W. P. Carey (WPC) 10-Q 30 Oct 24 2024 Q3 Quarterly report Financial data

COVER PAGE

COVER PAGE - shares	9 Months Ended
	Sep. 30, 2024	Oct. 25, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
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		218,847,504
Entity Central Index Key	0001025378
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31

CONSOLIDATED BALANCE SHEETS (UN

CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands		Sep. 30, 2024	Dec. 31, 2023
Investments in real estate:
Land, buildings and improvements — net lease and other		$ 12,745,926	$ 12,095,458
Land, buildings and improvements — operating properties		1,204,351	1,256,249
Net investments in finance leases and loans receivable		657,054	1,514,923
In-place lease intangible assets and other		2,287,824	2,308,853
Above-market rent intangible assets		682,345	706,773
Investments in real estate		17,577,500	17,882,256
Accumulated depreciation and amortization		(3,195,204)	(3,005,479)
Assets held for sale, net		29,785	37,122
Net investments in real estate		14,412,081	14,913,899
Equity method investments		299,465	354,261
Cash and cash equivalents		818,194	633,860
Other assets, net		1,122,571	1,096,474
Goodwill		979,265	978,289
Total assets	[1]	17,631,576	17,976,783
Debt:
Senior unsecured notes, net		6,134,810	6,035,686
Unsecured term loans, net		1,156,442	1,125,564
Unsecured revolving credit facility		229,607	403,785
Non-recourse mortgages, net		451,962	579,147
Debt, net		7,972,821	8,144,182
Accounts payable, accrued expenses and other liabilities		590,347	615,750
Below-market rent intangible liabilities, net		125,934	136,872
Deferred income taxes		160,503	180,650
Dividends payable		196,025	192,332
Total liabilities	[1]	9,045,630	9,269,786
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; $218,847,015 and $218,671,874 shares, respectively, issued and outstanding		219	219
Additional paid-in capital		11,795,514	11,784,461
Distributions in excess of accumulated earnings		(3,056,708)	(2,891,424)
Deferred compensation obligation		78,420	62,046
Accumulated other comprehensive loss		(237,987)	(254,867)
Total stockholders’ equity		8,579,458	8,700,435
Noncontrolling interests		6,488	6,562
Total equity		8,585,946	8,706,997
Total liabilities and equity		$ 17,631,576	$ 17,976,783
[1] See Note 2 for details related to variable interest entities (“VIEs”).

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parentheticals) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
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)	218,847,015	218,671,874
Common stock, shares outstanding (in shares)	218,847,015	218,671,874

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Real Estate:
Income from finance leases and loans receivable	$ 15,712	$ 27,575	$ 56,466	$ 75,641
Investment Management:
Revenues	397,383	448,553	1,176,853	1,328,921
Operating Expenses
Depreciation and amortization	115,705	144,771	371,954	444,728
General and administrative	22,679	23,355	74,715	74,816
Operating property expenses	17,765	26,570	54,280	74,738
Stock-based compensation expense	13,468	9,050	31,227	25,811
Reimbursable tenant costs	13,337	20,498	40,314	62,997
Property expenses, excluding reimbursable tenant costs	10,993	13,021	37,097	31,164
Merger and other expenses	283	4,152	4,941	5,595
Impairment charges — real estate	0	15,173	15,752	15,173
Total operating expenses	194,230	256,590	630,280	735,022
Other Income and Expenses
Other gains and (losses)	(77,107)	2,859	(60,764)	9,593
Interest expense	(72,526)	(76,974)	(206,484)	(219,658)
Gain on change in control of interests	31,849	0	31,849	0
Gain on sale of real estate, net	15,534	2,401	70,342	181,958
Non-operating income	13,669	4,862	38,389	13,997
Earnings from equity method investments	6,124	4,978	17,624	14,569
Total other income and expenses	(82,457)	(61,874)	(109,044)	459
Income before income taxes	120,696	130,089	437,529	594,358
Provision for income taxes	(9,044)	(5,090)	(23,937)	(30,338)
Net Income	111,652	124,999	413,592	564,020
Net loss attributable to noncontrolling interests	46	41	224	20
Net Income Attributable to W. P. Carey	$ 111,698	$ 125,040	$ 413,816	$ 564,040
Basic Earnings Per Share (in dollars per share)	$ 0.51	$ 0.58	$ 1.88	$ 2.64
Diluted Earnings Per Share (in dollars per share)	$ 0.51	$ 0.58	$ 1.88	$ 2.63
Weighted-Average Shares Outstanding
Basic (in shares)	220,221,366	215,097,114	220,149,886	214,052,907
Diluted (in shares)	220,404,149	215,252,969	220,425,244	214,427,425
Owned Real Estate
Real Estate:
Lease revenues	$ 334,039	$ 369,159	$ 980,394	$ 1,090,619
Income from finance leases and loans receivable	15,712	27,575	56,466	75,641
Operating property revenues	37,323	49,218	112,681	140,780
Other lease-related income	7,701	2,310	19,005	20,723
Investment Management:
Operating property revenues	37,323	49,218	112,681	140,780
Revenues	394,775	448,262	1,168,546	1,327,763
Investment Management
Real Estate:
Operating property revenues	2,608	291	8,307	1,158
Investment Management:
Operating property revenues	2,608	291	8,307	1,158
Revenues	2,608	291	8,307	1,158
Asset management revenue
Real Estate:
Operating property revenues	1,557	194	5,136	836
Investment Management:
Operating property revenues	1,557	194	5,136	836
Other advisory income and reimbursements
Real Estate:
Operating property revenues	1,051	97	3,171	322
Investment Management:
Operating property revenues	$ 1,051	$ 97	$ 3,171	$ 322

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net Income	$ 111,652	$ 124,999	$ 413,592	$ 564,020
Other Comprehensive Income (Loss)
Foreign currency translation adjustments	28,630	(8,844)	24,268	7,092
Unrealized (loss) gain on derivative instruments	(13,742)	6,816	(7,429)	(5,384)
Net current period other comprehensive income (loss)	14,888	(2,028)	16,839	1,708
Comprehensive Income	126,540	122,971	430,431	565,728
Amounts Attributable to Noncontrolling Interests
Net loss	46	41	224	20
Foreign currency translation adjustments	(235)	139	41	252
Comprehensive (income) loss attributable to noncontrolling interests	(189)	180	265	272
Comprehensive Income Attributable to W. P. Carey	$ 126,351	$ 123,151	$ 430,696	$ 566,000

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED) - USD ($) $ in Thousands	Total	Total W.P. Carey Stockholders	$0.001 Par Value Common Stock	Additional Paid-in Capital	Distributions in Excess of Accumulated Earnings	Deferred Compensation Obligation	Accumulated Other Comprehensive Loss	Noncontrolling interests
Beginning equity balance at Dec. 31, 2022	$ 9,008,644	$ 8,993,646	$ 211	$ 11,706,836	$ (2,486,633)	$ 57,012	$ (283,780)	$ 14,998
Beginning equity balance (in shares) at Dec. 31, 2022			210,620,949
W.P. Carey Stockholders
Shares issued under forward equity, net	249,863	249,863	$ 3	249,860
Shares issued under forward equity, net (in shares)			3,081,867
Shares issued upon delivery of vested restricted share awards	(13,679)	(13,679)		(13,679)
Shares issued upon delivery of vested restricted share awards (in shares)			218,266
Shares issued upon purchases under employee share purchase plan	294	294		294
Shares issued upon purchases under employee share purchase plan (in shares)			4,735
Amortization of stock-based compensation expense	25,811	25,811		25,811
Deferral of vested shares, net	0	0		(4,521)		4,521
Acquisition of noncontrolling interest	0	3,663		3,663				(3,663)
Dividends declared	(691,237)	(691,237)		2,295	(694,045)	513
Net income	564,020	564,040			564,040			(20)
Contributions from noncontrolling interests	2,886							2,886
Distributions to noncontrolling interests	(3,059)							(3,059)
Other Comprehensive Income (Loss)
Foreign currency translation adjustments	7,092	7,344					7,344	(252)
Unrealized (loss) gain on derivative instruments	(5,384)	(5,384)					(5,384)
Ending equity balance at Sep. 30, 2023	9,145,251	9,134,361	$ 214	11,970,559	(2,616,638)	62,046	(281,820)	10,890
Ending equity balance (in shares) at Sep. 30, 2023			213,925,817
Beginning equity balance at Jun. 30, 2023	9,246,932	9,230,573	$ 214	11,959,060	(2,510,816)	62,046	(279,931)	16,359
Beginning equity balance (in shares) at Jun. 30, 2023			213,901,170
W.P. Carey Stockholders
Shares issued upon delivery of vested restricted share awards	(61)	(61)		(61)
Shares issued upon delivery of vested restricted share awards (in shares)			24,647
Amortization of stock-based compensation expense	9,050	9,050		9,050
Acquisition of noncontrolling interest	0	2,510		2,510				(2,510)
Dividends declared	(230,862)	(230,862)			(230,862)
Net income	124,999	125,040			125,040			(41)
Distributions to noncontrolling interests	(2,779)							(2,779)
Other Comprehensive Income (Loss)
Foreign currency translation adjustments	(8,844)	(8,705)					(8,705)	(139)
Unrealized (loss) gain on derivative instruments	6,816	6,816					6,816
Ending equity balance at Sep. 30, 2023	9,145,251	9,134,361	$ 214	11,970,559	(2,616,638)	62,046	(281,820)	10,890
Ending equity balance (in shares) at Sep. 30, 2023			213,925,817
Beginning equity balance at Dec. 31, 2023	$ 8,706,997	8,700,435	$ 219	11,784,461	(2,891,424)	62,046	(254,867)	6,562
Beginning equity balance (in shares) at Dec. 31, 2023	218,671,874		218,671,874
W.P. Carey Stockholders
Shares issued upon delivery of vested restricted share awards	$ (6,949)	(6,949)		(6,949)
Shares issued upon delivery of vested restricted share awards (in shares)			171,216
Shares issued upon purchases under employee share purchase plan	198	198		198
Shares issued upon purchases under employee share purchase plan (in shares)			3,925
Amortization of stock-based compensation expense	31,227	31,227		31,227
Deferral of vested shares, net	0	0		(14,472)		14,472
Dividends declared	(576,149)	(576,149)		1,049	(579,100)	1,902
Net income	413,592	413,816			413,816			(224)
Contributions from noncontrolling interests	622							622
Distributions to noncontrolling interests	(431)							(431)
Other Comprehensive Income (Loss)
Foreign currency translation adjustments	24,268	24,309					24,309	(41)
Unrealized (loss) gain on derivative instruments	(7,429)	(7,429)					(7,429)
Ending equity balance at Sep. 30, 2024	$ 8,585,946	8,579,458	$ 219	11,795,514	(3,056,708)	78,420	(237,987)	6,488
Ending equity balance (in shares) at Sep. 30, 2024	218,847,015		218,847,015
Beginning equity balance at Jun. 30, 2024	$ 8,639,499	8,632,879	$ 219	11,782,157	(2,975,236)	78,379	(252,640)	6,620
Beginning equity balance (in shares) at Jun. 30, 2024			218,831,869
W.P. Carey Stockholders
Shares issued upon delivery of vested restricted share awards	(84)	(84)		(84)
Shares issued upon delivery of vested restricted share awards (in shares)			15,146
Amortization of stock-based compensation expense	13,468	13,468		13,468
Deferral of vested shares, net	0			(27)		27
Dividends declared	(193,156)	(193,156)			(193,170)	14
Net income	111,652	111,698			111,698			(46)
Distributions to noncontrolling interests	(321)							(321)
Other Comprehensive Income (Loss)
Foreign currency translation adjustments	28,630	28,395					28,395	235
Unrealized (loss) gain on derivative instruments	(13,742)	(13,742)					(13,742)
Ending equity balance at Sep. 30, 2024	$ 8,585,946	$ 8,579,458	$ 219	$ 11,795,514	$ (3,056,708)	$ 78,420	$ (237,987)	$ 6,488
Ending equity balance (in shares) at Sep. 30, 2024	218,847,015		218,847,015

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED) (Parentheticals) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Stockholders' Equity [Abstract]
Dividends declared (in dollars per share)	$ 0.875	$ 1.071	$ 2.610	$ 3.207

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash Flows — Operating Activities
Net income	$ 413,592	$ 564,020
Adjustments to net income:
Depreciation and amortization, including intangible assets and deferred financing costs	386,343	459,830
Gain on sale of real estate, net	(70,342)	(181,958)
Net realized and unrealized losses (gains) on equity securities, extinguishment of debt, foreign currency exchange rate movements, and other	60,692	(1,837)
Straight-line rent adjustments	(57,656)	(55,671)
Gain on change in control of interests	(31,849)	0
Stock-based compensation expense	31,227	25,811
Earnings from equity method investments	(17,624)	(14,569)
Distributions of earnings from equity method investments	16,821	15,107
Impairment charges — real estate	15,752	15,173
Amortization of rent-related intangibles and deferred rental revenue	14,221	27,694
Increase (decrease) in allowance for credit losses	10,798	(6,113)
Gain on repayment of secured loan receivable	(10,650)	0
Deferred income tax benefit	(4,341)	(2,706)
Proceeds from sales of net investments in sales-type leases	806,981	0
Net changes in other operating assets and liabilities	(27,200)	(32,094)
Net Cash Provided by Operating Activities	1,536,765	812,687
Cash Flows — Investing Activities
Purchases of real estate	(576,716)	(908,271)
Proceeds from sales of real estate	287,565	187,678
Investments in loans receivable	(83,816)	0
Funding for real estate construction, redevelopments, and other capital expenditures on real estate	(71,020)	(90,149)
Value added taxes paid in connection with acquisition of real estate	(36,516)	(7,108)
Proceeds from repayment of loans receivable	24,000	28,000
Value added taxes refunded in connection with acquisition of real estate	18,270	12,490
Other investing activities, net	15,269	(10,369)
Capital contributions to equity method investments	(9,126)	(36,595)
(Release) receipt of tenant-funded escrow for investing activities	(4,959)	21,717
Return of capital from equity method investments	1,027	10,081
Net Cash Used in Investing Activities	(436,022)	(792,526)
Cash Flows — Financing Activities
Repayments of Unsecured Revolving Credit Facility	(1,311,889)	(1,977,451)
Proceeds from Unsecured Revolving Credit Facility	1,138,577	2,217,896
Proceeds from issuance of Senior Unsecured Notes	1,098,314	0
Repayment of Senior Unsecured Notes	(1,044,500)	0
Dividends paid	(572,456)	(686,163)
Payments of mortgage principal	(190,213)	(350,416)
Other financing activities, net	(15,818)	(558)
Payment of financing costs	(9,754)	(14,696)
Payments for withholding taxes upon delivery of equity-based awards	(6,950)	(13,679)
Contributions from noncontrolling interests	622	2,886
Distributions to noncontrolling interests	(431)	(3,059)
Proceeds from term loans	0	546,014
Proceeds from shares issued under forward equity, net of selling costs	0	249,806
Net Cash Used in Financing Activities	(914,498)	(29,420)
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	913	(958)
Net increase (decrease) in cash and cash equivalents and restricted cash	187,158	(10,217)
Cash and cash equivalents and restricted cash, beginning of period	691,971	224,141
Cash and cash equivalents and restricted cash, end of period	$ 879,129	$ 213,924

Business and Organization

Business and Organization	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Organization	Business and Organization W. P. Carey Inc. (“W. P. Carey”) 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 Northern and Western 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. In September 2023, we announced a plan to exit the office assets within our portfolio by (i) spinning off 59 office properties into Net Lease Office Properties (“NLOP”), so that it became a separate publicly-traded real estate investment trust (the “Spin-Off”), and (ii) implementing an asset sale program to dispose of certain office properties retained by us (the “Office Sale Program”), which is substantially completed. On November 1, 2023, we completed the Spin-Off, contributing 59 office properties to NLOP. Following the closing of the Spin-Off, NLOP operates as a separate publicly-traded REIT, which we externally manage pursuant to certain advisory agreements. Through the date of this Report, we have disposed of 85 of the office properties subject to the Office Sale Program ( Note 14 ). The final property is under a binding contract for sale scheduled to close in December 2024, which will complete the Office Sale Program. Effective January 1, 2024, we no longer separately analyze our business between real estate operations and investment management operations, and instead view the business as one reportable segment, since our investment management operations have been determined to be both quantitatively and qualitatively insignificant to the Company’s business. Our business is characterized as investing in operationally-critical, single-tenant commercial real estate properties that are 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. The operating results of both the real estate and investment management activities are regularly reviewed, in the aggregate, by our chief operating decision maker to evaluate performance and allocate resources. Accordingly, all operations have been considered to represent one reportable segment, which are reported on our consolidated statements of income and our consolidated balance sheets. As a result of this change, we have conformed prior period segment information to reflect how we currently view our business. 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 Northern and Western Europe, which are leased to companies on a triple-net lease basis. At September 30, 2024, our portfolio was comprised of our full or partial ownership interests in 1,430 properties, totaling approximately 172 million square feet, substantially all of which were net leased to 346 tenants, with a weighted-average lease term of 12.2 years and an occupancy rate of 98.8%. In addition, at September 30, 2024, our portfolio was comprised of full or partial ownership interests in 84 operating properties, including 78 self-storage properties, four hotels, and two student housing properties, totaling approximately 6.4 million square feet.

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2024
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, 2023, which are included in the 2023 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 2023 Annual Report. During the nine months ended September 30, 2024, we had a net decrease of 12 entities classified as VIEs, primarily related to the completion of certain tax-deferred like-kind exchanges under Section 1031 of the Internal Revenue Code (“1031 Exchange”), dispositions, and the purchase of the remaining controlling interest in a jointly owned investment ( Note 7 ). At September 30, 2024 and December 31, 2023, we considered nine and 21 entities, respectively, to be VIEs, of which we consolidated five and 15, respectively, 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): September 30, 2024 December 31, 2023 Land, buildings and improvements — net lease and other $ 117,121 $ 237,858 Land, buildings and improvements — operating properties — 39,422 Net investments in finance leases and loans receivable 144,103 595,524 In-place lease intangible assets and other 9,244 40,650 Above-market rent intangible assets 3,923 6,828 Accumulated depreciation and amortization (18,039) (23,580) Total assets 260,652 947,509 Non-recourse mortgages, net $ 51,583 $ 59,715 Below-market rent intangible liabilities, net 28 32 Total liabilities 67,746 101,047 At September 30, 2024 and December 31, 2023, our four and six unconsolidated VIEs, respectively, 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), and (ii) two unconsolidated investments in equity securities, which we accounted for as investments in shares of the entities at fair value. In addition, at December 31, 2023, we had a variable interest in NLOP, which we also deemed a VIE, due to our guarantee of a non-recourse mortgage loan with approximately $19.0 million principal balance outstanding as of December 31, 2023 encumbering a property that was derecognized in the Spin-Off ( Note 1 ). This non-recourse mortgage loan was repaid by NLOP during the first quarter of 2024 and as a result, NLOP is not deemed a VIE as of September 30, 2024. As of September 30, 2024, and December 31, 2023, the net carrying amount of our investments in these entities was $631.5 million and $729.8 million, respectively, and our maximum exposure to loss in these entities was limited to our investments. Reclassifications Certain prior period amounts have been reclassified to conform to the current period presentation. Reimbursable costs from affiliates (revenues) are now included within Other advisory income and reimbursements. Reimbursable affiliate costs (expenses) are now included within General and administrative expenses. Previously, such amounts were presented in their own financial statement line items on the consolidated statements of income. Revenue Recognition There have been no significant changes in our policies for revenue from contracts under Accounting Standards Codification (“ASC”) 606 from what was disclosed in the 2023 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 $11.6 million and $23.2 million for the three months ended September 30, 2024 and 2023, respectively, and $34.1 million and $63.3 million for the nine months ended September 30, 2024 and 2023, respectively, generated from 13 hotels located in the United States (12 of which were reclassified from net leases to operating properties in the first quarter of 2023; eight of these properties were sold during 2023 and one was sold during the second quarter of 2024). 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): September 30, 2024 December 31, 2023 Cash and cash equivalents $ 818,194 $ 633,860 Restricted cash (a) 60,935 58,111 Total cash and cash equivalents and restricted cash $ 879,129 $ 691,971 __________ (a) Restricted cash is included within Other assets, net on our consolidated balance sheets. The amount as of September 30, 2024 includes $27.0 million of proceeds from certain dispositions, which are held by an intermediary and have been designated for future 1031 Exchange transactions.

