W. P. CAREY INC., 10-Q filed on 4/29/2026
Quarterly Report
v3.26.1
COVER PAGE - shares
 3 Months Ended
Mar. 31, 2026
Apr. 24, 2026
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2026  
Document Transition Report false  
Entity File Number 001-13779  
Entity Registrant Name W. P. Carey Inc.  
Entity Incorporation, State or Country Code MD  
Entity Tax Identification Number 45-4549771  
Entity Address, Street Address One Manhattan West, 395 9th Avenue, 58th Floor  
Entity Address, City New York,  
Entity Address, State NY  
Entity Address, Postal Zip Code 10001  
City Area Code 212  
Local Phone Number 492-1100  
Title of each class Common Stock, $0.001 Par Value  
Trading Symbol WPC  
Name of each exchange on which registered NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   222,739,105
Entity Central Index Key 0001025378  
Amendment Flag false  
Document Fiscal Year Focus 2026  
Document Fiscal Period Focus Q1  
Current Fiscal Year End Date --12-31  
v3.26.1
CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Investments in real estate:    
Land, buildings and improvements — net lease and other $ 14,624,466 $ 14,451,306
Land, buildings and improvements — operating properties 228,074 286,079
Net investments in finance leases and loans receivable 1,199,048 1,171,886
In-place lease intangible assets and other 2,467,240 2,466,199
Above-market rent intangible assets 658,128 668,707
Investments in real estate 19,176,956 19,044,177
Accumulated depreciation and amortization (3,573,321) (3,578,330)
Assets held for sale, net 10,536 3,327
Net investments in real estate 15,614,171 15,469,174
Equity method investments 309,337 310,178
Cash and cash equivalents 239,266 155,329
Other assets, net 1,053,277 1,068,480
Goodwill 983,970 987,071
Total assets [1] 18,200,021 17,990,232
Debt:    
Senior unsecured notes, net 7,415,872 6,950,261
Unsecured term loans, net 1,174,835 1,196,366
Unsecured revolving credit facility 61,968 435,417
Non-recourse mortgages, net 101,074 140,646
Debt, net 8,753,749 8,722,690
Accounts payable, accrued expenses and other liabilities 624,424 670,038
Below-market rent intangible liabilities, net 98,329 104,055
Deferred income taxes 151,742 151,820
Dividends payable 211,084 207,487
Total liabilities [1] 9,839,328 9,856,090
Commitments and contingencies (Note 11)
Preferred stock, $0.001 par value, 50,000,000 shares authorized; none issued 0 0
Common stock, $0.001 par value, $450,000,000 shares authorized; $222,738,368 and $219,145,876 shares, respectively, issued and outstanding 223 219
Additional paid-in capital 12,059,559 11,830,737
Distributions in excess of accumulated earnings (3,574,363) (3,539,592)
Deferred compensation obligation 100,549 80,239
Accumulated other comprehensive loss (241,286) (253,346)
Total stockholders’ equity 8,344,682 8,118,257
Noncontrolling interests 16,011 15,885
Total equity 8,360,693 8,134,142
Total liabilities and equity $ 18,200,021 $ 17,990,232
[1] See Note 2 for details related to variable interest entities (“VIEs”).
v3.26.1
CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parentheticals) - $ / shares
Mar. 31, 2026
Dec. 31, 2025
W. P. Carey stockholders’ equity:    
Preferred stock, par value (in dollars per share) $ 0.001 $ 0.001
Preferred stock, shares authorized (in shares) 50,000,000 50,000,000
Preferred stock, shares issued (in shares) 0 0
Common stock, par value (in dollars per share) $ 0.001 $ 0.001
Common stock, shares authorized (in shares) 450,000,000 450,000,000
Common stock, shares issued (in shares) 222,738,368 219,145,876
Common stock, shares outstanding (in shares) 222,738,368 219,145,876
v3.26.1
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Real Estate:    
Lease revenues $ 402,831 $ 353,768
Income from finance leases and loans receivable 27,686 17,458
Investment Management:    
Revenues 454,509 409,858
Operating Expenses    
Depreciation and amortization 136,183 129,607
Impairment charges — real estate 40,008 6,854
General and administrative 27,348 26,967
Reimbursable tenant costs 19,692 17,092
Property expenses, excluding reimbursable tenant costs 14,552 11,706
Operating property expenses 8,694 16,544
Stock-based compensation expense 7,441 9,148
Merger and other expenses 1,180 556
Total operating expenses 255,098 218,474
Other Income and Expenses    
Interest expense (78,460) (68,804)
Gain on sale of real estate, net 54,141 43,777
Other gains and (losses) 6,791 (42,197)
Non-operating income 4,704 7,910
Earnings from equity method investments 4,543 5,378
Total other income and expenses (8,281) (53,936)
Income before income taxes 191,130 137,448
Provision for income taxes (14,634) (11,632)
Net Income 176,496 125,816
Net (income) loss attributable to noncontrolling interests (194) 8
Net Income Attributable to W. P. Carey $ 176,302 $ 125,824
Basic Earnings Per Share (in dollars per share) $ 0.80 $ 0.57
Diluted Earnings Per Share (in dollars per share) $ 0.80 $ 0.57
Weighted-Average Shares Outstanding    
Basic (in shares) 220,620,496 220,401,156
Diluted (in shares) 221,618,296 220,720,310
Owned Real Estate    
Real Estate:    
Lease revenues $ 402,831 $ 353,768
Income from finance leases and loans receivable 27,686 17,458
Operating property revenues 12,050 33,094
Other lease-related income 10,452 3,121
Investment Management:    
Operating property revenues 12,050 33,094
Revenues 453,019 407,441
Investment Management    
Investment Management:    
Revenues 1,490 2,417
Asset management revenue    
Real Estate:    
Operating property revenues 490 1,350
Investment Management:    
Operating property revenues 490 1,350
Other advisory income and reimbursements    
Real Estate:    
Operating property revenues 1,000 1,067
Investment Management:    
Operating property revenues $ 1,000 $ 1,067
v3.26.1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Statement of Comprehensive Income [Abstract]    
Net Income $ 176,496 $ 125,816
Other Comprehensive Income (Loss)    
Unrealized gain (loss) on derivative instruments 17,590 (12,473)
Foreign currency translation adjustments (5,566) 12,163
Net current period other comprehensive income 12,024 (310)
Comprehensive Income 188,520 125,506
Amounts Attributable to Noncontrolling Interests    
Net (income) loss (194) 8
Foreign currency translation adjustments 36 (189)
Comprehensive income attributable to noncontrolling interests (158) (181)
Comprehensive Income Attributable to W. P. Carey $ 188,362 $ 125,325
v3.26.1
CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED) - USD ($)
$ in Thousands
Total
Total W.P. Carey Stockholders
Common Stock
Additional Paid-in Capital
Distributions in Excess of Accumulated Earnings
Deferred Compensation Obligation
Accumulated Other Comprehensive Loss
Noncontrolling interests
Beginning equity balance (in shares) at Dec. 31, 2024     218,848,844          
Beginning equity balance at Dec. 31, 2024 $ 8,434,124 $ 8,429,695 $ 219 $ 11,805,179 $ (3,203,974) $ 78,503 $ (250,232) $ 4,429
W.P. Carey Stockholders                
Shares issued upon delivery of vested restricted share awards (in shares)     126,904          
Shares issued upon delivery of vested restricted share awards (5,207) (5,207)   (5,207)        
Amortization of stock-based compensation expense 9,148 9,148   9,148        
Deferral of deferred vested shares, net 0 0   (17,186)   17,186    
Dividends declared (196,598) (196,598)   486 (198,347) 1,263    
Net income 125,816 125,824     125,824     (8)
Distributions to noncontrolling interests (50)             (50)
Other comprehensive income (loss)                
Unrealized gain (loss) on derivative instruments (12,473) (12,473)         (12,473)  
Foreign currency translation adjustments 12,163 11,974         11,974 189
Ending equity balance (in shares) at Mar. 31, 2025     218,975,748          
Ending equity balance at Mar. 31, 2025 $ 8,366,923 8,362,363 $ 219 11,792,420 (3,276,497) 96,952 (250,731) 4,560
Beginning equity balance (in shares) at Dec. 31, 2025 219,145,876   219,145,876          
Beginning equity balance at Dec. 31, 2025 $ 8,134,142 8,118,257 $ 219 11,830,737 (3,539,592) 80,239 (253,346) 15,885
W.P. Carey Stockholders                
Shares issued under Equity Forwards, net (in shares)     3,450,000          
Shares issued under Equity Forwards, net 247,060 247,060 $ 4 247,056        
Shares issued upon delivery of vested restricted share awards (in shares)     142,492          
Shares issued upon delivery of vested restricted share awards (7,507) (7,507)   (7,507)        
Amortization of stock-based compensation expense 7,441 7,441   7,441        
Deferral of deferred vested shares, net       (18,958)   18,958    
Dividends declared (208,931) (208,931)   790 (211,073) 1,352    
Net income 176,496 176,302     176,302     194
Contributions from noncontrolling interests 0             0
Distributions to noncontrolling interests (32)             (32)
Other comprehensive income (loss)                
Unrealized gain (loss) on derivative instruments 17,590 17,590         17,590  
Foreign currency translation adjustments $ (5,566) (5,530)         (5,530) (36)
Ending equity balance (in shares) at Mar. 31, 2026 222,738,368   222,738,368          
Ending equity balance at Mar. 31, 2026 $ 8,360,693 $ 8,344,682 $ 223 $ 12,059,559 $ (3,574,363) $ 100,549 $ (241,286) $ 16,011
v3.26.1
CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED) (Parentheticals) - $ / shares
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Statement of Stockholders' Equity [Abstract]    
Dividends declared (in dollars per share) $ 0.930 $ 0.890
v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash Flows — Operating Activities    
Net income $ 176,496 $ 125,816
Adjustments to net income:    
Depreciation and amortization, including intangible assets and deferred financing costs 139,901 134,521
Gain on sale of real estate, net (54,141) (43,777)
Impairment charges — real estate 40,008 6,854
Straight-line rent adjustments (23,379) (21,537)
Stock-based compensation expense 7,441 9,148
Net realized and unrealized (gains) losses on equity securities, foreign currency exchange rate movements, extinguishment of debt, and other (6,935) 29,944
Amortization of rent-related intangibles and deferred rental revenue (4,756) 1,276
Earnings from equity method investments (4,543) (5,378)
Distributions of earnings from equity method investments 3,951 5,870
Deferred income tax expense (benefit) 2,727 (782)
(Decrease) increase in allowance for credit losses (655) 12,331
Proceeds from sales of net investments in sales-type leases 10,206 16,282
Net changes in other operating assets and liabilities (3,085) 2,645
Net Cash Provided by Operating Activities 283,236 273,213
Cash Flows — Investing Activities    
Purchases of real estate (494,727) (176,927)
Proceeds from sales of real estate 146,493 110,437
Value added taxes paid in connection with acquisition of real estate (47,739) (6,698)
Investments in loans receivable (34,889) (93,206)
Funding for real estate construction, redevelopments, and other capital expenditures on real estate (33,151) (27,193)
Value added taxes refunded in connection with acquisition of real estate 10,330 17,128
Other investing activities, net (9,531) 5,659
Return of capital from equity investments 452 3,100
Purchase of equity investment 0 (5,000)
Capital contributions to equity method investments 0 (1,170)
Net Cash Used in Investing Activities (462,762) (173,870)
Cash Flows — Financing Activities    
Repayments of Unsecured Revolving Credit Facility (1,267,286) (443,243)
Proceeds from issuance of Senior Unsecured Notes 1,164,445 0
Proceeds from Unsecured Revolving Credit Facility 894,940 591,044
Repayment of Senior Unsecured Notes (573,800) (450,000)
Proceeds from term loans 255,281 86,224
Repayments of term loans (253,205) (90,224)
Proceeds from shares issued under Equity Forwards, net of selling costs 247,059 0
Dividends paid (205,334) (195,050)
Payments of mortgage principal (38,827) (72,323)
Payment of financing costs (8,698) (331)
Payments for withholding taxes upon delivery of equity-based awards (7,488) (5,207)
Other financing activities, net 3,932 (2,034)
Distributions to noncontrolling interests (32) (50)
Net Cash Provided by (Used in) Financing Activities 210,987 (581,194)
Change in Cash and Cash Equivalents and Restricted Cash During the Period    
Effect of exchange rate changes on cash and cash equivalents and restricted cash (16,146) 8,779
Net increase (decrease) in cash and cash equivalents and restricted cash 15,315 (473,072)
Cash and cash equivalents and restricted cash, beginning of period 272,392 690,701
Cash and cash equivalents and restricted cash, end of period $ 287,707 $ 217,629
v3.26.1
Business and Organization
 3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Business and Organization Business and Organization
 
W. P. Carey Inc. (“W. P. Carey” or the “Company”) is a REIT that, together with our consolidated subsidiaries, invests primarily in operationally-critical, single-tenant commercial real estate properties located in the United States and Europe that are leased on a long-term basis. We earn revenue principally by leasing the properties we own to companies on a triple-net lease basis, which generally requires each tenant to pay the costs associated with operating and maintaining the property.

Founded in 1973, our shares of common stock are listed on the New York Stock Exchange under the symbol “WPC.”

We elected to be taxed as a REIT under Section 856 through 860 of the Internal Revenue Code effective as of February 15, 2012. As a REIT, we are not subject to federal income taxes on income and gains that we distribute to our stockholders as long as we satisfy certain requirements, principally relating to the nature of our income and the level of our distributions, as well as other factors. We also own real property in jurisdictions outside the United States through foreign subsidiaries and are subject to income taxes on our pre-tax income earned from properties in such countries.

Lease revenues from our real estate investments generate the vast majority of our earnings. We invest primarily in commercial properties located in the United States and Europe, which are leased to companies on a triple-net lease basis. At March 31, 2026, our portfolio comprised our full or partial ownership interests in 1,703 properties, totaling approximately 185 million square feet, substantially all of which were net leased to 374 tenants, with a weighted-average lease term of 12.1 years and an occupancy rate of 98.1%. In addition, at March 31, 2026, our portfolio comprised five operating properties, including four hotels and one student housing property, totaling approximately 0.5 million square feet. During the three months ended March 31, 2026, we sold our 11 remaining self-storage operating properties (Note 14).

We operate as one reportable segment. Our business is characterized as investing primarily in operationally-critical, single-tenant commercial real estate properties that are principally leased on a long-term basis. These economic characteristics are similar across various property types, geographic locations, and industries in which our tenants operate and therefore considered one operating segment. Our consolidated operating results, including net income, are regularly reviewed, in the aggregate, by our chief operating decision maker (“CODM”) to evaluate performance and allocate resources, which can be found on our consolidated financial statements.

Our revenues are largely derived from the long-term leases that we execute with tenants. These revenues are classified as either Lease revenues (Note 4) or Income from finance leases and loans receivable (Note 5) in accordance with Accounting Standards Codification (“ASC”) 842, Leases.

Our operating expenses are regularly reviewed by our CODM. All expenses are reviewed, but our CODM is regularly provided with the following significant expenses, which are included in our consolidated financial statements and require no additional disaggregation: General and administrative expenses, Property expenses, excluding reimbursable tenant costs, Interest expense, and Provision for income taxes.
v3.26.1
Basis of Presentation
 3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation Basis of Presentation
Basis of Presentation

Our interim consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and, therefore, do not necessarily include all information and footnotes necessary for a complete statement of our consolidated financial position, results of operations, and cash flows in accordance with generally accepted accounting principles in the United States (“GAAP”). In the opinion of management, the unaudited financial information for the interim periods presented in this Report reflects all normal and recurring adjustments necessary for a fair presentation of financial position, results of operations, and cash flows. Our interim consolidated financial statements should be read in conjunction with our audited consolidated financial statements and accompanying notes for the year ended December 31, 2025, which are included in the 2025 Annual Report, as certain disclosures that would substantially duplicate those contained in the audited consolidated financial statements have not been included in this Report. Operating results for interim periods are not necessarily indicative of operating results for an entire year.
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and the disclosure of contingent amounts in our consolidated financial statements and the accompanying notes. Actual results could differ from those estimates.

Basis of Consolidation

Our consolidated financial statements reflect all of our accounts, including those of our controlled subsidiaries. The portions of equity in consolidated subsidiaries that are not attributable, directly or indirectly, to us are presented as noncontrolling interests. All significant intercompany accounts and transactions have been eliminated.

When we obtain an economic interest in an entity, we evaluate the entity to determine if it should be deemed a VIE and, if so, whether we are the primary beneficiary and are therefore required to consolidate the entity. There have been no significant changes in our VIE policies from what was disclosed in the 2025 Annual Report.

At both March 31, 2026 and December 31, 2025, we considered ten entities to be VIEs, of which we consolidated six, as we are considered the primary beneficiary. The following table presents a summary of selected financial data of the consolidated VIEs included in our consolidated balance sheets (in thousands):
March 31, 2026December 31, 2025
Land, buildings and improvements — net lease and other$31,861 $31,861 
Net investments in finance leases and loans receivable188,180 178,076 
In-place lease intangible assets and other3,620 3,620 
Above-market rent intangible assets1,685 1,685 
Accumulated depreciation and amortization(11,914)(11,637)
Total assets218,424 207,985 
Total liabilities$947 $946 

At both March 31, 2026 and December 31, 2025, our four unconsolidated VIEs included our interests in (i) two unconsolidated real estate investments, which we account for under the equity method of accounting (we do not consolidate these entities because we are not the primary beneficiary and the nature of our involvement in the activities of these entities allows us to exercise significant influence on, but does not give us power over, decisions that significantly affect the economic performance of these entities), (ii) one unconsolidated investment in equity securities, which we accounted for as an investment in shares of the entity at fair value, and (iii) one construction loan investment, which we accounted for as a secured loan receivable. As of March 31, 2026, and December 31, 2025, the net carrying amount of our investments in these entities was $469.6 million and $477.5 million, respectively, and our maximum exposure to loss in these entities was limited to our investments.

Revenue Recognition

There have been no significant changes in our policies for revenue from contracts under ASC 606 from what was disclosed in the 2025 Annual Report. ASC 606 does not apply to our lease revenues, which constitute a majority of our revenues, but primarily applies to (i) revenues generated from our hotel operating properties and (ii) investment management revenues. Revenue from contracts primarily represented hotel operating property revenues of $8.7 million and $8.2 million for the three months ended March 31, 2026 and 2025, respectively, Investment management revenue from contracts under ASC 606 is discussed in Note 3.
Cash and Cash Equivalents and Restricted Cash

The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the consolidated balance sheets to the consolidated statements of cash flows (in thousands):
March 31, 2026December 31, 2025
Cash and cash equivalents
$239,266 $155,329 
Restricted cash (a)
48,441 117,063 
Total cash and cash equivalents and restricted cash
$287,707 $272,392 
__________
(a)Restricted cash is included within Other assets, net on our consolidated balance sheets. Amount as of December 31, 2025 included $80.9 million of proceeds from certain dispositions, which were held by an intermediary and were designated for future 1031 Exchange transactions. There was no such balance as of March 31, 2026.

Recent Accounting Pronouncements

In November 2024, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (“ASU”) 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures, requiring all public business entities to provide additional disclosure of the nature of expenses included in the consolidated statements of income. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026 and for interim reporting periods beginning after December 15, 2027, on a prospective basis, with early adoption permitted. We are currently evaluating the impact of this standard on our consolidated financial statements.
v3.26.1
Agreements and Transactions with Related Parties
 3 Months Ended
Mar. 31, 2026
Related Party Transactions [Abstract]  
Agreements and Transactions with Related Parties Agreements and Transactions with Related Parties
 
Advisory Agreements with NLOP and CESH
 
We currently have advisory arrangements with Net Lease Office Properties (“NLOP”) and Carey European Student Housing Fund I, L.P. (“CESH”), pursuant to which we earn fees and are entitled to receive reimbursement for certain administrative expenses.

The following tables present a summary of revenue earned and reimbursable costs received/accrued from NLOP and CESH for the periods indicated, included in the consolidated financial statements (in thousands):
 Three Months Ended March 31,
 20262025
Administrative reimbursements (a) (b)
$1,000 $1,000 
Asset management revenue (a) (c)
490 1,350 
Reimbursable costs from affiliates (a) (b)
— 67 
$1,490 $2,417 
Three Months Ended March 31,
20262025
NLOP$1,481 $2,260 
CESH9 157 
$1,490 $2,417 
__________
(a)Amounts represent revenues from contracts under ASC 606.
(b)Included within Other advisory income and reimbursements in the consolidated statements of income.
(c)Included within Asset management revenue in the consolidated statements of income.
The following table presents a summary of amounts due from affiliates, which are included within Other assets, net in the consolidated financial statements (in thousands):
March 31, 2026December 31, 2025
Accounts receivable$462 $535 
Asset management fees receivable128 391 
Reimbursable costs— 70 
$590 $996 

Asset Management Revenue
 
Under the advisory agreement with NLOP, we earn an asset management fee, paid in cash, which was initially set at an annual amount of $7.5 million and is being reduced proportionately following the disposition of each portfolio property. Under the advisory agreement with CESH, we earned asset management revenue at a rate of 1.0% based on its gross assets at fair value, paid in cash. CESH sold its last property during the first quarter of 2026, after which it ceased paying asset management fees to us.

Administrative Reimbursements

Under the advisory agreement with NLOP, we earn a base administrative amount of approximately $4.0 million annually, for certain administrative services, including day-to-day management services, investor relations, accounting, tax, legal, and other administrative matters, paid in cash.

