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Leases (Tables) | 12 Months Ended
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Dec. 31, 2024
Leases [Abstract] |
Schedule of Company's Lease Income, Excluding Discontinued Operation | The following table summarizes the Company’s lease income (in thousands):
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Fixed income from operating leases | $ | 1,530,493 |  |  | $ | 1,236,502 |  |  | $ | 1,182,463 |
Variable income from operating leases | 556,703 |  |  | 395,303 |  |  | 359,312 |
Interest income from direct financing leases | — |  |  | — |  |  | 1,168 |
Schedule of Future Minimum Lease Payments Due Under Operating Leases | The following table summarizes future minimum lease payments to be received from tenants under non-cancelable operating leases as of December 31, 2024 (in thousands):
Year |  | Amount
2025 |  | $ | 1,427,402 |
2026 |  | 1,339,275 |
2027 |  | 1,246,068 |
2028 |  | 1,138,062 |
2029 |  | 1,003,394 |
Thereafter |  | 3,681,731 |
|  | $ | 9,835,932 |
Schedule of Tenant Purchase Options | Certain leases contain purchase options whereby the tenant may elect to acquire the underlying real estate. Annualized base rent from leases subject to purchase options, summarized by the year the purchase options are exercisable are as follows (dollars in thousands):
Year |  | Annualized Base Rent(1) |  | Number of Properties
2025 |  | $ | 16,109 |  |  | 12 |
2026 |  | 19,071 |  |  | 8 |
2027 |  | 8,415 |  |  | 4 |
2028 |  | 16,209 |  |  | 5 |
2029 |  | 6,053 |  |  | 7 |
Thereafter |  | 22,364 |  |  | 9 |
|  | $ | 88,221 |  |  | 45 |
_______________________________________ (1)Represents the most recent month’s base rent including additional rent floors annualized for 12 months. Base rent does not include tenant recoveries, additional rents in excess of floors, and non-cash revenue adjustments (i.e., straight-line rents, amortization of market lease intangibles, and deferred revenues).
Schedule of Other Lease Information | The following tables provide information regarding the Company’s leases to which it is the lessee, such as corporate offices and ground leases, excluding lease costs related to discontinued operations (dollars in thousands):
|  | Year Ended December 31,
Lease Expense Information: |  | 2024 |  | 2023 |  | 2022
Total lease expense |  | $ | 22,768 |  |  | $ | 17,010 |  |  | $ | 16,689 |
Weighted Average Lease Term and Discount Rate: |  | December 31, 2024 |  | December 31, 2023
Weighted average remaining lease term (years): |  |  |  |
Operating leases(1) |  | 48 |  | 51
Weighted average discount rate: |  |  |  |
Operating leases |  | 4.79 | % |  | 4.23 | %
_______________________________________ (1)As of December 31, 2024 and 2023, the weighted average remaining lease term including the Company’s options to extend its operating leases was 66 years and 67 years, respectively.
Schedule of Future Minimum Lease Obligations, 842 | The following table summarizes future minimum lease payments under non-cancelable ground and other operating leases included in the Company’s lease liability as of December 31, 2024 (in thousands):
Year |  | Amount
2025 |  | $ | 21,514 |
2026 |  | 18,423 |
2027 |  | 18,434 |
2028 |  | 18,489 |
2029 |  | 18,687 |
Thereafter |  | 738,666 |
Undiscounted minimum lease payments included in the lease liability |  | 834,213 |
Less: imputed interest |  | (526,993) |
Present value of lease liability |  | $ | 307,220 |

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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478964/842-20-50-4 + Details
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- Definition Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478964/842-20-50-6 + Details
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