Agreements and Transactions wit

Agreements and Transactions with Related Parties	9 Months Ended
	Sep. 30, 2024
Related Party Transactions [Abstract]
Agreements and Transactions with Related Parties	Agreements and Transactions with Related Parties Advisory Agreements and Partnership Agreements with NLOP and CESH We currently have advisory arrangements with 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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Asset management revenue (a) (b) $ 1,557 $ 194 $ 5,136 $ 836 Administrative reimbursements (a) (c) 1,000 — 3,000 — Reimbursable costs from affiliates (a) (c) 51 97 171 322 $ 2,608 $ 291 $ 8,307 $ 1,158 Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 NLOP $ 2,465 $ — $ 7,868 $ — CESH 143 291 439 1,158 $ 2,608 $ 291 $ 8,307 $ 1,158 __________ (a) Amounts represent revenues from contracts under ASC 606. (b) Included within Asset management revenue in the consolidated statements of income. (c) Included within Other advisory income and reimbursements 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): September 30, 2024 December 31, 2023 Asset management fees receivable $ 664 $ 1,349 Accounts receivable 458 768 Reimbursable costs 45 59 $ 1,167 $ 2,176 Asset Management Revenue Under the advisory agreement with CESH, we earn asset management revenue at a rate of 1.0% based on its gross assets at fair value, paid in cash. Under the advisory agreement with NLOP, we earn an asset management fee, which was initially set at an annual amount of $7.5 million and is being reduced proportionately following the disposition of each portfolio property. 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. Reimbursable Costs from Affiliates CESH reimburses us in cash for certain personnel and overhead costs that we incur on its behalf, based on actual expenses incurred. Back-End Fees and Interests in CESH Under our advisory arrangements with CESH, we may also receive compensation in connection with providing a liquidity event for its investors. Such back-end fees or interests include interests in disposition proceeds. There can be no assurance as to whether or when any back-end fees or interests will be realized. Other Transactions with Affiliates and Related Parties Other At September 30, 2024, we owned interests in seven jointly owned investments in real estate, with the remaining interests held by third parties. We consolidate four 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 ).

Land, Buildings and Improvement

Land, Buildings and Improvements, and Assets Held for Sale	9 Months Ended
	Sep. 30, 2024
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): September 30, 2024 December 31, 2023 Land $ 2,371,452 $ 2,248,300 Buildings and improvements 10,305,779 9,801,596 Real estate under construction 68,695 45,562 Less: Accumulated depreciation (1,673,843) (1,509,730) $ 11,072,083 $ 10,585,728 During the nine months ended September 30, 2024, the U.S. dollar weakened against the euro, as the end-of-period rate for the U.S. dollar in relation to the euro increased by 1.3% to $1.1196 from $1.1050. As a result of this fluctuation in foreign currency exchange rates, the carrying value of our Land, buildings and improvements — net lease and other increased by $65.9 million from December 31, 2023 to September 30, 2024. On September 1, 2024, we entered into net lease agreements for certain self-storage properties previously classified as operating properties. As a result, in September 2024, we reclassified three consolidated self-storage properties with an aggregate carrying value of $46.1 million from Land, buildings and improvements — operating properties to Land, buildings and improvements — net lease and other. Effective as of that time, we began recognizing lease revenues from these properties, whereas previously we recognized operating property revenues and expenses from these properties. In addition, in connection with the net lease agreements described above, in September 2024, we reclassified nine self-storage properties from Equity method investments and recorded $84.4 million in Land, buildings and improvements — net lease and other. Effective as of that time, we began recognizing lease revenues from these properties ( Note 7 ). In connection with changes in lease classifications due to (i) extensions of the underlying leases, (ii) entering into a new lease, or (iii) lease expirations, we reclassified 16 properties with an aggregate carrying value of $117.5 million from Net investments in finance leases and loans receivable to Land, buildings and improvements — net lease and other during the nine months ended September 30, 2024 ( Note 5 ). During the nine months ended September 30, 2024, we reclassified two properties 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 properties to the tenant. As a result, the carrying value of our Land, buildings and improvements — net lease and other decreased by $6.8 million from December 31, 2023 to September 30, 2024 ( Note 5 ). Depreciation expense, including the effect of foreign currency translation, on our buildings and improvements subject to operating leases was $74.8 million and $80.9 million for the three months ended September 30, 2024 and 2023, respectively, and $219.0 million and $251.9 million for the nine months ended September 30, 2024 and 2023, respectively. Acquisitions of Real Estate During the nine months ended September 30, 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 Commercial Point, Ohio 1 4/5/2024 Warehouse 94,220 Tucson, Arizona 1 5/13/2024 Warehouse 38,784 Portfolio Acquisition: Various, United States 5 5/15/2024 Industrial, Warehouse 44,400 Various, United States 4 5/15/2024 Industrial 23,330 Sylacauga, Alabama 1 5/15/2024 Industrial 5,852 Moxee, Washington and La Porte, Indiana (b) 2 6/26/2024 Industrial 37,019 Various, North Carolina (b) 3 7/23/2024 Industrial, Retail 18,260 Neenah, Wisconsin (b) 1 7/23/2024 Industrial 19,868 Alexandria, Canada (a) (b) 1 8/6/2024 Warehouse 26,030 Tillsonburg and Oldcastle, Canada (b) 2 8/6/2024 Industrial 15,919 Portfolio Total 19 190,678 Mesa and Laveen, Arizona 2 6/3/2024 Retail 26,964 Various, Poland (a) 123 7/25/2024; 9/18/2024 Retail 31,508 Las Vegas, Nevada 1 8/2/2024 Retail 12,471 West Des Moines, Iowa 1 8/9/2024 Retail 21,063 156 $ 596,477 __________ (a) Amount reflects the applicable exchange rate on the date of transaction. (b) In connection with these acquisitions, we assumed non-recourse mortgage loans encumbering the properties with an outstanding principal balance totaling $66.0 million ( Note 10 ). The aggregate purchase price allocation for investments disclosed above is as follows (dollars in thousands): Total Capitalized Costs Land $ 96,287 Buildings and improvements 412,069 Intangible assets and liabilities: In-place lease (weighted-average expected life of 15.4 years) 84,298 Below-market rent (expected life of 12.8 years) (408) Right-of-use assets: Land lease right-of-use assets 4,346 Debt discount and deferred financing costs on non-recourse mortgage loans assumed 4,231 Operating lease liabilities (4,346) $ 596,477 Real Estate Under Construction — Net Lease and Operating Properties During the nine months ended September 30, 2024, we capitalized real estate under construction totaling $55.2 million. The number of construction projects in progress with balances included in real estate under construction was three and 11 as of September 30, 2024 and December 31, 2023, respectively. Aggregate unfunded commitments totaled approximately $80.6 million and $71.8 million as of September 30, 2024 and December 31, 2023, respectively. During the nine months ended September 30, 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, North Carolina Expansion 1 3/8/2024 Industrial $ 14,737 Little Rock, Arkansas Expansion 1 4/10/2024 Self-Storage (Operating) 3,280 Irvine, California Redevelopment 1 6/27/2024 Industrial 15,222 3 $ 33,239 During the nine months ended September 30, 2024, we committed to fund two construction projects totaling $49.0 million. We currently expect to complete these projects in 2025. Capitalized interest incurred during construction was $0.2 million for both the three months ended September 30, 2024 and 2023, and $0.6 million and $0.3 million for the nine months ended September 30, 2024 and 2023, respectively, which reduces Interest expense in the consolidated statements of income. Dispositions of Properties During the nine months ended September 30, 2024, we sold 21 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 $167.4 million from December 31, 2023 to September 30, 2024 ( Note 14 ). Other Lease-Related Income 2024 — For the three and nine months ended September 30, 2024, other lease-related income on our consolidated statements of income included: (i) other lease-related settlements totaling $5.1 million and $15.8 million, respectively, and (ii) lease termination income of $2.3 million for both the three and nine months ended September 30, 2024, received from one tenant. 2023 — For the three and nine months ended September 30, 2023, other lease-related income on our consolidated statements of income included: (i) other lease-related settlements totaling $1.7 million and $7.3 million, respectively, and (ii) lease termination income totaling $11.4 million for the nine months ended September 30, 2023, received from two tenants in connection with the sales of the properties they occupied. 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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Lease income — fixed $ 299,180 $ 325,481 $ 873,063 $ 958,015 Lease income — variable (a) 34,859 43,678 107,331 132,604 Total operating lease income $ 334,039 $ 369,159 $ 980,394 $ 1,090,619 __________ (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. Land, Buildings and Improvements — Operating Properties At September 30, 2024, Land, buildings and improvements — operating properties consisted of our investments in 78 consolidated self-storage properties, four consolidated hotels, and two consolidated student housing properties. At December 31, 2023, Land, buildings and improvements — operating properties consisted of our investments in 80 consolidated self-storage properties, five consolidated hotels, and two consolidated student housing properties. Below is a summary of our Land, buildings and improvements — operating properties (in thousands): September 30, 2024 December 31, 2023 Land $ 144,871 $ 150,084 Buildings and improvements 1,059,480 1,104,635 Real estate under construction — 1,530 Less: Accumulated depreciation (93,950) (80,057) $ 1,110,401 $ 1,176,192 As described above under Land, Buildings and Improvements — Net Lease and Other , on September 1, 2024, we entered into net lease agreements for certain self-storage properties previously classified as operating properties. As a result, in September 2024, we reclassified three consolidated self-storage properties with an aggregate carrying value of $46.1 million from Land, buildings and improvements — operating properties to Land, buildings and improvements — net lease and other. Effective as of that time, we began recognizing lease revenues from these properties, whereas previously we recognized operating property revenues and expenses from these properties. During the nine months ended September 30, 2024, we sold one hotel operating property, which was classified as Land, buildings and improvements — operating properties. As a result, the carrying value of our Land, buildings and improvements — operating properties decreased by $14.6 million from December 31, 2023 to September 30, 2024 ( Note 14 ). Depreciation expense, including the effect of foreign currency translation, on our buildings and improvements attributable to operating properties was $7.1 million and $7.8 million for the three months ended September 30, 2024 and 2023, respectively, and $21.8 million and $22.7 million for the nine months ended September 30, 2024 and 2023, respectively. During the nine months ended September 30, 2024, we entered into the following self-storage operating property investment, which was deemed to be a real estate asset acquisition (dollars in thousands): Property Location(s) Number of Properties Date of Acquisition Property Type Total Capitalized Costs Dayton, Ohio 1 8/19/2024 Self-Storage $ 7,408 1 $ 7,408 The aggregate purchase price allocation for investment disclosed above is as follows (dollars in thousands): Total Capitalized Costs Land $ 1,729 Buildings and improvements 5,291 Intangible assets: In-place lease (expected life of 0.5 years) 388 $ 7,408 Assets Held for Sale, Net Below is a summary of our properties held for sale (in thousands): September 30, 2024 December 31, 2023 Land, buildings and improvements — net lease and other $ 29,685 $ 46,986 In-place lease intangible assets and other 13,534 5,222 Above-market rent intangible assets 1,610 8,374 Accumulated depreciation and amortization (15,044) (23,460) Assets held for sale, net $ 29,785 $ 37,122 At September 30, 2024, we had one property classified as Assets held for sale, net, with a carrying value of $29.8 million. At December 31, 2023 we had two properties classified as Assets held for sale, net, with an aggregate carrying value of $37.1 million. These properties were sold in January 2024.

Finance Receivables

Finance Receivables	9 Months Ended
	Sep. 30, 2024
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 Date September 30, 2024 December 31, 2023 Sale-leaseback transactions accounted for as loans receivable (a) 2038 – 2052 $ 313,646 $ 236,611 Net investments in direct financing leases (b) 2025 – 2036 303,651 431,328 Net investments in sales-type leases (c) 2025 39,757 835,734 Secured loans receivable (d) N/A — 11,250 $ 657,054 $ 1,514,923 __________ (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 $11.6 million and $0.8 million as of September 30, 2024 and December 31, 2023, 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 September 30, 2024 or December 31, 2023. (d) Amounts are net of allowance for credit losses of $2.1 million as of December 31, 2023. See below under Loans Receivable for discussion of the repayment of this secured loan receivable. During the nine months ended September 30, 2024, the U.S. dollar weakened against the euro, resulting in a $0.5 million increase in the carrying value of Net investments in finance leases and loans receivable from December 31, 2023 to September 30, 2024. Income from finance leases and loans receivable is summarized as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Net investments in direct financing leases $ 8,607 $ 12,626 $ 26,299 $ 38,075 Sale-leaseback transactions accounted for as loans receivable 5,703 3,694 15,224 11,037 Net investments in sales-type leases 846 9,688 12,422 22,605 Secured loans receivable 556 1,567 2,521 3,924 $ 15,712 $ 27,575 $ 56,466 $ 75,641 Net Investments in Direct Financing Leases Net investments in direct financing leases is summarized as follows (in thousands): September 30, 2024 December 31, 2023 Lease payments receivable $ 192,247 $ 285,512 Unguaranteed residual value 284,491 434,234 476,738 719,746 Less: unearned income (162,701) (251,441) Less: allowance for credit losses (a) (10,386) (36,977) $ 303,651 $ 431,328 __________ (a) During the nine months ended September 30, 2024 and 2023, we recorded a net allowance for credit losses of $2.2 million and a net release of allowance for credit losses of $6.1 million, respectively, on our net investments in direct financing leases due to changes in expected economic conditions, which was included within Other gains and (losses) in our consolidated statements of income. In addition, during the nine months ended September 30, 2024, we reduced the allowance for credit losses balance by $28.8 million, in connection with the reclassification of certain properties from Net investments in finance leases and loans receivable to Land, buildings and improvements — net lease and other, as described below. During the nine months ended September 30, 2024, we reclassified 16 properties with an aggregate carrying value of $117.5 million from Net investments in finance leases and loans receivable to Land, buildings and improvements — net lease and other in connection with changes in lease classifications due to (i) extensions of the underlying leases, (ii) entering into a new lease, or (iii) lease expirations. In addition, during the nine months ended September 30, 2024, we sold one property accounted for as a direct financing lease that had a net carrying value of $5.8 million. Loans Receivable During the nine months ended September 30, 2024, 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 Properties Date of Acquisition Property Type Total Investment Various, Italy (a) 4 3/26/2024 Industrial, Warehouse $ 83,890 4 $ 83,890 __________ (a) Amount reflects the applicable exchange rate on the date of transaction. In March 2024, a secured loan receivable was repaid to us for $24.0 million. In connection with this repayment, we recorded a release of allowance for credit losses of $2.1 million since the loan principal was fully repaid. In addition, we collected $1.4 million of unpaid interest related to a prior year upon repayment of this secured loan receivable, which was included in Income from finance leases and loans receivable on the consolidated statements of income for the nine months ended September 30, 2024. In June 2024, in connection with a property disposition, we provided financing to the buyer of $15.0 million with an interest rate of 15.0%. In September 2024, this secured loan receivable was repaid to us for $15.0 million. Net Investments in Sales-Type Leases During the nine months ended September 30, 2024, we completed the sale of a portfolio of 78 net-lease self-storage properties located in the United States, which was accounted for as net investments in sales-type leases and included in Net investments in finance leases and loans receivable in the consolidated balance sheets. As a result, the carrying value of Net investments in finance leases and loans receivable decreased by $451.4 million from December 31, 2023 to September 30, 2024 ( Note 14 ). The tenant had previously provided notice of its intention to exercise its option to repurchase the properties during the first quarter of 2023. We recognized an aggregate Gain on sale of real estate, net, of $176.2 million during the nine months ended September 30, 2023 related to this transaction. During the nine months ended September 30, 2024, we completed the sale of a portfolio of 70 net-lease office properties located in Andalusia, Spain, to the tenant occupying the properties, which was accounted for as net investments in sales-type leases and included in Net investments in finance leases and loans receivable in the consolidated balance sheets. As a result, the carrying value of Net investments in finance leases and loans receivable decreased by $359.3 million from December 31, 2023 to September 30, 2024 ( Note 14 ). We had previously entered into an agreement to sell the portfolio to the tenant occupying the properties during the fourth quarter of 2023. We recognized an aggregate Gain on sale of real estate, net, of $59.1 million during the three months ended December 31, 2023 related to this transaction. On July 10, 2024, we entered into an agreement to sell two properties located in the Netherlands to the tenant occupying the properties. In accordance with ASC 842, Leases , we reclassified these net-lease assets to net investments in sales-type leases totaling $17.3 million on our consolidated balance sheets (based on the estimated purchase price and the foreign currency exchange rate of the euro on the agreement date), since this agreement resulted in a lease modification. In connection with this transaction, we reclassified the following amounts to Net investments in finance leases and loans receivable: (i) $9.2 million from Land, buildings and improvements — net lease and other, (ii) $3.0 million from In-place lease intangible assets and other, (iii) $0.2 million from Above-market rent intangible assets, (iv) $3.8 million from Accumulated depreciation and amortization, and (v) $2.3 million from Other assets, net. We recognized an aggregate Gain on sale of real estate, net, of $6.4 million during the three and nine months ended September 30, 2024 related to this transaction. 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): September 30, 2024 December 31, 2023 Lease payments receivable (a) $ 40,100 $ 849,881 40,100 849,881 Less: unearned income (343) (14,147) $ 39,757 $ 835,734 __________ (a) Includes estimated purchase price and total rents owed. 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 September 30, 2024 and December 31, 2023, no material balances of our finance receivables were past due. Other than the lease extensions, new leases, and lease expirations noted under Net Investments in Direct Financing Leases above, there were no material modifications of finance receivables during the nine months ended September 30, 2024. 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 at Carrying Value at Internal Credit Quality Indicator September 30, 2024 December 31, 2023 September 30, 2024 December 31, 2023 1 – 3 16 18 $ 471,679 $ 1,338,877 4 6 8 200,308 215,953 5 1 — 7,006 — $ 678,993 $ 1,554,830

Goodwill and Other Intangibles

Goodwill and Other Intangibles	9 Months Ended
	Sep. 30, 2024
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 nine months ended September 30, 2024 are described in Note 4 . Goodwill increased by $1.0 million during the nine months ended September 30, 2024 due to foreign currency translation adjustments. Intangible assets, intangible liabilities, and goodwill are summarized as follows (in thousands): September 30, 2024 December 31, 2023 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Finite-Lived Intangible Assets Internal-use software development costs $ 2,559 $ (870) $ 1,689 $ 20,745 $ (19,569) $ 1,176 2,559 (870) 1,689 20,745 (19,569) 1,176 Lease Intangibles: In-place lease 2,144,812 (942,883) 1,201,929 2,168,739 (934,138) 1,234,601 Above-market rent 682,345 (484,528) 197,817 706,773 (481,554) 225,219 2,827,157 (1,427,411) 1,399,746 2,875,512 (1,415,692) 1,459,820 Goodwill Goodwill 979,265 — 979,265 978,289 — 978,289 Total intangible assets $ 3,808,981 $ (1,428,281) $ 2,380,700 $ 3,874,546 $ (1,435,261) $ 2,439,285 Finite-Lived Intangible Liabilities Below-market rent $ (204,056) $ 78,122 $ (125,934) $ (203,413) $ 66,541 $ (136,872) Total intangible liabilities $ (204,056) $ 78,122 $ (125,934) $ (203,413) $ 66,541 $ (136,872) During the nine months ended September 30, 2024, the U.S. dollar weakened against the euro, resulting in an increase of $7.3 million in the carrying value of our net intangible assets from December 31, 2023 to September 30, 2024. See Note 5 for a description of intangible assets reclassified to net investments in sales-type leases during the nine months ended September 30, 2024. Net amortization of intangibles, including the effect of foreign currency translation, was $38.6 million and $62.6 million for the three months ended September 30, 2024 and 2023, respectively, and $143.3 million and $193.7 million for the nine months ended September 30, 2024 and 2023, 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.