Other Transactions with Affiliates and Related Parties

Captive Insurance Company

In March 2025, we formed a wholly owned captive insurance company, which commenced operations in May 2025 and insures a portion of the North American real property portfolios of each of NLOP and us. Annual property insurance premiums from NLOP properties (commencing May 1, 2025) total $0.7 million, of which we recognized $0.1 million for the three months ended March 31, 2026, which is included in Other gains and (losses) in the consolidated financial statements. Our captive insurance company does not have a material impact on our consolidated financial statements.

Other

At March 31, 2026, we owned interests in eight jointly owned investments in real estate, with the remaining interests held by third parties. We consolidate five such investments and account for the remaining three investments under the equity method of accounting (Note 7). In addition, we owned limited partnership units of CESH at that date. We elected to account for our investment in CESH under the fair value option (Note 7). CESH sold its last property during the first quarter of 2026, and we received a distribution from CESH of $0.5 million during the three months ended March 31, 2026, which is included in Other gains and (losses) in our consolidated statements of income. We did not receive distributions from CESH during the three months ended March 31, 2025.
v3.26.1
Land, Buildings and Improvements, and Assets Held for Sale
 3 Months Ended
Mar. 31, 2026
Real Estate [Abstract]  
Land, Buildings and Improvements, and Assets Held for Sale Land, Buildings and Improvements, and Assets Held for Sale
 
Land, Buildings and Improvements — Net Lease and Other

Land and buildings leased to others, which are subject to operating leases, and real estate under construction, are summarized as follows (in thousands):
March 31, 2026December 31, 2025
Land$2,892,556 $2,839,757 
Buildings and improvements11,684,358 11,531,634 
Real estate under construction47,552 79,915 
Less: Accumulated depreciation(2,038,626)(2,026,829)
$12,585,840 $12,424,477 

During the three months ended March 31, 2026, the U.S. dollar strengthened against the euro, resulting in a decrease of $95.8 million in the carrying value of Land, buildings and improvements — net lease and other from December 31, 2025 to March 31, 2026.

During the three months ended March 31, 2026, we reclassified a property classified as Land, buildings and improvements — net lease and other to Net investments in finance leases and loans receivable since we entered into an agreement to sell the property to the tenant. As a result, the carrying value of our Land, buildings and improvements — net lease and other decreased by $6.3 million from December 31, 2025 to March 31, 2026 (Note 5). This property was sold in March 2026.

Depreciation expense, including the effect of foreign currency translation, on our buildings and improvements subject to operating leases was $92.7 million and $75.3 million for the three months ended March 31, 2026 and 2025, respectively.

Acquisitions of Real Estate

During the three months ended March 31, 2026, we entered into the following investments, which were deemed to be real estate asset acquisitions (dollars in thousands):
Property Location(s)Number of PropertiesDate of AcquisitionProperty TypeTotal Capitalized Costs
Las Vegas, New Mexico11/13/2026Retail $2,195 
Arlington Heights, Illinois11/15/2026Industrial 9,432 
Various, Poland (a)
81/28/2026; 2/18/2026Warehouse201,789 
Solon, Ohio11/29/2026Warehouse 43,387 
Various, Canada (a)
143/10/2026Retail 211,883 
Bahlingen am Kaiserstuhl, Germany (a)
13/10/2026Industrial 23,621 
26$492,307 
__________
(a)Amount reflects the applicable exchange rate on the date of transaction.

The aggregate purchase price allocation for investments disclosed above is as follows (dollars in thousands):
Total Capitalized Costs
Land$91,156 
Buildings and improvements328,951 
Intangible assets:
In-place lease (weighted-average expected life of 19.4 years)
72,200 
$492,307 
Real Estate Under Construction — Net Lease and Operating Properties

During the three months ended March 31, 2026, we capitalized real estate under construction totaling $17.3 million. The number of construction projects in progress with balances included in real estate under construction was eight and ten as of March 31, 2026 and December 31, 2025, respectively. Aggregate unfunded commitments totaled approximately $108.0 million and $125.3 million as of March 31, 2026 and December 31, 2025, respectively.

During the three months ended March 31, 2026, we completed the following construction projects (dollars in thousands):
Property Location(s)Primary Transaction TypeNumber of PropertiesProperty TypeTotal Capitalized Costs
Surprise, ArizonaBuild-to-Suit1Retail$12,175 
Oskarshamn, Sweden (a)
Build-to-Suit1Warehouse18,449 
2$30,624 
__________
(a)Amount reflects the applicable exchange rate on the date of transaction.

Capitalized interest incurred during construction was $0.4 million and $0.2 million for the three months ended March 31, 2026 and 2025, respectively, which reduces Interest expense in the consolidated statements of income.

Dispositions of Properties

During the three months ended March 31, 2026, we sold six properties, which were classified as Land, buildings and improvements — net lease and other. As a result, the carrying value of our Land, buildings and improvements — net lease and other decreased by $49.2 million from December 31, 2025 to March 31, 2026 (Note 14).

Other Lease-Related Income

2026 — For the three months ended March 31, 2026, other lease-related income on our consolidated statements of income included: (i) lease termination income of $7.8 million and (ii) other lease-related settlements totaling $2.0 million.

2025 — For the three months ended March 31, 2025, other lease-related income on our consolidated statements of income included: (i) lease termination income of $1.7 million and (ii) other lease-related settlements totaling $1.0 million.

Leases

Operating Lease Income

Lease income related to operating leases recognized and included in the consolidated statements of income is as follows (in thousands):
Three Months Ended March 31,
20262025
Lease income — fixed
$358,003 $314,084 
Lease income — variable (a)
44,828 39,684 
Total operating lease income$402,831 $353,768 
__________
(a)Includes (i) rent increases based on changes in the U.S. Consumer Price Index (CPI) and other comparable indices and (ii) reimbursements for property taxes, insurance, and common area maintenance services.
Land, Buildings and Improvements — Operating Properties

At March 31, 2026, Land, buildings and improvements — operating properties consisted of our investments in four hotels and one student housing property. At December 31, 2025, Land, buildings and improvements — operating properties consisted of our investments in 11 self-storage properties, four hotels, and one student housing property. Below is a summary of our Land, buildings and improvements — operating properties (in thousands):
March 31, 2026December 31, 2025
Land$16,404 $25,665 
Buildings and improvements211,670 260,414 
Less: Accumulated depreciation(51,997)(59,626)
$176,077 $226,453 

During the three months ended March 31, 2026, the U.S. dollar strengthened against the British pound sterling, resulting in a decrease of $1.6 million in the carrying value of our Land, buildings and improvements — operating properties from December 31, 2025 to March 31, 2026.

Depreciation expense, including the effect of foreign currency translation, on our buildings and improvements attributable to operating properties was $1.8 million and $7.0 million for the three months ended March 31, 2026 and 2025, respectively.

Dispositions of Properties

During the three months ended March 31, 2026, we sold our 11 remaining self-storage operating properties, which were classified as Land, buildings and improvements — operating properties. As a result, the carrying value of our Land, buildings and improvements — operating properties decreased by $47.3 million from December 31, 2025 to March 31, 2026 (Note 14).
Assets Held for Sale, Net

Below is a summary of our properties held for sale (in thousands):
March 31, 2026December 31, 2025
Land, buildings and improvements — net lease and other
$11,894 $3,741 
In-place lease intangible assets and other7,368 — 
Above-market rent intangible assets1,940 — 
Accumulated depreciation and amortization(10,666)(414)
Assets held for sale, net$10,536 $3,327 

At both March 31, 2026 and December 31, 2025, we had one property classified as Assets held for sale, net, with an aggregate carrying value of $10.5 million and $3.3 million, respectively. The property held for sale at December 31, 2025 was sold in January 2026.
v3.26.1
Finance Receivables
 3 Months Ended
Mar. 31, 2026
Receivables [Abstract]  
Finance Receivables Finance Receivables
 
Assets representing rights to receive money on demand or at fixed or determinable dates are referred to as finance receivables. Our finance receivables portfolio consists of our Net investments in finance leases and loans receivable (net of allowance for credit losses). Operating leases are not included in finance receivables.

Finance Receivables

Net investments in finance leases and loans receivable are summarized as follows (in thousands):
Maturity DateMarch 31, 2026December 31, 2025
Sale-leaseback transactions accounted for as loans receivable (a)
2038 – 2057$884,845 $857,931 
Net investments in direct financing leases (b)
2026 – 2036265,228 267,530 
Secured loans receivable (c)
202638,278 35,783 
Net investments in sales-type leases (c)
205710,697 10,642 
$1,199,048 $1,171,886 
__________
(a)These investments are accounted for as loans receivable in accordance with ASC 310, Receivables and ASC 842, Leases. Maturity dates reflect the current lease maturity dates. Amounts are net of allowance for credit losses of $34.9 million and $35.3 million as of March 31, 2026 and December 31, 2025, respectively.
(b)Amounts are net of allowance for credit losses, as disclosed below under Net Investments in Direct Financing Leases.
(c)These investments are assessed for credit loss allowances but no such allowances were recorded as of March 31, 2026 or December 31, 2025.

During the three months ended March 31, 2026, the U.S. dollar strengthened against the euro, resulting in a $9.2 million decrease in the carrying value of Net investments in finance leases and loans receivable from December 31, 2025 to March 31, 2026.

Income from finance leases and loans receivable is summarized as follows (in thousands):
Three Months Ended March 31,
20262025
Sale-leaseback transactions accounted for as loans receivable$19,200 $8,867 
Net investments in direct financing leases7,569 7,677 
Secured loans receivable678 607 
Net investments in sales-type leases239 307 
$27,686 $17,458 

Loans Receivable

During the three months ended March 31, 2026, we entered into the following sale-leaseback, which was deemed to be a loan receivable in accordance with ASC 310, Receivables and ASC 842, Leases (dollars in thousands):
Property Location(s)Number of PropertiesDate of AcquisitionProperty TypeTotal Investment
Peebles, Ohio (2 properties) and Hope, Arkansas (1 property)
32/6/2026Industrial $22,345 
3$22,345 

During the three months ended March 31, 2026 and 2025, we recorded a release of allowance for credit losses of $0.5 million and an allowance for credit losses of $5.4 million, respectively, on our sale-leaseback transactions accounted for as loans receivables due to changes in economic conditions.
In connection with two construction projects, and in accordance with ASC 310, Receivables and ASC 842, Leases, through March 31, 2026 we capitalized land and buildings totaling $44.1 million on a consolidated basis, including $10.0 million during the three months ended March 31, 2026, which is recorded in Net investments in finance leases and loans receivable in our consolidated financial statements.

At March 31, 2026, the following construction loans are accounted for as secured loan receivables for accounting purposes in accordance with the acquisition, development and construction arrangement sub-section of ASC 310, Receivables (in thousands):
Location/DescriptionFunded Year to Date
Loan Maturity Date (a)
Total Funded as of
March 31, 2026December 31, 2025
Las Vegas, Nevada (retail)$2,254 Dec. 2026$20,621 $18,367 
Las Vegas, Nevada (mixed use)240 Nov. 202617,657 17,417 
$2,494 $38,278 $35,784 
__________
(a)The borrowers for these construction loans retain certain loan maturity extension options.

Net Investments in Direct Financing Leases
 
Net investments in direct financing leases is summarized as follows (in thousands):
March 31, 2026December 31, 2025
Lease payments receivable$138,067 $146,467 
Unguaranteed residual value243,277 244,928 
381,344 391,395 
Less: unearned income(112,576)(120,120)
Less: allowance for credit losses (a)
(3,540)(3,745)
$265,228 $267,530 
__________
(a)During the three months ended March 31, 2026 and 2025, we recorded a net release of allowance for credit losses of $0.2 million and a net allowance for credit losses of $3.1 million, respectively, on our net investments in direct financing leases, which was included within Other gains and (losses) in our consolidated statements of income, due to changes in expected economic conditions.

Net Investments in Sales-Type Leases

In January 2026, we reclassified a net-lease property located in Oceanside, California, to net investments in sales-type leases for $11.0 million on our consolidated balance sheets (based on the estimated purchase price) in accordance with ASC 842, Leases, since the property was expected to be sold to the tenant leasing the property, resulting in a lease modification. In connection with this transaction, we reclassified the following amounts to Net investments in finance leases and loans receivable: (i) $8.1 million from Land, buildings and improvements — net lease and other and (ii) $1.8 million from Accumulated depreciation and amortization. We recognized an aggregate Gain on sale of real estate, net, of $4.6 million during the three months ended March 31, 2026 related to this transaction. This property was sold in March 2026. As a result, the carrying value of Net investments in finance leases and loans receivable decreased by $11.0 million (Note 4, Note 14).

Prior to the reclassifications of certain properties to net investments in sales-type leases, earnings from such investments were recognized in Lease revenues in the consolidated financial statements.
Net investments in sales-type leases is summarized as follows (in thousands):
March 31, 2026December 31, 2025
Lease payments receivable$38,123 $38,306 
Unguaranteed residual value10,500 10,500 
48,623 48,806 
Less: unearned income(37,926)(38,164)
$10,697 $10,642 

Credit Quality of Finance Receivables
 
We generally invest in facilities that we believe are critical to a tenant’s business and therefore have a lower risk of tenant default. At both March 31, 2026 and December 31, 2025, no material balances of our finance receivables were past due. There were no material modifications of finance receivables during the three months ended March 31, 2026.

We evaluate the credit quality of our finance receivables utilizing an internal five-point credit rating scale, with one representing the highest credit quality and five representing the lowest. A credit quality of one through three indicates a range of investment grade to stable. A credit quality of four through five indicates a range of inclusion on the watch list to risk of default. The credit quality evaluation of our finance receivables is updated quarterly.

A summary of our finance receivables by internal credit quality rating, excluding our allowance for credit losses, is as follows (dollars in thousands):
Number of Tenants / Obligors atCarrying Value at
Internal Credit Quality IndicatorMarch 31, 2026December 31, 2025March 31, 2026December 31, 2025
1 – 31817$792,568 $762,969 
489433,640 448,007 
51—11,274 — 
$1,237,482 $1,210,976 
v3.26.1
Goodwill and Other Intangibles
 3 Months Ended
Mar. 31, 2026
Goodwill And Intangible Assets Liabilities Disclosure [Abstract]  
Goodwill and Other Intangibles Goodwill and Other Intangibles
In-place lease intangibles, at cost are included in In-place lease intangible assets and other in the consolidated financial statements. Above-market rent intangibles, at cost are included in Above-market rent intangible assets in the consolidated financial statements. Accumulated amortization of in-place lease and above-market rent intangibles is included in Accumulated depreciation and amortization in the consolidated financial statements. Internal-use software development intangibles are included in Other assets, net in the consolidated financial statements. Below-market rent intangibles are included in Below-market rent intangible liabilities, net in the consolidated financial statements.

Net lease intangibles recorded in connection with property acquisitions during the three months ended March 31, 2026 are described in Note 4.

Goodwill decreased by $3.1 million during the three months ended March 31, 2026 due to foreign currency translation adjustments.
Intangible assets, intangible liabilities, and goodwill are summarized as follows (in thousands):
March 31, 2026December 31, 2025
Gross Carrying AmountAccumulated AmortizationNet Carrying AmountGross Carrying AmountAccumulated AmortizationNet Carrying Amount
Finite-Lived Intangible Assets
Internal-use software development costs
$4,638 $(1,757)$2,881 $3,996 $(1,578)$2,418 
4,638 (1,757)2,881 3,996 (1,578)2,418 
Lease Intangibles:
In-place lease2,328,176 (984,933)1,343,243 2,316,097 (993,737)1,322,360 
Above-market rent658,128 (497,765)160,363 668,707 (498,138)170,569 
2,986,304 (1,482,698)1,503,606 2,984,804 (1,491,875)1,492,929 
Goodwill
Goodwill983,970 — 983,970 987,071 — 987,071 
Total intangible assets$3,974,912 $(1,484,455)$2,490,457 $3,975,871 $(1,493,453)$2,482,418 
Finite-Lived Intangible Liabilities
Below-market rent$(185,103)$86,774 $(98,329)$(202,319)$98,264 $(104,055)
Total intangible liabilities$(185,103)$86,774 $(98,329)$(202,319)$98,264 $(104,055)

During the three months ended March 31, 2026, the U.S. dollar strengthened against the euro, resulting in a decrease of $10.4 million in the carrying value of our net intangible assets from December 31, 2025 to March 31, 2026.

Net amortization of intangibles, including the effect of foreign currency translation, was $42.7 million and $48.0 million for the three months ended March 31, 2026 and 2025, respectively. Amortization of below-market rent and above-market rent intangibles is recorded as an adjustment to Lease revenues and amortization of internal-use software development and in-place lease intangibles is included in Depreciation and amortization.
v3.26.1
Equity Method Investments
 3 Months Ended
Mar. 31, 2026
Equity Method Investments and Joint Ventures [Abstract]  
Equity Method Investments Equity Method Investments
 
Interests in Unconsolidated Real Estate Investments and CESH

We own interests in certain unconsolidated real estate investments with third parties and in CESH. There have been no significant changes in our equity method investment policies from what was disclosed in the 2025 Annual Report.

We own equity interests in properties that are generally leased to companies through noncontrolling interests in partnerships and limited liability companies that we do not control but over which we exercise significant influence. The underlying investments are jointly owned with third parties. We account for these investments under the equity method of accounting. We account for our interest in CESH under the equity method because, as its advisor, we do not exert control over, but we do have the ability to exercise significant influence over, CESH.

The following table sets forth our ownership interests in our equity method investments and their respective carrying values (dollars in thousands):
Carrying Value at
Lessee/Fund/DescriptionOwnership InterestMarch 31, 2026December 31, 2025
Las Vegas Retail Complex (a) (b)
47.50%$250,587 $250,567 
Kesko Senukai (c)
70.00%34,734 34,732 
Harmon Retail Corner (b)
15.00%23,534 23,641 
CESH (d)
2.43%482 1,238 
$309,337 $310,178 
__________
(a)See “Las Vegas Retail Complex” below for discussion of this equity method investment.
(b)This investment is reported using the hypothetical liquidation at book value model, which may be different than pro rata ownership percentages, primarily due to the capital structure of the partnership agreement.
(c)The carrying value of this investment is affected by fluctuations in the exchange rate of the euro.
(d)We have elected to account for our investment in CESH at fair value by selecting the equity method fair value option available under GAAP.

We received aggregate distributions of $4.0 million and $9.0 million from our unconsolidated real estate investments for the three months ended March 31, 2026 and 2025, respectively. At March 31, 2026 and December 31, 2025, the aggregate unamortized basis differences on our unconsolidated real estate investments were $14.6 million and $15.1 million, respectively.

Las Vegas Retail Complex

On June 10, 2021, we entered into an agreement to fund a construction loan of approximately $261.9 million (as of March 31, 2026) for a retail complex in Las Vegas, Nevada. The loan maturity date is June 30, 2026 and the borrower retains additional one-year extension options. Through March 31, 2026, we funded $250.9 million. The outstanding principal on this loan was $245.9 million as of March 31, 2026.

On February 27, 2025, we exercised our option to purchase a 47.50% ownership interest in the partnership that owns the Las Vegas Retail Complex for $5.0 million. Effective as of that date, we began recognizing our proportionate share of revenues and expenses from this jointly owned investment.

Equity income from this investment (including interest income from the construction loan and our proportionate share of earnings from the 47.50% equity interest) was $3.7 million and $4.3 million for the three months ended March 31, 2026 and 2025, respectively, which was recognized within Earnings from equity method investments in our consolidated statements of income.
v3.26.1
Fair Value Measurements
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
 
The fair value of an asset is defined as the exit price, which is the amount that would either be received when an asset is sold or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The guidance establishes a three-tier fair value hierarchy based on the inputs used in measuring fair value. These tiers are: Level 1, for which quoted market prices for identical instruments are available in active markets, such as money market funds, equity securities, and U.S. Treasury securities; Level 2, for which there are inputs other than quoted prices included within Level 1 that are observable for the instrument, such as certain derivative instruments including interest rate caps, interest rate swaps, and foreign currency collars; and Level 3, for securities that do not fall into Level 1 or Level 2 and for which little or no market data exists, therefore requiring us to develop our own assumptions.

Items Measured at Fair Value on a Recurring Basis

The methods and assumptions described below were used to estimate the fair value of each class of financial instrument. For significant Level 3 items, we have also provided the unobservable inputs.

Derivative Assets and Liabilities — Our derivative assets and liabilities, which are included in Other assets, net and Accounts payable, accrued expenses and other liabilities, respectively, in the consolidated financial statements, comprise foreign currency collars, interest rate swaps, and interest rate caps (Note 9).

The valuation of our derivative instruments is determined using a discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, as well as observable market-based inputs, including interest rate curves, spot and forward rates, and implied volatilities. We incorporate credit valuation adjustments to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of our derivative instruments for the effect of nonperformance risk, we have considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. These derivative instruments were classified as Level 2 as these instruments are custom, over-the-counter contracts with various bank counterparties that are not traded in an active market.
Equity Method Investment in CESH — We have elected to account for our investment in CESH, which is included in Equity method investments in the consolidated financial statements, at fair value by selecting the equity method fair value option available under GAAP (Note 7). We classified this investment as Level 3 because we primarily used valuation models that incorporate unobservable inputs to determine its fair value.

Investment in Shares of Lineage — We have elected to apply the measurement alternative under ASU 2016-01, Financial Instruments — Overall (Subtopic 825-10) to account for our investment in 5,546,547 shares of Lineage (a cold storage REIT), which is included in Other assets, net in the consolidated financial statements. Under this alternative, the carrying value is adjusted for any impairments or changes in fair value resulting from observable transactions for similar or identical investments in the issuer. We classified this investment as Level 2 within the fair value hierarchy because shares of Lineage are actively traded on an open market, and we make an adjustment to the value of our investment based on the promote value that the sponsor of our investment is entitled to. Since we were a legacy investor in Lineage prior to their public offering completed in July 2024, our ownership interest is subject to settlement at the discretion of Lineage over a three-year period, during which we will have the option to settle our investment in the form of cash or common stock. If our investment is not settled by Lineage during the three-year period, our investment will convert to common shares.

