Land, Buildings and Improvements, and Assets Held for Sale (Tables)

3 Months Ended

Mar. 31, 2024

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, 2024		December 31, 2023
Land	$	2,292,183	$	2,248,300
Buildings and improvements	9,929,902		9,801,596
Real estate under construction	38,788		45,562
Less: Accumulated depreciation	(1,563,571)		(1,509,730)
	$	10,697,302	$	10,585,728

The aggregate purchase price allocation for investments disclosed above is as follows (dollars in thousands):

	Total Capitalized Costs
Land	$	48,071
Buildings and improvements	111,460
Intangible assets:
In-place lease (weighted-average expected life of 18.2 years)	21,258
	$	180,789

Below is a summary of our Land, buildings and improvements — operating properties (in thousands):

	March 31, 2024		December 31, 2023
Land	$	148,860	$	150,084
Buildings and improvements	1,104,556		1,104,635
Real estate under construction	2,755		1,530
Less: Accumulated depreciation	(87,350)		(80,057)
	$	1,168,821	$	1,176,192

Schedule of Real Estate Acquired

During the three months ended March 31, 2024, we entered into the following investments, which were deemed to be real estate asset acquisitions (dollars in thousands):

Property Location(s)	Number of Properties	Date of Acquisition	Property Type	Total Capitalized Costs
Doncaster, United Kingdom (a)	2	1/9/2024	Retail	$	30,055
Various, Italy (a)	5	1/30/2024	Industrial, Warehouse	148,130
Laval, Canada (a)	1	3/26/2024	Industrial	2,604
	8			$	180,789

__________

(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, 2024, we completed the following construction projects (dollars in thousands):

Property Location(s)	Primary Transaction Type	Number of Properties	Date of Completion	Property Type	Total Capitalized Costs
Salisbury, NC	Expansion	1	3/8/2024	Industrial	$	14,737
		1			$	14,737

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,
	2024		2023
Lease income — fixed	$	286,174	$	308,066
Lease income — variable (a)	36,077		44,270
Total operating lease income	$	322,251	$	352,336

__________

(a)Includes (i) rent increases based on changes in the U.S. Consumer Price Index 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, 2024		December 31, 2023
Land, buildings and improvements — net lease and other	$	—	$	46,986
In-place lease intangible assets and other	—		5,222
Above-market rent intangible assets	—		8,374
Accumulated depreciation and amortization	—		(23,460)
Assets held for sale, net	$	—	$	37,122