Equity Method Investments

Equity Method Investments	9 Months Ended
	Sep. 30, 2024
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 2023 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/Description Ownership Interest September 30, 2024 December 31, 2023 Las Vegas Retail Complex (a) N/A $ 245,351 $ 235,979 Kesko Senukai (b) 70.00% 28,483 28,860 Harmon Retail Corner (c) 15.00% 24,473 24,229 CESH (d) 2.43% 1,158 1,259 Johnson Self Storage (e) 90.00% — 63,934 $ 299,465 $ 354,261 __________ (a) On June 10, 2021, we entered into an agreement to fund a construction loan of approximately $261.9 million (as of September 30, 2024) for a retail complex in Las Vegas, Nevada. Through September 30, 2024, we funded $240.2 million, including $8.8 million during the nine months ended September 30, 2024. Equity income from this investment was $13.5 million and $9.1 million for the nine months ended September 30, 2024 and 2023, respectively, which was recognized within Earnings from equity method investments in our consolidated statements of income. (b) The carrying value of this investment is affected by fluctuations in the exchange rate of the euro. (c) 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. (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 record our investment in CESH on a one quarter lag; therefore, the balance of our equity method investment in CESH recorded as of September 30, 2024 is based on the estimated fair value of our investment as of June 30, 2024. (e) See “Johnson Self Storage” below for discussion of this equity method investment. We received aggregate distributions of $17.8 million and $25.2 million from our unconsolidated real estate investments for the nine months ended September 30, 2024 and 2023, respectively. At September 30, 2024 and December 31, 2023, the aggregate unamortized basis differences on our unconsolidated real estate investments were $16.8 million and $18.0 million, respectively. We received a distribution from CESH during the nine months ended September 30, 2023 of $1.2 million. We did not receive a distribution from CESH during the nine months ended September 30, 2024. Johnson Self Storage On September 1, 2024, we acquired the remaining 10% controlling interest in the Johnson Self Storage jointly owned investment for $10.5 million, bringing our ownership interest to 100%. This investment comprised nine self-storage operating properties. Following this acquisition, we consolidate the investment. Due to this change in control, we recorded a gain on change in control of interests of approximately $31.8 million during the third quarter of 2024, which was the difference between our carrying value and the fair value of our previously held equity interest on September 1, 2024 of approximately $62.9 million and approximately $94.7 million, respectively. In addition, on September 1, 2024, we entered into net lease agreements for these nine self-storage properties previously classified as operating properties. As a result, in September 2024, we reclassified these nine self-storage properties from Equity method investments and recorded the following amounts: (i) $84.4 million to Land, buildings and improvements — net lease and other, and (ii) $20.6 million to In-place lease intangible assets and other. Effective as of that date, we began recognizing lease revenues from these properties.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2024
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, are comprised of foreign currency collars, interest rate swaps, interest rate caps, and stock warrants ( Note 9 ). The valuation of our derivative instruments (excluding stock warrants) 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. The stock warrants were measured at fair value using valuation models that incorporate market inputs and our own assumptions about future cash flows. We classified these assets as Level 3 because these assets 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 Accounting Standards Update 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 transferred this investment from Level 3 to Level 2 within the fair value hierarchy during the third quarter of 2024 because Lineage became a publicly traded company during that period. Although its share price is actively traded on an open market, 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. During the nine months ended September 30, 2024, we recognized a non-cash unrealized loss on our investment in shares of Lineage of $43.6 million, due to a lower closing share price, which was recorded within Other gains and (losses) in the consolidated financial statements. In addition, during the nine months ended September 30, 2024, we recognized dividends of $5.1 million 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 $361.3 million and $404.9 million at September 30, 2024 and December 31, 2023 respectively. Investment in Shares of GCIF — We account for our investment in shares of Guggenheim Credit Income Fund (“GCIF”), which is included in Other assets, net in the consolidated financial statements, at fair value. We classified this investment as Level 2 because we used a quoted price from an inactive market to determine its fair value. During the nine months ended September 30, 2024, we received liquidating distributions from our investment in shares of GCIF totaling $0.4 million, which reduced the cost basis of our investment. The fair value of our investment in shares of GCIF was $0.4 million and $0.8 million at September 30, 2024 and at December 31, 2023, respectively. Other than the transfer of our investment in shares of Lineage from Level 3 to Level 2 noted above, we did not have any transfers into or out of Level 1, Level 2, and Level 3 category of measurements during either the nine months ended September 30, 2024 or 2023. 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): September 30, 2024 December 31, 2023 Level Carrying Value Fair Value Carrying Value Fair Value Senior Unsecured Notes, net (a) (b) (c) 2 and 3 $ 6,134,810 $ 5,858,282 $ 6,035,686 $ 5,598,423 Non-recourse mortgages, net (a) (b) (d) 3 451,962 453,204 579,147 572,553 __________ (a) The carrying value of Senior Unsecured Notes, net ( Note 10 ) includes unamortized deferred financing costs of $27.1 million and $21.0 million at September 30, 2024 and December 31, 2023, respectively. The carrying value of Non-recourse mortgages, net includes unamortized deferred financing costs of $0.6 million and less than $0.1 million at September 30, 2024 and December 31, 2023, respectively. (b) The carrying value of Senior Unsecured Notes, net includes unamortized discount of $24.8 million and $20.1 million at September 30, 2024 and December 31, 2023, respectively. The carrying value of Non-recourse mortgages, net includes unamortized discount of $5.3 million and $4.3 million at September 30, 2024 and December 31, 2023, 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 2026 ( Note 10 ), but excluding finance receivables ( Note 5 ), had fair values that approximated their carrying values at both September 30, 2024 and December 31, 2023. 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 2023 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 (in thousands): Three Months Ended September 30, 2024 2023 Fair Value Measurements Impairment Charges Fair Value Measurements Impairment Charges Impairment Charges Real estate $ — $ — $ 3,213 $ 15,173 $ — $ 15,173 Nine Months Ended September 30, 2024 2023 Fair Value Impairment Fair Value Impairment Impairment Charges Real estate $ 75,944 $ 15,752 $ 3,213 $ 15,173 $ 15,752 $ 15,173 Impairment charges, and their related triggering events and fair value measurements, recognized during the three and nine months ended September 30, 2024 and 2023, were as follows: Real Estate The impairment charges described below are reflected within Impairment charges — real estate in our consolidated statements of income. 2024 — During the nine months ended September 30, 2024, we recognized impairment charges totaling $15.8 million on three properties in order to reduce their carrying values to their estimated fair values, which approximated their estimated selling prices. Two of these properties were sold in July 2024. 2023 — During the three and nine months ended September 30, 2023, we recognized an impairment charge of $15.2 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 October 2023.

Risk Management and Use of Deri

Risk Management and Use of Derivative Financial Instruments	9 Months Ended
	Sep. 30, 2024
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 2023 Annual Report. At both September 30, 2024 and December 31, 2023, 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 Location Derivative Assets Fair Value at Derivative Liabilities Fair Value at September 30, 2024 December 31, 2023 September 30, 2024 December 31, 2023 Foreign currency collars Other assets, net $ 8,007 $ 14,103 $ — $ — Interest rate swaps Other assets, net 255 995 — — Foreign currency collars Accounts payable, accrued expenses and other liabilities — — (4,022) (4,029) Interest rate swaps Accounts payable, accrued expenses and other liabilities — — (1,425) (1,678) 8,262 15,098 (5,447) (5,707) Derivatives Not Designated as Hedging Instruments Foreign currency collars Accounts payable, accrued expenses and other liabilities — — (31) (217) — — (31) (217) Total derivatives $ 8,262 $ 15,098 $ (5,478) $ (5,924) 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 September 30, Nine Months Ended September 30, Derivatives in Cash Flow Hedging Relationships 2024 2023 2024 2023 Foreign currency collars $ (11,750) $ 7,928 $ (6,090) $ (4,710) Interest rate swaps (1,557) (514) (374) 683 Interest rate cap — (3) — (9) Total $ (13,307) $ 7,411 $ (6,464) $ (4,036) Amount of Gain (Loss) on Derivatives Reclassified from Derivatives in Cash Flow Hedging Relationships Location of Gain (Loss) Recognized in Income Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Foreign currency collars Non-operating income $ 2,520 $ 2,787 $ 7,586 $ 10,656 Interest rate swaps and cap Interest expense 406 659 1,935 1,132 Total $ 2,926 $ 3,446 $ 9,521 $ 11,788 __________ (a) Excludes net losses of $0.4 million and $0.6 million recognized on unconsolidated jointly owned investments for the three months ended September 30, 2024 and 2023, respectively, and net losses of $1.0 million and $1.3 million for the nine months ended September 30, 2024 and 2023, respectively. 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 September 30, 2024, we estimate that an additional $0.4 million and $4.3 million 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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Foreign currency collars Non-operating income $ (892) $ 951 $ 484 $ 935 Interest rate swaps Interest expense (434) (683) (2,021) (1,220) Derivatives Not in Cash Flow Hedging Relationships Foreign currency collars Other gains and (losses) (332) 450 185 409 Total $ (1,658) $ 718 $ (1,352) $ 124 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 September 30, 2024 are summarized as follows (currency in thousands): Interest Rate Derivatives Number of Instruments Notional Fair Value at (a) Designated as Cash Flow Hedging Instruments Interest rate swaps 4 531,263 EUR (1,425) Interest rate swaps 2 15,965 USD 255 $ (1,170) __________ (a) Fair value amounts are based on the exchange rate of the euro at September 30, 2024, 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 59 months or less. The following table presents the foreign currency collars that we had outstanding at September 30, 2024 (currency in thousands): Foreign Currency Derivatives Number of Instruments Notional Fair Value at September 30, 2024 Designated as Cash Flow Hedging Instruments Foreign currency collars 52 282,000 EUR $ 3,807 Foreign currency collars 25 15,900 GBP 178 Not Designated as Cash Flow Hedging Instruments Foreign currency collar 1 5,000 EUR (31) $ 3,954 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 September 30, 2024. At September 30, 2024, our total credit exposure and the maximum exposure to any single counterparty was $4.6 million and $1.6 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 September 30, 2024, 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 $5.5 million and $5.9 million at September 30, 2024 and December 31, 2023, respectively, which included accrued interest and any nonperformance risk adjustments. If we had breached any of these provisions at September 30, 2024 or December 31, 2023, we could have been required to settle our obligations under these agreements at their aggregate termination value of $5.5 million and $6.0 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, or Japanese yen 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 borrowings under our euro-denominated senior notes and changes in the value of our euro, Japanese yen, and British pound sterling 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 (losses) gains related to non-derivative net investment hedges were $(184.9) million and $108.0 million for the three months ended September 30, 2024 and 2023, respectively, and $(59.1) million and $38.6 million for the nine months ended September 30, 2024 and 2023, respectively.

Debt

Debt	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Debt	Debt Term Loan Agreement As of both September 30, 2024 and December 31, 2023, we had a €500.0 million unsecured term loan outstanding maturing on April 24, 2026 (our “Unsecured Term Loan due 2026”), comprised of (i) a €300.0 million term loan (our “Term Loan due 2026”) and (ii) a €200.0 million delayed draw term loan (our “Delayed Draw Term Loan due 2026”). The Unsecured Term Loan due 2026 is incorporated into the Senior Unsecured Credit Facility, which is described below. Senior Unsecured Credit Facility As of both September 30, 2024 and December 31, 2023, we had a multi-currency senior unsecured credit facility, comprised of (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) a €215.0 million term loan maturing on February 14, 2028 (our “EUR Term Loan due 2028”). 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 2026 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 September 30, 2024, 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 September 30, 2024, our Unsecured Revolving Credit Facility had available capacity of approximately $1.8 billion (net of amounts reserved for standby letters of credit totaling $5.9 million). We currently incur an annual facility fee of 0.125% of the total commitment on our Unsecured Revolving Credit Facility based on (i) our credit ratings of BBB+ and Baa1 or (ii) the “Leverage Ratio” (as defined in the credit agreement for our Senior Unsecured Credit Facility), 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 September 30, 2024 (a) Maturity Date at September 30, 2024 Principal Outstanding Balance at September 30, 2024 December 31, 2023 Unsecured Term Loans: (b) Unsecured Term Loan due 2026 — borrowing in euros (c) 4.29% 4/24/2026 $ 559,800 $ 552,500 GBP Term Loan due 2028 — borrowing in British pounds sterling (d) SONIA + 0.80% 2/14/2028 361,840 343,306 EUR Term Loan due 2028 — borrowing in euros (e) EURIBOR + 0.80% 2/14/2028 240,714 237,575 1,162,354 1,133,381 Unsecured Revolving Credit Facility: Borrowing in euros (e) EURIBOR + 0.725% 2/14/2029 212,724 386,750 Borrowing in Japanese yen (f) TIBOR + 0.725% 2/14/2029 16,883 17,035 229,607 403,785 $ 1,391,961 $ 1,537,166 __________ (a) The applicable interest rate at September 30, 2024 was based on the credit ratings for our Senior Unsecured Notes of BBB+/Baa1 or our Leverage Ratio. (b) Balance excludes unamortized discount of $5.6 million and $7.4 million at September 30, 2024 and December 31, 2023, respectively, and unamortized deferred financing costs of $0.3 million and $0.4 million at September 30, 2024 and December 31, 2023, respectively. (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 3.49% through December 31, 2024. Upon maturity of the interest rate swaps, the Unsecured Term Loan due 2026 will be subject to a variable interest rate based on EURIBOR. (d) SONIA means Sterling Overnight Index Average. (e) EURIBOR means Euro Interbank Offered Rate. (f) 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 $6.2 billion at September 30, 2024 (the “Senior Unsecured Notes”). On May 16, 2024, we completed an underwritten public offering of €650.0 million of 4.25% Senior Notes due 2032, at a price of 99.526% of par value. These 4.25% Senior Notes due 2032 have an 8.2-year On June 28, 2024, we completed an underwritten public offering of $400.0 million of 5.375% Senior Notes due 2034, at a price of 98.843% of par value. These 5.375% Senior Notes due 2034 have a 10.0-year 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 Principal Amount Coupon Rate Maturity Date Principal Outstanding Balance at Senior Unsecured Notes, net (a) Issue Date September 30, 2024 December 31, 2023 4.6% Senior Notes due 2024 (b) 3/14/2014 $ 500,000 4.6 % 4/1/2024 $ — $ 500,000 2.25% Senior Notes due 2024 (c) 1/19/2017 € 500,000 2.25 % 7/19/2024 — 552,500 4.0% Senior Notes due 2025 1/26/2015 $ 450,000 4.0 % 2/1/2025 450,000 450,000 2.25% Senior Notes due 2026 10/9/2018 € 500,000 2.25 % 4/9/2026 559,800 552,500 4.25% Senior Notes due 2026 9/12/2016 $ 350,000 4.25 % 10/1/2026 350,000 350,000 2.125% Senior Notes due 2027 3/6/2018 € 500,000 2.125 % 4/15/2027 559,800 552,500 1.35% Senior Notes due 2028 9/19/2019 € 500,000 1.35 % 4/15/2028 559,800 552,500 3.85% Senior Notes due 2029 6/14/2019 $ 325,000 3.85 % 7/15/2029 325,000 325,000 3.41% Senior Notes due 2029 9/28/2022 € 150,000 3.41 % 9/28/2029 167,940 165,750 0.95% Senior Notes due 2030 3/8/2021 € 525,000 0.95 % 6/1/2030 587,790 580,125 2.4% Senior Notes due 2031 10/14/2020 $ 500,000 2.4 % 2/1/2031 500,000 500,000 2.45% Senior Notes due 2032 10/15/2021 $ 350,000 2.45 % 2/1/2032 350,000 350,000 4.25% Senior Notes due 2032 5/16/2024 € 650,000 4.25 % 7/23/2032 727,740 — 3.7% Senior Notes due 2032 9/28/2022 € 200,000 3.7 % 9/28/2032 223,920 221,000 2.25% Senior Notes due 2033 2/25/2021 $ 425,000 2.25 % 4/1/2033 425,000 425,000 5.375% Senior Notes due 2034 6/28/2024 $ 400,000 5.375 % 6/30/2034 400,000 — $ 6,186,790 $ 6,076,875 __________ (a) Aggregate balance excludes unamortized deferred financing costs totaling $27.1 million and $21.1 million, and unamortized discount totaling $24.8 million and $20.1 million, at September 30, 2024 and December 31, 2023, respectively. (b) In April 2024, we repaid our $500 million of 4.6% Senior Notes due 2024 at maturity. (c) In July 2024, we repaid our €500 million of 2.25% Senior Notes due 2024 at maturity. 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 2023 Annual Report. We were in compliance with all of these covenants at September 30, 2024. Non-Recourse Mortgages At September 30, 2024, the weighted-average interest rate for our total non-recourse mortgage notes payable was 4.7% (fixed-rate and variable-rate non-recourse mortgage notes payable were 4.6% and 5.0%, respectively), with maturity dates ranging from November 2024 to February 2033. During the nine months ended September 30, 2024, we assumed five non-recourse mortgage loans with an aggregate outstanding principal balance totaling $66.0 million in connection with the acquisitions of certain properties ( Note 4 ). These mortgage loans have a weighted-average fixed annual interest rate of 4.5% and maturity dates ranging from May 2027 to September 2029. Repayments During the nine months ended September 30, 2024, we (i) repaid non-recourse mortgage loans at or close to maturity with an aggregate principal balance of approximately $142.8 million and (ii) prepaid non-recourse mortgage loans totaling $33.8 million. The weighted-average interest rate for these non-recourse mortgage loans on their respective dates of repayment was 4.4%. Foreign Currency Exchange Rate Impact During the nine months ended September 30, 2024, the U.S. dollar weakened against the euro, resulting in an increase of $74.5 million in the aggregate carrying values of our Non-recourse mortgages, net, Senior Unsecured Credit Facility, and Senior Unsecured Notes, net from December 31, 2023 to September 30, 2024. Scheduled Debt Principal Payments Scheduled debt principal payments as of September 30, 2024 are as follows (in thousands): Years Ending December 31, Total 2024 (remainder) $ 7,261 2025 709,513 2026 1,560,704 2027 570,246 2028 1,236,926 Thereafter through 2034 3,951,885 Total principal payments 8,036,535 Unamortized discount, net (35,736) Unamortized deferred financing costs (27,978) Total $ 7,972,821 Certain amounts in the table above are based on the applicable foreign currency exchange rate at September 30, 2024.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies At September 30, 2024, 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.