We recognized non-cash unrealized losses on our investment in shares of Lineage of $10.3 million and $0.1 million during the three months ended March 31, 2026 and 2025, respectively, due to a lower closing share price, which was recorded within Other gains and (losses) in the consolidated financial statements. In addition, during the three months ended March 31, 2026 and 2025, we recognized dividends of $2.9 million and $2.8 million, respectively, from our investment in shares of Lineage, which was recorded within Non-operating income in the consolidated financial statements. The fair value of this investment was $157.2 million and $167.5 million at March 31, 2026 and December 31, 2025, respectively.

We did not have any transfers into or out of Level 1, Level 2, and Level 3 category of measurements during either the three months ended March 31, 2026 or 2025. Gains and losses (realized and unrealized) recognized on items measured at fair value on a recurring basis included in earnings are reported within Other gains and (losses) on our consolidated financial statements.

Our other material financial instruments had the following carrying values and fair values as of the dates shown (dollars in thousands):
March 31, 2026December 31, 2025
LevelCarrying ValueFair ValueCarrying ValueFair Value
Senior Unsecured Notes, net (a) (b) (c)
2 and 3
$7,415,872 $7,120,986 $6,950,261 $6,788,238 
Non-recourse mortgages, net (a) (b) (d)
3101,074 100,102 140,646 141,311 
__________
(a)The carrying value of Senior Unsecured Notes, net (Note 10) includes unamortized deferred financing costs of $36.3 million and $29.3 million at March 31, 2026 and December 31, 2025, respectively. The carrying value of Non-recourse mortgages, net includes unamortized deferred financing costs of $0.3 million and $0.4 million at March 31, 2026 and December 31, 2025, respectively.
(b)The carrying value of Senior Unsecured Notes, net includes unamortized discount of $40.8 million and $29.8 million at March 31, 2026 and December 31, 2025, respectively. The carrying value of Non-recourse mortgages, net includes unamortized discount of $2.1 million and $2.4 million at March 31, 2026 and December 31, 2025, respectively.
(c)For those Senior Unsecured Notes for which there are no observable market prices (specifically, our private placement Senior Unsecured Notes (Note 10)), we used a discounted cash flow model that estimates the present value of future loan payments by discounting such payments at current estimated market interest rates. We consider these notes to be within the Level 3 category. For all other Senior Unsecured Notes, we determined the estimated fair value using observed market prices in an open market, which may experience limited trading volume. We consider these notes to be within the Level 2 category.
(d)We determined the estimated fair value of our non-recourse mortgage loans using a discounted cash flow model that estimates the present value of the future loan payments by discounting such payments at current estimated market interest rates. The estimated market interest rates consider interest rate risk and the value of the underlying collateral, which includes quality of the collateral, the credit quality of the tenant/obligor, and the time until maturity.

We estimated that our other financial assets and liabilities, including amounts outstanding under our Senior Unsecured Credit Facility and Unsecured Term Loan due 2029 (Note 10), but excluding finance receivables (Note 5), had fair values that approximated their carrying values at both March 31, 2026 and December 31, 2025.
Items Measured at Fair Value on a Non-Recurring Basis (Including Impairment Charges)

We periodically assess whether there are any indicators that the value of our real estate investments may be impaired or that their carrying value may not be recoverable. There have been no significant changes in our impairment policies from what was disclosed in the 2025 Annual Report.

The following tables present information about assets for which we recorded an impairment charge and that were measured at fair value on a non-recurring basis (classified as Level 3) (in thousands):
Three Months Ended March 31,
 20262025
 Fair Value MeasurementsImpairment ChargesFair Value MeasurementsImpairment Charges
Impairment Charges
Real estate$19,491 $40,008 $11,640 $6,854 
$40,008 $6,854 

Impairment charges, and their related triggering events and fair value measurements, recognized during the three months ended March 31, 2026, and 2025 were as follows:

Real Estate

The impairment charges described below are reflected within Impairment charges — real estate in our consolidated statements of income.

2026 — During the three months ended March 31, 2026, we recognized impairment charges totaling $18.2 million on four properties in order to reduce their carrying values to their estimated fair values, which approximated their estimated selling prices, less costs to sell.

Additionally, during the three months ended March 31, 2026, we recognized an impairment charge of $9.0 million on a property due to changes in expected cash flows related to the existing tenant’s lease expiration in 2027, in order to reduce its carrying value to its estimated fair value. The fair value measurement for the property was determined by using the following unobservable inputs:

•Estimated market rent of €1.35 million for ground and mezzanine spaces to be leased approximately two years following the tenant’s lease expiration;
•Terminal capitalization rate of 7.75%; and
•Cash flow discount rate of 10.0%.

In addition, during the three months ended March 31, 2026, we recognized an impairment charge of $6.7 million on a property due to changes in expected cash flows related to the existing tenant’s lease expiration in 2027, in order to reduce its carrying value to its estimated fair value. The fair value measurement for the property was determined by using the following unobservable inputs:

•Estimated rent collection of $2 million;
•Cash flow discount rate of 9.0%;
•Expected land value of $7.9 million; and
•Residual discount rate of 15.0%.

During the three months ended March 31, 2026, we recognized an impairment charge of $6.1 million on a property in order to reduce its carrying value to its estimated fair value, which approximated its estimated selling price, less costs to sell.

2025 — During the three months ended March 31, 2025, we recognized an impairment charge of $6.9 million on one property in order to reduce its carrying value to its estimated fair value, which approximated its estimated selling price. This property was sold in November 2025.
v3.26.1
Risk Management and Use of Derivative Financial Instruments
 3 Months Ended
Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Risk Management and Use of Derivative Financial Instruments Risk Management and Use of Derivative Financial Instruments
Risk Management

In the normal course of our ongoing business operations, we encounter economic risk. There are four main components of economic risk that impact us: interest rate risk, credit risk, market risk, and foreign currency risk. We are primarily subject to interest rate risk on our interest-bearing liabilities, including our Senior Unsecured Credit Facility (Note 10) and unhedged variable-rate non-recourse mortgage loans. Credit risk is the risk of default on our operations and our tenants’ inability or unwillingness to make contractually required payments. Market risk includes changes in the value of our properties and related loans, Senior Unsecured Notes, and other securities, due to changes in interest rates or other market factors. We own investments in North America, Europe, and Japan and are subject to risks associated with fluctuating foreign currency exchange rates.

Derivative Financial Instruments

There have been no significant changes in our derivative financial instrument policies from what was disclosed in the 2025 Annual Report. At both March 31, 2026 and December 31, 2025, no cash collateral had been posted nor received for any of our derivative positions.

The following table sets forth certain information regarding our derivative instruments (in thousands):
Derivatives Designated as Hedging Instruments
Balance Sheet LocationDerivative Assets Fair Value atDerivative Liabilities Fair Value at
March 31, 2026December 31, 2025March 31, 2026December 31, 2025
Interest rate swaps
Other assets, net
$7,112 $244 $— $— 
Foreign currency collars
Other assets, net
3,052 1,468 — — 
Foreign currency collars
Accounts payable, accrued expenses and other liabilities
— — (7,801)(13,021)
Interest rate swaps
Accounts payable, accrued expenses and other liabilities
— — (192)(4,024)
10,164 1,712 (7,993)(17,045)
Derivatives Not Designated as Hedging Instruments
Foreign currency collarsOther assets, net1,340 133 — — 
Foreign currency collarsAccounts payable, accrued expenses and other liabilities— — (372)(1,390)
1,340 133 (372)(1,390)
Total derivatives$11,504 $1,845 $(8,365)$(18,435)
The following tables present the impact of our derivative instruments in the consolidated financial statements (in thousands):
Amount of Gain (Loss) Recognized on Derivatives in
 Other Comprehensive Income (Loss) (a)
Three Months Ended March 31,
Derivatives in Cash Flow Hedging Relationships 20262025
Interest rate swaps$10,687 $680 
Foreign currency collars6,805 (13,218)
Total$17,492 $(12,538)
Amount of Gain (Loss) on Derivatives Reclassified from
 Other Comprehensive Income (Loss)
Derivatives in Cash Flow Hedging Relationships
Location of Gain (Loss) Recognized in Income
Three Months Ended March 31,
20262025
Interest rate swapsInterest expense$(333)$48 
Foreign currency collarsNon-operating income(167)3,814 
Total$(500)$3,862 
__________
(a)Excludes net gains of less than $0.1 million recognized on unconsolidated jointly owned investments for both the three months ended March 31, 2026 and 2025.

Amounts reported in Other comprehensive income (loss) related to interest rate derivative contracts will be reclassified to Interest expense as interest is incurred on our variable-rate debt. Amounts reported in Other comprehensive income (loss) related to foreign currency derivative contracts will be reclassified to Non-operating income when the hedged foreign currency contracts are settled. As of March 31, 2026, we estimate that an additional $3.3 million and $(2.8) million of gains (losses) will be reclassified as Interest expense and Non-operating income, respectively, during the next 12 months.
Amount of Gain (Loss) on Derivatives Recognized in Income
Derivatives in Cash Flow Hedging Relationships
Location of Gain (Loss) Recognized in Income
Three Months Ended March 31,
20262025
Interest rate swaps
Interest expense
$331 $(68)
Foreign currency collarsNon-operating income(38)(1,255)
Derivatives Not in Cash Flow Hedging Relationships
Foreign currency collarsOther gains and (losses)2,224 (1,740)
Total$2,517 $(3,063)

See below for information on our purposes for entering into derivative instruments.

Interest Rate Swaps and Caps

We are exposed to the impact of interest rate changes primarily through our borrowing activities. To limit this exposure, we generally seek long-term debt financing on a fixed-rate basis. However, from time to time, we have obtained, and may in the future obtain, variable-rate (i) non-recourse mortgage loans and (ii) unsecured term loans (Note 10) and, as a result, we have entered into, and may continue to enter into, interest rate swap agreements or interest rate cap agreements with counterparties. Interest rate swaps, which effectively convert the variable-rate debt service obligations of a loan to a fixed rate, are agreements in which one party exchanges a stream of interest payments for a counterparty’s stream of cash flow over a specific period. The notional, or face, amount on which the swaps are based is not exchanged. Interest rate caps limit the effective borrowing rate of variable-rate debt obligations while allowing participants to share in downward shifts in interest rates. Our objective in using these derivatives is to limit our exposure to interest rate movements.
The interest rate swaps that our consolidated subsidiaries had outstanding at March 31, 2026 are summarized as follows (currency in thousands):
Interest Rate Derivatives Number of InstrumentsNotional
Amount
Fair Value at
March 31, 2026 (a)
Designated as Cash Flow Hedging Instruments
Interest rate swaps4529,316 EUR$5,360 
Interest rate swaps2270,000 GBP1,560 
$6,920 
__________ 
(a)Fair value amounts are based on the exchange rate of the euro at March 31, 2026, as applicable.

Foreign Currency Collars

We are exposed to foreign currency exchange rate movements, primarily in the euro and, to a lesser extent, the British pound sterling and certain other currencies. In order to hedge certain of our foreign currency cash flow exposures, we enter into foreign currency collars. A foreign currency collar consists of a written call option and a purchased put option to sell the foreign currency at a range of predetermined exchange rates. A foreign currency collar guarantees that the exchange rate of the currency will not fluctuate beyond the range of the options’ strike prices. Our foreign currency collars have maturities of 58 months or less.

The following table presents the foreign currency collars that we had outstanding at March 31, 2026 (currency in thousands):
Foreign Currency Derivatives Number of InstrumentsNotional
Amount
Fair Value at
March 31, 2026
Designated as Cash Flow Hedging Instruments
Foreign currency collars37252,000 EUR$(5,277)
Foreign currency collars1518,000 GBP528 
Not Designated as Cash Flow Hedging Instruments
Foreign currency collars758,000 EUR968 
$(3,781)

Credit Risk-Related Contingent Features

We measure our credit exposure on a counterparty basis as the net positive aggregate estimated fair value of our derivatives, net of any collateral received. No collateral was received as of March 31, 2026. At March 31, 2026, our total credit exposure and the maximum exposure to any single counterparty was $6.8 million and $2.7 million, respectively.

Some of the agreements we have with our derivative counterparties contain cross-default provisions that could trigger a declaration of default on our derivative obligations if we default, or are capable of being declared in default, on certain of our indebtedness. At March 31, 2026, we had not been declared in default on any of our derivative obligations. The estimated fair value of our derivatives in a net liability position was $8.4 million and $18.5 million at March 31, 2026 and December 31, 2025, respectively, which included accrued interest and any nonperformance risk adjustments. If we had breached any of these provisions at March 31, 2026 or December 31, 2025, we could have been required to settle our obligations under these agreements at their aggregate termination value of $8.4 million and $18.6 million, respectively.
Net Investment Hedges

Certain borrowings under our Senior Unsecured Notes, Unsecured Revolving Credit Facility, and Unsecured Term Loans (all as defined in Note 10) denominated in euro, British pounds sterling, Japanese yen, or Canadian dollars are designated as, and are effective as, economic hedges of our net investments in foreign entities.

Exchange rate variations impact our financial results because the financial results of our foreign subsidiaries are translated to U.S. dollars each period, with the effect of exchange rate variations being recorded in Other comprehensive income (loss) as part of the cumulative foreign currency translation adjustment. As a result, changes in the value of our designated borrowings under our euro-denominated senior notes and changes in the value of our euro, British pounds sterling, Japanese yen, and Canadian dollar borrowings under our Senior Unsecured Credit Facility, related to changes in the spot rates, will be reported in the same manner as foreign currency translation adjustments, which are recorded in Other comprehensive income (loss) as part of the cumulative foreign currency translation adjustment. Such gains (losses) related to non-derivative net investment hedges were $107.0 million and $(160.5) million for the three months ended March 31, 2026 and 2025, respectively.
v3.26.1
Debt
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Debt Debt
Term Loan Agreement

As of both March 31, 2026 and December 31, 2025, we had a €500.0 million term loan (our “Unsecured Term Loan due 2029”). Pursuant to the credit agreement, the Unsecured Term Loan due 2029 borrowing rate at March 31, 2026 was 80 basis points over EURIBOR (as defined below). Certain variable-to-fixed interest rate swaps fix the floating rate component of the per annum interest rate on our Unsecured Term Loan due 2029 at 2.00% through the end of 2027, for a total annual interest rate of approximately 2.80% as of March 31, 2026 (inclusive of the current spread). The Unsecured Term Loan due 2029 is incorporated into the Senior Unsecured Credit Facility, which is described below.

Senior Unsecured Credit Facility

On March 11, 2026, we amended our multi-currency senior unsecured credit facility to (i) replace the €215.0 million term loan due 2028 (the “EUR Term Loan due 2028”), which was repaid in February 2026, with a new C$347.3 million term loan maturing on February 14, 2028 (our “CAD Term Loan due 2028”) of an equivalent notional amount and under the same terms, definitions, and extension options, and (ii) improve pricing on our Unsecured Revolving Credit Facility (as defined below) by five basis points at all levels. As a result, as of March 31, 2026, our senior unsecured credit facility comprises (i) a $2.0 billion unsecured revolving credit facility maturing on February 14, 2029 (our “Unsecured Revolving Credit Facility”), (ii) a £270.0 million term loan maturing on February 14, 2028 (our “GBP Term Loan due 2028”), and (iii) our C$347.3 million CAD Term Loan due 2028.

The GBP Term Loan due 2028 borrowing rate at March 31, 2026 was 80 basis points over SONIA (as defined below). Certain variable-to-fixed interest rate swaps fix the floating rate component of the per annum interest rate on our GBP Term Loan due 2028 at 3.92% through the end of 2027, for a total per annum interest rate of approximately 4.72% as of March 31, 2026 (inclusive of the current spread). The CAD Term Loan due 2028 borrowing rate at March 31, 2026 was 80 basis points over CORRA (as defined below). We have an option to extend each of these term loans by up to an additional year, subject to certain customary conditions. We refer to these term loans collectively as the “Unsecured Term Loans due 2028.” We refer to our Unsecured Term Loan due 2029 and Unsecured Term Loans due 2028 collectively as our “Unsecured Term Loans.” We refer to our Unsecured Revolving Credit Facility and our Unsecured Term Loans collectively as our “Senior Unsecured Credit Facility.”

As of March 31, 2026, the aggregate principal amount (of revolving and term loans) available under the Senior Unsecured Credit Facility was able to be increased up to an amount not to exceed the U.S. dollar equivalent of $4.35 billion, subject to the conditions to increase set forth in our credit agreement.

At March 31, 2026, our Unsecured Revolving Credit Facility had available capacity of approximately $1.9 billion (net of amounts reserved for standby letters of credit totaling $2.3 million). We currently incur an annual facility fee of 0.140% of the total commitment on our Unsecured Revolving Credit Facility based on (i) our credit ratings of BBB+ and Baa1 and (ii) the achievement of certain sustainability key performance indicators (“KPIs”) agreed to under the credit agreement, which is included within Interest expense in our consolidated statements of income.
The following table presents a summary of our Senior Unsecured Credit Facility (dollars in thousands):
Senior Unsecured Credit Facility
Interest Rate at March 31, 2026 (a)
Maturity Date at March 31, 2026
Principal Outstanding Balance at
March 31, 2026December 31, 2025
Unsecured Term Loans: (b)
Unsecured Term Loan due 2029 — borrowing in euros (c)
2.80%
4/24/2029$574,900 $587,500 
GBP Term Loan due 2028 — borrowing in British pounds sterling (d)
4.72%
2/14/2028357,521 363,569 
CAD Term Loan due 2028 — borrowing in Canadian dollars (e)
CORRA + 0.80%
2/14/2028249,259 — 
EUR Term Loan due 2028 — borrowing in euros (f)
N/AN/A— 252,625 
1,181,680 1,203,694 
Unsecured Revolving Credit Facility:
Borrowing in British pounds sterling
SONIA + 0.685%
2/14/202931,780 41,743 
Borrowing in Japanese yen (g)
TIBOR + 0.685%
2/14/202915,111 15,383 
Borrowing in Canadian dollars (e)
CORRA + 0.685%
2/14/20299,328 53,316 
Borrowing in euros
EURIBOR + 0.685%
2/14/20295,749 66,975 
Borrowing in U.S. dollarsN/AN/A— 258,000 
61,968 435,417 


$1,243,648 $1,639,111 
__________
(a)The applicable interest rate at March 31, 2026 was based on the credit ratings for our Senior Unsecured Notes of BBB+/Baa1, our Leverage Ratio, and the achievement of certain sustainability KPIs.
(b)Balance excludes unamortized discount of $6.5 million and $6.9 million at March 31, 2026 and December 31, 2025, respectively, and unamortized deferred financing costs of $0.4 million at both March 31, 2026 and December 31, 2025.
(c)Interest rate is subject to variable-to-fixed interest rate swaps that fix the floating rate component of the per annum interest rate at 2.00% through December 31, 2027. Upon maturity of the interest rate swaps, the Unsecured Term Loan due 2029 will be subject to a variable interest rate based on the Euro Interbank Offered Rate (EURIBOR).
(d)Interest rate is subject to variable-to-fixed interest rate swaps that fix the floating rate component of the per annum interest rate at 3.92% through December 31, 2027. Upon maturity of the interest rate swaps, the GBP Term Loan due 2028 will be subject to a variable interest rate based on the Sterling Overnight Index Average (SONIA).
(e)CORRA means Canadian Overnight Repo Rate Average.
(f)The EUR Term Loan due 2028 was repaid in February 2026, as described above.
(g)TIBOR means Tokyo Interbank Offered Rate.
Senior Unsecured Notes

As set forth in the table below, we have euro and U.S. dollar-denominated senior unsecured notes outstanding with an aggregate principal balance outstanding of $7.5 billion at March 31, 2026 (the “Senior Unsecured Notes”).

On February 24, 2026, we completed an underwritten public offering of €1.0 billion in aggregate principal amount of senior notes, comprising the following tranches: (i) €500 million aggregate principal amount of 3.250% Senior Notes due 2031, at a price of 99.249% of par value and (ii) €500 million aggregate principal amount of 3.750% Senior Notes due 2035, at a price of 98.500% of par value.

