Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Schedule of Company's Lease Income, Excluding Discontinued Operation

The following table summarizes the Company’s lease income, excluding discontinued operations (in thousands):

	Year Ended December 31,
	2023		2022		2021
Fixed income from operating leases	$	1,236,502	$	1,182,463	$	1,087,683
Variable income from operating leases	395,303		359,312		290,701
Interest income from direct financing leases	—		1,168		8,702

Schedule of Future Minimum Lease Payments Due Under Operating Leases

The following table summarizes future minimum lease payments to be received from tenants under non-cancelable operating leases as of December 31, 2023 (in thousands):

Year	Amount
2024	$	1,135,628
2025	1,063,147
2026	975,246
2027	888,223
2028	788,742
Thereafter	2,818,655
	$	7,669,641

Schedule of Tenant Purchase Options

Certain leases contain purchase options whereby the tenant may elect to acquire the underlying real estate. Annualized base rent from leases subject to purchase options, summarized by the year the purchase options are exercisable are as follows (dollars in thousands):

Year	Annualized Base Rent(1)		Number of Properties
2024	$	14,199	12
2025	14,244		16
2026	16,422		8
2027	8,116		5
2028	1,252		1
Thereafter	16,212		5
	$	70,445	47

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(1)Represents the most recent month’s base rent including additional rent floors annualized for 12 months. Base rent does not include tenant recoveries, additional rents in excess of floors, and non-cash revenue adjustments (i.e., straight-line rents, amortization of market lease intangibles, and deferred revenues).

Schedule of Other Lease Information

The following tables provide information regarding the Company’s leases to which it is the lessee, such as corporate offices and ground leases, excluding lease costs related to discontinued operations (dollars in thousands):

	Year Ended December 31,
Lease Expense Information:	2023		2022		2021
Total lease expense	$	17,010	$	16,689	$	14,442

Weighted Average Lease Term and Discount Rate:	December 31, 2023		December 31, 2022
Weighted average remaining lease term (years):
Operating leases(1)	51		51
Weighted average discount rate:
Operating leases	4.23	%	4.20	%

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(1)As of both December 31, 2023 and 2022, the weighted average remaining lease term including the Company’s options to extend its operating leases is 67 years.

Schedule of Future Minimum Lease Obligations, 842

The following table summarizes future minimum lease payments under non-cancelable ground and other operating leases included in the Company’s lease liability as of December 31, 2023 (in thousands):

Year	Amount
2024	$	16,950
2025	12,399
2026	12,326
2027	12,321
2028	12,351
Thereafter	475,584
Undiscounted minimum lease payments included in the lease liability	541,931
Less: imputed interest	(335,188)
Present value of lease liability	$	206,743