Stock-Based Compensation and Eq

Stock-Based Compensation and Equity	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Stock-Based Compensation and Equity	Stock-Based Compensation and Equity Stock-Based Compensation In June 2024, our stockholders approved the Amended and Restated 2017 Share Incentive Plan (the “Plan”), which authorizes the issuance of up to 4,000,000 additional shares of our common stock and makes certain other changes. The Plan is more fully described in the registration statement on Form S-8 filed on June 14, 2024. Our 2017 Share Incentive Plan and certain other stock-based compensation plans that we maintain are more fully described in the 2023 Annual Report. We recorded stock-based compensation expense of $13.5 million and $9.1 million during the three months ended September 30, 2024 and 2023, respectively, and $31.2 million and $25.8 million during the nine months ended September 30, 2024 and 2023, 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 September 30, 2024 and changes during the nine months ended September 30, 2024 were as follows: RSA and RSU Awards PSU Awards Shares Weighted-Average Shares Weighted-Average Nonvested at January 1, 2024 447,358 $ 77.69 526,413 $ 105.92 Granted (a) 296,907 63.91 213,645 82.95 Vested (b) (180,619) 75.39 (309,670) 86.19 Forfeited (6,831) 72.38 (3,364) 101.11 Adjustment (c) — — 107,760 83.17 Nonvested at September 30, 2024 (d) 556,815 $ 70.26 534,784 $ 102.35 __________ (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 nine months ended September 30, 2024, we used a risk-free interest rate of 4.1%, an expected volatility rate of 20.5%, and assumed a dividend yield of zero. (b) The grant date fair value of shares vested during the nine months ended September 30, 2024 was $40.3 million. Employees 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 September 30, 2024 and December 31, 2023, we had an obligation to issue 1,390,983 and 1,196,955 shares, respectively, of our common stock underlying such deferred awards, which is recorded within Total stockholders’ equity as a Deferred compensation obligation of $78.4 million and $62.0 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 September 30, 2024 to reflect the number of shares expected to be issued when the PSUs vest. (d) At September 30, 2024, total unrecognized compensation expense related to these awards was approximately $46.7 million, with an aggregate weighted-average remaining term of 1.8 years. Earnings Per Share The following table summarizes basic and diluted earnings (dollars in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Net income — basic and diluted $ 111,698 $ 125,040 $ 413,816 $ 564,040 Weighted-average shares outstanding — basic 220,221,366 215,097,114 220,149,886 214,052,907 Effect of dilutive securities 182,783 155,855 275,358 374,518 Weighted-average shares outstanding — diluted 220,404,149 215,252,969 220,425,244 214,427,425 For the three and nine months ended September 30, 2024 and 2023, potentially dilutive securities excluded from the computation of diluted earnings per share were insignificant. Acquisitions of Noncontrolling Interests On May 30, 2023, we acquired the remaining 3% interest in an international jointly owned investment (which we already consolidated) from the noncontrolling interest holders for nominal consideration, bringing our ownership interest to 100%. No gain or loss was recognized on the transaction. We recorded an increase of approximately $1.2 million to Additional paid-in capital in our consolidated statements of equity for the nine months ended September 30, 2023 related to the difference between the consideration transferred and the carrying value of the noncontrolling interest related to this investment. On July 18, 2023, we acquired the remaining 10% interest in a domestic jointly owned investment (which we already consolidated) from the noncontrolling interest holders for $2.4 million, bringing our ownership interest to 100%. No gain or loss was recognized on the transaction. We recorded an increase of approximately $2.5 million to Additional paid-in capital in our consolidated statements of equity for the three and nine months ended September 30, 2023 related to the difference between the consideration transferred and the carrying value of the noncontrolling interest related to this investment. ATM Program and Forward Equity On May 2, 2022, 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 $1.0 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”). During 2023, we settled the ATM Forwards in full prior to the maturity date of each ATM Forward via physical delivery of the outstanding shares of common stock in exchange for cash proceeds. The forward sale price that we received upon physical settlement of the ATM Forwards was (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. We determined that our ATM Forwards met the criteria for equity classification and were therefore exempt from derivative accounting. We recorded the ATM Forwards at fair value at inception, which we determined to be zero. Subsequent changes to fair value are not required under equity classification. The following table sets forth certain information regarding the settlement of our forward equity during the periods presented (dollars in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Shares of common stock delivered — — — 3,081,867 Net proceeds $ — $ — $ — $ 249,806 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 September 30, 2024 Gains and (Losses) on Derivative Instruments Foreign Currency Translation Adjustments Total Beginning balance $ 15,963 $ (268,603) $ (252,640) Other comprehensive income before reclassifications (10,816) 28,630 17,814 Amounts reclassified from accumulated other comprehensive loss to: Non-operating income (2,520) — (2,520) Interest expense (406) — (406) Total (2,926) — (2,926) Net current period other comprehensive income (13,742) 28,630 14,888 Net current period other comprehensive income attributable to noncontrolling interests — (235) (235) Ending balance $ 2,221 $ (240,208) $ (237,987) Three Months Ended September 30, 2023 Gains and (Losses) on Derivative Instruments Foreign Currency Translation Adjustments Total Beginning balance $ 23,879 $ (303,810) $ (279,931) Other comprehensive income before reclassifications 10,262 (8,844) 1,418 Amounts reclassified from accumulated other comprehensive loss to: Non-operating income (2,787) — (2,787) Interest expense (659) — (659) Total (3,446) — (3,446) Net current period other comprehensive loss 6,816 (8,844) (2,028) Net current period other comprehensive loss attributable to noncontrolling interests — 139 139 Ending balance $ 30,695 $ (312,515) $ (281,820) Nine Months Ended September 30, 2024 Gains and (Losses) on Derivative Instruments Foreign Currency Translation Adjustments Total Beginning balance $ 9,650 $ (264,517) $ (254,867) Other comprehensive income before reclassifications 2,092 24,268 26,360 Amounts reclassified from accumulated other comprehensive loss to: Non-operating income (7,586) — (7,586) Interest expense (1,935) — (1,935) Total (9,521) — (9,521) Net current period other comprehensive income (7,429) 24,268 16,839 Net current period other comprehensive loss attributable to noncontrolling interests — 41 41 Ending balance $ 2,221 $ (240,208) $ (237,987) Nine Months Ended September 30, 2023 Gains and (Losses) on Derivative Instruments Foreign Currency Translation Adjustments Total Beginning balance $ 36,079 $ (319,859) $ (283,780) Other comprehensive income before reclassifications 6,404 7,092 13,496 Amounts reclassified from accumulated other comprehensive loss to: Non-operating income (10,656) — (10,656) Interest expense (1,132) — (1,132) Total (11,788) — (11,788) Net current period other comprehensive income (5,384) 7,092 1,708 Net current period other comprehensive loss attributable to noncontrolling interests — 252 252 Ending balance $ 30,695 $ (312,515) $ (281,820) See Note 9 for additional information on our derivatives activity recognized within Other comprehensive income (loss) for the periods presented. Dividends Declared During the third quarter of 2024, our board of directors declared a quarterly dividend of $0.875 per share, which was paid on October 15, 2024 to stockholders of record as of September 30, 2024. During the nine months ended September 30, 2024, we declared dividends totaling $2.610 per share.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2024
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 and nine months ended September 30, 2024 and 2023. 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 and nine months ended September 30, 2024 and 2023. Current income tax expense was $10.6 million and $9.4 million for the three months ended September 30, 2024 and 2023, respectively, and $28.3 million and $33.0 million for the nine months ended September 30, 2024 and 2023, respectively. Deferred income tax benefit was $1.6 million and $4.3 million for the three months ended September 30, 2024 and 2023, respectively, and $4.3 million and $2.7 million for the nine months ended September 30, 2024 and 2023, respectively.

Property Dispositions

Property Dispositions	9 Months Ended
	Sep. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]
Property Dispositions	Property Dispositions We implemented the Office Sale Program in September 2023, which is substantially completed ( Note 1 ). All property dispositions are also discussed in Note 4 and Note 5 . 2024 — During the three and nine months ended September 30, 2024, we sold seven and 172 properties, respectively, for total proceeds, net of selling costs, of $92.4 million and $1.1 billion, respectively, and recognized a net gain on these sales totaling $9.1 million and $63.9 million, respectively (inclusive of income taxes totaling $3.0 million recognized upon sale for the nine months ended September 30, 2024). One of the properties sold during the second quarter of 2024 was a hotel operating property. This disposition activity for the three and nine months ended September 30, 2024 includes the sale of two and 77 properties, respectively, under the Office Sale Program for total proceeds, net of selling costs, of $47.1 million and $498.2 million, respectively, resulting in a net gain on these sales totaling $4.7 million and $5.3 million, respectively. 2023 — During the three and nine months ended September 30, 2023, we sold six and 14 properties, respectively, for total proceeds, net of selling costs, of $143.6 million and $187.7 million, respectively, and recognized a net gain on these sales totaling $14.1 million and $17.5 million, respectively (inclusive of income taxes totaling $0.7 million for both the three and nine months ended September 30, 2023, recognized upon sale). Three of the properties sold during the third quarter of 2023 were hotel operating properties. In addition, we recognized a loss on sale of real estate of $11.7 million during the three and nine months ended September 30, 2023, reflecting the updated estimated purchase price for a property classified as held for sale as of September 30, 2023, in accordance with ASC 360, Property, Plant, and Equipment . This property was sold in the fourth quarter of 2023.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Acquisitions In October 2024, we completed three acquisitions totaling approximately $230.8 million. They are as follows: • $72.8 million for a portfolio of three industrial facilities in Mexico; • $58.4 million for one industrial property in Lebanon, Indiana; and • $99.6 million for one industrial property in Shelbyville, Kentucky. Dispositions In October 2024, we sold one international property for gross proceeds totaling approximately $79.8 million. Tenant Bankruptcy On October 14, 2024, a tenant announced that it had initiated voluntary Chapter 11 bankruptcy proceedings and that it had entered into an agreement to sell substantially all of its business operations. As of September 30, 2024, we leased nine properties to this tenant, generating $18.8 million (1.4%) of our total contractual minimum annualized base rent (“ABR”), ranking it as our 15th largest tenant, with a weighted-average lease term of 13.8 years. This tenant remains current on rent, having paid substantially all rent due for 2024.

Basis of Presentation (Policies

Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation
Basis of Consolidation	Basis of Consolidation
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 2023 Annual Report. During the nine months ended September 30, 2024, we had a net decrease of 12 entities classified as VIEs, primarily related to the completion of certain tax-deferred like-kind exchanges under Section 1031 of the Internal Revenue Code (“1031 Exchange”), dispositions, and the purchase of the remaining controlling interest in a jointly owned investment ( Note 7 ). At September 30, 2024 and December 31, 2023, we considered nine and 21 entities, respectively, to be VIEs, of which we consolidated five and 15, respectively, 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): September 30, 2024 December 31, 2023 Land, buildings and improvements — net lease and other $ 117,121 $ 237,858 Land, buildings and improvements — operating properties — 39,422 Net investments in finance leases and loans receivable 144,103 595,524 In-place lease intangible assets and other 9,244 40,650 Above-market rent intangible assets 3,923 6,828 Accumulated depreciation and amortization (18,039) (23,580) Total assets 260,652 947,509 Non-recourse mortgages, net $ 51,583 $ 59,715 Below-market rent intangible liabilities, net 28 32 Total liabilities 67,746 101,047 At September 30, 2024 and December 31, 2023, our four and six unconsolidated VIEs, respectively, 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), and (ii) two unconsolidated investments in equity securities, which we accounted for as investments in shares of the entities at fair value. In addition, at December 31, 2023, we had a variable interest in NLOP, which we also deemed a VIE, due to our guarantee of a non-recourse mortgage loan with approximately $19.0 million principal balance outstanding as of December 31, 2023 encumbering a property that was derecognized in the Spin-Off ( Note 1 ). This non-recourse mortgage loan was repaid by NLOP during the first quarter of 2024 and as a result, NLOP is not deemed a VIE as of September 30, 2024. As of September 30, 2024, and December 31, 2023, the net carrying amount of our investments in these entities was $631.5 million and $729.8 million, respectively, and our maximum exposure to loss in these entities was limited to our investments.
Reclassifications	Reclassifications Certain prior period amounts have been reclassified to conform to the current period presentation. Reimbursable costs from affiliates (revenues) are now included within Other advisory income and reimbursements. Reimbursable affiliate costs (expenses) are now included within General and administrative expenses. Previously, such amounts were presented in their own financial statement line items on the consolidated statements of income.
Revenue Recognition	Revenue Recognition
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.
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.

Basis of Presentation (Tables)

Basis of Presentation (Tables)	9 Months Ended
	Sep. 30, 2024
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): September 30, 2024 December 31, 2023 Land, buildings and improvements — net lease and other $ 117,121 $ 237,858 Land, buildings and improvements — operating properties — 39,422 Net investments in finance leases and loans receivable 144,103 595,524 In-place lease intangible assets and other 9,244 40,650 Above-market rent intangible assets 3,923 6,828 Accumulated depreciation and amortization (18,039) (23,580) Total assets 260,652 947,509 Non-recourse mortgages, net $ 51,583 $ 59,715 Below-market rent intangible liabilities, net 28 32 Total liabilities 67,746 101,047
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): September 30, 2024 December 31, 2023 Cash and cash equivalents $ 818,194 $ 633,860 Restricted cash (a) 60,935 58,111 Total cash and cash equivalents and restricted cash $ 879,129 $ 691,971 __________ (a) Restricted cash is included within Other assets, net on our consolidated balance sheets. The amount as of September 30, 2024 includes $27.0 million of proceeds from certain dispositions, which are held by an intermediary and have been designated for future 1031 Exchange transactions.
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): September 30, 2024 December 31, 2023 Cash and cash equivalents $ 818,194 $ 633,860 Restricted cash (a) 60,935 58,111 Total cash and cash equivalents and restricted cash $ 879,129 $ 691,971 __________ (a) Restricted cash is included within Other assets, net on our consolidated balance sheets. The amount as of September 30, 2024 includes $27.0 million of proceeds from certain dispositions, which are held by an intermediary and have been designated for future 1031 Exchange transactions.

Agreements and Transactions w_2

Agreements and Transactions with Related Parties (Tables)	9 Months Ended
	Sep. 30, 2024
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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Asset management revenue (a) (b) $ 1,557 $ 194 $ 5,136 $ 836 Administrative reimbursements (a) (c) 1,000 — 3,000 — Reimbursable costs from affiliates (a) (c) 51 97 171 322 $ 2,608 $ 291 $ 8,307 $ 1,158 Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 NLOP $ 2,465 $ — $ 7,868 $ — CESH 143 291 439 1,158 $ 2,608 $ 291 $ 8,307 $ 1,158 __________ (a) Amounts represent revenues from contracts under ASC 606. (b) Included within Asset management revenue in the consolidated statements of income. (c) Included within Other advisory income and reimbursements 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): September 30, 2024 December 31, 2023 Asset management fees receivable $ 664 $ 1,349 Accounts receivable 458 768 Reimbursable costs 45 59 $ 1,167 $ 2,176

Land, Buildings and Improveme_2

Land, Buildings and Improvements, and Assets Held for Sale (Tables)	9 Months Ended
	Sep. 30, 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): September 30, 2024 December 31, 2023 Land $ 2,371,452 $ 2,248,300 Buildings and improvements 10,305,779 9,801,596 Real estate under construction 68,695 45,562 Less: Accumulated depreciation (1,673,843) (1,509,730) $ 11,072,083 $ 10,585,728 The aggregate purchase price allocation for investments disclosed above is as follows (dollars in thousands): Total Capitalized Costs Land $ 96,287 Buildings and improvements 412,069 Intangible assets and liabilities: In-place lease (weighted-average expected life of 15.4 years) 84,298 Below-market rent (expected life of 12.8 years) (408) Right-of-use assets: Land lease right-of-use assets 4,346 Debt discount and deferred financing costs on non-recourse mortgage loans assumed 4,231 Operating lease liabilities (4,346) $ 596,477 September 30, 2024 December 31, 2023 Land $ 144,871 $ 150,084 Buildings and improvements 1,059,480 1,104,635 Real estate under construction — 1,530 Less: Accumulated depreciation (93,950) (80,057) $ 1,110,401 $ 1,176,192 The aggregate purchase price allocation for investment disclosed above is as follows (dollars in thousands): Total Capitalized Costs Land $ 1,729 Buildings and improvements 5,291 Intangible assets: In-place lease (expected life of 0.5 years) 388 $ 7,408
Schedule of Real Estate Acquired	During the nine months ended September 30, 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 Commercial Point, Ohio 1 4/5/2024 Warehouse 94,220 Tucson, Arizona 1 5/13/2024 Warehouse 38,784 Portfolio Acquisition: Various, United States 5 5/15/2024 Industrial, Warehouse 44,400 Various, United States 4 5/15/2024 Industrial 23,330 Sylacauga, Alabama 1 5/15/2024 Industrial 5,852 Moxee, Washington and La Porte, Indiana (b) 2 6/26/2024 Industrial 37,019 Various, North Carolina (b) 3 7/23/2024 Industrial, Retail 18,260 Neenah, Wisconsin (b) 1 7/23/2024 Industrial 19,868 Alexandria, Canada (a) (b) 1 8/6/2024 Warehouse 26,030 Tillsonburg and Oldcastle, Canada (b) 2 8/6/2024 Industrial 15,919 Portfolio Total 19 190,678 Mesa and Laveen, Arizona 2 6/3/2024 Retail 26,964 Various, Poland (a) 123 7/25/2024; 9/18/2024 Retail 31,508 Las Vegas, Nevada 1 8/2/2024 Retail 12,471 West Des Moines, Iowa 1 8/9/2024 Retail 21,063 156 $ 596,477 __________ (a) Amount reflects the applicable exchange rate on the date of transaction. (b) In connection with these acquisitions, we assumed non-recourse mortgage loans encumbering the properties with an outstanding principal balance totaling $66.0 million ( Note 10 ). During the nine months ended September 30, 2024, we entered into the following self-storage operating property investment, which was deemed to be a real estate asset acquisition (dollars in thousands): Property Location(s) Number of Properties Date of Acquisition Property Type Total Capitalized Costs Dayton, Ohio 1 8/19/2024 Self-Storage $ 7,408 1 $ 7,408
Schedule of Real Estate under Construction	During the nine months ended September 30, 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, North Carolina Expansion 1 3/8/2024 Industrial $ 14,737 Little Rock, Arkansas Expansion 1 4/10/2024 Self-Storage (Operating) 3,280 Irvine, California Redevelopment 1 6/27/2024 Industrial 15,222 3 $ 33,239
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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Lease income — fixed $ 299,180 $ 325,481 $ 873,063 $ 958,015 Lease income — variable (a) 34,859 43,678 107,331 132,604 Total operating lease income $ 334,039 $ 369,159 $ 980,394 $ 1,090,619 __________ (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): September 30, 2024 December 31, 2023 Land, buildings and improvements — net lease and other $ 29,685 $ 46,986 In-place lease intangible assets and other 13,534 5,222 Above-market rent intangible assets 1,610 8,374 Accumulated depreciation and amortization (15,044) (23,460) Assets held for sale, net $ 29,785 $ 37,122

Finance Receivables (Tables)

Finance Receivables (Tables)	9 Months Ended
	Sep. 30, 2024
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 Date September 30, 2024 December 31, 2023 Sale-leaseback transactions accounted for as loans receivable (a) 2038 – 2052 $ 313,646 $ 236,611 Net investments in direct financing leases (b) 2025 – 2036 303,651 431,328 Net investments in sales-type leases (c) 2025 39,757 835,734 Secured loans receivable (d) N/A — 11,250 $ 657,054 $ 1,514,923 __________ (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 $11.6 million and $0.8 million as of September 30, 2024 and December 31, 2023, 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 September 30, 2024 or December 31, 2023. (d) Amounts are net of allowance for credit losses of $2.1 million as of December 31, 2023. See below under Loans Receivable for discussion of the repayment of this secured loan receivable. Net Investments in Direct Financing Leases Net investments in direct financing leases is summarized as follows (in thousands): September 30, 2024 December 31, 2023 Lease payments receivable $ 192,247 $ 285,512 Unguaranteed residual value 284,491 434,234 476,738 719,746 Less: unearned income (162,701) (251,441) Less: allowance for credit losses (a) (10,386) (36,977) $ 303,651 $ 431,328 __________ (a) During the nine months ended September 30, 2024 and 2023, we recorded a net allowance for credit losses of $2.2 million and a net release of allowance for credit losses of $6.1 million, respectively, on our net investments in direct financing leases due to changes in expected economic conditions, which was included within Other gains and (losses) in our consolidated statements of income. In addition, during the nine months ended September 30, 2024, we reduced the allowance for credit losses balance by $28.8 million, in connection with the reclassification of certain properties from Net investments in finance leases and loans receivable to Land, buildings and improvements — net lease and other, as described below.
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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Net investments in direct financing leases $ 8,607 $ 12,626 $ 26,299 $ 38,075 Sale-leaseback transactions accounted for as loans receivable 5,703 3,694 15,224 11,037 Net investments in sales-type leases 846 9,688 12,422 22,605 Secured loans receivable 556 1,567 2,521 3,924 $ 15,712 $ 27,575 $ 56,466 $ 75,641
Schedule of Loans Receivable	During the nine months ended September 30, 2024, 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 Properties Date of Acquisition Property Type Total Investment Various, Italy (a) 4 3/26/2024 Industrial, Warehouse $ 83,890 4 $ 83,890 __________ (a) Amount reflects the applicable exchange rate on the date of transaction.
Schedule of Net Investments in Sales-Type Leases	Net investments in sales-type leases is summarized as follows (in thousands): September 30, 2024 December 31, 2023 Lease payments receivable (a) $ 40,100 $ 849,881 40,100 849,881 Less: unearned income (343) (14,147) $ 39,757 $ 835,734 __________ (a) Includes estimated purchase price and total rents owed.
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 at Carrying Value at Internal Credit Quality Indicator September 30, 2024 December 31, 2023 September 30, 2024 December 31, 2023 1 – 3 16 18 $ 471,679 $ 1,338,877 4 6 8 200,308 215,953 5 1 — 7,006 — $ 678,993 $ 1,554,830