Interest on the Senior Unsecured Notes is payable annually or semi-annually in arrears. The Senior Unsecured Notes can be redeemed at par within three months of their respective maturities, or we can call the notes at any time for the principal, accrued interest, and a make-whole amount based upon the applicable government bond yield plus 15 to 35 basis points (except for our 3.410% Senior Notes due 2029 and 3.700% Senior Notes due 2032, which are subject to different repayment provisions). The following table presents a summary of our Senior Unsecured Notes outstanding at March 31, 2026 (currency in thousands):
Principal AmountCoupon RateMaturity DatePrincipal Outstanding Balance at
Senior Unsecured Notes, netIssue DateMarch 31, 2026December 31, 2025
2.250% Senior Notes due 2026 (a)
10/9/2018€500,000 2.250 %4/9/2026$— $587,500 
4.250% Senior Notes due 2026
9/12/2016$350,000 4.250 %10/1/2026350,000 350,000 
2.125% Senior Notes due 2027
3/6/2018€500,000 2.125 %4/15/2027574,900 587,500 
1.350% Senior Notes due 2028
9/19/2019€500,000 1.350 %4/15/2028574,900 587,500 
3.850% Senior Notes due 2029
6/14/2019$325,000 3.850 %7/15/2029325,000 325,000 
3.410% Senior Notes due 2029
9/28/2022€150,000 3.410 %9/28/2029172,470 176,250 
0.950% Senior Notes due 2030
3/8/2021€525,000 0.950 %6/1/2030603,645 616,875 
4.650% Senior Notes due 2030
7/10/2025$400,000 4.650 %7/15/2030400,000 400,000 
2.400% Senior Notes due 2031
10/14/2020$500,000 2.400 %2/1/2031500,000 500,000 
3.250% Senior Notes due 2031
2/24/2026€500,000 3.250 %10/2/2031574,900 — 
2.450% Senior Notes due 2032
10/15/2021$350,000 2.450 %2/1/2032350,000 350,000 
4.250% Senior Notes due 2032
5/16/2024€650,000 4.250 %7/23/2032747,370 763,750 
3.700% Senior Notes due 2032
9/28/2022€200,000 3.700 %9/28/2032229,960 235,000 
2.250% Senior Notes due 2033
2/25/2021$425,000 2.250 %4/1/2033425,000 425,000 
5.375% Senior Notes due 2034
6/28/2024$400,000 5.375 %6/30/2034400,000 400,000 
3.700% Senior Notes due 2034
11/19/2024€600,000 3.700 %11/19/2034689,880 705,000 
3.750% Senior Notes due 2035
2/24/2026€500,000 3.750 %5/10/2035574,900 — 
Total principal outstanding7,492,925 7,009,375 
Unamortized discount(40,786)(29,819)
Unamortized deferred financing costs(36,267)(29,295)
Total$7,415,872 $6,950,261 
__________
(a)In March 2026, we repaid our €500 million of 2.250% Senior Notes due 2026.

Covenants

The credit agreements for our Senior Unsecured Credit Facility, each of the Senior Unsecured Notes, and certain of our non-recourse mortgage loan agreements include customary financial maintenance covenants that require us to maintain certain ratios and benchmarks at the end of each quarter. There have been no significant changes in our debt covenants from what was disclosed in the 2025 Annual Report. We were in compliance with all of these covenants at March 31, 2026.

Non-Recourse Mortgages
 
At March 31, 2026, the weighted-average interest rate for our total non-recourse mortgage notes payable was 4.9% (all of which had fixed rates), with maturity dates ranging from June 2026 to February 2033.
Repayments

During the three months ended March 31, 2026, we repaid non-recourse mortgage loans at or close to maturity with an aggregate principal balance of approximately $36.9 million. The weighted-average interest rate for these non-recourse mortgage loans on their respective dates of repayment was 5.5%.

Foreign Currency Exchange Rate Impact

During the three months ended March 31, 2026, the U.S. dollar strengthened against the euro and British pound sterling, resulting in a decrease of $145.9 million in the aggregate carrying values of our Non-recourse mortgages, net, Senior Unsecured Credit Facility, and Senior Unsecured Notes, net from December 31, 2025 to March 31, 2026.

Scheduled Debt Principal Payments
 
Scheduled debt principal payments as of March 31, 2026 are as follows (in thousands):
Years Ending December 31, Total
2026 (remainder)$353,358 
2027585,156 
20281,256,679 
20291,146,038 
20301,004,289 
Thereafter through 20354,494,554 
Total principal payments8,840,074 
Unamortized discount, net(49,355)
Unamortized deferred financing costs(36,970)
Total$8,753,749 

Certain amounts in the table above are based on the applicable foreign currency exchange rate at March 31, 2026.
v3.26.1
Commitments and Contingencies
 3 Months Ended
Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
At March 31, 2026, we were not involved in any material litigation. Various claims and lawsuits arising in the normal course of business are pending against us. The results of these proceedings are not expected to have a material adverse effect on our consolidated financial position or results of operations. In addition, we capitalize our captive insurance company in accordance with applicable regulatory requirements (Note 3).
v3.26.1
Stock-Based Compensation and Equity
 3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
Stock-Based Compensation and Equity Stock-Based Compensation and Equity
Stock-Based Compensation

We maintain several stock-based compensation plans, which are more fully described in the 2025 Annual Report. There have been no significant changes to the terms and conditions of any of our stock-based compensation plans or arrangements during the three months ended March 31, 2026. We recorded stock-based compensation expense of $7.4 million and $9.1 million during the three months ended March 31, 2026 and 2025, respectively, which was included in Stock-based compensation expense in the consolidated financial statements.
Restricted and Conditional Awards
 
Nonvested restricted share awards (“RSAs”), restricted share units (“RSUs”), and performance share units (“PSUs”) at March 31, 2026 and changes during the three months ended March 31, 2026 were as follows:
RSA and RSU AwardsPSU Awards
SharesWeighted-Average
Grant Date
Fair Value		SharesWeighted-Average
Grant Date
Fair Value
Nonvested at January 1, 2026
615,908 $64.34 693,820 $88.40 
Granted (a)
421,441 69.58 208,661 90.48 
Vested (b)
(279,432)68.56 (121,629)144.54 
Forfeited(268)62.17 — — 
Adjustment (c)
— — (119,876)72.66 
Nonvested at March 31, 2026 (d)
757,649 $65.70 660,976 $80.94 
__________
(a)The grant date fair value of RSAs and RSUs reflect our stock price on the date of grant on a one-for-one basis. The grant date fair value of PSUs was determined utilizing a Monte Carlo simulation model to generate an estimate of our future stock price over the three-year performance period. To estimate the fair value of PSUs granted during the three months ended March 31, 2026, we used a risk-free interest rate of 3.6%, an expected volatility rate of 20.7%, and assumed a dividend yield of zero.
(b)The grant date fair value of shares vested during the three months ended March 31, 2026 was $36.7 million. Employees and non-employee directors have the option to take immediate delivery of the shares upon vesting or defer receipt to a future date pursuant to previously made deferral elections. At March 31, 2026 and December 31, 2025, we had an obligation to issue 1,491,448 and 1,335,743 shares, respectively, of our common stock underlying such deferred awards, which is recorded within Total stockholders’ equity as a Deferred compensation obligation of $100.5 million and $80.2 million, respectively.
(c)Vesting and payment of the PSUs is conditioned upon certain company and/or market performance goals being met during the relevant three-year performance period. The ultimate number of PSUs to be vested will depend on the extent to which the performance goals are met and can range from zero to three times the original awards. As a result, we recorded adjustments at March 31, 2026 to reflect the number of shares expected to be issued when the PSUs vest.
(d)At March 31, 2026, total unrecognized compensation expense related to these awards was approximately $73.7 million, with an aggregate weighted-average remaining term of 2.5 years.

Earnings Per Share

The following table summarizes basic and diluted earnings (dollars in thousands):
 Three Months Ended March 31,
 20262025
Net income — basic and diluted$176,302 $125,824 
Weighted-average shares outstanding — basic220,620,496 220,401,156 
Effect of dilutive securities997,800 319,154 
Weighted-average shares outstanding — diluted221,618,296 220,720,310 

For the three months ended March 31, 2026 and 2025, potentially dilutive securities excluded from the computation of diluted earnings per share were insignificant.
ATM Program

On May 1, 2025, we established a continuous “at-the-market” offering program (“ATM Program”) with a syndicate of banks, pursuant to which shares of our common stock having an aggregate gross sales price of up to $1.25 billion may be sold (i) directly through or to the banks acting as sales agents or as principal for their own accounts or (ii) through or to participating banks or their affiliates acting as forward sellers on behalf of any forward purchasers pursuant to a forward sale agreement (our “ATM Forwards”). Effective as of that date, we terminated a prior ATM Program that was established on May 2, 2022, under which we were able to offer and sell shares of our common stock from time to time, up to an aggregate gross sales price of $1.0 billion, with a syndicate of banks.

We expect to settle the ATM Forwards in full on or prior to the maturity date of each ATM Forward via physical delivery of the outstanding shares of common stock in exchange for cash proceeds. However, subject to certain exceptions, we may also elect to cash settle or net share settle all or any portion of our obligations under any ATM Forwards. The forward sale price that we will receive upon physical settlement of the ATM Forwards will be (i) subject to adjustment on a daily basis based on a floating interest rate factor equal to a specified daily rate less a spread (i.e., if the specified daily rate is less than the spread on any day, the interest rate factor will result in a daily reduction of the applicable forward sale price) and (ii) decreased based on amounts related to expected dividends on shares of our common stock during the term of the ATM Forwards.

Forward Equity Offering

On February 17, 2026, we entered into an underwriting agreement, as well as certain forward sale agreements, with certain banks acting as underwriters, forward sellers, and/or forward purchasers in connection with an underwritten public offering of 6,000,000 shares of common stock. The underwriters were granted a 30-day option to purchase up to an additional 900,000 shares of common stock at the initial forward sale price, which they fully exercised on February 20, 2026. Therefore, as of the option closing on February 24, 2026, the forward purchasers borrowed from third parties and sold to the underwriters an aggregate of 6,900,000 shares of common stock for gross proceeds of approximately $496.8 million. As a result of this forward construct, we did not receive any proceeds from the sale of such shares at closing.

During the three months ended March 31, 2026, we settled a portion of the equity forwards by physically delivering 3,450,000 shares of common stock to certain forward purchasers for net proceeds of $247.1 million. As of March 31, 2026, 3,450,000 shares remained outstanding under the forward sale agreements, for anticipated net proceeds of approximately $243.9 million. We expect to settle the forward sale agreements in full within 24 months of the offering date via physical delivery of the outstanding shares of common stock in exchange for cash proceeds, although we may elect cash settlement or net share settlement for all or a portion of our obligations under the forward sale agreements, subject to certain conditions. The forward sale price that we will receive upon physical settlement of the agreements will be (i) subject to adjustment on a daily basis based on a floating interest rate factor equal to a specified daily rate less a spread (i.e., if the specified daily rate is less than the spread on any day, the interest rate factor will result in a daily reduction of the applicable forward sale price) and (ii) decreased based on amounts related to expected dividends on shares of our common stock during the term of the forward sale agreements.

We determined that our ATM Forwards and Equity Forwards meet the criteria for equity classification and are therefore exempt from derivative accounting. We recorded the forward sale agreements at fair value at inception, which we determined to be zero. Subsequent changes to fair value are not required under equity classification.

Our ATM Forwards and Equity Forwards are presented below (net proceeds in thousands):
Shares Offered
Outstanding Shares as of March 31, 2026
Proceeds Available at March 31, 2026
ATM Forwards (a)
6,258,4966,258,496$409,574 
Equity Forwards6,900,0003,450,000243,898 
9,708,496$653,472 
__________
(a)Represents shares sold under our ATM Forwards during the year ended December 31, 2025. We did not settle any of the shares sold and therefore did not receive any proceeds from such sales during the three months ended March 31, 2026.
Reclassifications Out of Accumulated Other Comprehensive Loss

The following tables present a reconciliation of changes in Accumulated other comprehensive loss by component for the periods presented (in thousands):
Three Months Ended March 31, 2026
Gains and (Losses) on Derivative InstrumentsForeign Currency Translation AdjustmentsTotal
Beginning balance$(15,454)$(237,892)$(253,346)
Other comprehensive income before reclassifications17,090 (5,566)11,524 
Amounts reclassified from accumulated other comprehensive loss to:
Interest expense333 — 333 
Non-operating income167 — 167 
Total500 — 500 
Net current period other comprehensive income17,590 (5,566)12,024 
Net current period other comprehensive income attributable to noncontrolling interests— 36 36 
Ending balance$2,136 $(243,422)$(241,286)
Three Months Ended March 31, 2025
Gains and (Losses) on Derivative InstrumentsForeign Currency Translation AdjustmentsTotal
Beginning balance$20,274 $(270,506)$(250,232)
Other comprehensive income before reclassifications(8,611)12,163 3,552 
Amounts reclassified from accumulated other comprehensive loss to:
Non-operating income(3,814)— (3,814)
Interest expense(48)— (48)
Total(3,862)— (3,862)
Net current period other comprehensive loss(12,473)12,163 (310)
Net current period other comprehensive loss attributable to noncontrolling interests— (189)(189)
Ending balance$7,801 $(258,532)$(250,731)
See Note 9 for additional information on our derivatives activity recognized within Other comprehensive income (loss) for the periods presented.

Dividends Declared

During the first quarter of 2026, our board of directors declared a quarterly dividend of $0.930 per share, which was paid on April 15, 2026 to stockholders of record as of March 31, 2026.
v3.26.1
Income Taxes
 3 Months Ended
Mar. 31, 2026
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
We elected to be treated as a REIT and believe that we have been organized and have operated in such a manner to maintain our qualification as a REIT for federal and state income tax purposes. As a REIT, we are generally not subject to corporate level federal income taxes on earnings distributed to our stockholders. Since inception, we have distributed at least 100% of our taxable income annually. Accordingly, we have not included any provisions for federal income taxes related to the REIT in the accompanying consolidated financial statements for the three months ended March 31, 2026 and 2025.
Certain of our subsidiaries have elected taxable REIT subsidiary (“TRS”) status. A TRS may provide certain services considered impermissible for REITs and may hold assets that REITs may not hold directly. We also own real property in jurisdictions outside the United States through foreign subsidiaries and are subject to income taxes on our pre-tax income earned from properties in such countries. The accompanying consolidated financial statements include an interim tax provision for our TRSs and foreign subsidiaries, as necessary, for the three months ended March 31, 2026 and 2025.

Current income tax expense was $11.9 million and $12.4 million for the three months ended March 31, 2026 and 2025, respectively. Deferred income tax (expense) benefit was $(2.7) million and $0.8 million for the three months ended March 31, 2026 and 2025, respectively.
v3.26.1
Property Dispositions
 3 Months Ended
Mar. 31, 2026
Discontinued Operations and Disposal Groups [Abstract]  
Property Dispositions Property Dispositions
 
All property dispositions are also discussed in Note 4 and Note 5.

2026 — During the three months ended March 31, 2026, we sold 19 properties for total proceeds, net of selling costs, of $156.7 million and recognized a net gain on these sales totaling $54.1 million (inclusive of income taxes totaling $0.5 million recognized upon sale).

This disposition activity for the three months ended March 31, 2026 includes the sale of our 11 remaining self-storage operating properties for total proceeds, net of selling costs, of $73.0 million, resulting in a net gain on these sales totaling $28.9 million.
2025 — During the three months ended March 31, 2025, we sold nine properties for total proceeds, net of selling costs, of $126.7 million and recognized a net gain on these sales totaling $43.8 million (inclusive of income taxes totaling less than $0.1 million recognized upon sale).
v3.26.1
Subsequent Events
 3 Months Ended
Mar. 31, 2026
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
Acquisitions

In April 2026, we completed three acquisitions totaling approximately $92.0 million. They are as follows:

•$12.7 million for a manufacturing facility in Eden, North Carolina;
•$27.2 million for a healthcare facility in Akron, Ohio; and
•$52.1 million for four industrial facilities in Germany.

Disposition

In April 2026, we sold a property located in Saitama Prefecture (near Tokyo), Japan, for gross proceeds of approximately $28.9 million.
v3.26.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2026
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.26.1
Basis of Presentation (Policies)
 3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation
Basis of Presentation
Our interim consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and, therefore, do not necessarily include all information and footnotes necessary for a complete statement of our consolidated financial position, results of operations, and cash flows in accordance with generally accepted accounting principles in the United States (“GAAP”).
Basis of Consolidation
Basis of Consolidation
Our consolidated financial statements reflect all of our accounts, including those of our controlled subsidiaries. The portions of equity in consolidated subsidiaries that are not attributable, directly or indirectly, to us are presented as noncontrolling interests. All significant intercompany accounts and transactions have been eliminated.
Variable Interest Entity
When we obtain an economic interest in an entity, we evaluate the entity to determine if it should be deemed a VIE and, if so, whether we are the primary beneficiary and are therefore required to consolidate the entity. There have been no significant changes in our VIE policies from what was disclosed in the 2025 Annual Report.

At both March 31, 2026 and December 31, 2025, we considered ten entities to be VIEs, of which we consolidated six, as we are considered the primary beneficiary. The following table presents a summary of selected financial data of the consolidated VIEs included in our consolidated balance sheets (in thousands):
March 31, 2026December 31, 2025
Land, buildings and improvements — net lease and other$31,861 $31,861 
Net investments in finance leases and loans receivable188,180 178,076 
In-place lease intangible assets and other3,620 3,620 
Above-market rent intangible assets1,685 1,685 
Accumulated depreciation and amortization(11,914)(11,637)
Total assets218,424 207,985 
Total liabilities$947 $946 
At both March 31, 2026 and December 31, 2025, our four unconsolidated VIEs included our interests in (i) two unconsolidated real estate investments, which we account for under the equity method of accounting (we do not consolidate these entities because we are not the primary beneficiary and the nature of our involvement in the activities of these entities allows us to exercise significant influence on, but does not give us power over, decisions that significantly affect the economic performance of these entities), (ii) one unconsolidated investment in equity securities, which we accounted for as an investment in shares of the entity at fair value, and (iii) one construction loan investment, which we accounted for as a secured loan receivable.
Revenue Recognition
Revenue Recognition
There have been no significant changes in our policies for revenue from contracts under ASC 606 from what was disclosed in the 2025 Annual Report. ASC 606 does not apply to our lease revenues, which constitute a majority of our revenues, but primarily applies to (i) revenues generated from our hotel operating properties and (ii) investment management revenues.
Recent Accounting Pronouncements
Recent Accounting Pronouncements

In November 2024, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (“ASU”) 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures, requiring all public business entities to provide additional disclosure of the nature of expenses included in the consolidated statements of income. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026 and for interim reporting periods beginning after December 15, 2027, on a prospective basis, with early adoption permitted. We are currently evaluating the impact of this standard on our consolidated financial statements.
Intangible Assets and Liabilities and Goodwill
In-place lease intangibles, at cost are included in In-place lease intangible assets and other in the consolidated financial statements. Above-market rent intangibles, at cost are included in Above-market rent intangible assets in the consolidated financial statements. Accumulated amortization of in-place lease and above-market rent intangibles is included in Accumulated depreciation and amortization in the consolidated financial statements. Internal-use software development intangibles are included in Other assets, net in the consolidated financial statements. Below-market rent intangibles are included in Below-market rent intangible liabilities, net in the consolidated financial statements.
Amortization of below-market rent and above-market rent intangibles is recorded as an adjustment to Lease revenues and amortization of internal-use software development and in-place lease intangibles is included in Depreciation and amortization.
Fair Value Measurements
The fair value of an asset is defined as the exit price, which is the amount that would either be received when an asset is sold or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The guidance establishes a three-tier fair value hierarchy based on the inputs used in measuring fair value. These tiers are: Level 1, for which quoted market prices for identical instruments are available in active markets, such as money market funds, equity securities, and U.S. Treasury securities; Level 2, for which there are inputs other than quoted prices included within Level 1 that are observable for the instrument, such as certain derivative instruments including interest rate caps, interest rate swaps, and foreign currency collars; and Level 3, for securities that do not fall into Level 1 or Level 2 and for which little or no market data exists, therefore requiring us to develop our own assumptions.
v3.26.1
Basis of Presentation (Tables)
 3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Variable Interest Entities The following table presents a summary of selected financial data of the consolidated VIEs included in our consolidated balance sheets (in thousands):
March 31, 2026December 31, 2025
Land, buildings and improvements — net lease and other$31,861 $31,861 
Net investments in finance leases and loans receivable188,180 178,076 
In-place lease intangible assets and other3,620 3,620 
Above-market rent intangible assets1,685 1,685 
Accumulated depreciation and amortization(11,914)(11,637)
Total assets218,424 207,985 
Total liabilities$947 $946 
Schedule of Reconciliation of Cash and Cash Equivalents
The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the consolidated balance sheets to the consolidated statements of cash flows (in thousands):
March 31, 2026December 31, 2025
Cash and cash equivalents
$239,266 $155,329 
Restricted cash (a)
48,441 117,063 
Total cash and cash equivalents and restricted cash
$287,707 $272,392 
__________
(a)Restricted cash is included within Other assets, net on our consolidated balance sheets. Amount as of December 31, 2025 included $80.9 million of proceeds from certain dispositions, which were held by an intermediary and were designated for future 1031 Exchange transactions. There was no such balance as of March 31, 2026.
Schedule of Reconciliation of Restrictions on Cash and Cash Equivalents
The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the consolidated balance sheets to the consolidated statements of cash flows (in thousands):
March 31, 2026December 31, 2025
Cash and cash equivalents
$239,266 $155,329 
Restricted cash (a)
48,441 117,063 
Total cash and cash equivalents and restricted cash
$287,707 $272,392 
__________
(a)Restricted cash is included within Other assets, net on our consolidated balance sheets. Amount as of December 31, 2025 included $80.9 million of proceeds from certain dispositions, which were held by an intermediary and were designated for future 1031 Exchange transactions. There was no such balance as of March 31, 2026.
v3.26.1
Agreements and Transactions with Related Parties (Tables)
 3 Months Ended
Mar. 31, 2026
Related Party Transactions [Abstract]  
Schedule of Related Party Transactions
The following tables present a summary of revenue earned and reimbursable costs received/accrued from NLOP and CESH for the periods indicated, included in the consolidated financial statements (in thousands):
 Three Months Ended March 31,
 20262025
Administrative reimbursements (a) (b)
$1,000 $1,000 
Asset management revenue (a) (c)
490 1,350 
Reimbursable costs from affiliates (a) (b)
— 67 
$1,490 $2,417 
Three Months Ended March 31,
20262025
NLOP$1,481 $2,260 
CESH9 157 
$1,490 $2,417 
__________
(a)Amounts represent revenues from contracts under ASC 606.
(b)Included within Other advisory income and reimbursements in the consolidated statements of income.
(c)Included within Asset management revenue in the consolidated statements of income.
Schedule of Balances Due to and From Related Party
The following table presents a summary of amounts due from affiliates, which are included within Other assets, net in the consolidated financial statements (in thousands):
March 31, 2026December 31, 2025
Accounts receivable$462 $535 
Asset management fees receivable128 391 
Reimbursable costs— 70 
$590 $996 
v3.26.1
Land, Buildings and Improvements, and Assets Held for Sale (Tables)
 3 Months Ended
Mar. 31, 2026
Real Estate [Abstract]  
Schedule of Real Estate
Land and buildings leased to others, which are subject to operating leases, and real estate under construction, are summarized as follows (in thousands):
March 31, 2026December 31, 2025
Land$2,892,556 $2,839,757 
Buildings and improvements11,684,358 11,531,634 
Real estate under construction47,552 79,915 
Less: Accumulated depreciation(2,038,626)(2,026,829)
$12,585,840 $12,424,477 
The aggregate purchase price allocation for investments disclosed above is as follows (dollars in thousands):
Total Capitalized Costs
Land$91,156 
Buildings and improvements328,951 
Intangible assets:
In-place lease (weighted-average expected life of 19.4 years)
72,200 
$492,307 
Below is a summary of our Land, buildings and improvements — operating properties (in thousands):
March 31, 2026December 31, 2025
Land$16,404 $25,665 
Buildings and improvements211,670 260,414 
Less: Accumulated depreciation(51,997)(59,626)
$176,077 $226,453 
Schedule of Real Estate Acquired
During the three months ended March 31, 2026, we entered into the following investments, which were deemed to be real estate asset acquisitions (dollars in thousands):
Property Location(s)Number of PropertiesDate of AcquisitionProperty TypeTotal Capitalized Costs
Las Vegas, New Mexico11/13/2026Retail $2,195 
Arlington Heights, Illinois11/15/2026Industrial 9,432 
Various, Poland (a)
81/28/2026; 2/18/2026Warehouse201,789 
Solon, Ohio11/29/2026Warehouse 43,387 
Various, Canada (a)
143/10/2026Retail 211,883 
Bahlingen am Kaiserstuhl, Germany (a)
13/10/2026Industrial 23,621 
26$492,307 
__________
(a)Amount reflects the applicable exchange rate on the date of transaction.
Schedule of Real Estate under Construction
During the three months ended March 31, 2026, we completed the following construction projects (dollars in thousands):
Property Location(s)Primary Transaction TypeNumber of PropertiesProperty TypeTotal Capitalized Costs
Surprise, ArizonaBuild-to-Suit1Retail$12,175 
Oskarshamn, Sweden (a)
Build-to-Suit1Warehouse18,449 
2$30,624 
__________
(a)Amount reflects the applicable exchange rate on the date of transaction.
Schedule of Operating Lease Income
Lease income related to operating leases recognized and included in the consolidated statements of income is as follows (in thousands):
Three Months Ended March 31,
20262025
Lease income — fixed
$358,003 $314,084 
Lease income — variable (a)
44,828 39,684 
Total operating lease income$402,831 $353,768 
__________
(a)Includes (i) rent increases based on changes in the U.S. Consumer Price Index (CPI) and other comparable indices and (ii) reimbursements for property taxes, insurance, and common area maintenance services.
Schedule of Disclosure of Long Lived Assets Held-for-Sale
Below is a summary of our properties held for sale (in thousands):
March 31, 2026December 31, 2025
Land, buildings and improvements — net lease and other
$11,894 $3,741 
In-place lease intangible assets and other7,368 — 
Above-market rent intangible assets1,940 — 
Accumulated depreciation and amortization(10,666)(414)
Assets held for sale, net$10,536 $3,327 
v3.26.1
Finance Receivables (Tables)
 3 Months Ended
Mar. 31, 2026
Receivables [Abstract]  
Schedule of Net Investments in Finance Leases and Loans Receivable
Finance Receivables

