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Land, Buildings and Improvements and Assets Held for Sale (Tables)
 12 Months Ended
Dec. 31, 2023
Real Estate [Abstract]  
Schedule of Land, Building and Improvements
Land and buildings leased to others, which are subject to operating leases, and real estate under construction, are summarized as follows (in thousands):
December 31,
20232022
Land$2,248,300 $2,400,002 
Buildings and improvements9,801,596 10,916,630 
Real estate under construction45,562 22,225 
Less: Accumulated depreciation(1,509,730)(1,672,091)
$10,585,728 $11,666,766 
The aggregate purchase price allocation for investments disclosed above is as follows (dollars in thousands):
Total Capitalized Costs
Land$212,594 
Buildings and improvements774,131 
Intangible assets:
In-place lease (weighted-average expected life of 21.2 years)
185,878 
Right-of-use assets:
Finance lease (a)
12,981 
Prepaid rent liabilities(6,882)
$1,178,702 
__________
(a)Represents consideration paid to acquire a leasehold interest in land, buildings and improvements. The lease was determined to be a finance lease due to our intention to acquire the land, buildings and improvements upon lease expiration. These assets are included in In-place lease intangible assets and other in the consolidated balance sheets.
(in thousands): 
December 31,
20232022
Land$150,084 $122,317 
Buildings and improvements1,104,635 955,009 
Real estate under construction1,530 18,566 
Less: Accumulated depreciation(80,057)(28,295)
$1,176,192 $1,067,597 
The aggregate purchase price allocation for investments disclosed above is as follows (dollars in thousands):
Total Capitalized Costs
Land$13,547 
Buildings and improvements31,923 
Intangible assets:
In-place lease (weighted-average expected life of 0.5 years)
1,839 
$47,309 
Schedule of Real Estate Acquired
During 2023, 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 Type
Total Capitalized Costs (a)
Various, United States61/12/2023Industrial $64,861 
Various, Italy (5 properties) and Spain (3 properties) (a)
83/23/2023Industrial 79,218 
Various, Canada114/1/2023Industrial, Warehouse467,811 
Various, United States (4 properties), Canada (3 properties), and Mexico (2 properties) (b)
94/18/2023Industrial 97,952 
Various, United States95/5/2023; 5/26/2023Retail (Car Wash)39,713 
Various, United States46/15/2023Education (Medical School)139,092 
Dothan, Alabama and Queensbury, New York210/24/2023; 10/26/2023Retail (Car Wash)8,658 
Various, United States (c)
711/17/2023Retail (Car Wash)35,577 
Various, Italy (7 properties), Spain (3 properties), and Germany (1 property) (a)
1111/29/2023Industrial, Warehouse157,095 
Houston, Texas112/5/2023Warehouse 61,610 
San Diego, California212/11/2023Industrial, Research & Development13,324 
Phoenix, Arizona112/22/2023Retail 13,791 
71$1,178,702 
__________
(a)Amount reflects the applicable exchange rate on the date of transaction.
(b)Amount includes $3.1 million for an expansion at a property leased to this tenant that we already own.
(c)We also entered into a purchase agreement to acquire four additional retail (car wash) facilities leased to this tenant totaling $20.3 million, which is expected to be completed in 2024.
During the year ended December 31, 2023, we entered into the following self-storage operating property investments, which were deemed to be real estate asset acquisitions (dollars in thousands):
Property Location(s)Number of PropertiesDate of AcquisitionProperty TypeTotal Capitalized Costs
Little Rock, Arkansas (a)
16/22/2023Self-Storage$6,166 
Houston, Texas18/25/2023Self-Storage13,120
Knoxville and Springfield, Tennessee212/8/2023Self-Storage15,580
Bastrop, Texas112/15/2023Self-Storage12,443
5$47,309 
__________
(a)We also committed to fund $3.6 million for an expansion at this facility, which is expected to be completed in the first quarter of 2024.
Schedule of Real Estate Under Construction
During 2023, we completed the following construction projects (dollars in thousands):
Property Location(s)Primary Transaction TypeNumber of PropertiesDate of CompletionProperty Type
Total Capitalized Costs (a)
Evansville, Indiana and Lawrence, Kansas
Renovation23/23/2023Industrial $20,637 
Pleasanton, CaliforniaRedevelopment18/21/2023Laboratory13,905 
Chattanooga, TennesseeExpansion111/20/2023Warehouse 26,128 
4$60,670 
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):
Years Ended December 31,
202320222021
Lease income — fixed$1,254,340 $1,160,942 $1,066,250 
Lease income — variable (a)
173,036 140,675 111,188 
Total operating lease income$1,427,376 $1,301,617 $1,177,438 
__________
(a)Includes (i) rent increases based on changes in the CPI and other comparable indices and (ii) reimbursements for property taxes, insurance, and common area maintenance services.
Scheduled Future Minimum Lease Payments to be Received
Scheduled future lease payments to be received (exclusive of expenses paid by tenants, percentage of sales rents, and future CPI-based adjustments) under non-cancelable operating leases at December 31, 2023 are as follows (in thousands): 
Years Ending December 31, Total
2024$1,179,313 
20251,166,318 
20261,129,855 
20271,088,488 
20281,058,295 
Thereafter10,565,084 
Total$16,187,353 
Schedule of Lease Cost
Lease Cost

Lease costs for operating leases are included in (i) General and administrative expenses (office leases), (ii) Property expenses, excluding reimbursable tenant costs (land leases), and (iii) Reimbursable tenant costs (land leases) in the consolidated statements of income. Certain information related to the total lease cost for operating leases is as follows (in thousands):
Years Ended December 31,
202320222021
Fixed lease cost
$15,518 $15,087 $16,426 
Variable lease cost
1,731 1,086 1,149 
Total lease cost$17,249 $16,173 $17,575 
Supplemental Balance Sheet Information
Supplemental balance sheet information related to ROU assets and lease liabilities is as follows (dollars in thousands):
December 31,
Location on Consolidated Balance Sheets20232022
Operating ROU assets — land leasesIn-place lease intangible assets and other$114,080 $123,834 
Finance ROU assets — land and building leasesIn-place lease intangible assets and other26,034 12,598 
Operating ROU assets — office leasesOther assets, net54,730 56,674 
Total operating ROU assets$194,844 $193,106 
Operating lease liabilitiesAccounts payable, accrued expenses and other liabilities$138,733 $146,302 
Weighted-average remaining lease term — operating leases23.8 years25.8 years
Weighted-average discount rate — operating leases6.6 %6.8 %
Number of land lease arrangements — operating leases6672
Number of land and building lease arrangements — finance leases21
Number of office space arrangements44
Lease term range (excluding extension options not reasonably certain of being exercised)
<1 – 98 years
<1 – 99 years
Undiscounted Cash Flows - Operating Lease
A reconciliation of the undiscounted cash flows for operating leases recorded on the consolidated balance sheet within Accounts payable, accrued expenses and other liabilities as of December 31, 2023 is as follows (in thousands):
Years Ending December 31, Total
2024$13,706 
202513,892 
202613,847 
202714,036 
202813,924 
Thereafter227,376 
Total lease payments296,781 
Less: amount of lease payments representing interest(158,048)
Present value of future lease payments/lease obligations$138,733 
Disclosure of Assets Held-for-sale, Net
Below is a summary of our properties held for sale (in thousands):
December 31,
20232022
Land, buildings and improvements — net lease and other
$46,986 $47,134 
In-place lease intangible assets and other5,222 10,854 
Above-market rent intangible assets8,374 3,210 
Accumulated depreciation and amortization(23,460)(3,254)
Assets held for sale, net$37,122 $57,944