v3.24.2
Land, Buildings and Improvements, and Assets Held for Sale (Tables)
 6 Months Ended
Jun. 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):
June 30, 2024December 31, 2023
Land$2,299,528 $2,248,300 
Buildings and improvements10,004,871 9,801,596 
Real estate under construction37,580 45,562 
Less: Accumulated depreciation(1,589,966)(1,509,730)
$10,752,013 $10,585,728 
The aggregate purchase price allocation for investments disclosed above is as follows (dollars in thousands):
Total Capitalized Costs
Land$82,449 
Buildings and improvements311,003 
Intangible assets and liabilities:
In-place lease (weighted-average expected life of 14.9 years)
56,855 
Below-market rent (expected life of 12.8 years)
(408)
Debt discount and deferred financing costs on non-recourse mortgage loan assumed1,459 
$451,358 
Below is a summary of our Land, buildings and improvements — operating properties (in thousands):
June 30, 2024December 31, 2023
Land$147,170 $150,084 
Buildings and improvements1,091,170 1,104,635 
Real estate under construction— 1,530 
Less: Accumulated depreciation(88,885)(80,057)
$1,149,455 $1,176,192 
Schedule of Real Estate Acquired
During the six months ended June 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 PropertiesDate of AcquisitionProperty TypeTotal Capitalized Costs
Doncaster, United Kingdom (a)
21/9/2024Retail $30,055 
Various, Italy (a)
51/30/2024Industrial, Warehouse 148,130 
Laval, Canada (a)
13/26/2024Industrial2,604 
Commercial Point, Ohio14/5/2024Warehouse 94,220 
Tucson, Arizona15/13/2024Warehouse 38,784 
Portfolio Acquisition:
Various, United States55/15/2024Industrial, Warehouse 44,400 
Various, United States45/15/2024Industrial 23,330 
Sylacauga, Alabama15/15/2024Industrial 5,852 
Moxee, Washington and La Porte, Indiana (b)
26/26/2024Industrial 37,019 
Portfolio Total12110,601 
Mesa and Laveen, Arizona26/3/2024Retail 26,964 
24$451,358 
__________
(a)Amount reflects the applicable exchange rate on the date of transaction.
(b)In connection with this acquisition, we assumed a non-recourse mortgage loan encumbering the properties with an outstanding principal balance of $21.9 million (Note 10).
Schedule of Real Estate under Construction
During the six months ended June 30, 2024, we completed the following construction projects (dollars in thousands):
Property Location(s)Primary Transaction TypeNumber of PropertiesDate of CompletionProperty TypeTotal Capitalized Costs
Salisbury, North CarolinaExpansion13/8/2024Industrial $14,737 
Little Rock, ArkansasExpansion14/10/2024Self-Storage (Operating)3,280 
Irvine, CaliforniaRedevelopment16/27/2024Industrial15,222 
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 June 30,Six Months Ended June 30,
2024202320242023
Lease income — fixed
$287,709 $324,468 $573,883 $632,534 
Lease income — variable (a)
36,395 44,656 72,472 88,926 
Total operating lease income$324,104 $369,124 $646,355 $721,460 
__________
(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):
June 30, 2024December 31, 2023
Land, buildings and improvements — net lease and other
$10,676 $46,986 
In-place lease intangible assets and other778 5,222 
Above-market rent intangible assets— 8,374 
Accumulated depreciation and amortization(3,711)(23,460)
Assets held for sale, net$7,743 $37,122