Net investments in finance leases and loans receivable are summarized as follows (in thousands):
Maturity DateMarch 31, 2026December 31, 2025
Sale-leaseback transactions accounted for as loans receivable (a)
2038 – 2057$884,845 $857,931 
Net investments in direct financing leases (b)
2026 – 2036265,228 267,530 
Secured loans receivable (c)
202638,278 35,783 
Net investments in sales-type leases (c)
205710,697 10,642 
$1,199,048 $1,171,886 
__________
(a)These investments are accounted for as loans receivable in accordance with ASC 310, Receivables and ASC 842, Leases. Maturity dates reflect the current lease maturity dates. Amounts are net of allowance for credit losses of $34.9 million and $35.3 million as of March 31, 2026 and December 31, 2025, respectively.
(b)Amounts are net of allowance for credit losses, as disclosed below under Net Investments in Direct Financing Leases.
(c)These investments are assessed for credit loss allowances but no such allowances were recorded as of March 31, 2026 or December 31, 2025.
Net Investments in Direct Financing Leases
 
Net investments in direct financing leases is summarized as follows (in thousands):
March 31, 2026December 31, 2025
Lease payments receivable$138,067 $146,467 
Unguaranteed residual value243,277 244,928 
381,344 391,395 
Less: unearned income(112,576)(120,120)
Less: allowance for credit losses (a)
(3,540)(3,745)
$265,228 $267,530 
__________
(a)During the three months ended March 31, 2026 and 2025, we recorded a net release of allowance for credit losses of $0.2 million and a net allowance for credit losses of $3.1 million, respectively, on our net investments in direct financing leases, which was included within Other gains and (losses) in our consolidated statements of income, due to changes in expected economic conditions.
Schedule of Income from Finance Leases and Loans Receivable
Income from finance leases and loans receivable is summarized as follows (in thousands):
Three Months Ended March 31,
20262025
Sale-leaseback transactions accounted for as loans receivable$19,200 $8,867 
Net investments in direct financing leases7,569 7,677 
Secured loans receivable678 607 
Net investments in sales-type leases239 307 
$27,686 $17,458 
Schedule of Loans Receivable
During the three months ended March 31, 2026, we entered into the following sale-leaseback, which was deemed to be a loan receivable in accordance with ASC 310, Receivables and ASC 842, Leases (dollars in thousands):
Property Location(s)Number of PropertiesDate of AcquisitionProperty TypeTotal Investment
Peebles, Ohio (2 properties) and Hope, Arkansas (1 property)
32/6/2026Industrial $22,345 
3$22,345 
Schedule of Construction Loans
At March 31, 2026, the following construction loans are accounted for as secured loan receivables for accounting purposes in accordance with the acquisition, development and construction arrangement sub-section of ASC 310, Receivables (in thousands):
Location/DescriptionFunded Year to Date
Loan Maturity Date (a)
Total Funded as of
March 31, 2026December 31, 2025
Las Vegas, Nevada (retail)$2,254 Dec. 2026$20,621 $18,367 
Las Vegas, Nevada (mixed use)240 Nov. 202617,657 17,417 
$2,494 $38,278 $35,784 
__________
(a)The borrowers for these construction loans retain certain loan maturity extension options.
Schedule of Net Investments in Sales-Type Leases
Net investments in sales-type leases is summarized as follows (in thousands):
March 31, 2026December 31, 2025
Lease payments receivable$38,123 $38,306 
Unguaranteed residual value10,500 10,500 
48,623 48,806 
Less: unearned income(37,926)(38,164)
$10,697 $10,642 
Schedule of Finance Receivables Credit Quality Indicators
A summary of our finance receivables by internal credit quality rating, excluding our allowance for credit losses, is as follows (dollars in thousands):
Number of Tenants / Obligors atCarrying Value at
Internal Credit Quality IndicatorMarch 31, 2026December 31, 2025March 31, 2026December 31, 2025
1 – 31817$792,568 $762,969 
489433,640 448,007 
51—11,274 — 
$1,237,482 $1,210,976 
v3.26.1
Goodwill and Other Intangibles (Tables)
 3 Months Ended
Mar. 31, 2026
Goodwill And Intangible Assets Liabilities Disclosure [Abstract]  
Schedule of Intangible Assets and Goodwill
Intangible assets, intangible liabilities, and goodwill are summarized as follows (in thousands):
March 31, 2026December 31, 2025
Gross Carrying AmountAccumulated AmortizationNet Carrying AmountGross Carrying AmountAccumulated AmortizationNet Carrying Amount
Finite-Lived Intangible Assets
Internal-use software development costs
$4,638 $(1,757)$2,881 $3,996 $(1,578)$2,418 
4,638 (1,757)2,881 3,996 (1,578)2,418 
Lease Intangibles:
In-place lease2,328,176 (984,933)1,343,243 2,316,097 (993,737)1,322,360 
Above-market rent658,128 (497,765)160,363 668,707 (498,138)170,569 
2,986,304 (1,482,698)1,503,606 2,984,804 (1,491,875)1,492,929 
Goodwill
Goodwill983,970 — 983,970 987,071 — 987,071 
Total intangible assets$3,974,912 $(1,484,455)$2,490,457 $3,975,871 $(1,493,453)$2,482,418 
Finite-Lived Intangible Liabilities
Below-market rent$(185,103)$86,774 $(98,329)$(202,319)$98,264 $(104,055)
Total intangible liabilities$(185,103)$86,774 $(98,329)$(202,319)$98,264 $(104,055)
v3.26.1
Equity Method Investments (Tables)
 3 Months Ended
Mar. 31, 2026
Equity Method Investments and Joint Ventures [Abstract]  
Schedule of Equity Method Investments
The following table sets forth our ownership interests in our equity method investments and their respective carrying values (dollars in thousands):
Carrying Value at
Lessee/Fund/DescriptionOwnership InterestMarch 31, 2026December 31, 2025
Las Vegas Retail Complex (a) (b)
47.50%$250,587 $250,567 
Kesko Senukai (c)
70.00%34,734 34,732 
Harmon Retail Corner (b)
15.00%23,534 23,641 
CESH (d)
2.43%482 1,238 
$309,337 $310,178 
__________
(a)See “Las Vegas Retail Complex” below for discussion of this equity method investment.
(b)This investment is reported using the hypothetical liquidation at book value model, which may be different than pro rata ownership percentages, primarily due to the capital structure of the partnership agreement.
(c)The carrying value of this investment is affected by fluctuations in the exchange rate of the euro.
(d)We have elected to account for our investment in CESH at fair value by selecting the equity method fair value option available under GAAP.
v3.26.1
Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Schedule of Other Financial Instruments in Carrying Values and Fair Values
Our other material financial instruments had the following carrying values and fair values as of the dates shown (dollars in thousands):
March 31, 2026December 31, 2025
LevelCarrying ValueFair ValueCarrying ValueFair Value
Senior Unsecured Notes, net (a) (b) (c)
2 and 3
$7,415,872 $7,120,986 $6,950,261 $6,788,238 
Non-recourse mortgages, net (a) (b) (d)
3101,074 100,102 140,646 141,311 
__________
(a)The carrying value of Senior Unsecured Notes, net (Note 10) includes unamortized deferred financing costs of $36.3 million and $29.3 million at March 31, 2026 and December 31, 2025, respectively. The carrying value of Non-recourse mortgages, net includes unamortized deferred financing costs of $0.3 million and $0.4 million at March 31, 2026 and December 31, 2025, respectively.
(b)The carrying value of Senior Unsecured Notes, net includes unamortized discount of $40.8 million and $29.8 million at March 31, 2026 and December 31, 2025, respectively. The carrying value of Non-recourse mortgages, net includes unamortized discount of $2.1 million and $2.4 million at March 31, 2026 and December 31, 2025, respectively.
(c)For those Senior Unsecured Notes for which there are no observable market prices (specifically, our private placement Senior Unsecured Notes (Note 10)), we used a discounted cash flow model that estimates the present value of future loan payments by discounting such payments at current estimated market interest rates. We consider these notes to be within the Level 3 category. For all other Senior Unsecured Notes, we determined the estimated fair value using observed market prices in an open market, which may experience limited trading volume. We consider these notes to be within the Level 2 category.
(d)We determined the estimated fair value of our non-recourse mortgage loans using a discounted cash flow model that estimates the present value of the future loan payments by discounting such payments at current estimated market interest rates. The estimated market interest rates consider interest rate risk and the value of the underlying collateral, which includes quality of the collateral, the credit quality of the tenant/obligor, and the time until maturity.
Schedule of Fair Value Impairment Charges Using Unobservable Inputs Nonrecurring Basis
The following tables present information about assets for which we recorded an impairment charge and that were measured at fair value on a non-recurring basis (classified as Level 3) (in thousands):
Three Months Ended March 31,
 20262025
 Fair Value MeasurementsImpairment ChargesFair Value MeasurementsImpairment Charges
Impairment Charges
Real estate$19,491 $40,008 $11,640 $6,854 
$40,008 $6,854 
v3.26.1
Risk Management and Use of Derivative Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
The following table sets forth certain information regarding our derivative instruments (in thousands):
Derivatives Designated as Hedging Instruments
Balance Sheet LocationDerivative Assets Fair Value atDerivative Liabilities Fair Value at
March 31, 2026December 31, 2025March 31, 2026December 31, 2025
Interest rate swaps
Other assets, net
$7,112 $244 $— $— 
Foreign currency collars
Other assets, net
3,052 1,468 — — 
Foreign currency collars
Accounts payable, accrued expenses and other liabilities
— — (7,801)(13,021)
Interest rate swaps
Accounts payable, accrued expenses and other liabilities
— — (192)(4,024)
10,164 1,712 (7,993)(17,045)
Derivatives Not Designated as Hedging Instruments
Foreign currency collarsOther assets, net1,340 133 — — 
Foreign currency collarsAccounts payable, accrued expenses and other liabilities— — (372)(1,390)
1,340 133 (372)(1,390)
Total derivatives$11,504 $1,845 $(8,365)$(18,435)
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss)
The following tables present the impact of our derivative instruments in the consolidated financial statements (in thousands):
Amount of Gain (Loss) Recognized on Derivatives in
 Other Comprehensive Income (Loss) (a)
Three Months Ended March 31,
Derivatives in Cash Flow Hedging Relationships 20262025
Interest rate swaps$10,687 $680 
Foreign currency collars6,805 (13,218)
Total$17,492 $(12,538)
Amount of Gain (Loss) on Derivatives Reclassified from
 Other Comprehensive Income (Loss)
Derivatives in Cash Flow Hedging Relationships
Location of Gain (Loss) Recognized in Income
Three Months Ended March 31,
20262025
Interest rate swapsInterest expense$(333)$48 
Foreign currency collarsNon-operating income(167)3,814 
Total$(500)$3,862 
__________
(a)Excludes net gains of less than $0.1 million recognized on unconsolidated jointly owned investments for both the three months ended March 31, 2026 and 2025.
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance
Amount of Gain (Loss) on Derivatives Recognized in Income
Derivatives in Cash Flow Hedging Relationships
Location of Gain (Loss) Recognized in Income
Three Months Ended March 31,
20262025
Interest rate swaps
Interest expense
$331 $(68)
Foreign currency collarsNon-operating income(38)(1,255)
Derivatives Not in Cash Flow Hedging Relationships
Foreign currency collarsOther gains and (losses)2,224 (1,740)
Total$2,517 $(3,063)
Schedule of Derivative Instruments
The interest rate swaps that our consolidated subsidiaries had outstanding at March 31, 2026 are summarized as follows (currency in thousands):
Interest Rate Derivatives Number of InstrumentsNotional
Amount
Fair Value at
March 31, 2026 (a)
Designated as Cash Flow Hedging Instruments
Interest rate swaps4529,316 EUR$5,360 
Interest rate swaps2270,000 GBP1,560 
$6,920 
__________ 
(a)Fair value amounts are based on the exchange rate of the euro at March 31, 2026, as applicable.
The following table presents the foreign currency collars that we had outstanding at March 31, 2026 (currency in thousands):
Foreign Currency Derivatives Number of InstrumentsNotional
Amount
Fair Value at
March 31, 2026
Designated as Cash Flow Hedging Instruments
Foreign currency collars37252,000 EUR$(5,277)
Foreign currency collars1518,000 GBP528 
Not Designated as Cash Flow Hedging Instruments
Foreign currency collars758,000 EUR968 
$(3,781)
v3.26.1
Debt (Tables)
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Schedule of Senior Unsecured Credit Facility
The following table presents a summary of our Senior Unsecured Credit Facility (dollars in thousands):
Senior Unsecured Credit Facility
Interest Rate at March 31, 2026 (a)
Maturity Date at March 31, 2026
Principal Outstanding Balance at
March 31, 2026December 31, 2025
Unsecured Term Loans: (b)
Unsecured Term Loan due 2029 — borrowing in euros (c)
2.80%
4/24/2029$574,900 $587,500 
GBP Term Loan due 2028 — borrowing in British pounds sterling (d)
4.72%
2/14/2028357,521 363,569 
CAD Term Loan due 2028 — borrowing in Canadian dollars (e)
CORRA + 0.80%
2/14/2028249,259 — 
EUR Term Loan due 2028 — borrowing in euros (f)
N/AN/A— 252,625 
1,181,680 1,203,694 
Unsecured Revolving Credit Facility:
Borrowing in British pounds sterling
SONIA + 0.685%
2/14/202931,780 41,743 
Borrowing in Japanese yen (g)
TIBOR + 0.685%
2/14/202915,111 15,383 
Borrowing in Canadian dollars (e)
CORRA + 0.685%
2/14/20299,328 53,316 
Borrowing in euros
EURIBOR + 0.685%
2/14/20295,749 66,975 
Borrowing in U.S. dollarsN/AN/A— 258,000 
61,968 435,417 