Goodwill and Other Intangibles

Goodwill and Other Intangibles (Tables)	9 Months Ended
	Sep. 30, 2024
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): September 30, 2024 December 31, 2023 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Finite-Lived Intangible Assets Internal-use software development costs $ 2,559 $ (870) $ 1,689 $ 20,745 $ (19,569) $ 1,176 2,559 (870) 1,689 20,745 (19,569) 1,176 Lease Intangibles: In-place lease 2,144,812 (942,883) 1,201,929 2,168,739 (934,138) 1,234,601 Above-market rent 682,345 (484,528) 197,817 706,773 (481,554) 225,219 2,827,157 (1,427,411) 1,399,746 2,875,512 (1,415,692) 1,459,820 Goodwill Goodwill 979,265 — 979,265 978,289 — 978,289 Total intangible assets $ 3,808,981 $ (1,428,281) $ 2,380,700 $ 3,874,546 $ (1,435,261) $ 2,439,285 Finite-Lived Intangible Liabilities Below-market rent $ (204,056) $ 78,122 $ (125,934) $ (203,413) $ 66,541 $ (136,872) Total intangible liabilities $ (204,056) $ 78,122 $ (125,934) $ (203,413) $ 66,541 $ (136,872)

Equity Method Investments (Tabl

Equity Method Investments (Tables)	9 Months Ended
	Sep. 30, 2024
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/Description Ownership Interest September 30, 2024 December 31, 2023 Las Vegas Retail Complex (a) N/A $ 245,351 $ 235,979 Kesko Senukai (b) 70.00% 28,483 28,860 Harmon Retail Corner (c) 15.00% 24,473 24,229 CESH (d) 2.43% 1,158 1,259 Johnson Self Storage (e) 90.00% — 63,934 $ 299,465 $ 354,261 __________ (a) On June 10, 2021, we entered into an agreement to fund a construction loan of approximately $261.9 million (as of September 30, 2024) for a retail complex in Las Vegas, Nevada. Through September 30, 2024, we funded $240.2 million, including $8.8 million during the nine months ended September 30, 2024. Equity income from this investment was $13.5 million and $9.1 million for the nine months ended September 30, 2024 and 2023, respectively, which was recognized within Earnings from equity method investments in our consolidated statements of income. (b) The carrying value of this investment is affected by fluctuations in the exchange rate of the euro. (c) 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. (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 record our investment in CESH on a one quarter lag; therefore, the balance of our equity method investment in CESH recorded as of September 30, 2024 is based on the estimated fair value of our investment as of June 30, 2024. (e) See “Johnson Self Storage” below for discussion of this equity method investment.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2024
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): September 30, 2024 December 31, 2023 Level Carrying Value Fair Value Carrying Value Fair Value Senior Unsecured Notes, net (a) (b) (c) 2 and 3 $ 6,134,810 $ 5,858,282 $ 6,035,686 $ 5,598,423 Non-recourse mortgages, net (a) (b) (d) 3 451,962 453,204 579,147 572,553 __________ (a) The carrying value of Senior Unsecured Notes, net ( Note 10 ) includes unamortized deferred financing costs of $27.1 million and $21.0 million at September 30, 2024 and December 31, 2023, respectively. The carrying value of Non-recourse mortgages, net includes unamortized deferred financing costs of $0.6 million and less than $0.1 million at September 30, 2024 and December 31, 2023, respectively. (b) The carrying value of Senior Unsecured Notes, net includes unamortized discount of $24.8 million and $20.1 million at September 30, 2024 and December 31, 2023, respectively. The carrying value of Non-recourse mortgages, net includes unamortized discount of $5.3 million and $4.3 million at September 30, 2024 and December 31, 2023, 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 (in thousands): Three Months Ended September 30, 2024 2023 Fair Value Measurements Impairment Charges Fair Value Measurements Impairment Charges Impairment Charges Real estate $ — $ — $ 3,213 $ 15,173 $ — $ 15,173 Nine Months Ended September 30, 2024 2023 Fair Value Impairment Fair Value Impairment Impairment Charges Real estate $ 75,944 $ 15,752 $ 3,213 $ 15,173 $ 15,752 $ 15,173

Risk Management and Use of De_2

Risk Management and Use of Derivative Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2024
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 Location Derivative Assets Fair Value at Derivative Liabilities Fair Value at September 30, 2024 December 31, 2023 September 30, 2024 December 31, 2023 Foreign currency collars Other assets, net $ 8,007 $ 14,103 $ — $ — Interest rate swaps Other assets, net 255 995 — — Foreign currency collars Accounts payable, accrued expenses and other liabilities — — (4,022) (4,029) Interest rate swaps Accounts payable, accrued expenses and other liabilities — — (1,425) (1,678) 8,262 15,098 (5,447) (5,707) Derivatives Not Designated as Hedging Instruments Foreign currency collars Accounts payable, accrued expenses and other liabilities — — (31) (217) — — (31) (217) Total derivatives $ 8,262 $ 15,098 $ (5,478) $ (5,924)
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 September 30, Nine Months Ended September 30, Derivatives in Cash Flow Hedging Relationships 2024 2023 2024 2023 Foreign currency collars $ (11,750) $ 7,928 $ (6,090) $ (4,710) Interest rate swaps (1,557) (514) (374) 683 Interest rate cap — (3) — (9) Total $ (13,307) $ 7,411 $ (6,464) $ (4,036) Amount of Gain (Loss) on Derivatives Reclassified from Derivatives in Cash Flow Hedging Relationships Location of Gain (Loss) Recognized in Income Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Foreign currency collars Non-operating income $ 2,520 $ 2,787 $ 7,586 $ 10,656 Interest rate swaps and cap Interest expense 406 659 1,935 1,132 Total $ 2,926 $ 3,446 $ 9,521 $ 11,788 __________ (a) Excludes net losses of $0.4 million and $0.6 million recognized on unconsolidated jointly owned investments for the three months ended September 30, 2024 and 2023, respectively, and net losses of $1.0 million and $1.3 million for the nine months ended September 30, 2024 and 2023, respectively.
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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Foreign currency collars Non-operating income $ (892) $ 951 $ 484 $ 935 Interest rate swaps Interest expense (434) (683) (2,021) (1,220) Derivatives Not in Cash Flow Hedging Relationships Foreign currency collars Other gains and (losses) (332) 450 185 409 Total $ (1,658) $ 718 $ (1,352) $ 124
Schedule of Derivative Instruments	The interest rate swaps that our consolidated subsidiaries had outstanding at September 30, 2024 are summarized as follows (currency in thousands): Interest Rate Derivatives Number of Instruments Notional Fair Value at (a) Designated as Cash Flow Hedging Instruments Interest rate swaps 4 531,263 EUR (1,425) Interest rate swaps 2 15,965 USD 255 $ (1,170) __________ (a) Fair value amounts are based on the exchange rate of the euro at September 30, 2024, as applicable. The following table presents the foreign currency collars that we had outstanding at September 30, 2024 (currency in thousands): Foreign Currency Derivatives Number of Instruments Notional Fair Value at September 30, 2024 Designated as Cash Flow Hedging Instruments Foreign currency collars 52 282,000 EUR $ 3,807 Foreign currency collars 25 15,900 GBP 178 Not Designated as Cash Flow Hedging Instruments Foreign currency collar 1 5,000 EUR (31) $ 3,954

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2024
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 September 30, 2024 (a) Maturity Date at September 30, 2024 Principal Outstanding Balance at September 30, 2024 December 31, 2023 Unsecured Term Loans: (b) Unsecured Term Loan due 2026 — borrowing in euros (c) 4.29% 4/24/2026 $ 559,800 $ 552,500 GBP Term Loan due 2028 — borrowing in British pounds sterling (d) SONIA + 0.80% 2/14/2028 361,840 343,306 EUR Term Loan due 2028 — borrowing in euros (e) EURIBOR + 0.80% 2/14/2028 240,714 237,575 1,162,354 1,133,381 Unsecured Revolving Credit Facility: Borrowing in euros (e) EURIBOR + 0.725% 2/14/2029 212,724 386,750 Borrowing in Japanese yen (f) TIBOR + 0.725% 2/14/2029 16,883 17,035 229,607 403,785 $ 1,391,961 $ 1,537,166 __________ (a) The applicable interest rate at September 30, 2024 was based on the credit ratings for our Senior Unsecured Notes of BBB+/Baa1 or our Leverage Ratio. (b) Balance excludes unamortized discount of $5.6 million and $7.4 million at September 30, 2024 and December 31, 2023, respectively, and unamortized deferred financing costs of $0.3 million and $0.4 million at September 30, 2024 and December 31, 2023, respectively. (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 3.49% through December 31, 2024. Upon maturity of the interest rate swaps, the Unsecured Term Loan due 2026 will be subject to a variable interest rate based on EURIBOR. (d) SONIA means Sterling Overnight Index Average. (e) EURIBOR means Euro Interbank Offered Rate. (f) TIBOR means Tokyo Interbank Offered Rate.
Schedule of Senior Unsecured Notes	The following table presents a summary of our Senior Unsecured Notes outstanding at September 30, 2024 (currency in thousands): Principal Amount Coupon Rate Maturity Date Principal Outstanding Balance at Senior Unsecured Notes, net (a) Issue Date September 30, 2024 December 31, 2023 4.6% Senior Notes due 2024 (b) 3/14/2014 $ 500,000 4.6 % 4/1/2024 $ — $ 500,000 2.25% Senior Notes due 2024 (c) 1/19/2017 € 500,000 2.25 % 7/19/2024 — 552,500 4.0% Senior Notes due 2025 1/26/2015 $ 450,000 4.0 % 2/1/2025 450,000 450,000 2.25% Senior Notes due 2026 10/9/2018 € 500,000 2.25 % 4/9/2026 559,800 552,500 4.25% Senior Notes due 2026 9/12/2016 $ 350,000 4.25 % 10/1/2026 350,000 350,000 2.125% Senior Notes due 2027 3/6/2018 € 500,000 2.125 % 4/15/2027 559,800 552,500 1.35% Senior Notes due 2028 9/19/2019 € 500,000 1.35 % 4/15/2028 559,800 552,500 3.85% Senior Notes due 2029 6/14/2019 $ 325,000 3.85 % 7/15/2029 325,000 325,000 3.41% Senior Notes due 2029 9/28/2022 € 150,000 3.41 % 9/28/2029 167,940 165,750 0.95% Senior Notes due 2030 3/8/2021 € 525,000 0.95 % 6/1/2030 587,790 580,125 2.4% Senior Notes due 2031 10/14/2020 $ 500,000 2.4 % 2/1/2031 500,000 500,000 2.45% Senior Notes due 2032 10/15/2021 $ 350,000 2.45 % 2/1/2032 350,000 350,000 4.25% Senior Notes due 2032 5/16/2024 € 650,000 4.25 % 7/23/2032 727,740 — 3.7% Senior Notes due 2032 9/28/2022 € 200,000 3.7 % 9/28/2032 223,920 221,000 2.25% Senior Notes due 2033 2/25/2021 $ 425,000 2.25 % 4/1/2033 425,000 425,000 5.375% Senior Notes due 2034 6/28/2024 $ 400,000 5.375 % 6/30/2034 400,000 — $ 6,186,790 $ 6,076,875 __________ (a) Aggregate balance excludes unamortized deferred financing costs totaling $27.1 million and $21.1 million, and unamortized discount totaling $24.8 million and $20.1 million, at September 30, 2024 and December 31, 2023, respectively. (b) In April 2024, we repaid our $500 million of 4.6% Senior Notes due 2024 at maturity. (c) In July 2024, we repaid our €500 million of 2.25% Senior Notes due 2024 at maturity.
Scheduled Debt Principal Payments	Scheduled debt principal payments as of September 30, 2024 are as follows (in thousands): Years Ending December 31, Total 2024 (remainder) $ 7,261 2025 709,513 2026 1,560,704 2027 570,246 2028 1,236,926 Thereafter through 2034 3,951,885 Total principal payments 8,036,535 Unamortized discount, net (35,736) Unamortized deferred financing costs (27,978) Total $ 7,972,821

Stock-Based Compensation and _2

Stock-Based Compensation and Equity (Tables)	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Schedule of Restricted and Conditional Award Activity	Nonvested restricted share awards (“RSAs”), restricted share units (“RSUs”), and performance share units (“PSUs”) at September 30, 2024 and changes during the nine months ended September 30, 2024 were as follows: RSA and RSU Awards PSU Awards Shares Weighted-Average Shares Weighted-Average Nonvested at January 1, 2024 447,358 $ 77.69 526,413 $ 105.92 Granted (a) 296,907 63.91 213,645 82.95 Vested (b) (180,619) 75.39 (309,670) 86.19 Forfeited (6,831) 72.38 (3,364) 101.11 Adjustment (c) — — 107,760 83.17 Nonvested at September 30, 2024 (d) 556,815 $ 70.26 534,784 $ 102.35 __________ (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 nine months ended September 30, 2024, we used a risk-free interest rate of 4.1%, an expected volatility rate of 20.5%, and assumed a dividend yield of zero. (b) The grant date fair value of shares vested during the nine months ended September 30, 2024 was $40.3 million. Employees 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 September 30, 2024 and December 31, 2023, we had an obligation to issue 1,390,983 and 1,196,955 shares, respectively, of our common stock underlying such deferred awards, which is recorded within Total stockholders’ equity as a Deferred compensation obligation of $78.4 million and $62.0 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 September 30, 2024 to reflect the number of shares expected to be issued when the PSUs vest. (d) At September 30, 2024, total unrecognized compensation expense related to these awards was approximately $46.7 million, with an aggregate weighted-average remaining term of 1.8 years.
Schedule of Earnings Per Share Reconciliation	The following table summarizes basic and diluted earnings (dollars in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Net income — basic and diluted $ 111,698 $ 125,040 $ 413,816 $ 564,040 Weighted-average shares outstanding — basic 220,221,366 215,097,114 220,149,886 214,052,907 Effect of dilutive securities 182,783 155,855 275,358 374,518 Weighted-average shares outstanding — diluted 220,404,149 215,252,969 220,425,244 214,427,425
Schedule of Stockholders Equity	The following table sets forth certain information regarding the settlement of our forward equity during the periods presented (dollars in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Shares of common stock delivered — — — 3,081,867 Net proceeds $ — $ — $ — $ 249,806
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 September 30, 2024 Gains and (Losses) on Derivative Instruments Foreign Currency Translation Adjustments Total Beginning balance $ 15,963 $ (268,603) $ (252,640) Other comprehensive income before reclassifications (10,816) 28,630 17,814 Amounts reclassified from accumulated other comprehensive loss to: Non-operating income (2,520) — (2,520) Interest expense (406) — (406) Total (2,926) — (2,926) Net current period other comprehensive income (13,742) 28,630 14,888 Net current period other comprehensive income attributable to noncontrolling interests — (235) (235) Ending balance $ 2,221 $ (240,208) $ (237,987) Three Months Ended September 30, 2023 Gains and (Losses) on Derivative Instruments Foreign Currency Translation Adjustments Total Beginning balance $ 23,879 $ (303,810) $ (279,931) Other comprehensive income before reclassifications 10,262 (8,844) 1,418 Amounts reclassified from accumulated other comprehensive loss to: Non-operating income (2,787) — (2,787) Interest expense (659) — (659) Total (3,446) — (3,446) Net current period other comprehensive loss 6,816 (8,844) (2,028) Net current period other comprehensive loss attributable to noncontrolling interests — 139 139 Ending balance $ 30,695 $ (312,515) $ (281,820) Nine Months Ended September 30, 2024 Gains and (Losses) on Derivative Instruments Foreign Currency Translation Adjustments Total Beginning balance $ 9,650 $ (264,517) $ (254,867) Other comprehensive income before reclassifications 2,092 24,268 26,360 Amounts reclassified from accumulated other comprehensive loss to: Non-operating income (7,586) — (7,586) Interest expense (1,935) — (1,935) Total (9,521) — (9,521) Net current period other comprehensive income (7,429) 24,268 16,839 Net current period other comprehensive loss attributable to noncontrolling interests — 41 41 Ending balance $ 2,221 $ (240,208) $ (237,987) Nine Months Ended September 30, 2023 Gains and (Losses) on Derivative Instruments Foreign Currency Translation Adjustments Total Beginning balance $ 36,079 $ (319,859) $ (283,780) Other comprehensive income before reclassifications 6,404 7,092 13,496 Amounts reclassified from accumulated other comprehensive loss to: Non-operating income (10,656) — (10,656) Interest expense (1,132) — (1,132) Total (11,788) — (11,788) Net current period other comprehensive income (5,384) 7,092 1,708 Net current period other comprehensive loss attributable to noncontrolling interests — 252 252 Ending balance $ 30,695 $ (312,515) $ (281,820)

Business and Organization (Deta

Business and Organization (Details) ft² in Millions	9 Months Ended
	Sep. 30, 2024 ft² property segment tenant	Nov. 01, 2023 property	Sep. 30, 2023 property
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)	1,430
Square footage of real estate properties | ft²	172
Number of tenants (tenant) | tenant	346
Lease term (in years)	12 years 2 months 12 days
Occupancy rate (as a percent)	98.80%
Owned Real Estate | Operating Properties
Additional disclosures
Number of real estate properties (property)	84
Square footage of real estate properties | ft²	6.4
Owned Real Estate | Self-Storage
Additional disclosures
Number of real estate properties (property)	78
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)	2
Office Property | Spinoff | NLOP
Additional disclosures
Number of real estate properties (property)		59	59
Office Property | Disposal Group, Held-for-Sale or Disposed of by Sale, Not Discontinued Operations
Additional disclosures
Number of real estate properties (property)		85

Basis of Presentation - Narrati

Basis of Presentation - Narratives (Details) $ in Thousands	3 Months Ended			9 Months Ended		12 Months Ended
	Sep. 30, 2024 USD ($) property vie	Jun. 30, 2024 property	Sep. 30, 2023 USD ($) property	Sep. 30, 2024 USD ($) property vie entity	Sep. 30, 2023 USD ($) property	Dec. 31, 2023 USD ($) vie property	Mar. 31, 2023 property
Basis of Consolidation
Variable interest entities decrease, count | entity				(12)
Variable interest entities, count | vie	9			9		21
Variable interest entities consolidated, count | vie	5			5		15
Variable interest entities unconsolidated, count | vie	4			4		6
Equity method investments in real estate | $	$ 299,465			$ 299,465		$ 354,261
Properties Disposed of by Sale
Basis of Consolidation
Number of properties sold (property)	7		6	172	14
Properties Disposed of by Sale | Land, Buildings and Improvements
Basis of Consolidation
Number of properties sold (property)		1		21
Owned Real Estate Segment
Basis of Consolidation
Operating property revenues | $	$ 37,323		$ 49,218	$ 112,681	$ 140,780
Number of real estate properties (property)	1,430			1,430
Owned Real Estate Segment | Hotel
Basis of Consolidation
Operating property revenues | $	$ 11,600		$ 23,200	$ 34,100	$ 63,300
Number of real estate properties (property)	4			4
Number of properties sold (property)		1	3			8
Owned Real Estate Segment | Hotel | United States
Basis of Consolidation
Number of real estate properties (property)	13			13
Owned Real Estate Segment | Hotel | United States | Adjustments
Basis of Consolidation
Number of real estate properties (property)							12
Variable Interest Entity, Primary Beneficiary
Basis of Consolidation
Principle amount of debt derecognized | $						$ 19,000
Equity method investments in real estate | $	$ 631,500			$ 631,500		$ 729,800
Managed Programs
Basis of Consolidation
Variable interest entities unconsolidated, count | vie	2			2
Owned Real Estate Segment
Basis of Consolidation
Variable interest entities unconsolidated, count | vie	2			2

Basis of Presentation - Variabl

Basis of Presentation - Variable Interest Entity Disclosure (Details) - USD ($) $ in Thousands		Sep. 30, 2024	Dec. 31, 2023
Assets
Land, buildings and improvements — net lease and other		$ 12,745,926	$ 12,095,458
Land, buildings and improvements — operating properties		1,204,351	1,256,249
Net investments in finance leases and loans receivable		657,054	1,514,923
In-place lease intangible assets and other		2,287,824	2,308,853
Above-market rent intangible assets		682,345	706,773
Accumulated depreciation and amortization		(3,195,204)	(3,005,479)
Total assets	[1]	17,631,576	17,976,783
Liabilities
Non-recourse mortgages, net		451,962	579,147
Below-market rent intangible liabilities, net		125,934	136,872
Total liabilities	[1]	9,045,630	9,269,786
Variable Interest Entity
Assets
Land, buildings and improvements — net lease and other		117,121	237,858
Land, buildings and improvements — operating properties		0	39,422
Net investments in finance leases and loans receivable		144,103	595,524
In-place lease intangible assets and other		9,244	40,650
Above-market rent intangible assets		3,923	6,828
Accumulated depreciation and amortization		(18,039)	(23,580)
Total assets		260,652	947,509
Liabilities
Non-recourse mortgages, net		51,583	59,715
Below-market rent intangible liabilities, net		28	32
Total liabilities		$ 67,746	$ 101,047
[1] See Note 2 for details related to variable interest entities (“VIEs”).

