v3.25.4

Schedule III - Real Estate and Accumulated Depreciation and Amortization - (Parenthetical) (Details) - USD ($) $ in Thousands | 12 Months Ended
--- | ---
Dec. 31, 2025 | Dec. 31, 2024 | Dec. 31, 2023
Land, buildings, and leasehold interests: |  |  |  |
Beginning balance | $ 10,809,168 |  | $ 10,397,432 | $ 9,678,127
Acquisitions and dollars invested in projects under construction and tenant improvements | 924,599 |  | 565,707 | 820,238
Dispositions | (207,334) |  | (147,339) | (94,943)
Impairment losses | (28,602) |  | (6,632) | (5,990)
Ending balance | 11,497,831 | [1],[2],[3] | 10,809,168 | 10,397,432
Accumulated depreciation and amortization: |  |  |  |
Beginning balance | 2,065,520 |  | 1,864,614 | 1,660,665
Dispositions | (65,041) |  | (41,046) | (26,236)
Depreciation and amortization expense | 258,991 |  | 241,952 | 230,185
Ending balance | 2,259,470 | [4] | 2,065,520 | $ 1,864,614
Net investment in direct financing leases | 1,181 |  | $ 2,520 |
Real estate, federal income tax basis | $ 11,354,050 |  |  |
Maximum [Member] |  |  |  |
Accumulated depreciation and amortization: |  |  |  |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 18 months |  |  |
Minimum [Member] |  |  |  |
Accumulated depreciation and amortization: |  |  |  |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 12 months |  |  |
[1] | As of December 31, 2025, there were no encumbrances or carrying costs on any of the properties in the Portfolio.
[2] | For financial reporting purposes, leases recorded as a direct financing lease are excluded from the real estate gross amounts at the close of the period and depreciation is not applicable. As of December 31, 2025, the net investment in real estate accounted for under the direct financing method was $1,181.
[3] | The following is a reconciliation of the real estate portfolio accounted for using the operating method, including real estate held for sale for the years ended December 31:
| 2025 |  |  | 2024 |  |  | 2023 |
Beginning balance, January 1 | $ | 10,809,168 |  |  | $ | 10,397,432 |  |  | $ | 9,678,127 |
Acquisitions and dollars invested in projects under construction or tenant improvements |  | 924,599 |  |  |  | 565,707 |  |  |  | 820,238 |
Dispositions |  | (207,334 | ) |  |  | (147,339 | ) |  |  | (94,943 | )
Impairment losses |  | (28,602 | ) |  |  | (6,632 | ) |  |  | (5,990 | )
Ending balance, December 31 | $ | 11,497,831 |  |  | $ | 10,809,168 |  |  | $ | 10,397,432 |
[4] | The following is a reconciliation of accumulated depreciation and amortization for the years ended December 31:
| 2025 |  |  | 2024 |  |  | 2023 |
Beginning balance, January 1 | $ | 2,065,520 |  |  | $ | 1,864,614 |  |  | $ | 1,660,665 |
Dispositions |  | (65,041 | ) |  |  | (41,046 | ) |  |  | (26,236 | )
Depreciation and amortization expense |  | 258,991 |  |  |  | 241,952 |  |  |  | 230,185 |
Ending balance, December 31 | $ | 2,259,470 |  |  | $ | 2,065,520 |  |  | $ | 1,864,614 |

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