$1,243,648 $1,639,111 
__________
(a)The applicable interest rate at March 31, 2026 was based on the credit ratings for our Senior Unsecured Notes of BBB+/Baa1, our Leverage Ratio, and the achievement of certain sustainability KPIs.
(b)Balance excludes unamortized discount of $6.5 million and $6.9 million at March 31, 2026 and December 31, 2025, respectively, and unamortized deferred financing costs of $0.4 million at both March 31, 2026 and December 31, 2025.
(c)Interest rate is subject to variable-to-fixed interest rate swaps that fix the floating rate component of the per annum interest rate at 2.00% through December 31, 2027. Upon maturity of the interest rate swaps, the Unsecured Term Loan due 2029 will be subject to a variable interest rate based on the Euro Interbank Offered Rate (EURIBOR).
(d)Interest rate is subject to variable-to-fixed interest rate swaps that fix the floating rate component of the per annum interest rate at 3.92% through December 31, 2027. Upon maturity of the interest rate swaps, the GBP Term Loan due 2028 will be subject to a variable interest rate based on the Sterling Overnight Index Average (SONIA).
(e)CORRA means Canadian Overnight Repo Rate Average.
(f)The EUR Term Loan due 2028 was repaid in February 2026, as described above.
(g)TIBOR means Tokyo Interbank Offered Rate.
Schedule of Senior Unsecured Notes The following table presents a summary of our Senior Unsecured Notes outstanding at March 31, 2026 (currency in thousands):
Principal AmountCoupon RateMaturity DatePrincipal Outstanding Balance at
Senior Unsecured Notes, netIssue DateMarch 31, 2026December 31, 2025
2.250% Senior Notes due 2026 (a)
10/9/2018€500,000 2.250 %4/9/2026$— $587,500 
4.250% Senior Notes due 2026
9/12/2016$350,000 4.250 %10/1/2026350,000 350,000 
2.125% Senior Notes due 2027
3/6/2018€500,000 2.125 %4/15/2027574,900 587,500 
1.350% Senior Notes due 2028
9/19/2019€500,000 1.350 %4/15/2028574,900 587,500 
3.850% Senior Notes due 2029
6/14/2019$325,000 3.850 %7/15/2029325,000 325,000 
3.410% Senior Notes due 2029
9/28/2022€150,000 3.410 %9/28/2029172,470 176,250 
0.950% Senior Notes due 2030
3/8/2021€525,000 0.950 %6/1/2030603,645 616,875 
4.650% Senior Notes due 2030
7/10/2025$400,000 4.650 %7/15/2030400,000 400,000 
2.400% Senior Notes due 2031
10/14/2020$500,000 2.400 %2/1/2031500,000 500,000 
3.250% Senior Notes due 2031
2/24/2026€500,000 3.250 %10/2/2031574,900 — 
2.450% Senior Notes due 2032
10/15/2021$350,000 2.450 %2/1/2032350,000 350,000 
4.250% Senior Notes due 2032
5/16/2024€650,000 4.250 %7/23/2032747,370 763,750 
3.700% Senior Notes due 2032
9/28/2022€200,000 3.700 %9/28/2032229,960 235,000 
2.250% Senior Notes due 2033
2/25/2021$425,000 2.250 %4/1/2033425,000 425,000 
5.375% Senior Notes due 2034
6/28/2024$400,000 5.375 %6/30/2034400,000 400,000 
3.700% Senior Notes due 2034
11/19/2024€600,000 3.700 %11/19/2034689,880 705,000 
3.750% Senior Notes due 2035
2/24/2026€500,000 3.750 %5/10/2035574,900 — 
Total principal outstanding7,492,925 7,009,375 
Unamortized discount(40,786)(29,819)
Unamortized deferred financing costs(36,267)(29,295)
Total$7,415,872 $6,950,261 
__________
(a)In March 2026, we repaid our €500 million of 2.250% Senior Notes due 2026.
Scheduled Debt Principal Payments
Scheduled debt principal payments as of March 31, 2026 are as follows (in thousands):
Years Ending December 31, Total
2026 (remainder)$353,358 
2027585,156 
20281,256,679 
20291,146,038 
20301,004,289 
Thereafter through 20354,494,554 
Total principal payments8,840,074 
Unamortized discount, net(49,355)
Unamortized deferred financing costs(36,970)
Total$8,753,749 
v3.26.1
Stock-Based Compensation and Equity (Tables)
 3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
Schedule of Restricted and Conditional Award Activity
Nonvested restricted share awards (“RSAs”), restricted share units (“RSUs”), and performance share units (“PSUs”) at March 31, 2026 and changes during the three months ended March 31, 2026 were as follows:
RSA and RSU AwardsPSU Awards
SharesWeighted-Average
Grant Date
Fair Value		SharesWeighted-Average
Grant Date
Fair Value
Nonvested at January 1, 2026
615,908 $64.34 693,820 $88.40 
Granted (a)
421,441 69.58 208,661 90.48 
Vested (b)
(279,432)68.56 (121,629)144.54 
Forfeited(268)62.17 — — 
Adjustment (c)
— — (119,876)72.66 
Nonvested at March 31, 2026 (d)
757,649 $65.70 660,976 $80.94 
__________
(a)The grant date fair value of RSAs and RSUs reflect our stock price on the date of grant on a one-for-one basis. The grant date fair value of PSUs was determined utilizing a Monte Carlo simulation model to generate an estimate of our future stock price over the three-year performance period. To estimate the fair value of PSUs granted during the three months ended March 31, 2026, we used a risk-free interest rate of 3.6%, an expected volatility rate of 20.7%, and assumed a dividend yield of zero.
(b)The grant date fair value of shares vested during the three months ended March 31, 2026 was $36.7 million. Employees and non-employee directors have the option to take immediate delivery of the shares upon vesting or defer receipt to a future date pursuant to previously made deferral elections. At March 31, 2026 and December 31, 2025, we had an obligation to issue 1,491,448 and 1,335,743 shares, respectively, of our common stock underlying such deferred awards, which is recorded within Total stockholders’ equity as a Deferred compensation obligation of $100.5 million and $80.2 million, respectively.
(c)Vesting and payment of the PSUs is conditioned upon certain company and/or market performance goals being met during the relevant three-year performance period. The ultimate number of PSUs to be vested will depend on the extent to which the performance goals are met and can range from zero to three times the original awards. As a result, we recorded adjustments at March 31, 2026 to reflect the number of shares expected to be issued when the PSUs vest.
(d)At March 31, 2026, total unrecognized compensation expense related to these awards was approximately $73.7 million, with an aggregate weighted-average remaining term of 2.5 years.
Schedule of Earnings Per Share Reconciliation
The following table summarizes basic and diluted earnings (dollars in thousands):
 Three Months Ended March 31,
 20262025
Net income — basic and diluted$176,302 $125,824 
Weighted-average shares outstanding — basic220,620,496 220,401,156 
Effect of dilutive securities997,800 319,154 
Weighted-average shares outstanding — diluted221,618,296 220,720,310 
Schedule of Settlement of Forward Equity
Our ATM Forwards and Equity Forwards are presented below (net proceeds in thousands):
Shares Offered
Outstanding Shares as of March 31, 2026
Proceeds Available at March 31, 2026
ATM Forwards (a)
6,258,4966,258,496$409,574 
Equity Forwards6,900,0003,450,000243,898 
9,708,496$653,472 
__________
(a)Represents shares sold under our ATM Forwards during the year ended December 31, 2025. We did not settle any of the shares sold and therefore did not receive any proceeds from such sales during the three months ended March 31, 2026.
Schedule of Reclassification Out of Accumulated Other Comprehensive Loss
The following tables present a reconciliation of changes in Accumulated other comprehensive loss by component for the periods presented (in thousands):
Three Months Ended March 31, 2026
Gains and (Losses) on Derivative InstrumentsForeign Currency Translation AdjustmentsTotal
Beginning balance$(15,454)$(237,892)$(253,346)
Other comprehensive income before reclassifications17,090 (5,566)11,524 
Amounts reclassified from accumulated other comprehensive loss to:
Interest expense333 — 333 
Non-operating income167 — 167 
Total500 — 500 
Net current period other comprehensive income17,590 (5,566)12,024 
Net current period other comprehensive income attributable to noncontrolling interests— 36 36 
Ending balance$2,136 $(243,422)$(241,286)
Three Months Ended March 31, 2025
Gains and (Losses) on Derivative InstrumentsForeign Currency Translation AdjustmentsTotal
Beginning balance$20,274 $(270,506)$(250,232)
Other comprehensive income before reclassifications(8,611)12,163 3,552 
Amounts reclassified from accumulated other comprehensive loss to:
Non-operating income(3,814)— (3,814)
Interest expense(48)— (48)
Total(3,862)— (3,862)
Net current period other comprehensive loss(12,473)12,163 (310)
Net current period other comprehensive loss attributable to noncontrolling interests— (189)(189)
Ending balance$7,801 $(258,532)$(250,731)
v3.26.1
Business and Organization (Details)
ft² in Millions
 3 Months Ended
Mar. 31, 2026
ft²
property
segment
tenant
Additional disclosures  
Number of reportable segments | segment 1
Number of business segments | segment 1
Owned Real Estate  
Additional disclosures  
Number of real estate properties (property) 1,703
Square footage of real estate properties | ft² 185.0
Number of tenants (tenant) | tenant 374
Operating lease term (in years) 12 years 1 month 6 days
Occupancy rate (as a percent) 98.10%
Owned Real Estate | Operating Properties  
Additional disclosures  
Number of real estate properties (property) 5
Square footage of real estate properties | ft² 0.5
Owned Real Estate | Hotel  
Additional disclosures  
Number of real estate properties (property) 4
Owned Real Estate | Student Housing Properties  
Additional disclosures  
Number of real estate properties (property) 1
v3.26.1
Basis of Presentation - Narratives (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
USD ($)
vie
Mar. 31, 2025
USD ($)
Dec. 31, 2025
USD ($)
vie
Basis of Consolidation      
Variable interest entities, count 10    
Variable interest entities consolidated, count 6    
Variable interest entities unconsolidated, count 4    
Equity method investments in real estate | $ $ 309,337   $ 310,178
Owned Real Estate Segment      
Basis of Consolidation      
Operating property revenues | $ 12,050 $ 33,094  
Owned Real Estate Segment | Hotel      
Basis of Consolidation      
Operating property revenues | $ 8,700 $ 8,200  
Variable Interest Entity, Primary Beneficiary      
Basis of Consolidation      
Equity method investments in real estate | $ $ 469,600   $ 477,500
Managed Programs      
Basis of Consolidation      
Variable interest entities unconsolidated, count     1
Owned Real Estate Segment      
Basis of Consolidation      
Variable interest entities unconsolidated, count 2   2
v3.26.1
Basis of Presentation - Variable Interest Entity Disclosure (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Assets    
Land, buildings and improvements — net lease and other $ 14,624,466 $ 14,451,306
Net investments in finance leases and loans receivable 1,199,048 1,171,886
In-place lease intangible assets and other 2,467,240 2,466,199
Above-market rent intangible assets 658,128 668,707
Accumulated depreciation and amortization (3,573,321) (3,578,330)
Total assets [1] 18,200,021 17,990,232
Total liabilities [1] 9,839,328 9,856,090
Variable Interest Entity    
Assets    
Land, buildings and improvements — net lease and other 31,861 31,861
Net investments in finance leases and loans receivable 188,180 178,076
In-place lease intangible assets and other 3,620 3,620
Above-market rent intangible assets 1,685 1,685
Accumulated depreciation and amortization (11,914) (11,637)
Total assets 218,424 207,985
Total liabilities $ 947 $ 946
[1] See Note 2 for details related to variable interest entities (“VIEs”).
v3.26.1
Basis of Presentation - Cash and Cash Equivalents and Restricted Cash (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]        
Cash and cash equivalents $ 155,329 $ 239,266    
Restricted cash 117,063 48,441    
Total cash and cash equivalents and restricted cash 272,392 $ 287,707 $ 217,629 $ 690,701
Proceeds from the dispositions $ 80,900      
v3.26.1
Agreements and Transactions with Related Parties - Related Party Income (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Affiliated Entity    
Related Party Transaction    
Operating property revenues $ 1,490 $ 2,417
Administrative reimbursements    
Related Party Transaction    
Operating property revenues 1,000 1,067
Administrative reimbursements | Affiliated Entity    
Related Party Transaction    
Operating property revenues 1,000 1,000
Asset management revenue    
Related Party Transaction    
Operating property revenues 490 1,350
Asset management revenue | Affiliated Entity    
Related Party Transaction    
Operating property revenues 490 1,350
Reimbursable costs from affiliates | Affiliated Entity    
Related Party Transaction    
Operating property revenues $ 0 $ 67
v3.26.1
Agreements and Transactions with Related Parties - Related Party Income, by Program (Details) - Affiliated Entity - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Related Party Transaction    
Operating property revenues $ 1,490 $ 2,417
NLOP    
Related Party Transaction    
Operating property revenues 1,481 2,260
CESH    
Related Party Transaction    
Operating property revenues $ 9 $ 157
v3.26.1
Agreements and Transactions with Related Parties - Due from Affiliates (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Related Party Transaction    
Due from affiliates $ 1,053,277 $ 1,068,480
Affiliated Entity    
Related Party Transaction    
Accounts receivable 462 535
Asset management fees receivable 128 391
Reimbursable costs 0 70
Due from affiliates $ 590 $ 996
v3.26.1
Agreements and Transactions with Related Parties - Narratives (Details)
$ in Thousands
 1 Months Ended 3 Months Ended
Mar. 31, 2025
USD ($)
Mar. 31, 2026
USD ($)
investment
Mar. 31, 2025
USD ($)
Related Party Transaction      
Real estate insurance $ 700    
Jointly owned investments | investment   8  
Jointly owned investment, accounted for under the equity method investments | investment   3  
Distributions of earnings from equity method investments   $ 3,951 $ 5,870
Other Entity      
Related Party Transaction      
Jointly owned investment, accounted for under the equity method investments | investment   5  
Affiliated Entity | CESH      
Related Party Transaction      
Distributions of earnings from equity method investments   $ 500 $ 0
NLOP      
Related Party Transaction      
Proceeds from insurance premiums collected   100  
NLOP | Affiliated Entity      
Related Party Transaction      
Management fee payable   7,500  
Administrative fee income   $ 4,000  
CESH | Affiliated Entity | Gross Assets Fair Value      
Related Party Transaction      
Percentage of asset management fees earned (as a percent)   1.00%  
v3.26.1
Land, Buildings and Improvements, and Assets Held for Sale - Assets Subject to Operating Leases (Details) - Operating Real Estate - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Real Estate Investment Property at Cost    
Less: Accumulated depreciation $ (2,038,626) $ (2,026,829)
Net property subject to operating lease 12,585,840 12,424,477
Land    
Real Estate Investment Property at Cost    
Gross property subject to operating lease 2,892,556 2,839,757
Buildings and improvements    
Real Estate Investment Property at Cost    
Gross property subject to operating lease 11,684,358 11,531,634
Real estate under construction    
Real Estate Investment Property at Cost    
Gross property subject to operating lease $ 47,552 $ 79,915
v3.26.1
Land, Buildings and Improvements, and Assets Held for Sale - Narratives (Details)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2026
USD ($)
property
project
Mar. 31, 2025
USD ($)
property
Dec. 31, 2025
USD ($)
property
project
Mar. 30, 2026
USD ($)
Real Estate Properties        
Decrease in value of balance sheet item due to foreign currency translation $ (5,566) $ 12,163    
Land, buildings and improvements — net lease and other 14,624,466   $ 14,451,306  
Net investments in finance leases and loans receivable 1,199,048   $ 1,171,886  
Capitalized construction cost $ 17,300      
Construction projects completed (property) | project 8   10  
Unfunded commitment $ 108,000   $ 125,300  
Capitalized interest 400 200    
Lease termination income 7,800 1,700    
Lease payments 2,000 $ 1,000    
Assets held for sale, net $ 10,536   $ 3,327  
Adjustments        
Real Estate Properties        
Land, buildings and improvements — net lease and other       $ (6,300)
Net investments in finance leases and loans receivable       $ 6,300
Properties Disposed of by Sale        
Real Estate Properties        
Number of properties sold (property) | property 19 9    
Properties Disposed of by Sale | Land, Buildings and Improvements        
Real Estate Properties        
Number of properties sold (property) | property 6      
Decrease in carrying value of real estate $ 49,200      
Decrease in operating properties $ (47,300)      
Asset Held for Sale, Not in Discontinued Operations        
Real Estate Properties        
Number of real estate properties (property) | property 1   1  
Assets held for sale, net $ 10,500   $ 3,300  
Self-Storage | Properties Disposed of by Sale | Land, Buildings and Improvements        
Real Estate Properties        
Number of properties sold (property) | property 11      
Operating Lease        
Real Estate Properties        
Decrease in value of balance sheet item due to foreign currency translation $ (95,800)      
Depreciation $ 92,700 $ 75,300    
Number of real estate properties (property) | property 26      
Self-Storage | Properties Disposed of by Sale        
Real Estate Properties        
Number of properties sold (property) | property 11      
Real estate operating business        
Real Estate Properties        
Decrease in value of balance sheet item due to foreign currency translation $ (1,600)      
Depreciation $ 1,800 $ 7,000    
Real estate operating business | Hotel        
Real Estate Properties        
Number of real estate properties (property) | property 4   4  
Real estate operating business | Self-Storage        
Real Estate Properties        
Number of real estate properties (property) | property     11  
Real estate operating business | Student Housing        
Real Estate Properties        
Number of real estate properties (property) | property 1   1  
v3.26.1
Land, Buildings and Improvements, and Assets Held for Sale - Acquisition of Real Estate (Details)
$ in Thousands
 3 Months Ended
Mar. 10, 2026
USD ($)
property
Feb. 18, 2026
USD ($)
property
Jan. 29, 2026
USD ($)
property
Jan. 15, 2026
USD ($)
property
Jan. 13, 2026
USD ($)
property
Mar. 31, 2026
USD ($)
property
Mar. 31, 2025
USD ($)
Property, Plant and Equipment              
Total Capitalized Costs           $ 494,727 $ 176,927
Operating Lease              
Property, Plant and Equipment              
Number of real estate properties (property) | property           26  
Total Capitalized Costs           $ 492,307  
Operating Lease | Las Vegas, New Mexico | Retail              
Property, Plant and Equipment              
Number of real estate properties (property) | property         1    
Total Capitalized Costs         $ 2,195    
Operating Lease | Arlington Heights, Illinois | Industrial              
Property, Plant and Equipment              
Number of real estate properties (property) | property       1      
Total Capitalized Costs       $ 9,432      
Operating Lease | Various, Poland | Warehouse              
Property, Plant and Equipment              
Number of real estate properties (property) | property   8          
Total Capitalized Costs   $ 201,789          
Operating Lease | Solon, Ohio | Warehouse              
Property, Plant and Equipment              
Number of real estate properties (property) | property     1        
Total Capitalized Costs     $ 43,387        
Operating Lease | Various, Canada | Retail              
Property, Plant and Equipment              
Number of real estate properties (property) | property 14            
Total Capitalized Costs $ 211,883            
Operating Lease | Bahlingen am Kaiserstuhl, Germany | Industrial              
Property, Plant and Equipment              
Number of real estate properties (property) | property 1            
Total Capitalized Costs $ 23,621            
v3.26.1
Land, Buildings and Improvements, and Assets Held for Sale - Aggregate Purchase Price Allocation (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Property, Plant and Equipment    
Payment to acquire real estate $ 494,727 $ 176,927
Operating Lease    
Property, Plant and Equipment    
Payment to acquire real estate 492,307  
Operating Lease | In-place lease    
Property, Plant and Equipment    
Payment to acquire real estate $ 72,200  
Finite lived intangible assets useful life (in years) 19 years 4 months 24 days  
Land | Operating Lease    
Property, Plant and Equipment    
Payment to acquire real estate $ 91,156  
Buildings and improvements | Operating Lease    
Property, Plant and Equipment    
Payment to acquire real estate $ 328,951  
v3.26.1
Land, Buildings and Improvements, and Assets Held for Sale - Real Estate Under Construction (Details) - Construction in Progress
$ in Thousands
 3 Months Ended
Mar. 31, 2026
USD ($)
property
May 31, 2025
property
Property, Plant and Equipment    
Number of real estate properties (property) | property 2 2
Total Capitalized Costs | $ $ 30,624  
Surprise, Arizona    
Property, Plant and Equipment    
Number of real estate properties (property) | property 1  
Total Capitalized Costs | $ $ 12,175  
Oskarshamn, Sweden    
Property, Plant and Equipment    
Number of real estate properties (property) | property 1  
Total Capitalized Costs | $ $ 18,449  
v3.26.1
Land, Buildings and Improvements, and Assets Held for Sale - Operating Lease Income (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Operating Lease, Lease Income    
Lease income — fixed $ 358,003 $ 314,084
Lease income — variable 44,828 39,684
Total operating lease income $ 402,831 $ 353,768
v3.26.1
Land, Buildings and Improvements, and Assets Held for Sale - Operating Real Estate (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Real Estate Properties    
Land, buildings and improvements — operating properties $ 228,074 $ 286,079
Less: Accumulated depreciation (3,573,321) (3,578,330)
Real estate operating business    
Real Estate Properties    
Less: Accumulated depreciation (51,997) (59,626)
Investments in real estate 176,077 226,453
Land | Real estate operating business    
Real Estate Properties    
Land, buildings and improvements — operating properties 16,404 25,665
Buildings and improvements | Real estate operating business    
Real Estate Properties    
Land, buildings and improvements — operating properties $ 211,670 $ 260,414
v3.26.1
Land, Buildings and Improvements, and Assets Held for Sale - Assets Held for Sale (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Long-Lived Assets Held-for-sale    
Accumulated depreciation and amortization $ (10,666) $ (414)
Assets held for sale, net 10,536 3,327
In-place lease intangible assets and other    
Long-Lived Assets Held-for-sale    
Land, buildings and improvements — net lease and other 7,368 0
Above-market rent intangible assets    
Long-Lived Assets Held-for-sale    
Land, buildings and improvements — net lease and other 1,940 0
Land, buildings and improvements — net lease and other    
Long-Lived Assets Held-for-sale    
Land, buildings and improvements — net lease and other $ 11,894 $ 3,741
v3.26.1
Finance Receivables - Direct Financing Leases and Loans Receivable (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Financing Receivables    
Sale-leaseback transactions accounted for as loans receivable $ 884,845 $ 857,931
Secured loans receivable 38,278 35,783
Net investment In lease and loans receivable 1,199,048 1,171,886
Loans Receivable    
Financing Receivables    
Allowance for credit loss 34,900 35,300
Net investments in direct financing lease    
Financing Receivables    