Basis of Presentation - Cash an

Basis of Presentation - Cash and Restricted Cash (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents	$ 818,194	$ 633,860
Restricted cash	60,935	58,111
Total cash and cash equivalents and restricted cash	879,129	$ 691,971	$ 213,924	$ 224,141
Proceeds from the disposition	$ 27,000

Agreements and Transactions w_3

Agreements and Transactions with Related Parties - Related Party Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Investment Management
Related Party Transaction
Operating property revenues	$ 2,608	$ 291	$ 8,307	$ 1,158
Asset management revenue
Related Party Transaction
Operating property revenues	1,557	194	5,136	836
Administrative reimbursements
Related Party Transaction
Operating property revenues	1,000	0	3,000	0
Reimbursable costs from affiliates
Related Party Transaction
Operating property revenues	$ 51	$ 97	$ 171	$ 322

Agreements and Transactions w_4

Agreements and Transactions with Related Parties - Related Party Income, by Program (Details) - Affiliated Entity - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Related Party Transaction
Operating property revenues	$ 2,608	$ 291	$ 8,307	$ 1,158
NLOP
Related Party Transaction
Operating property revenues	2,465	0	7,868	0
CESH
Related Party Transaction
Operating property revenues	$ 143	$ 291	$ 439	$ 1,158

Agreements and Transactions w_5

Agreements and Transactions with Related Parties - Due from Affiliates (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Related Party Transaction
Due from affiliates	$ 1,122,571	$ 1,096,474
Affiliated Entity
Related Party Transaction
Asset management fees receivable	664	1,349
Accounts receivable	458	768
Reimbursable costs	45	59
Due from affiliates	$ 1,167	$ 2,176

Agreements and Transactions w_6

Agreements and Transactions with Related Parties - Narratives (Details) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($) investment	Nov. 01, 2023 USD ($)
Related Party Transaction
Jointly owned investments	7
Jointly owned investment, accounted for under the equity method investments	3
Other Entity
Related Party Transaction
Jointly owned investment, accounted for under the equity method investments	4
CESH | Gross Assets Fair Value | Affiliated Entity
Related Party Transaction
Percentage of asset management fees earned (as a percent)	1%
NLOP | Affiliated Entity
Related Party Transaction
Management fee payable | $		$ 7.5
Administrative fee income | $	$ 4

Land, Buildings and Improveme_3

Land, Buildings and Improvements, and Assets Held for Sale - Assets Subject to Operating Leases (Details) - Operating Real Estate - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Real Estate Investment Property at Cost
Less: Accumulated depreciation	$ (1,673,843)	$ (1,509,730)
Net property subject to operating lease	11,072,083	10,585,728
Land
Real Estate Investment Property at Cost
Gross property subject to operating lease	2,371,452	2,248,300
Buildings and improvements
Real Estate Investment Property at Cost
Gross property subject to operating lease	10,305,779	9,801,596
Real estate under construction
Real Estate Investment Property at Cost
Gross property subject to operating lease	$ 68,695	$ 45,562

Land, Buildings and Improveme_4

Land, Buildings and Improvements, and Assets Held for Sale - Narratives (Details) $ in Thousands	3 Months Ended			9 Months Ended		12 Months Ended
	Sep. 30, 2024 USD ($) property $ / €	Jun. 30, 2024 property	Sep. 30, 2023 USD ($) property	Sep. 30, 2024 USD ($) property project $ / €	Sep. 30, 2023 USD ($) property	Dec. 31, 2023 USD ($) property project $ / €	Sep. 01, 2024 USD ($)
Real Estate Properties
Increase in exchange rate (as a percent)				1.30%
Foreign currency exchange rate | $ / €	1.1196			1.1196		1.1050
Increase in value of balance sheet item due to foreign currency translation	$ 28,630		$ (8,844)	$ 24,268	$ 7,092
Land, buildings and improvements — net lease and other	12,745,926			12,745,926		$ 12,095,458
Equity method investments in real estate	299,465			299,465		354,261
Net investments in finance leases and loans receivable	303,651			303,651		$ 431,328
Investments in real estate
Capitalized construction cost				$ 55,200
Construction projects completed (property) | project				3		11
Unfunded commitment	80,600			$ 80,600		$ 71,800
Capitalized interest	200		200	600	300
Lease payments	5,100		$ 1,700	15,800	7,300
Lease termination income	2,300			2,300	$ 11,400
Assets held for sale, net	$ 29,785			$ 29,785		$ 37,122
Properties Disposed of by Sale
Investments in real estate
Number of properties sold (property) | property	7		6	172	14
Properties Disposed of by Sale | Land, Buildings and Improvements
Investments in real estate
Number of properties sold (property) | property		1		21
Decrease in carrying value of real estate				$ 167,400
Asset Held for Sale, Not in Discontinued Operations
Real Estate Properties
Number of real estate properties (property) | property	1			1		2
Investments in real estate
Assets held for sale, net	$ 29,800			$ 29,800		$ 37,100
Adjustments
Real Estate Properties
Land, buildings and improvements — net lease and other	117,500			117,500
Net investments in finance leases and loans receivable	(117,500)			(117,500)
Investments in real estate
Decrease in carrying value of real estate				6,800
Land, buildings and improvements — net lease and other | Adjustments
Real Estate Properties
Equity method investments in real estate	$ (84,400)			$ (84,400)
Land, Buildings and Improvements — Net Lease and Other | Adjustments
Real Estate Properties
Number of real estate properties (property) | property	16			16
Direct Financing Lease
Investments in real estate
Number of properties sold (property) | property				1
Direct Financing Lease | Adjustments
Real Estate Properties
Number of real estate properties (property) | property	2			2
Land, buildings and improvements — net lease and other	$ 117,500			$ 117,500
Net investments in finance leases and loans receivable	$ (117,500)			$ (117,500)
Self-Storage | Adjustments
Real Estate Properties
Number of real estate properties (property) | property	3			3
Land investment building and building improvements	$ (46,100)			$ (46,100)
Land, buildings and improvements — net lease and other	84,400			$ 84,400			$ 46,100
Construction
Investments in real estate
Number of construction projects | project				2
Funding commitment	$ 49,000			$ 49,000
Operating Lease
Real Estate Properties
Increase in value of balance sheet item due to foreign currency translation				$ 65,900
Number of real estate properties (property) | property	156			156
Depreciation	$ 74,800		$ 80,900	$ 219,000	$ 251,900
Self-Storage | Adjustments
Real Estate Properties
Number of real estate properties (property) | property	9			9
Real estate operating business
Real Estate Properties
Number of real estate properties (property) | property	1			1
Depreciation	$ 7,100		$ 7,800	$ 21,800	$ 22,700
Real estate operating business | Self-Storage
Real Estate Properties
Number of real estate properties (property) | property	78			78		80
Real estate operating business | Hotel
Real Estate Properties
Number of real estate properties (property) | property	4			4		5
Real estate operating business | Student Housing
Real Estate Properties
Number of real estate properties (property) | property	2			2		2
Hotel | Properties Disposed of by Sale | Land, Buildings and Improvements
Investments in real estate
Decrease in carrying value of real estate				$ 14,600

Land, Buildings and Improveme_5

Land, Buildings and Improvements, and Assets Held for Sale - Acquisition of Real Estate (Details) $ in Thousands

2 Months Ended

9 Months Ended

Aug. 09, 2024 USD ($) property

Aug. 06, 2024 USD ($) property

Aug. 02, 2024 USD ($) property

Jul. 23, 2024 USD ($) property

Jun. 26, 2024 USD ($) property

Jun. 03, 2024 USD ($) property

May 15, 2024 USD ($) property

May 13, 2024 USD ($) property

Apr. 05, 2024 USD ($) property

Mar. 26, 2024 USD ($) property

Jan. 30, 2024 USD ($) property

Jan. 09, 2024 USD ($) property

Sep. 18, 2024 USD ($)

Sep. 30, 2024 USD ($) property

Sep. 30, 2023 USD ($)

Jul. 25, 2024 property

Dec. 31, 2023 USD ($)

Property, Plant and Equipment

Total Capitalized Costs

$ 576,716

$ 908,271

Non-recourse mortgages, net

$ 451,962

$ 579,147

Non-Recourse Mortgage Loan

Property, Plant and Equipment

Number of real estate properties (property) | property

5

Non-recourse mortgages, net

$ 66,000

Operating Lease

Property, Plant and Equipment

Number of real estate properties (property) | property

156

Total Capitalized Costs

$ 596,477

Operating Lease | Acquired Properties

Property, Plant and Equipment

Number of real estate properties (property) | property

19

Total Capitalized Costs

$ 190,678

Doncaster, United Kingdom | Operating Lease

Property, Plant and Equipment

Number of real estate properties (property) | property

2

Total Capitalized Costs

$ 30,055

Various, Italy | Operating Lease

Property, Plant and Equipment

Number of real estate properties (property) | property

5

Total Capitalized Costs

$ 148,130

Laval, Canada | Operating Lease

Property, Plant and Equipment

Number of real estate properties (property) | property

1

Total Capitalized Costs

$ 2,604

Commercial Point, Ohio | Operating Lease

Property, Plant and Equipment

Number of real estate properties (property) | property

1

Total Capitalized Costs

$ 94,220

Tucson, Arizona | Operating Lease

Property, Plant and Equipment

Number of real estate properties (property) | property

1

Total Capitalized Costs

$ 38,784

Various, United States | Operating Lease | Acquired Properties

Property, Plant and Equipment

Number of real estate properties (property) | property

5

Total Capitalized Costs

$ 44,400

Various, United States | Operating Lease | Acquired Properties

Property, Plant and Equipment

Number of real estate properties (property) | property

4

Total Capitalized Costs

$ 23,330

Sylacauga, Alabama | Operating Lease | Acquired Properties

Property, Plant and Equipment

Number of real estate properties (property) | property

1

Total Capitalized Costs

$ 5,852

Moxee, Washington and La Porte, Indiana | Operating Lease | Acquired Properties

Property, Plant and Equipment

Number of real estate properties (property) | property

2

Total Capitalized Costs

$ 37,019

Various, North Carolina | Operating Lease | Acquired Properties

Property, Plant and Equipment

Number of real estate properties (property) | property

3

Total Capitalized Costs

$ 18,260

Neenah, Wisconsin | Operating Lease | Acquired Properties

Property, Plant and Equipment

Number of real estate properties (property) | property

1

Total Capitalized Costs

$ 19,868

Alexandria, Canada | Operating Lease | Acquired Properties

Property, Plant and Equipment

Number of real estate properties (property) | property

1

Total Capitalized Costs

$ 26,030

Tillsonburg and Oldcastle, Canada | Operating Lease | Acquired Properties

Property, Plant and Equipment

Number of real estate properties (property) | property

2

Total Capitalized Costs

$ 15,919

Mesa and Laveen, Arizona | Operating Lease

Property, Plant and Equipment

Number of real estate properties (property) | property

2

Total Capitalized Costs

$ 26,964

Various, Poland | Operating Lease

Property, Plant and Equipment

Number of real estate properties (property) | property

123

Total Capitalized Costs

$ 31,508

Las Vegas, Nevada | Operating Lease

Property, Plant and Equipment

Number of real estate properties (property) | property

1

Total Capitalized Costs

$ 12,471

West Des Moines, Iowa | Operating Lease

Property, Plant and Equipment

Number of real estate properties (property) | property

1

Total Capitalized Costs

$ 21,063

Land, Buildings and Improveme_6

Land, Buildings and Improvements, and Assets Held for Sale - Aggregate Purchase Price Allocation (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Property, Plant and Equipment
Payment to acquire real estate	$ 576,716	$ 908,271
Operating Lease
Property, Plant and Equipment
Payment to acquire real estate	596,477
Operating Lease | Long-Term Debt
Property, Plant and Equipment
Payment to acquire real estate	4,231
Operating Lease | In-place lease
Property, Plant and Equipment
Payment to acquire real estate	$ 84,298
Finite lived intangible assets useful life (in years)	15 years 4 months 24 days
Operating Lease | Below Market Rent
Property, Plant and Equipment
Payment to acquire real estate	$ 408
Finite lived intangible assets useful life (in years)	12 years 9 months 18 days
Operating Lease | Right of use liability
Property, Plant and Equipment
Payment to acquire real estate	$ 4,346
Real estate operating business
Property, Plant and Equipment
Payment to acquire real estate	7,408
Real estate operating business | In-place lease
Property, Plant and Equipment
Payment to acquire real estate	$ 388
Finite lived intangible assets useful life (in years)	6 months
Land | Operating Lease
Property, Plant and Equipment
Payment to acquire real estate	$ 96,287
Land | Operating Lease | Land lease right-of-use asset
Property, Plant and Equipment
Payment to acquire real estate	4,346
Land | Real estate operating business
Property, Plant and Equipment
Payment to acquire real estate	1,729
Buildings and improvements | Operating Lease
Property, Plant and Equipment
Payment to acquire real estate	412,069
Buildings and improvements | Real estate operating business
Property, Plant and Equipment
Payment to acquire real estate	$ 5,291

Land, Buildings and Improveme_7

Land, Buildings and Improvements, and Assets Held for Sale - Real Estate Under Construction (Details) - Construction in Progress $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($) property
Property, Plant and Equipment
Number of real estate properties (property) | property	3
Total Capitalized Costs | $	$ 33,239
Salisbury, North Carolina
Property, Plant and Equipment
Number of real estate properties (property) | property	1
Total Capitalized Costs | $	$ 14,737
Little Rock, Arkansas
Property, Plant and Equipment
Number of real estate properties (property) | property	1
Total Capitalized Costs | $	$ 3,280
Irvine, California
Property, Plant and Equipment
Number of real estate properties (property) | property	1
Total Capitalized Costs | $	$ 15,222

Land, Buildings and Improveme_8

Land, Buildings and Improvements, and Assets Held for Sale - Operating Lease Income (Details) - Owned Real Estate - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Operating Lease, Lease Income
Lease income — fixed	$ 299,180	$ 325,481	$ 873,063	$ 958,015
Lease income — variable	34,859	43,678	107,331	132,604
Total operating lease income	$ 334,039	$ 369,159	$ 980,394	$ 1,090,619

Land, Buildings and Improveme_9

Land, Buildings and Improvements, and Assets Held for Sale - Operating Real Estate (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Real Estate Properties
Land, buildings and improvements — operating properties	$ 1,204,351	$ 1,256,249
Less: Accumulated depreciation	(3,195,204)	(3,005,479)
Real estate operating business
Real Estate Properties
Less: Accumulated depreciation	(93,950)	(80,057)
Investments in real estate	1,110,401	1,176,192
Land | Real estate operating business
Real Estate Properties
Land, buildings and improvements — operating properties	144,871	150,084
Buildings and improvements | Real estate operating business
Real Estate Properties
Land, buildings and improvements — operating properties	1,059,480	1,104,635
Real estate under construction | Real estate operating business
Real Estate Properties
Land, buildings and improvements — operating properties	$ 0	$ 1,530

Land, Buildings and Improvem_10

Land, Buildings and Improvements, and Assets Held for Sale - Operating Property Investments (Details) $ in Thousands		9 Months Ended
	Aug. 19, 2024 USD ($) property	Sep. 30, 2024 USD ($) property	Sep. 30, 2023 USD ($)
Real Estate Properties
Payment to acquire real estate		$ 576,716	$ 908,271
Operating Real Estate
Real Estate Properties
Number of real estate properties (property) | property		1
Payment to acquire real estate		$ 7,408
Dayton, Ohio | Operating Real Estate
Real Estate Properties
Number of real estate properties (property) | property	1
Payment to acquire real estate	$ 7,408

Land, Buildings and Improvem_11

Land, Buildings and Improvements, and Assets Held for Sale - Summary of Assets Held for Sale (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Long-Lived Assets Held-for-sale
Accumulated depreciation and amortization	$ (15,044)	$ (23,460)
Assets held for sale, net	29,785	37,122
In-place lease intangible assets and other
Long-Lived Assets Held-for-sale
Assets Held-for-sale, gross	13,534	5,222
Above-market rent intangible assets
Long-Lived Assets Held-for-sale
Assets Held-for-sale, gross	1,610	8,374
Land, buildings and improvements — net lease and other
Long-Lived Assets Held-for-sale
Assets Held-for-sale, gross	$ 29,685	$ 46,986

Finance Receivables - Direct Fi

Finance Receivables - Direct Financing Leases and Loans Receivable (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Financing Receivables
Sale-leaseback transactions accounted for as loans receivable	$ 313,646	$ 236,611
Secured loans receivable	0	11,250
Net investment In lease and loans receivable	657,054	1,514,923
Loans receivable, allowance for credit losses		2,100
Loans Receivable
Financing Receivables
Allowance for credit loss	11,600	800
Direct Financing Lease
Financing Receivables
Net investments in direct financing leases and sales-type leases	303,651	431,328
Sales-Type Leases
Financing Receivables
Net investments in direct financing leases and sales-type leases	$ 39,757	$ 835,734

Finance Receivables - Narrative

Finance Receivables - Narratives (Details) $ in Thousands		1 Months Ended			3 Months Ended			9 Months Ended
	Jul. 10, 2024 USD ($) property	Sep. 30, 2024 USD ($) property	Jun. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Sep. 30, 2024 USD ($) property	Dec. 31, 2023 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) property	Sep. 30, 2023 USD ($)
Finance Receivables
Increase in value of balance sheet item due to foreign currency translation					$ 28,630		$ (8,844)	$ 24,268	$ 7,092
Net investments in finance leases and loans receivable		$ 303,651			303,651	$ 431,328		303,651
Land, buildings and improvements — net lease and other		12,745,926			12,745,926	12,095,458		12,745,926
Decrease in direct financing lease								5,800
Proceeds from repayment of loans receivable		15,000		$ 24,000				24,000	28,000
Release of allowance for credit losses				2,100
Unpaid interest				$ 1,400
Loans receivable								451,400
Gain on sale of real estate, net					15,534		$ 2,401	70,342	181,958
Net investments in finance leases and loans receivable		657,054			657,054	1,514,923		657,054
In-place lease intangible assets and other		2,287,824			2,287,824	2,308,853		2,287,824
Above-market rent intangible assets		682,345			682,345	706,773		682,345
Accumulated depreciation and amortization		3,195,204			3,195,204	3,005,479		3,195,204
Other assets		$ 1,122,571			1,122,571	1,096,474		1,122,571
Self-Storage Properties Located in the United States
Finance Receivables
Gain on sale of real estate, net									$ 176,200
Properties Located In Netherlands
Finance Receivables
Number of real estate properties (property) | property	2
Gain on sale of real estate, net					$ 6,400			6,400
Reclassification of net-lease assets to net investments	$ 17,300
Other assets	2,300
Direct Financing Lease
Finance Receivables
Increase in value of balance sheet item due to foreign currency translation								$ 500
Direct Financing Lease
Finance Receivables
Number of properties sold (property) | property								1
Disposal Group, Held-for-Sale or Disposed of by Sale, Not Discontinued Operations
Finance Receivables
Notes receivable, face amount			$ 15,000
Interest rate on loan (as a percent)			15%
Disposal Group, Held-for-Sale or Disposed of by Sale, Not Discontinued Operations | Properties Located In Spain
Finance Receivables
Number of real estate properties (property) | property		70			70			70
Loans receivable								$ 359,300
Gain on sale of real estate, net						$ 59,100
Disposal Group, Held-for-Sale or Disposed of by Sale, Not Discontinued Operations | Direct Financing Lease
Finance Receivables
Number of real estate properties (property) | property		78			78			78
Adjustments
Finance Receivables
Net investments in finance leases and loans receivable		$ (117,500)			$ (117,500)			$ (117,500)
Land, buildings and improvements — net lease and other		$ 117,500			$ 117,500			$ 117,500
Adjustments | Properties Located In Netherlands
Finance Receivables
Net investments in finance leases and loans receivable	9,200
In-place lease intangible assets and other	(3,000)
Above-market rent intangible assets	(200)
Accumulated depreciation and amortization	$ 3,800
Adjustments | Land and Building Improvements - Net Lease and Other
Finance Receivables
Number of real estate properties (property) | property		16			16			16
Adjustments | Direct Financing Lease
Finance Receivables
Number of real estate properties (property) | property		2			2			2
Net investments in finance leases and loans receivable		$ (117,500)			$ (117,500)			$ (117,500)
Land, buildings and improvements — net lease and other		$ 117,500			$ 117,500			$ 117,500

