v3.25.4

Real Estate (Summary of Real Estate Subject to Operating Leases) (Details) - USD ($) | Dec. 31, 2025 | Dec. 31, 2024
--- | --- | ---
Property, Plant and Equipment [Line Items] |  |  |
Land and improvements | [1] | $ 3,100,444,000 | $ 2,919,976,000
Buildings and improvements |  | 8,323,201,000 | 7,805,939,000
Leasehold interests |  | 355,000 | 355,000
Real estate subject to operating leases, gross |  | 11,424,000,000 | 10,726,270,000
Less accumulated depreciation and amortization |  | (2,248,856,000) | (2,065,316,000)
Real estate subject to operating leases, net, before work in process |  | 9,175,144,000 | 8,660,954,000
Work in progress – improvements |  | 42,019,000 | 82,411,000
Accounted for using the operating method |  | 9,217,163,000 | 8,743,365,000
Accounted for using the direct financing method |  | 1,181,000 | 2,520,000
Classified as held for sale | [2] | 21,198,000 | 283,000
Accounted for using the operating method, net of accumulated depreciation and amortization |  | 9,239,542,000 | 8,746,168,000
Asset under construction |  |  |
Property, Plant and Equipment [Line Items] |  |  |
Land and improvements |  | $ 24,523,000 | $ 34,356,000
[1] |
(1) | Includes $24,523 and $34,356 in land for Properties under construction as of December 31, 2025 and 2024, respectively.
[2] |
(2) | As of December 31, 2025, 10 Properties were classified as held for sale. The two properties classified as held for sale as of December 31, 2024 were sold during the year ended December 31, 2025.

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