Net investments in direct financing leases and sales-type leases 265,228 267,530
Net investments in sales-type leases    
Financing Receivables    
Net investments in direct financing leases and sales-type leases $ 10,697 $ 10,642
v3.26.1
Finance Receivables - Narratives (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
USD ($)
property
Mar. 31, 2025
USD ($)
Mar. 30, 2026
USD ($)
Jan. 31, 2026
USD ($)
Dec. 31, 2025
USD ($)
May 31, 2025
property
Finance Receivables            
Foreign currency translation adjustments $ (5,566) $ 12,163        
Allowance (release) for credit loss (655) 12,331        
Net investments in finance leases and loans receivable 1,199,048       $ 1,171,886  
Land, buildings and improvements — net lease and other 14,624,466       14,451,306  
Accumulated depreciation and amortization 3,573,321       3,578,330  
Gain on sale of real estate, net 54,141 43,777        
Real Estate Associated with Sale-Leaseback            
Finance Receivables            
Allowance (release) for credit loss $ (500) $ 5,400        
Number of real estate properties (property) | property 3          
Adjustments            
Finance Receivables            
Net investments in finance leases and loans receivable     $ 6,300      
Land, buildings and improvements — net lease and other     $ (6,300)      
Net investments in sales-type leases            
Finance Receivables            
Net investments in direct financing leases and sales-type leases $ 10,697       $ 10,642  
Construction in Progress            
Finance Receivables            
Number of real estate properties (property) | property 2         2
Net investments in finance leases and loans receivable $ 44,100          
Net investments in direct financing leases and loans receivable, adjustments during period 10,000          
Net investments in sales-type leases | Adjustments            
Finance Receivables            
Net investments in finance leases and loans receivable (11,000)          
Properties Located In Oceanside, California            
Finance Receivables            
Gain on sale of real estate, net 4,600          
Properties Located In Oceanside, California | Adjustments            
Finance Receivables            
Land, buildings and improvements — net lease and other       $ (8,100)    
Accumulated depreciation and amortization       (1,800)    
Properties Located In Oceanside, California | Net investments in sales-type leases            
Finance Receivables            
Net investments in direct financing leases and sales-type leases       $ 11,000    
Direct Financing Lease            
Finance Receivables            
Foreign currency translation adjustments $ (9,200)          
v3.26.1
Finance Receivables - Income from Finance Leases and Loans Receivable (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Receivables [Abstract]    
Sale-leaseback transactions accounted for as loans receivable $ 19,200 $ 8,867
Net investments in direct financing leases 7,569 7,677
Secured loans receivable 678 607
Net investments in sales-type leases 239 307
Income from finance leases and loans receivable $ 27,686 $ 17,458
v3.26.1
Finance Receivables - Sales-leaseback (Details) - Real Estate Associated with Sale-Leaseback
$ in Thousands
Mar. 31, 2026
USD ($)
property
Accounts, Notes, Loans and Financing Receivable  
Number of real estate properties (property) 3
Total Investment | $ $ 22,345
Hope, Arkansas and Peebles, Ohio  
Accounts, Notes, Loans and Financing Receivable  
Number of real estate properties (property) 3
Total Investment | $ $ 22,345
Hope, Arkansas and Peebles, Ohio | Ohio  
Accounts, Notes, Loans and Financing Receivable  
Number of real estate properties (property) 2
Hope, Arkansas and Peebles, Ohio | Arkansas  
Accounts, Notes, Loans and Financing Receivable  
Number of real estate properties (property) 1
v3.26.1
Finance Receivables - Schedule of Construction Loans (Details) - Las Vegas, Nevada - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Financing Receivables    
Construction loan funding $ 2,494  
Total Funded 38,278 $ 35,784
Las Vegas, Nevada (retail)    
Financing Receivables    
Construction loan funding 2,254  
Total Funded 20,621 18,367
Las Vegas, Nevada (mixed use)    
Financing Receivables    
Construction loan funding 240  
Total Funded $ 17,657 $ 17,417
v3.26.1
Finance Receivables - Net Investments in Direct Financing Lease (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Financing Receivables      
Lease payments receivable $ 138,067   $ 146,467
Unguaranteed residual value 243,277   244,928
Net investment in finance leases, excluding unearned income 381,344   391,395
Less: unearned income (112,576)   (120,120)
Less: allowance for credit losses (3,540)   (3,745)
Net receivables (difference between undiscounted cash flows and discounted cash flows) 265,228   $ 267,530
Allowance (release) for credit loss (655) $ 12,331  
Net Investments in Direct Financing Lease      
Financing Receivables      
Allowance (release) for credit loss $ (200) $ 3,100  
v3.26.1
Finance Receivables - Net Investments in Sales-type Leases (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Receivables [Abstract]    
Lease payments receivable $ 38,123 $ 38,306
Unguaranteed residual value 10,500 10,500
Lease payments receivable including unearned income 48,623 48,806
Less: unearned income (37,926) (38,164)
Net receivables (difference between undiscounted cash flows and discounted cash flows) $ 10,697 $ 10,642
v3.26.1
Finance Receivables - Internal Credit Quality Rating (Details)
$ in Thousands
Mar. 31, 2026
USD ($)
tenant
Dec. 31, 2025
USD ($)
tenant
Credit Quality of Finance Receivables    
Net investments in direct financing leases $ 1,237,482 $ 1,210,976
Internally Assigned Grades 1 – 3    
Credit Quality of Finance Receivables    
Number of tenants (tenant) | tenant 18 17
Net investments in direct financing leases $ 792,568 $ 762,969
Internally Assigned Grade 4    
Credit Quality of Finance Receivables    
Number of tenants (tenant) | tenant 8 9
Net investments in direct financing leases $ 433,640 $ 448,007
Internally Assigned Grade 5    
Credit Quality of Finance Receivables    
Number of tenants (tenant) | tenant 1 0
Net investments in direct financing leases $ 11,274 $ 0
v3.26.1
Goodwill and Other Intangibles - Narratives (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Finite-Lived Intangible Assets, Net    
Decrease in goodwill as a result of foreign currency translation adjustments $ 3,100  
Foreign currency translation adjustments (5,566) $ 12,163
Amortization of intangible assets 42,700 $ 48,000
Net Intangible Assets    
Finite-Lived Intangible Assets, Net    
Foreign currency translation adjustments $ (10,400)  
v3.26.1
Goodwill and Other Intangibles - Intangible Assets and Liabilities (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Finite-Lived Intangible Assets    
Accumulated Amortization $ (1,484,455) $ (1,493,453)
Goodwill    
Total intangible assets, gross 3,974,912 3,975,871
Total intangible assets, net 2,490,457 2,482,418
Finite-Lived Intangible Liabilities    
Less: accumulated amortization 86,774 98,264
Total intangible liabilities, gross (185,103) (202,319)
Total intangible liabilities, net (98,329) (104,055)
Below-market rent    
Finite-Lived Intangible Liabilities    
Finite-lived intangible liabilities, gross (185,103) (202,319)
Less: accumulated amortization 86,774 98,264
Net amortizable intangible liabilities (98,329) (104,055)
Goodwill    
Goodwill    
Indefinite-lived intangible assets 983,970 987,071
Contracts Including Internal Software Development Costs    
Finite-Lived Intangible Assets    
Gross Carrying Amount 4,638 3,996
Accumulated Amortization (1,757) (1,578)
Net Carrying Amount 2,881 2,418
Internal-use software development costs    
Finite-Lived Intangible Assets    
Gross Carrying Amount 4,638 3,996
Accumulated Amortization (1,757) (1,578)
Net Carrying Amount 2,881 2,418
Lease intangibles    
Finite-Lived Intangible Assets    
Gross Carrying Amount 2,986,304 2,984,804
Accumulated Amortization (1,482,698) (1,491,875)
Net Carrying Amount 1,503,606 1,492,929
In-place lease    
Finite-Lived Intangible Assets    
Gross Carrying Amount 2,328,176 2,316,097
Accumulated Amortization (984,933) (993,737)
Net Carrying Amount 1,343,243 1,322,360
Above-market rent    
Finite-Lived Intangible Assets    
Gross Carrying Amount 658,128 668,707
Accumulated Amortization (497,765) (498,138)
Net Carrying Amount $ 160,363 $ 170,569
v3.26.1
Equity Method Investments - Equity Method Investments Excluding the Managed Programs (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Equity Method Investment    
Equity method investments in real estate $ 309,337 $ 310,178
Owned Real Estate | Affiliated Entity    
Equity Method Investment    
Equity method investments in real estate $ 309,337 310,178
Owned Real Estate | Las Vegas Retail Complex | Affiliated Entity    
Equity Method Investment    
Ownership Interest (as a percent) 47.50%  
Equity method investments in real estate $ 250,587 250,567
Owned Real Estate | Kesko Senukai | Affiliated Entity    
Equity Method Investment    
Ownership Interest (as a percent) 70.00%  
Equity method investments in real estate $ 34,734 34,732
Owned Real Estate | Harmon Retail Corner | Affiliated Entity    
Equity Method Investment    
Ownership Interest (as a percent) 15.00%  
Equity method investments in real estate $ 23,534 23,641
Owned Real Estate | CESH | Affiliated Entity    
Equity Method Investment    
Ownership Interest (as a percent) 2.43%  
Equity method investments in real estate $ 482 $ 1,238
v3.26.1
Equity Method Investments - Narratives (Details) - USD ($)
$ in Thousands
 3 Months Ended
Feb. 27, 2025
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Jun. 10, 2021
Schedule of Equity Method Investments          
Distributions of earnings from equity method investments   $ 3,951 $ 5,870    
Equity method investments in real estate   309,337   $ 310,178  
Net investments in finance leases and loans receivable   1,199,048   1,171,886  
Payments to acquire equity method investments   0 5,000    
Earnings from equity method investments   4,543 5,378    
Affiliated Entity | CESH          
Schedule of Equity Method Investments          
Distributions of earnings from equity method investments   500 0    
Owned Real Estate Segment | Affiliated Entity          
Schedule of Equity Method Investments          
Equity method investments in real estate   309,337   310,178  
Owned Real Estate Segment | CESH | Affiliated Entity          
Schedule of Equity Method Investments          
Equity method investments in real estate   $ 482   1,238  
Equity interest   2.43%      
Owned Real Estate Segment | Las Vegas Retail Complex | Affiliated Entity          
Schedule of Equity Method Investments          
Equity method investments in real estate   $ 250,587   250,567  
Equity interest   47.50%      
Owned Real Estate Segment | Las Vegas Retail Complex | Affiliated Entity | Construction Commitment          
Schedule of Equity Method Investments          
Funding commitment         $ 261,900
Period of extension option (in years)   1 year      
Equity method investments in real estate         $ 250,900
Net investments in finance leases and loans receivable   $ 245,900      
Equity interest   47.50%      
Payments to acquire equity method investments $ 5,000        
Earnings from equity method investments   $ 3,700 4,300    
Owned Real Estate Segment | Las Vegas Retail Complex | Affiliated Entity | Construction Commitment | Third Party          
Schedule of Equity Method Investments          
Equity interest 47.50%        
Owned Real Estate Segment | Unconsolidated Real Estate Investment          
Schedule of Equity Method Investments          
Distributions of earnings from equity method investments   4,000 $ 9,000    
Aggregate unamortized basis difference on equity investments   $ 14,600   $ 15,100  
v3.26.1
Fair Value Measurements - Narratives (Details)
€ in Thousands, $ in Thousands
 3 Months Ended
Mar. 31, 2026
USD ($)
property
shares
Mar. 31, 2025
USD ($)
property
Mar. 31, 2026
EUR (€)
shares
Dec. 31, 2025
USD ($)
Fair Value Inputs, Assets        
Impairment charges — real estate $ 40,008 $ 6,854    
Level 3        
Fair Value Inputs, Assets        
Impairment charges — real estate 40,008 6,854    
Other asset impairment charges 40,008 6,854    
Level 3 | Construction in Progress        
Fair Value Inputs, Assets        
Impairment charges — real estate $ 18,200      
Number of impaired real estate properties (property) | property 4      
Level 3 | Property One        
Fair Value Inputs, Assets        
Other asset impairment charges $ 9,000      
Market rent (eur per ground) | €     € 1,350  
Level 3 | Property One | Measurement Input, Terminal Capitalization Rate        
Fair Value Inputs, Assets        
Real estate measurement input (percent) 0.0775   0.0775  
Level 3 | Property One | Measurement Input, Cashflow Discount Rate        
Fair Value Inputs, Assets        
Real estate measurement input (percent) 0.100   0.100  
Level 3 | One Property        
Fair Value Inputs, Assets        
Impairment charges — real estate $ 6,100 $ 6,900    
Number of impaired real estate properties (property) | property   1    
Level 3 | Expiring Leases        
Fair Value Inputs, Assets        
Other asset impairment charges 6,700      
Estimated future rent collection 2,000      
Estimated residual land value $ 7,900      
Level 3 | Expiring Leases | Measurement Input, Cashflow Discount Rate        
Fair Value Inputs, Assets        
Real estate measurement input (percent) 0.090   0.090  
Level 3 | Expiring Leases | Measurement Input, Residual Discount Rate        
Fair Value Inputs, Assets        
Real estate measurement input (percent) 0.150   0.150  
Lineage | Level 2        
Fair Value Inputs, Assets        
Dividend income $ 2,900 $ 2,800    
Fair value of investments 157,200     $ 167,500
Lineage        
Fair Value Inputs, Assets        
Non-cash unrealized loss on our investment $ (10,300) $ (100)    
Affiliated Entity | Common Stock | Lineage        
Fair Value Inputs, Assets        
Shares owned (in shares) | shares 5,546,547   5,546,547  
v3.26.1
Fair Value Measurements - Carrying Value and Fair Value Measurements (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Liabilities:    
Debt issuance costs, net $ 36,970  
Debt instrument, unamortized discount (premium), net 49,355  
Level 2 and Level 3 | Carrying Value | Non-Recourse Mortgage, Net    
Liabilities:    
Debt issuance costs, net 300 $ 400
Debt instrument, unamortized discount (premium), net 2,100 2,400
Level 3 | Carrying Value | Non-Recourse Mortgage, Net    
Liabilities:    
Debt instrument, fair value 101,074 140,646
Level 3 | Fair Value | Non-Recourse Mortgage, Net    
Liabilities:    
Debt instrument, fair value 100,102 141,311
Senior Unsecured Notes, net | Level 2 and Level 3 | Carrying Value    
Liabilities:    
Debt instrument, fair value 7,415,872 6,950,261
Debt issuance costs, net 36,300 29,300
Debt instrument, unamortized discount (premium), net 40,800 29,800
Senior Unsecured Notes, net | Level 2 and Level 3 | Fair Value    
Liabilities:    
Debt instrument, fair value $ 7,120,986 $ 6,788,238
v3.26.1
Fair Value Measurements - Impairment of Assets Measured on a Non-Recurring Basis (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Impairment Charges $ 40,008 $ 6,854
Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Fair Value Measurements 19,491 11,640
Impairment Charges 40,008 6,854
Other asset impairment charges $ 40,008 $ 6,854
v3.26.1
Risk Management and Use of Derivative Financial Instruments - Narratives (Details) - USD ($)
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Summary of Derivative Instruments      
Net collateral posted for derivatives $ 0   $ 0
Derivative, remaining maturity (in month) 58 months    
Total credit exposure on derivatives $ 6,800,000    
Derivatives, net liability position 8,400,000   18,500,000
Aggregate termination value for immediate settlement 8,400,000   $ 18,600,000
Other comprehensive income foreign currency (losses) gains 107,000,000.0 $ (160,500,000)  
Individual Counterparty      
Summary of Derivative Instruments      
Total credit exposure on derivatives 2,700,000    
Interest expense      
Summary of Derivative Instruments      
Estimated amount reclassified from OCI to expense gains (losses) 3,300,000    
Other Income      
Summary of Derivative Instruments      
Estimated amount reclassified from OCI to expense gains (losses) $ (2,800,000)    
v3.26.1
Risk Management and Use of Derivative Financial Instruments - Information Regarding Derivative Instruments (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Derivatives, Fair Value    
Derivative Assets Fair Value at $ 11,504 $ 1,845
Derivative Liabilities Fair Value at (8,365) (18,435)
Derivatives Designated as Hedging Instruments    
Derivatives, Fair Value    
Derivative Assets Fair Value at 10,164 1,712
Derivative Liabilities Fair Value at (7,993) (17,045)
Derivatives Not Designated as Hedging Instruments    
Derivatives, Fair Value    
Derivative Assets Fair Value at 1,340 133
Derivative Liabilities Fair Value at (372) (1,390)
Other assets, net | Interest rate swaps | Derivatives Designated as Hedging Instruments    
Derivatives, Fair Value    
Derivative Assets Fair Value at 7,112 244
Other assets, net | Foreign currency collars | Derivatives Designated as Hedging Instruments    
Derivatives, Fair Value    
Derivative Assets Fair Value at 3,052 1,468
Other assets, net | Foreign currency collars | Derivatives Not Designated as Hedging Instruments    
Derivatives, Fair Value    
Derivative Assets Fair Value at 1,340 133
Accounts payable, accrued expenses and other liabilities | Interest rate swaps | Derivatives Designated as Hedging Instruments    
Derivatives, Fair Value    
Derivative Liabilities Fair Value at (192) (4,024)
Accounts payable, accrued expenses and other liabilities | Foreign currency collars | Derivatives Designated as Hedging Instruments    
Derivatives, Fair Value    
Derivative Liabilities Fair Value at (7,801) (13,021)
Accounts payable, accrued expenses and other liabilities | Foreign currency collars | Derivatives Not Designated as Hedging Instruments    
Derivatives, Fair Value    
Derivative Liabilities Fair Value at $ (372) $ (1,390)
v3.26.1
Risk Management and Use of Derivative Financial Instruments - Derivative Gain (Loss) Recognized in OCI (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Derivative Instruments, Gain (Loss)    
Amount of gain (loss) recognized on derivatives in other comprehensive income (loss) $ 17,492 $ (12,538)
Interest rate swaps | Derivatives in Cash Flow Hedging Relationships     
Derivative Instruments, Gain (Loss)    
Amount of gain (loss) recognized on derivatives in other comprehensive income (loss) 10,687 680
Foreign currency collars | Derivatives in Cash Flow Hedging Relationships     
Derivative Instruments, Gain (Loss)    
Amount of gain (loss) recognized on derivatives in other comprehensive income (loss) $ 6,805 $ (13,218)
v3.26.1
Risk Management and Use of Derivative Financial Instruments - Derivative Gain (Loss) Reclassified From OCI (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income (Loss)    
Amount of gain (loss) recognized on derivatives in other comprehensive income (loss) $ 17,492 $ (12,538)
Derivatives in Cash Flow Hedging Relationships     
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income (Loss)    
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income (Loss) (500) 3,862
Derivatives in Cash Flow Hedging Relationships  | Equity Method Investments    
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income (Loss)    
Amount of gain (loss) recognized on derivatives in other comprehensive income (loss) 100 100
Interest rate swaps | Derivatives in Cash Flow Hedging Relationships     
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income (Loss)    
Amount of gain (loss) recognized on derivatives in other comprehensive income (loss) 10,687 680
Interest rate swaps | Interest expense | Derivatives in Cash Flow Hedging Relationships     
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income (Loss)    
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income (Loss) (333) 48
Foreign currency collars | Derivatives in Cash Flow Hedging Relationships     
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income (Loss)    
Amount of gain (loss) recognized on derivatives in other comprehensive income (loss) 6,805 (13,218)
Foreign currency collars | Non-operating income | Derivatives in Cash Flow Hedging Relationships     
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income (Loss)    
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income (Loss) $ (167) $ 3,814
v3.26.1
Risk Management and Use of Derivative Financial Instruments - Derivative Gain (Loss) Recognized in Income (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Amount of Gain (Loss) on Derivatives Recognized in Income    
Total $ 2,517 $ (3,063)
Interest rate swaps | Derivatives in Cash Flow Hedging Relationships | Interest expense    
Amount of Gain (Loss) on Derivatives Recognized in Income    
Gain (loss) on hedging activity 331 (68)
Foreign currency collars | Derivatives in Cash Flow Hedging Relationships | Non-operating income    
Amount of Gain (Loss) on Derivatives Recognized in Income    
Gain (loss) on hedging activity (38) (1,255)
Foreign currency collars | Derivatives Not Designated as Hedging Instruments | Other gains and (losses)    
Amount of Gain (Loss) on Derivatives Recognized in Income    
Amount of Gain (Loss) on Derivatives Recognized in Income $ 2,224 $ (1,740)
v3.26.1
Risk Management and Use of Derivative Financial Instruments - Interest Rate Swap and Caps Summary (Details)
€ in Thousands, £ in Thousands, $ in Thousands
Mar. 31, 2026
EUR (€)
derivative
Mar. 31, 2026
USD ($)
derivative
Mar. 31, 2026
GBP (£)
derivative
Derivative Disclosure      
Fair value   $ 6,920  
Designated as Cash Flow Hedging Instruments | Derivatives Designated as Hedging Instruments | Interest rate swaps | EUR      
Derivative Disclosure      
 Number of Instruments | derivative 4 4 4
Notional Amount | € € 529,316    
Fair value   $ 5,360  
Designated as Cash Flow Hedging Instruments | Derivatives Designated as Hedging Instruments | Interest rate swaps | GBP      
Derivative Disclosure      
 Number of Instruments | derivative 2 2 2
Notional Amount | £     £ 270,000
Fair value   $ 1,560  
v3.26.1
Risk Management and Use of Derivative Financial Instruments - Foreign Currency Derivatives Details (Details)
€ in Thousands, £ in Thousands, $ in Thousands
Mar. 31, 2026
EUR (€)
derivative
Mar. 31, 2026
GBP (£)
derivative
Mar. 31, 2026
USD ($)
derivative
Derivative Disclosure      
Fair value, foreign currency derivatives     $ (3,781)
Foreign currency collars | Derivatives Not Designated as Hedging Instruments | EUR      
Derivative Disclosure      
 Number of Instruments | derivative 7 7 7
Notional Amount | € € 58,000    
Fair value, foreign currency derivatives     $ 968
Foreign currency collars | Designated as Cash Flow Hedging Instruments | Derivatives Designated as Hedging Instruments | EUR      
Derivative Disclosure      
 Number of Instruments | derivative 37 37 37
Notional Amount | € € 252,000    
Fair value, foreign currency derivatives     $ (5,277)
Foreign currency collars | Designated as Cash Flow Hedging Instruments | Derivatives Designated as Hedging Instruments | GBP      
Derivative Disclosure      
 Number of Instruments | derivative 15 15 15
Notional Amount | £   £ 18,000  
Fair value, foreign currency derivatives     $ 528
v3.26.1
Debt - Narratives (Details)
$ in Millions
 1 Months Ended 3 Months Ended
Feb. 28, 2026
EUR (€)