Finance Receivables - Income fr

Finance Receivables - Income from Finance Leases and Loans Receivable (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Receivables [Abstract]
Net investments in direct financing leases	$ 8,607	$ 12,626	$ 26,299	$ 38,075
Sale-leaseback transactions accounted for as loans receivable	5,703	3,694	15,224	11,037
Net investments in sales-type leases	846	9,688	12,422	22,605
Secured loans receivable	556	1,567	2,521	3,924
Income from finance leases and loans receivable	$ 15,712	$ 27,575	$ 56,466	$ 75,641

Finance Receivables - Net Inves

Finance Receivables - Net Investments in Direct Financing Lease (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Financing Receivables
Lease payments receivable	$ 192,247		$ 285,512
Unguaranteed residual value	284,491		434,234
Net investment in finance leases, excluding unearned income	476,738		719,746
Less: unearned income	(162,701)		(251,441)
Less: allowance for credit losses	(10,386)		(36,977)
Net receivables (difference between undiscounted cash flows and discounted cash flows)	303,651		$ 431,328
Increase (decrease) in allowance for credit losses	10,798	$ (6,113)
Loans receivable, decrease in allowance for credit losses	28,800
Net Investments in Direct Financing Lease
Financing Receivables
Increase (decrease) in allowance for credit losses	$ 2,200	$ 6,100

Finance Receivables - Sales-lea

Finance Receivables - Sales-leaseback (Details) - Real Estate Associated with Sale-Leaseback $ in Thousands	Sep. 30, 2024 USD ($)	Mar. 26, 2024 property
Accounts, Notes, Loans and Financing Receivable
Number of real estate properties (property) | property		4
Total Investment | $	$ 83,890
Various, Italy
Accounts, Notes, Loans and Financing Receivable
Number of real estate properties (property) | property		4
Total Investment | $	$ 83,890

Finance Receivables - Net Inv_2

Finance Receivables - Net Investments in Sales-type Leases (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Receivables [Abstract]
Lease payments receivable	$ 40,100	$ 849,881
Lease payments receivable including unearned income	40,100	849,881
Less: unearned income	(343)	(14,147)
Net receivables (difference between undiscounted cash flows and discounted cash flows)	$ 39,757	$ 835,734

Finance Receivables - Internal

Finance Receivables - Internal Credit Quality Rating (Details) $ in Thousands	Sep. 30, 2024 USD ($) tenant	Dec. 31, 2023 USD ($) tenant
Credit Quality of Finance Receivables
Net investments in direct financing leases	$ 678,993	$ 1,554,830
Internally Assigned Grade1-3
Credit Quality of Finance Receivables
Number of tenants (tenant) | tenant	16	18
Net investments in direct financing leases	$ 471,679	$ 1,338,877
Internally Assigned Grade 4
Credit Quality of Finance Receivables
Number of tenants (tenant) | tenant	6	8
Net investments in direct financing leases	$ 200,308	$ 215,953
Internally Assigned Grade 5
Credit Quality of Finance Receivables
Number of tenants (tenant) | tenant	1	0
Net investments in direct financing leases	$ 7,006	$ 0

Goodwill and Other Intangible_2

Goodwill and Other Intangibles - Narratives (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Finite-Lived Intangible Assets, Net
Increase in goodwill as a result of foreign currency translation adjustments			$ 1,000
Increase in value of balance sheet item due to foreign currency translation	$ 28,630	$ (8,844)	24,268	$ 7,092
Amortization of intangible assets	$ 38,600	$ 62,600	143,300	$ 193,700
Net Intangible Assets
Finite-Lived Intangible Assets, Net
Increase in value of balance sheet item due to foreign currency translation			$ 7,300

Goodwill and Other Intangible_3

Goodwill and Other Intangibles - Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets
Accumulated Amortization	$ (1,428,281)	$ (1,435,261)
Goodwill
Total intangible assets, gross	3,808,981	3,874,546
Total intangible assets, net	2,380,700	2,439,285
Finite-Lived Intangible Liabilities
Less: accumulated amortization	78,122	66,541
Total intangible liabilities, gross	(204,056)	(203,413)
Total intangible liabilities, net	(125,934)	(136,872)
Below-market rent
Finite-Lived Intangible Liabilities
Finite-lived intangible liabilities, gross	(204,056)	(203,413)
Less: accumulated amortization	78,122	66,541
Net amortizable intangible liabilities	(125,934)	(136,872)
Goodwill
Goodwill
Indefinite-lived intangible assets	979,265	978,289
Contracts including internal software development costs
Finite-Lived Intangible Assets
Gross Carrying Amount	2,559	20,745
Accumulated Amortization	(870)	(19,569)
Net Carrying Amount	1,689	1,176
Internal-use software development costs
Finite-Lived Intangible Assets
Gross Carrying Amount	2,559	20,745
Accumulated Amortization	(870)	(19,569)
Net Carrying Amount	1,689	1,176
Lease intangibles
Finite-Lived Intangible Assets
Gross Carrying Amount	2,827,157	2,875,512
Accumulated Amortization	(1,427,411)	(1,415,692)
Net Carrying Amount	1,399,746	1,459,820
In-place lease
Finite-Lived Intangible Assets
Gross Carrying Amount	2,144,812	2,168,739
Accumulated Amortization	(942,883)	(934,138)
Net Carrying Amount	1,201,929	1,234,601
Above-market rent
Finite-Lived Intangible Assets
Gross Carrying Amount	682,345	706,773
Accumulated Amortization	(484,528)	(481,554)
Net Carrying Amount	$ 197,817	$ 225,219

Equity Method Investments - Equ

Equity Method Investments - Equity Method Investments Excluding the Managed Programs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 01, 2024	Dec. 31, 2023	Jun. 10, 2021
Equity Method Investment
Equity method investments in real estate	$ 299,465		$ 299,465			$ 354,261
Earnings from equity method investments	6,124	$ 4,978	17,624	$ 14,569
Johnson Self Storage
Equity Method Investment
Equity method investment, ownership (as a percent)					100%
Equity method investments in real estate					$ 62,900
Owned Real Estate | Affiliated Entity
Equity Method Investment
Equity method investments in real estate	299,465		299,465			354,261
Owned Real Estate | Las Vegas Retail Complex | Affiliated Entity
Equity Method Investment
Equity method investments in real estate	$ 245,351		245,351			235,979
Owned Real Estate | Las Vegas Retail Complex | Construction Commitment | Affiliated Entity
Equity Method Investment
Equity method investments in real estate							$ 240,200
Funding commitment							$ 261,900
Payments to settle other commitments			8,800
Earnings from equity method investments			$ 13,500	$ 9,100
Owned Real Estate | Kesko Senukai | Affiliated Entity
Equity Method Investment
Equity method investment, ownership (as a percent)	70%		70%
Equity method investments in real estate	$ 28,483		$ 28,483			28,860
Owned Real Estate | Harmon Retail Corner | Affiliated Entity
Equity Method Investment
Equity method investment, ownership (as a percent)	15%		15%
Equity method investments in real estate	$ 24,473		$ 24,473			24,229
Owned Real Estate | CESH | Affiliated Entity
Equity Method Investment
Equity method investment, ownership (as a percent)	2.43%		2.43%
Equity method investments in real estate	$ 1,158		$ 1,158			1,259
Owned Real Estate | Johnson Self Storage | Affiliated Entity
Equity Method Investment
Equity method investment, ownership (as a percent)	90%		90%
Equity method investments in real estate	$ 0		$ 0			$ 63,934

Equity Method Investments - Nar

Equity Method Investments - Narratives (Details) $ in Thousands		3 Months Ended		9 Months Ended
	Sep. 01, 2024 USD ($) property	Sep. 30, 2024 USD ($) property	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) property	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Schedule of Equity Method Investments
Distributions of earnings from equity method investments				$ 16,821	$ 15,107
Payments to acquire equity method investments				9,126	36,595
Gain on change in control of interests		$ 31,849	$ 0	31,849	0
Carrying value		299,465		299,465		$ 354,261
Land, buildings and improvements — net lease and other		12,745,926		12,745,926		12,095,458
In-place lease intangible assets and other		2,287,824		2,287,824		2,308,853
Adjustments
Schedule of Equity Method Investments
Land, buildings and improvements — net lease and other		117,500		117,500
CESH | Affiliated Entity
Schedule of Equity Method Investments
Distributions of earnings from equity method investments				$ 0	1,200
Johnson Self Storage
Schedule of Equity Method Investments
Additional ownership acquired (as a percent)	10%
Payments to acquire equity method investments	$ 10,500
Equity method investment, ownership (as a percent)	100%
Gain on change in control of interests		$ 31,800
Carrying value	$ 62,900
Equity method investment fair value	94,700
Johnson Self Storage | Adjustments
Schedule of Equity Method Investments
Land, buildings and improvements — net lease and other	84,400
In-place lease intangible assets and other	$ 20,600
Self-Storage | Adjustments
Schedule of Equity Method Investments
Number of real estate properties (property) | property		9		9
Self-Storage | Johnson Self Storage
Schedule of Equity Method Investments
Number of real estate properties (property) | property	9
Owned Real Estate Segment | Unconsolidated Real Estate Investment
Schedule of Equity Method Investments
Distributions of earnings from equity method investments				$ 17,800	$ 25,200
Aggregate unamortized basis difference on equity investments		$ 16,800		$ 16,800		$ 18,000

Fair Value Measurements - Narra

Fair Value Measurements - Narratives (Details) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Jul. 31, 2024 property	Sep. 30, 2024 USD ($) property shares	Sep. 30, 2023 USD ($) property	Sep. 30, 2024 USD ($) property shares	Sep. 30, 2023 USD ($) property	Dec. 31, 2023 USD ($)
Fair Value Inputs, Assets
Equity method investments in real estate		$ 299,465		$ 299,465		$ 354,261
Impairment charges — real estate		$ 0	$ 15,173	$ 15,752	$ 15,173
Properties Disposed of by Sale
Fair Value Inputs, Assets
Number of properties sold (property) | property		7	6	172	14
Properties Disposed of by Sale | Office Sales Program
Fair Value Inputs, Assets
Number of properties sold (property) | property	2	2		77
GCIF
Fair Value Inputs, Assets
Proceeds from liquidation distribution				$ 400
Equity method investments in real estate		$ 400		400		800
Level 3 | Fair Value, Measurements, Nonrecurring
Fair Value Inputs, Assets
Impairment charges — real estate		$ 0	$ 15,173	$ 15,752	$ 15,173
Number of impaired real estate properties (property) | property			1	3	1
Lineage
Fair Value Inputs, Assets
Shares owned (in shares) | shares		5,546,547		5,546,547
Lineage | Level 2
Fair Value Inputs, Assets
Non-cash unrealized loss on our investment				$ 43,600
Dividend income				5,100
Fair value of investments		$ 361,300		$ 361,300		$ 404,900

Fair Value Measurements - Carry

Fair Value Measurements - Carrying Value and Fair Value Measurements (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Liabilities:
Debt issuance costs, net	$ 27,978
Debt instrument, unamortized discount (premium), net	35,736
Level 2 and Level 3 | Carrying Value | Non-Recourse Mortgage, Net
Liabilities:
Debt issuance costs, net	600	$ 100
Debt instrument, unamortized discount (premium), net	5,300	4,300
Level 3 | Carrying Value | Non-Recourse Mortgage, Net
Liabilities:
Debt instrument, fair value	451,962	579,147
Level 3 | Fair Value | Non-Recourse Mortgage, Net
Liabilities:
Debt instrument, fair value	453,204	572,553
Senior Unsecured Notes, net | Level 2 and Level 3 | Carrying Value
Liabilities:
Debt instrument, fair value	6,134,810	6,035,686
Debt issuance costs, net	27,100	21,000
Debt instrument, unamortized discount (premium), net	24,800	20,100
Senior Unsecured Notes, net | Level 2 and Level 3 | Fair Value
Liabilities:
Debt instrument, fair value	$ 5,858,282	$ 5,598,423

Fair Value Measurements - Impai

Fair Value Measurements - Impairment of Assets Measured on a Non-Recurring Basis (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Impairment Charges	$ 0	$ 15,173	$ 15,752	$ 15,173
Fair Value, Measurements, Nonrecurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair Value Measurements	0	3,213	75,944	3,213
Impairment Charges	$ 0	$ 15,173	$ 15,752	$ 15,173

Risk Management and Use of De_3

Risk Management and Use of Derivative Financial Instruments - Narratives (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Summary of Derivative Instruments
Net collateral posted for derivatives	$ 0		$ 0		$ 0
Derivative, remaining maturity (in month)	59 months		59 months
Total credit exposure on derivatives	$ 4,600,000		$ 4,600,000
Derivatives, net liability position	5,500,000		5,500,000		5,900,000
Aggregate termination value for immediate settlement	5,500,000		5,500,000		$ 6,000,000
Other comprehensive income foreign currency (losses) gains	(184,900,000)	$ 108,000,000	(59,100,000)	$ 38,600,000
Individual Counterparty
Summary of Derivative Instruments
Total credit exposure on derivatives	$ 1,600,000		1,600,000
Interest expense
Summary of Derivative Instruments
Estimated amount reclassified from OCI to expense (gain)			400,000
Non-operating income
Summary of Derivative Instruments
Estimated amount reclassified from OCI to expense (gain)			$ (4,300,000)

Risk Management and Use of De_4

Risk Management and Use of Derivative Financial Instruments - Information Regarding Derivative Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Derivatives, Fair Value
Derivative Assets Fair Value at	$ 8,262	$ 15,098
Derivative Liabilities Fair Value at	(5,478)	(5,924)
Derivatives Designated as Hedging Instruments
Derivatives, Fair Value
Derivative Assets Fair Value at	8,262	15,098
Derivative Liabilities Fair Value at	(5,447)	(5,707)
Derivatives Not Designated as Hedging Instruments
Derivatives, Fair Value
Derivative Assets Fair Value at	0	0
Derivative Liabilities Fair Value at	(31)	(217)
Other assets, net | Foreign currency collars | Derivatives Designated as Hedging Instruments
Derivatives, Fair Value
Derivative Assets Fair Value at	8,007	14,103
Other assets, net | Interest rate swaps | Derivatives Designated as Hedging Instruments
Derivatives, Fair Value
Derivative Assets Fair Value at	255	995
Accounts payable, accrued expenses and other liabilities | Foreign currency collars | Derivatives Designated as Hedging Instruments
Derivatives, Fair Value
Derivative Liabilities Fair Value at	(4,022)	(4,029)
Accounts payable, accrued expenses and other liabilities | Foreign currency collars | Derivatives Not Designated as Hedging Instruments
Derivatives, Fair Value
Derivative Liabilities Fair Value at	(31)	(217)
Accounts payable, accrued expenses and other liabilities | Interest rate swaps | Derivatives Designated as Hedging Instruments
Derivatives, Fair Value
Derivative Liabilities Fair Value at	$ (1,425)	$ (1,678)

Risk Management and Use of De_5

Risk Management and Use of Derivative Financial Instruments - Derivative Gain (Loss) Recognized in OCI (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Derivative Instruments, Gain (Loss)
Amount of gain (loss) recognized on derivatives in other comprehensive income (loss)	$ (13,307)	$ 7,411	$ (6,464)	$ (4,036)
Derivatives in Cash Flow Hedging Relationships  | Equity Method Investments
Derivative Instruments, Gain (Loss)
Amount of gain (loss) recognized on derivatives in other comprehensive income (loss)	(400)	(600)	(1,000)	(1,300)
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)	(11,750)	7,928	(6,090)	(4,710)
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)	(1,557)	(514)	(374)	683
Interest rate cap | Derivatives in Cash Flow Hedging Relationships
Derivative Instruments, Gain (Loss)
Amount of gain (loss) recognized on derivatives in other comprehensive income (loss)	$ 0	$ (3)	$ 0	$ (9)

Risk Management and Use of De_6

Risk Management and Use of Derivative Financial Instruments - Derivative Gain (Loss) Reclassified From OCI (Details) - Designated as Cash Flow Hedging Instruments - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income (Loss)
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income (Loss)	$ 2,926	$ 3,446	$ 9,521	$ 11,788
Foreign currency collars | Non-operating income
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income (Loss)
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income (Loss)	2,520	2,787	7,586	10,656
Interest rate swaps and cap | Interest expense
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income (Loss)
Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income (Loss)	$ 406	$ 659	$ 1,935	$ 1,132

Risk Management and Use of De_7

Risk Management and Use of Derivative Financial Instruments - Derivative Gain (Loss) Recognized in Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Amount of Gain (Loss) on Derivatives Recognized in Income
Total	$ (1,658)	$ 718	$ (1,352)	$ 124
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	(892)	951	484	935
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	(332)	450	185	409
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	$ (434)	$ (683)	$ (2,021)	$ (1,220)

Risk Management and Use of De_8

Risk Management and Use of Derivative Financial Instruments - Interest Rate Swap and Caps Summary (Details) - Designated as Cash Flow Hedging Instruments - Derivatives Designated as Hedging Instruments € in Thousands, $ in Thousands	Sep. 30, 2024 EUR (€) derivative	Sep. 30, 2024 USD ($) derivative
Derivative Disclosure
Fair value		$ (1,170)
Interest rate swaps | EUR
Derivative Disclosure
Number of Instruments | derivative	4	4
Notional Amount | €	€ 531,263
Fair value		$ (1,425)
Interest rate swaps | USD
Derivative Disclosure
Number of Instruments | derivative	2	2
Notional Amount		$ 15,965
Fair value		$ 255

Risk Management and Use of De_9

Risk Management and Use of Derivative Financial Instruments - Foreign Currency Derivatives Details (Details) € in Thousands, £ in Thousands, $ in Thousands	Sep. 30, 2024 EUR (€) derivative	Sep. 30, 2024 USD ($) derivative	Sep. 30, 2024 GBP (£) derivative
Derivative Disclosure
Fair value, foreign currency derivatives		$ 3,954
Foreign currency collars | Derivatives Not Designated as Hedging Instruments | EUR
Derivative Disclosure
Number of Instruments | derivative	1	1	1
Notional Amount | €	€ 5,000
Fair value, foreign currency derivatives		$ (31)
Foreign currency collars | Designated as Cash Flow Hedging Instruments | Derivatives Designated as Hedging Instruments | EUR
Derivative Disclosure
Number of Instruments | derivative	52	52	52
Notional Amount | €	€ 282,000
Fair value, foreign currency derivatives		$ 3,807
Foreign currency collars | Designated as Cash Flow Hedging Instruments | Derivatives Designated as Hedging Instruments | GBP
Derivative Disclosure
Number of Instruments | derivative	25	25	25
Notional Amount | £			£ 15,900
Fair value, foreign currency derivatives		$ 178

Debt - Narratives (Details)

