(5,544)
(3,661)
Expenses for operating leases in which we are the lessee
$38,960
$34,335
$32,866