Mar. 31, 2026
USD ($)
Mar. 31, 2025
USD ($)
Mar. 31, 2026
EUR (€)
Mar. 31, 2026
GBP (£)
Mar. 11, 2026
CAD ($)
Feb. 24, 2026
EUR (€)
Dec. 31, 2025
USD ($)
Dec. 31, 2025
EUR (€)
Senior Unsecured Credit Facility                  
Maximum borrowing capacity   $ 4,350,000,000              
Repayment of Senior Unsecured Notes   253,205,000 $ 90,224,000            
Letter of credit outstanding amount   $ 61,968,000           $ 435,417,000  
Non Recourse Debt                  
Weighted average interest rate (as a percent)   4.90%   4.90% 4.90%        
Repayments of secured loans   $ 38,827,000 72,323,000            
Decrease in value of balance sheet item due to foreign currency translation   (5,566,000) $ 12,163,000            
Unsecured Senior Notes                  
Senior Unsecured Credit Facility                  
Principal amount   $ 7,500,000,000         € 1,000,000,000.0    
Unsecured Senior Notes | Minimum                  
Senior Unsecured Credit Facility                  
Variable interest rate (as a percent)   0.15%              
Debt instrument, variable interest rate, type flag   Government Bond Yield [Member]              
Unsecured Senior Notes | Maximum                  
Senior Unsecured Credit Facility                  
Variable interest rate (as a percent)   0.35%              
Debt instrument, variable interest rate, type flag   Government Bond Yield [Member]              
Non-Recourse Debt                  
Non Recourse Debt                  
Weighted average interest rate (as a percent)   5.50%   5.50% 5.50%        
Repayments of secured loans   $ 36,900,000              
Decrease in value of balance sheet item due to foreign currency translation   $ (145,900,000)              
Senior Note 3.25% Due 2031 | Unsecured Senior Notes                  
Senior Unsecured Credit Facility                  
Stated interest rate (as a percent)             3.25%    
Principal amount | €             € 500,000,000    
Undiscounted rate (as a percent)             99.249%    
Senior Note 3.75% Due 2035 | Unsecured Senior Notes                  
Senior Unsecured Credit Facility                  
Stated interest rate (as a percent)             3.75%    
Principal amount | €             € 500,000,000    
Undiscounted rate (as a percent)             98.50%    
3.700% Senior Notes due 2032 | Unsecured Senior Notes                  
Senior Unsecured Credit Facility                  
Stated interest rate (as a percent)   3.70%   3.70% 3.70%        
Principal amount | €       € 200,000,000          
Unsecured Term Loans | Unsecured Term Loan due 2029 — borrowing in euros                  
Senior Unsecured Credit Facility                  
Maximum borrowing capacity | €       € 500,000,000.0         € 500,000,000.0
Variable interest rate (as a percent)   0.80%              
Debt instrument, variable interest rate, type flag   EURIBOR              
Debt instrument, annualized interest rate (as a percent)   2.00%   2.00% 2.00%        
Stated interest rate (as a percent)   2.80%   2.80% 2.80%        
Unsecured Term Loans | EUR Term Loan due 2028 — borrowing in euros                  
Senior Unsecured Credit Facility                  
Repayment of Senior Unsecured Notes | € € 215,000,000.0                
Unsecured Term Loans | CAD Term Loan due 2028                  
Senior Unsecured Credit Facility                  
Variable interest rate (as a percent)   0.80%              
Letter of credit outstanding amount           $ 347.3      
Unsecured Term Loans | GBP Term Loan due 2028 — borrowing in British pounds sterling                  
Senior Unsecured Credit Facility                  
Debt instrument, variable interest rate, type flag   SONIA              
Debt instrument, annualized interest rate (as a percent)     3.92%            
Stated interest rate (as a percent)   4.72%   4.72% 4.72%        
Letter of credit outstanding amount | £         £ 270,000,000.0        
Unsecured Revolving Credit Facility:                  
Senior Unsecured Credit Facility                  
Line of credit facility, available   $ 1,900,000,000              
Debt instrument borrowing capacity fee (as a percent)   0.14%              
Unsecured Revolving Credit Facility: | United States of America, Dollars                  
Senior Unsecured Credit Facility                  
Letter of credit outstanding amount   $ 2,000,000,000.0              
Standby Letters of Credit                  
Senior Unsecured Credit Facility                  
Line of credit facility, available   $ 2,300,000              
v3.26.1
Debt - Senior Unsecured Credit Facility (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Senior Unsecured Credit Facility    
Debt outstanding $ 1,243,648 $ 1,639,111
Unamortized discount 49,355  
Debt financing costs 36,970  
Unsecured Term Loans    
Senior Unsecured Credit Facility    
Debt outstanding 1,181,680 1,203,694
Unamortized discount 6,500 6,900
Debt financing costs $ 400  
Unsecured Term Loans | Unsecured Term Loan due 2029 — borrowing in euros    
Senior Unsecured Credit Facility    
Stated interest rate (as a percent) 2.80%  
Variable interest rate (as a percent) 0.80%  
Debt outstanding $ 574,900 587,500
Effective interest rate (as a percent) 2.00%  
Unsecured Term Loans | GBP Term Loan due 2028 — borrowing in British pounds sterling    
Senior Unsecured Credit Facility    
Stated interest rate (as a percent) 4.72%  
Debt outstanding $ 357,521 363,569
Effective interest rate (as a percent) 3.92%  
Unsecured Term Loans | CAD Term Loan due 2028    
Senior Unsecured Credit Facility    
Variable interest rate (as a percent) 0.80%  
Debt outstanding $ 249,259 0
Unsecured Term Loans | EUR Term Loan due 2028 — borrowing in euros    
Senior Unsecured Credit Facility    
Debt outstanding 0 252,625
Unsecured Revolving Credit Facility:    
Senior Unsecured Credit Facility    
Debt outstanding 61,968 435,417
Unsecured Revolving Credit Facility: | British Pounds Sterling Credit Facility Due 2029    
Senior Unsecured Credit Facility    
Debt outstanding 31,780 41,743
Unsecured Revolving Credit Facility: | JPY, Unsecured Credit Facility due 2029    
Senior Unsecured Credit Facility    
Debt outstanding 15,111 15,383
Unsecured Revolving Credit Facility: | Canadian Dollars Credit Facility Due 2029    
Senior Unsecured Credit Facility    
Debt outstanding 9,328 53,316
Unsecured Revolving Credit Facility: | Euro Credit Facility Due 2029    
Senior Unsecured Credit Facility    
Debt outstanding 5,749 66,975
Unsecured Revolving Credit Facility: | U.S. Dollars Unsecured Credit Facility due 2029    
Senior Unsecured Credit Facility    
Debt outstanding $ 0 $ 258,000
Unsecured Revolving Credit Facility: | SONIA | British Pounds Sterling Credit Facility Due 2029    
Senior Unsecured Credit Facility    
Variable interest rate (as a percent) 0.685%  
Unsecured Revolving Credit Facility: | TIBOR | JPY, Unsecured Credit Facility due 2029    
Senior Unsecured Credit Facility    
Variable interest rate (as a percent) 0.685%  
Unsecured Revolving Credit Facility: | CORRA | Canadian Dollars Credit Facility Due 2029    
Senior Unsecured Credit Facility    
Variable interest rate (as a percent) 0.685%  
Unsecured Revolving Credit Facility: | EURIBOR | Euro Credit Facility Due 2029    
Senior Unsecured Credit Facility    
Variable interest rate (as a percent) 0.685%  
v3.26.1
Debt - Senior Unsecured Notes (Details)
 3 Months Ended
Mar. 31, 2026
USD ($)
Jun. 30, 2025
EUR (€)
Mar. 31, 2025
USD ($)
Mar. 31, 2026
EUR (€)
Feb. 24, 2026
EUR (€)
Dec. 31, 2025
USD ($)
Senior Unsecured Notes            
Unamortized discount, net $ (49,355,000)          
Unamortized deferred financing costs (36,970,000)          
Senior unsecured notes, net 7,415,872,000         $ 6,950,261,000
Repayment of unsecured debt 573,800,000   $ 450,000,000      
Unsecured Senior Notes            
Senior Unsecured Notes            
Principal Amount 7,500,000,000       € 1,000,000,000.0  
Principal amount of debt outstanding 7,492,925,000         7,009,375,000
Unamortized discount, net (40,786,000)         (29,819,000)
Unamortized deferred financing costs (36,267,000)         (29,295,000)
Senior unsecured notes, net $ 7,415,872,000         6,950,261,000
2.250% Senior Notes due 2026 | Unsecured Senior Notes            
Senior Unsecured Notes            
Coupon rate (as a percent) 2.25%     2.25%    
Principal Amount | €       € 500,000,000    
Principal amount of debt outstanding $ 0         587,500,000
Repayment of unsecured debt | €   € 500,000,000        
4.250% Senior Notes due 2026 | Unsecured Senior Notes            
Senior Unsecured Notes            
Coupon rate (as a percent) 4.25%     4.25%    
Principal Amount $ 350,000,000          
Principal amount of debt outstanding $ 350,000,000         350,000,000
2.125% Senior Notes due 2027 | Unsecured Senior Notes            
Senior Unsecured Notes            
Coupon rate (as a percent) 2.125%     2.125%    
Principal Amount | €       € 500,000,000    
Principal amount of debt outstanding $ 574,900,000         587,500,000
1.350% Senior Notes due 2028 | Unsecured Senior Notes            
Senior Unsecured Notes            
Coupon rate (as a percent) 1.35%     1.35%    
Principal Amount | €       € 500,000,000    
Principal amount of debt outstanding $ 574,900,000         587,500,000
3.850% Senior Notes due 2029 | Unsecured Senior Notes            
Senior Unsecured Notes            
Coupon rate (as a percent) 3.85%     3.85%    
Principal Amount $ 325,000,000          
Principal amount of debt outstanding $ 325,000,000         325,000,000
3.410% Senior Notes due 2029 | Unsecured Senior Notes            
Senior Unsecured Notes            
Coupon rate (as a percent) 3.41%     3.41%    
Principal Amount | €       € 150,000,000    
Principal amount of debt outstanding $ 172,470,000         176,250,000
0.950% Senior Notes due 2030 | Unsecured Senior Notes            
Senior Unsecured Notes            
Coupon rate (as a percent) 0.95%     0.95%    
Principal Amount | €       € 525,000,000    
Principal amount of debt outstanding $ 603,645,000         616,875,000
4.650% Senior Notes due 2030 | Unsecured Senior Notes            
Senior Unsecured Notes            
Coupon rate (as a percent) 4.65%     4.65%    
Principal Amount $ 400,000,000          
Principal amount of debt outstanding $ 400,000,000         400,000,000
2.400% Senior Notes due 2031 | Unsecured Senior Notes            
Senior Unsecured Notes            
Coupon rate (as a percent) 2.40%     2.40%    
Principal Amount $ 500,000,000          
Principal amount of debt outstanding $ 500,000,000         500,000,000
3.250% Senior Notes due 2031 | Unsecured Senior Notes            
Senior Unsecured Notes            
Coupon rate (as a percent) 3.25%     3.25%    
Principal Amount | €       € 500,000,000    
Principal amount of debt outstanding $ 574,900,000         0
2.450% Senior Notes due 2032 | Unsecured Senior Notes            
Senior Unsecured Notes            
Coupon rate (as a percent) 2.45%     2.45%    
Principal Amount $ 350,000,000          
Principal amount of debt outstanding $ 350,000,000         350,000,000
4.250% Senior Notes due 2032 | Unsecured Senior Notes            
Senior Unsecured Notes            
Coupon rate (as a percent) 4.25%     4.25%    
Principal Amount | €       € 650,000,000    
Principal amount of debt outstanding $ 747,370,000         763,750,000
3.700% Senior Notes due 2032 | Unsecured Senior Notes            
Senior Unsecured Notes            
Coupon rate (as a percent) 3.70%     3.70%    
Principal Amount | €       € 200,000,000    
Principal amount of debt outstanding $ 229,960,000         235,000,000
2.250% Senior Notes due 2033 | Unsecured Senior Notes            
Senior Unsecured Notes            
Coupon rate (as a percent) 2.25%     2.25%    
Principal Amount $ 425,000,000          
Principal amount of debt outstanding $ 425,000,000         425,000,000
5.375% Senior Notes due 2034 | Unsecured Senior Notes            
Senior Unsecured Notes            
Coupon rate (as a percent) 5.375%     5.375%    
Principal Amount $ 400,000,000          
Principal amount of debt outstanding $ 400,000,000         400,000,000
3.700% Senior Notes due 2034 | Unsecured Senior Notes            
Senior Unsecured Notes            
Coupon rate (as a percent) 3.70%     3.70%    
Principal Amount | €       € 600,000,000    
Principal amount of debt outstanding $ 689,880,000         705,000,000
Senior Note 3.75% Due 2035 | Unsecured Senior Notes            
Senior Unsecured Notes            
Coupon rate (as a percent) 3.75%     3.75%    
Principal Amount | €       € 500,000,000    
Principal amount of debt outstanding $ 574,900,000         $ 0
v3.26.1
Debt - Debt Principal Payments (Details)
$ in Thousands
Mar. 31, 2026
USD ($)
Long-term Debt, by Maturity  
2026 (remainder) $ 353,358
2027 585,156
2028 1,256,679
2029 1,146,038
2030 1,004,289
Thereafter through 2035 4,494,554
Total principal payments 8,840,074
Unamortized discount, net (49,355)
Unamortized deferred financing costs (36,970)
Total $ 8,753,749
v3.26.1
Stock-Based Compensation and Equity - Narratives (Details) - USD ($)
 3 Months Ended
Feb. 24, 2026
Feb. 17, 2026
Mar. 31, 2026
Mar. 31, 2025
May 01, 2025
May 02, 2022
Share-based Compensation Arrangement by Share-based Payment Award            
Stock-based compensation expense     $ 7,441,000 $ 9,148,000    
Shares issued under Equity Forwards, net     $ 247,060,000      
Dividends declared (in dollars per share)     $ 0.930 $ 0.890    
Underwriting Agreement            
Share-based Compensation Arrangement by Share-based Payment Award            
Common stock, shares issued (in shares)   6,000,000        
Shares outstanding under the forward sale agreements (in shares)     9,708,496      
Underwriting Agreement | February 2026 Equity Forwards            
Share-based Compensation Arrangement by Share-based Payment Award            
Common stock, shares issued (in shares) 6,900,000          
Proceeds from issuance initial public offering   $ 496,800,000        
Underwriting Agreement | Forward Equity Offering            
Share-based Compensation Arrangement by Share-based Payment Award            
Shares of common stock delivered (in shares)     3,450,000      
Shares issued under Equity Forwards, net     $ 247,100,000      
Shares outstanding under the forward sale agreements (in shares)     3,450,000      
Forward sale agreement remaining settlement value     $ 243,900,000      
Over-Allotment Option            
Share-based Compensation Arrangement by Share-based Payment Award            
Common stock, shares issued (in shares)   900,000        
Common Stock            
Share-based Compensation Arrangement by Share-based Payment Award            
Shares of common stock delivered (in shares)     3,450,000      
Shares issued under Equity Forwards, net     $ 4,000      
Common Stock | At The Market            
Share-based Compensation Arrangement by Share-based Payment Award            
Aggregate gross sales price of common shares         $ 1,250,000,000  
Aggregate gross sales price           $ 1,000,000,000.0
v3.26.1
Stock-Based Compensation and Equity - Restricted and Conditional Awards (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Weighted-Average Grant Date Fair Value    
Fair value of vested stock $ 36,700  
Deferred compensation obligation $ 100,549 $ 80,239
RSA and RSU Awards    
Shares    
Nonvested, beginning balance (in shares) 615,908  
Granted (in shares) 421,441  
Vested (in shares) (279,432)  
Forfeited (in shares) (268)  
Adjustment (in shares) 0  
Nonvested, ending balance (in shares) 757,649  
Weighted-Average Grant Date Fair Value    
Nonvested, beginning balance, weighted average grant date fair value (in dollars per share) $ 64.34  
Granted, weighted average grant date fair value (in dollars per share) 69.58  
Vested, weighted average grant date fair value (in dollars per share) 68.56  
Forfeited, weighted average grant date fair value (in dollars per share) 62.17  
Adjustment, weighted average grant date fair value (in dollars per share) 0  
Nonvested, weighted average grant date fair value (in dollars per share) $ 65.70  
Conversion rate (in shares) 1  
PSU Awards    
Shares    
Nonvested, beginning balance (in shares) 693,820  
Granted (in shares) 208,661  
Vested (in shares) (121,629)  
Forfeited (in shares) 0  
Adjustment (in shares) (119,876)  
Nonvested, ending balance (in shares) 660,976  
Weighted-Average Grant Date Fair Value    
Nonvested, beginning balance, weighted average grant date fair value (in dollars per share) $ 88.40  
Granted, weighted average grant date fair value (in dollars per share) 90.48  
Vested, weighted average grant date fair value (in dollars per share) 144.54  
Forfeited, weighted average grant date fair value (in dollars per share) 0  
Adjustment, weighted average grant date fair value (in dollars per share) 72.66  
Nonvested, weighted average grant date fair value (in dollars per share) $ 80.94  
Performance period (in years) 3 years  
PSU Awards | Minimum    
Weighted-Average Grant Date Fair Value    
Potential performance return rate for stock awards 0  
PSU Awards | Maximum    
Weighted-Average Grant Date Fair Value    
Potential performance return rate for stock awards 3  
Long Term Incentive Plan    
Weighted-Average Grant Date Fair Value    
Fair value assumptions expected dividend rate (as a percent) 0.00%  
Deferred compensation arrangement with individual, common stock reserved for future issuance (in shares) 1,491,448 1,335,743
Deferred compensation obligation $ 100,500 $ 80,200
Total unrecognized compensation expense $ 73,700  
Weighted-average remaining term (in years) 2 years 6 months  
Long Term Incentive Plan | Minimum    
Weighted-Average Grant Date Fair Value    
Risk free interest rate (as a percent) 3.60%  
Fair value assumptions expected volatility rate (as a percent) 20.70%  
v3.26.1
Stock-Based Compensation and Equity - Earnings Per Share (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Earnings Per Share Reconciliation    
Net income — basic $ 176,302 $ 125,824
Net income — diluted $ 176,302 $ 125,824
Weighted-average shares outstanding — basic (in shares) 220,620,496 220,401,156
Effect of dilutive securities (in shares) 997,800 319,154
Weighted-average shares outstanding — diluted (in shares) 221,618,296 220,720,310
v3.26.1
Stock-Based Compensation and Equity - ATM Program (Details) - Underwriting Agreement - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
May 01, 2025
Share-based Compensation Arrangement by Share-based Payment Award    
Outstanding Shares (in shares) 9,708,496  
Proceeds available at closing $ 653,472  
At The Market    
Share-based Compensation Arrangement by Share-based Payment Award    
Shares Offered (in shares)   6,258,496
Outstanding Shares (in shares) 6,258,496  
Proceeds available at closing $ 409,574  
Forward Equity Offering    
Share-based Compensation Arrangement by Share-based Payment Award    
Shares Offered (in shares) 6,900,000  
Outstanding Shares (in shares) 3,450,000  
Proceeds available at closing $ 243,898  
v3.26.1
Stock-Based Compensation and Equity - Reclassifications Out of Accumulated Other Comprehensive Loss Rollforward (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax    
Beginning equity balance $ 8,134,142 $ 8,434,124
Other comprehensive income (loss) before reclassifications 11,524 3,552
Amounts reclassified from accumulated other comprehensive loss to:    
Non-operating income (4,704) (7,910)
Interest expense 78,460 68,804
Total 500 (3,862)
Net current period other comprehensive income 12,024 (310)
Net current period other comprehensive income (loss) attributable to noncontrolling interests 36 (189)
Ending equity balance 8,360,693 8,366,923
Amounts reclassified from accumulated other comprehensive loss to:    
Amounts reclassified from accumulated other comprehensive loss to:    
Non-operating income 167 (3,814)
Interest expense 333 (48)
Accumulated Other Comprehensive Income (Loss)    
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax    
Beginning equity balance (253,346) (250,232)
Amounts reclassified from accumulated other comprehensive loss to:    
Ending equity balance (241,286) (250,731)
Gains and (Losses) on Derivative Instruments    
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax    
Beginning equity balance (15,454) 20,274
Other comprehensive income (loss) before reclassifications 17,090 (8,611)
Amounts reclassified from accumulated other comprehensive loss to:    
Total 500 (3,862)
Net current period other comprehensive income 17,590 (12,473)
Net current period other comprehensive income (loss) attributable to noncontrolling interests 0 0
Ending equity balance 2,136 7,801
Gains and (Losses) on Derivative Instruments | Amounts reclassified from accumulated other comprehensive loss to:    
Amounts reclassified from accumulated other comprehensive loss to:    
Non-operating income 167 (3,814)
Interest expense 333 (48)
Foreign Currency Translation Adjustments    
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax    
Beginning equity balance (237,892) (270,506)
Other comprehensive income (loss) before reclassifications (5,566) 12,163
Amounts reclassified from accumulated other comprehensive loss to:    
Total 0 0
Net current period other comprehensive income (5,566) 12,163
Net current period other comprehensive income (loss) attributable to noncontrolling interests 36 (189)
Ending equity balance (243,422) (258,532)
Foreign Currency Translation Adjustments | Amounts reclassified from accumulated other comprehensive loss to:    
Amounts reclassified from accumulated other comprehensive loss to:    
Non-operating income 0 0
Interest expense $ 0 $ 0
v3.26.1
Income Taxes (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Income Tax Disclosure [Abstract]    
Current income tax expense $ 11,900 $ 12,400
Deferred income tax benefit $ (2,727) $ 782
v3.26.1
Property Dispositions (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
USD ($)
property
Mar. 31, 2025
USD ($)
property
Discontinued Operation Additional Disclosures    
Proceeds from sales of real estate $ 146,493 $ 110,437
Properties Disposed of by Sale    
Discontinued Operation Additional Disclosures    
Number of properties sold (property) | property 19 9
Proceeds from sales of real estate $ 156,700 $ 126,700
Gain (loss) on sales of property 54,100 43,800
Gains on sales of investment real estate, tax expense $ (500) $ 100
Properties Disposed of by Sale | Self-Storage    
Discontinued Operation Additional Disclosures    
Number of properties sold (property) | property 11  
Proceeds from sales of real estate $ 73,000  
Gain (loss) on sales of property $ 28,900  
v3.26.1
Subsequent Events (Details)
$ in Thousands
 1 Months Ended 3 Months Ended
Apr. 29, 2026
USD ($)
property
Mar. 31, 2026
USD ($)
Mar. 31, 2025
USD ($)
Subsequent Event      
Payment to acquire real estate   $ 494,727 $ 176,927
Proceeds from sales of real estate   146,493 110,437
Properties Disposed of by Sale      
Subsequent Event      
Proceeds from sales of real estate   $ 156,700 $ 126,700
Subsequent Events      
Subsequent Event      
Number of acquisitions | property 3    
Payment to acquire real estate $ 92,000    
Subsequent Events | Manufacturing Facility In Eden      
Subsequent Event      
Payment to acquire real estate 12,700    
Subsequent Events | Medical Office Facility In Akron, Ohio      
Subsequent Event      
Payment to acquire real estate 27,200    
Subsequent Events | Industrial Facilities In Germany      
Subsequent Event      
Payment to acquire real estate $ 52,100    
Number of real estate properties (property) | property 4    
Subsequent Events | Properties Disposed of by Sale      
Subsequent Event      
Proceeds from sales of real estate $ 28,900