Debt - Narratives (Details)			3 Months Ended		9 Months Ended
	Jun. 28, 2024 USD ($)	May 16, 2024 EUR (€)	Sep. 30, 2024 USD ($) property	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) property	Sep. 30, 2023 USD ($)	Sep. 30, 2024 EUR (€) property	Sep. 30, 2024 GBP (£) property	Jul. 31, 2024	Apr. 30, 2024	Dec. 31, 2023 USD ($)	Dec. 31, 2023 EUR (€)	Dec. 31, 2023 GBP (£)
Senior Unsecured Credit Facility
Maximum borrowing capacity			$ 4,350,000,000		$ 4,350,000,000
Non Recourse Debt
Weighted average interest rate (as a percent)			4.70%		4.70%		4.70%	4.70%
Non-recourse mortgages, net			$ 451,962,000		$ 451,962,000						$ 579,147,000
Repayments of secured loans					190,213,000	$ 350,416,000
Increase in value of balance sheet item due to foreign currency translation			$ 28,630,000	$ (8,844,000)	$ 24,268,000	$ 7,092,000
Non-Recourse Mortgage Loan
Non Recourse Debt
Number of real estate properties (property) | property			5		5		5	5
Non-recourse mortgages, net			$ 66,000,000		$ 66,000,000
Fixed Interest Rate
Non Recourse Debt
Weighted average interest rate (as a percent)			4.60%		4.60%		4.60%	4.60%
Fixed Interest Rate | Non-Recourse Mortgage Loan
Non Recourse Debt
Weighted average interest rate (as a percent)			4.50%		4.50%		4.50%	4.50%
Variable Interest Rate
Non Recourse Debt
Weighted average interest rate (as a percent)			5%		5%		5%	5%
Unsecured Senior Notes
Senior Unsecured Credit Facility
Principal amount			$ 6,200,000,000		$ 6,200,000,000
Stated interest rate (as a percent)									2.25%	4.60%
Unsecured Senior Notes | Minimum
Senior Unsecured Credit Facility
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]					Government Bond Yield [Member]
Variable interest rate (as a percent)					0.20%
Unsecured Senior Notes | Maximum
Senior Unsecured Credit Facility
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]					Government Bond Yield [Member]
Variable interest rate (as a percent)					0.35%
Non-Recourse Debt
Senior Unsecured Credit Facility
Stated interest rate (as a percent)			4.40%		4.40%		4.40%	4.40%
Non Recourse Debt
Repayments of secured loans					$ 142,800,000
Prepayments of mortgage principal					33,800,000
Increase in value of balance sheet item due to foreign currency translation					$ 74,500,000
4.25% Senior Notes due 2032 | Unsecured Senior Notes
Senior Unsecured Credit Facility
Principal amount | €		€ 650,000,000					€ 650,000,000
Stated interest rate (as a percent)		4.25%	4.25%		4.25%		4.25%	4.25%
Undiscounted rate (as a percent)		99.526%
Debt instrument term (in years)		8 years 2 months 12 days
5.375% Senior Notes due 2034 | Unsecured Senior Notes
Senior Unsecured Credit Facility
Principal amount	$ 400,000,000		$ 400,000,000		$ 400,000,000
Stated interest rate (as a percent)	5.375%		5.375%		5.375%		5.375%	5.375%
Undiscounted rate (as a percent)	98.843%
Debt instrument term (in years)	10 years
Unsecured Term Loans Due 2026
Senior Unsecured Credit Facility
Maximum borrowing capacity | €							€ 500,000,000					€ 500,000,000
Unsecured Term Loans Due 2026 | Term Loan due 2026
Senior Unsecured Credit Facility
Maximum borrowing capacity | €							300,000,000					300,000,000
Unsecured Term Loans Due 2026 | Delayed Draw Term Loan due 2026
Senior Unsecured Credit Facility
Maximum borrowing capacity | €							200,000,000					200,000,000
Unsecured Revolving Credit Facility:
Senior Unsecured Credit Facility
Line of credit facility, available			$ 1,800,000,000		$ 1,800,000,000
Debt instrument borrowing capacity fee (as a percent)					0.125%
Unsecured Revolving Credit Facility: | Unsecured Credit Facility Maturing February 2029
Senior Unsecured Credit Facility
Maximum borrowing capacity			2,000,000,000		$ 2,000,000,000						$ 2,000,000,000
Unsecured Revolving Credit Facility: | GBP Term Loan due 2028 — borrowing in British pounds sterling
Senior Unsecured Credit Facility
Maximum borrowing capacity | £								£ 270,000,000					£ 270,000,000
Unsecured Revolving Credit Facility: | EUR Term Loan due 2028 — borrowing in euros
Senior Unsecured Credit Facility
Maximum borrowing capacity | €							€ 215,000,000					€ 215,000,000
Standby Letters of Credit
Senior Unsecured Credit Facility
Line of credit facility, available			$ 5,900,000		$ 5,900,000

Debt - Senior Unsecured Credit

Debt - Senior Unsecured Credit Facility (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Senior Unsecured Credit Facility
Debt outstanding	$ 1,391,961	$ 1,537,166
Unamortized discount	35,736
Debt financing costs	27,978
Unsecured Term Loans
Senior Unsecured Credit Facility
Debt outstanding	1,162,354	1,133,381
Unamortized discount	5,600	7,400
Debt financing costs	$ 300	400
Unsecured Term Loans | Unsecured Term Loan due 2026 — borrowing in euros
Senior Unsecured Credit Facility
Stated interest rate (as a percent)	4.29%
Debt outstanding	$ 559,800	552,500
Effective interest rate (as a percent)	3.49%
Unsecured Term Loans | GBP Term Loan due 2028 — borrowing in British pounds sterling
Senior Unsecured Credit Facility
Debt outstanding	$ 361,840	343,306
Unsecured Term Loans | EUR Term Loan due 2028 — borrowing in euros
Senior Unsecured Credit Facility
Debt outstanding	$ 240,714	237,575
Unsecured Term Loans | SONIA | GBP Term Loan due 2028 — borrowing in British pounds sterling
Senior Unsecured Credit Facility
Variable interest rate (as a percent)	0.80%
Unsecured Term Loans | EURIBOR | EUR Term Loan due 2028 — borrowing in euros
Senior Unsecured Credit Facility
Variable interest rate (as a percent)	0.80%
Unsecured Revolving Credit Facility:
Senior Unsecured Credit Facility
Debt outstanding	$ 229,607	403,785
Unsecured Revolving Credit Facility: | Euro Unsecured Credit Facility due 2029
Senior Unsecured Credit Facility
Debt outstanding	212,724	386,750
Unsecured Revolving Credit Facility: | JPY, Unsecured Credit Facility due 2029
Senior Unsecured Credit Facility
Debt outstanding	$ 16,883	$ 17,035
Unsecured Revolving Credit Facility: | EURIBOR | Euro Unsecured Credit Facility due 2029
Senior Unsecured Credit Facility
Variable interest rate (as a percent)	0.725%
Unsecured Revolving Credit Facility: | TIBOR | JPY, Unsecured Credit Facility due 2029
Senior Unsecured Credit Facility
Variable interest rate (as a percent)	0.725%

Debt - Senior Unsecured Notes (

Debt - Senior Unsecured Notes (Details)	1 Months Ended
	Jul. 31, 2024 EUR (€)	Apr. 30, 2024 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2024 EUR (€)	Jun. 28, 2024 USD ($)	May 16, 2024 EUR (€)	Dec. 31, 2023 USD ($)
Senior Unsecured Notes
Unamortized deferred financing costs			$ 27,978,000
Unamortized discount, net			35,736,000
Unsecured Senior Notes
Senior Unsecured Notes
Coupon rate (as a percent)	2.25%	4.60%
Principal Amount			6,200,000,000
Principal amount of debt outstanding			6,186,790,000				$ 6,076,875,000
Unamortized deferred financing costs			27,100,000				21,100,000
Unamortized discount, net			$ 24,800,000				20,100,000
Repayment of unsecured debt	€ 500,000,000	$ 500,000,000
4.6% Senior Notes due 2024 | Unsecured Senior Notes
Senior Unsecured Notes
Coupon rate (as a percent)			4.60%	4.60%
Principal Amount			$ 500,000,000
Principal amount of debt outstanding			$ 0				500,000,000
2.25% Senior Notes due 2024 | 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				552,500,000
4.0% Senior Notes due 2025 | Unsecured Senior Notes
Senior Unsecured Notes
Coupon rate (as a percent)			4%	4%
Principal Amount			$ 450,000,000
Principal amount of debt outstanding			$ 450,000,000				450,000,000
2.25% 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			$ 559,800,000				552,500,000
4.25% 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			$ 559,800,000				552,500,000
1.35% 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			$ 559,800,000				552,500,000
3.85% 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
3.41% 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			$ 167,940,000				165,750,000
0.95% 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			$ 587,790,000				580,125,000
2.4% 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
2.45% 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
4.25% Senior Notes due 2032 | Unsecured Senior Notes
Senior Unsecured Notes
Coupon rate (as a percent)			4.25%	4.25%		4.25%
Principal Amount | €				€ 650,000,000		€ 650,000,000
Principal amount of debt outstanding			$ 727,740,000				0
3.7% 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			$ 223,920,000				221,000,000
2.25% 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%	5.375%
Principal Amount			$ 400,000,000		$ 400,000,000
Principal amount of debt outstanding			$ 400,000,000				$ 0

Debt - Debt Principal Payments

Debt - Debt Principal Payments (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Long-term Debt, by Maturity
2024 (remainder)	$ 7,261
2025	709,513
2026	1,560,704
2027	570,246
2028	1,236,926
Thereafter through 2034	3,951,885
Total principal payments	8,036,535
Unamortized discount, net	(35,736)
Unamortized deferred financing costs	(27,978)
Total	$ 7,972,821

Stock-Based Compensation and _3

Stock-Based Compensation and Equity - Narratives (Details) - USD ($)			3 Months Ended		9 Months Ended
	Jul. 18, 2023	May 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2024	May 02, 2022
Share-based Compensation Arrangement by Share-based Payment Award
Stock-based compensation expense			$ 13,500,000	$ 9,100,000	$ 31,227,000	$ 25,811,000
Acquisition of noncontrolling interest				$ 0		$ 0
Dividends declared (in dollars per share)			$ 0.875	$ 1.071	$ 2.610	$ 3.207
Minority Interest
Share-based Compensation Arrangement by Share-based Payment Award
Remaining acquired amount (as a percent)		3%
Ownership interest parent (as a percent)		100%
Domestic Jointly Owned Investments
Share-based Compensation Arrangement by Share-based Payment Award
Remaining acquired amount (as a percent)	10%
Ownership interest parent (as a percent)	100%
Common Stock | ATM Program
Share-based Compensation Arrangement by Share-based Payment Award
Aggregate gross sales price								$ 1,000,000,000
Additional Paid-in Capital
Share-based Compensation Arrangement by Share-based Payment Award
Acquisition of noncontrolling interest	$ 2,500,000	$ 1,200,000		$ 2,510,000		$ 3,663,000
Additional Paid-in Capital | Domestic Jointly Owned Investments
Share-based Compensation Arrangement by Share-based Payment Award
Payments to acquire additional interest	$ 2,400,000
2017 Share Incentive Plan | Common Stock
Share-based Compensation Arrangement by Share-based Payment Award
Issuance of common stock (in shares)							4,000,000

Stock-Based Compensation and _4

Stock-Based Compensation and Equity - Restricted and Conditional Awards (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Weighted-Average Grant Date Fair Value
Fair value of vested stock	$ 40,300
Deferred compensation obligation	$ 78,420	$ 62,046
RSA and RSU Awards
Shares
Nonvested, beginning balance (in shares)	447,358
Granted (in shares)	296,907
Vested (in shares)	(180,619)
Forfeited (in shares)	(6,831)
Adjustment (in shares)	0
Nonvested, ending balance (in shares)	556,815
Weighted-Average Grant Date Fair Value
Nonvested, beginning balance, weighted average grant date fair value (in dollars per share)	$ 77.69
Granted, weighted average grant date fair value (in dollars per share)	63.91
Vested, weighted average grant date fair value (in dollars per share)	75.39
Forfeited, weighted average grant date fair value (in dollars per share)	72.38
Adjustment, weighted average grant date fair value (in dollars per share)	0
Nonvested, weighted average grant date fair value (in dollars per share)	$ 70.26
Conversion rate (in shares)	1
PSU Awards
Shares
Nonvested, beginning balance (in shares)	526,413
Granted (in shares)	213,645
Vested (in shares)	(309,670)
Forfeited (in shares)	(3,364)
Adjustment (in shares)	107,760
Nonvested, ending balance (in shares)	534,784
Weighted-Average Grant Date Fair Value
Nonvested, beginning balance, weighted average grant date fair value (in dollars per share)	$ 105.92
Granted, weighted average grant date fair value (in dollars per share)	82.95
Vested, weighted average grant date fair value (in dollars per share)	86.19
Forfeited, weighted average grant date fair value (in dollars per share)	101.11
Adjustment, weighted average grant date fair value (in dollars per share)	83.17
Nonvested, weighted average grant date fair value (in dollars per share)	$ 102.35
Performance period (in years)	3 years
Risk free interest rate (as a percent)	4.10%
Fair value assumptions expected volatility rate (as a percent)	20.50%
Fair value assumptions expected dividend rate (as a percent)	0%
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
Deferred compensation arrangement with individual, common stock reserved for future issuance (in shares)	1,390,983	1,196,955
Deferred compensation obligation	$ 78,400	$ 62,000
Total unrecognized compensation expense	$ 46,700
Weighted-average remaining term (in years)	1 year 9 months 18 days

Stock-Based Compensation and _5

Stock-Based Compensation and Equity - Earnings Per Share (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share Reconciliation
Net income — basic	$ 111,698	$ 125,040	$ 413,816	$ 564,040
Net income — diluted	$ 111,698	$ 125,040	$ 413,816	$ 564,040
Weighted-average shares outstanding – basic (in shares)	220,221,366	215,097,114	220,149,886	214,052,907
Effect of dilutive securities (in shares)	182,783	155,855	275,358	374,518
Weighted-average shares outstanding – diluted (in shares)	220,404,149	215,252,969	220,425,244	214,427,425

Stock-Based Compensation and _6

Stock-Based Compensation and Equity - Settlement of Equity Forwards (Details) - Underwriting Agreement - Common Stock - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock delivered (in shares)	0	0	0	3,081,867
Net proceeds	$ 0	$ 0	$ 0	$ 249,806

Stock-Based Compensation and _7

Stock-Based Compensation and Equity - Reclassifications Out of Accumulated Other Comprehensive Loss Rollforward (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Beginning equity balance	$ 8,639,499	$ 9,246,932	$ 8,706,997	$ 9,008,644
Amounts reclassified from accumulated other comprehensive loss to:
Non-operating income	(13,669)	(4,862)	(38,389)	(13,997)
Interest expense	72,526	76,974	206,484	219,658
Net current period other comprehensive income (loss)	14,888	(2,028)	16,839	1,708
Ending equity balance	8,585,946	9,145,251	8,585,946	9,145,251
Accumulated Other Comprehensive Income (Loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Beginning equity balance	(252,640)	(279,931)	(254,867)	(283,780)
Amounts reclassified from accumulated other comprehensive loss to:
Ending equity balance	(237,987)	(281,820)	(237,987)	(281,820)
Gains and (Losses) on Derivative Instruments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Beginning equity balance	15,963	23,879	9,650	36,079
Amounts reclassified from accumulated other comprehensive loss to:
Ending equity balance	2,221	30,695	2,221	30,695
Foreign Currency Translation Adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Beginning equity balance	(268,603)	(303,810)	(264,517)	(319,859)
Amounts reclassified from accumulated other comprehensive loss to:
Ending equity balance	(240,208)	(312,515)	(240,208)	(312,515)
AOCI Including Portion Attributable to Noncontrolling Interest
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Other comprehensive income before reclassifications	17,814	1,418	26,360	13,496
Amounts reclassified from accumulated other comprehensive loss to:
Total	(2,926)	(3,446)	(9,521)	(11,788)
Net current period other comprehensive income (loss)	14,888	(2,028)	16,839	1,708
Net current period other comprehensive income (loss) attributable to noncontrolling interests	(235)	139	41	252
AOCI Including Portion Attributable to Noncontrolling Interest | Amounts reclassified from accumulated other comprehensive loss to:
Amounts reclassified from accumulated other comprehensive loss to:
Non-operating income	(2,520)	(2,787)	(7,586)	(10,656)
Interest expense	(406)	(659)	(1,935)	(1,132)
Gains and (Losses) on Derivative Instruments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Other comprehensive income before reclassifications	(10,816)	10,262	2,092	6,404
Amounts reclassified from accumulated other comprehensive loss to:
Total	(2,926)	(3,446)	(9,521)	(11,788)
Net current period other comprehensive income (loss)	(13,742)	6,816	(7,429)	(5,384)
Net current period other comprehensive income (loss) attributable to noncontrolling interests	0	0	0	0
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	(2,520)	(2,787)	(7,586)	(10,656)
Interest expense	(406)	(659)	(1,935)	(1,132)
Foreign Currency Translation Adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Other comprehensive income before reclassifications	28,630	(8,844)	24,268	7,092
Amounts reclassified from accumulated other comprehensive loss to:
Total	0	0	0	0
Net current period other comprehensive income (loss)	28,630	(8,844)	24,268	7,092
Net current period other comprehensive income (loss) attributable to noncontrolling interests	(235)	139	41	252
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	0	0
Interest expense	$ 0	$ 0	$ 0	$ 0

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Current income tax expense	$ 10,600	$ 9,400	$ 28,300	$ 33,000
Deferred income tax benefit	$ 1,600	$ 4,300	$ 4,341	$ 2,706

Property Dispositions (Details)

Property Dispositions (Details) $ in Thousands	1 Months Ended	3 Months Ended			9 Months Ended		12 Months Ended
	Jul. 31, 2024 property	Sep. 30, 2024 USD ($) property	Jun. 30, 2024 property	Sep. 30, 2023 USD ($) property	Sep. 30, 2024 USD ($) property	Sep. 30, 2023 USD ($) property	Dec. 31, 2023 property
Discontinued Operation Additional Disclosures
Proceeds from sales of real estate					$ 287,565	$ 187,678
Hotel | Owned Real Estate
Discontinued Operation Additional Disclosures
Number of properties sold (property) | property			1	3			8
Properties Disposed of by Sale
Discontinued Operation Additional Disclosures
Number of properties sold (property) | property		7		6	172	14
Proceeds from sales of real estate		$ 92,400		$ 143,600	$ 1,100,000	$ 187,700
Gain (loss) on sales of property		$ 9,100		14,100	63,900	17,500
Gains on sales of investment real estate, tax expense (benefit)				700	$ 3,000	700
Properties Disposed of by Sale | Office Sales Program
Discontinued Operation Additional Disclosures
Number of properties sold (property) | property	2	2			77
Proceeds from sales of real estate		$ 47,100			$ 498,200
Gain (loss) on sales of property		$ 4,700			$ 5,300
Disposal Group, Held-for-Sale or Disposed of by Sale, Not Discontinued Operations
Discontinued Operation Additional Disclosures
Gain (loss) on sales of property				$ (11,700)		$ (11,700)

Subsequent Events (Details)

Subsequent Events (Details) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Oct. 30, 2024 USD ($) property	Sep. 30, 2024 USD ($) property	Sep. 30, 2023 USD ($) property	Sep. 30, 2024 USD ($) property	Sep. 30, 2023 USD ($) property
Subsequent Event
Payment to acquire real estate				$ 576,716	$ 908,271
Proceeds from sales of real estate				$ 287,565	$ 187,678
Bankruptcy Tenant
Subsequent Event
Number of real estate properties (property) | property		9		9
Total contractual minimum annualized base rent		$ 18,800		$ 18,800
Annualized base rent (as a percent)		1.40%		1.40%
Lease term (in years)		13 years 9 months 18 days		13 years 9 months 18 days
Properties Disposed of by Sale
Subsequent Event
Number of properties sold (property) | property		7	6	172	14
Proceeds from sales of real estate		$ 92,400	$ 143,600	$ 1,100,000	$ 187,700
Subsequent Events
Subsequent Event
Number of real estate properties (property) | property	3
Payment to acquire real estate	$ 230,800
Subsequent Events | Industrial Facilities in Mexico
Subsequent Event
Number of real estate properties (property) | property	3
Payment to acquire real estate	$ 72,800
Subsequent Events | Industrial Property in Lebanon
Subsequent Event
Number of real estate properties (property) | property	1
Payment to acquire real estate	$ 58,400
Subsequent Events | Industrial Property in Shelbyville
Subsequent Event
Number of real estate properties (property) | property	1
Payment to acquire real estate	$ 99,600
Subsequent Events | Properties Disposed of by Sale
Subsequent Event
Number of properties sold (property) | property	1
Proceeds from sales of real estate	$ 79,800