| | | | | S-1 | | | |
| | | | | S-5 | | | |
| | | | | S-7 | | | |
| | | | | S-13 | | | |
| | | | | S-14 | | | |
| | | | | S-19 | | | |
| | | | | S-19 | | | |
| | | | | S-20 | | | |
| | | | | S-20 | | |
| | | | | 1 | | | |
| | | | | 2 | | | |
| | | | | 4 | | | |
| | | | | 5 | | | |
| | | | | 6 | | | |
| | | | | 7 | | | |
| | | | | 8 | | | |
| | | | | 15 | | | |
| | | | | 17 | | | |
| | | | | 26 | | | |
| | | | | 27 | | | |
| | | | | 33 | | | |
| | | | | 58 | | | |
| | | | | 59 | | | |
| | | | | 59 | | |
($ millions)
|
| |
As of June 21,
|
| |
As of December 31,
|
| ||||||||||||||||||||||||||||||
|
2017
|
| |
2017
|
| |
2018
|
| |
2019
|
| |
2020
|
| |
2021
|
| ||||||||||||||||||||
Net investment in sales-type leases
|
| | | | — | | | | | | — | | | | | | — | | | | | $ | 985 | | | | | $ | 1,306 | | | | | $ | 2,413 | | |
Ground Lease receivables
|
| | | | — | | | | | | — | | | | | | — | | | | | $ | 397 | | | | | $ | 577 | | | | | $ | 796 | | |
Pro-rata interest in Ground Leases held as equity method investments
|
| | | | — | | | | | | — | | | | | | — | | | | | $ | 340 | | | | | $ | 345 | | | | | $ | 441 | | |
Real estate, net (Operating Leases)
|
| | | $ | 265 | | | | | $ | 409 | | | | | $ | 660 | | | | | $ | 672 | | | | | $ | 730 | | | | | $ | 713 | | |
Accumulated depreciation
|
| | | | 1 | | | | | | 4 | | | | | | 10 | | | | | | 16 | | | | | | 22 | | | | | | 28 | | |
Lease intangible assets, net
|
| | | | 123 | | | | | | 139 | | | | | | 263 | | | | | | 243 | | | | | | 242 | | | | | | 224 | | |
Accumulated amortization
|
| | | | 1 | | | | | | 3 | | | | | | 9 | | | | | | 16 | | | | | | 23 | | | | | | 29 | | |
Other assets
|
| | | | — | | | | | | — | | | | | | — | | | | | | 24 | | | | | | 23 | | | | | | 22 | | |
Lease intangible liabilities, net
|
| | | | (51) | | | | | | (58) | | | | | | (58) | | | | | | (57) | | | | | | (66) | | | | | | (65) | | |
Non-controlling interest
|
| | | | — | | | | | | — | | | | | | (2) | | | | | | (2) | | | | | | (2) | | | | | | (2) | | |
Gross book value
|
| | | $ | 339 | | | | | $ | 497 | | | | | $ | 883 | | | | | $ | 2,634 | | | | | $ | 3,201 | | | | | $ | 4,599 | | |
Forward commitments and future acquisition commitment
|
| | | | — | | | | | | 34 | | | | | | 64 | | | | | | 81 | | | | | | 19 | | | | | | 166 | | |
Aggregate gross book value
|
| | | $ | 339 | | | | | $ | 531 | | | | | $ | 947 | | | | | $ | 2,715 | | | | | $ | 3,219 | | | | | $ | 4,764 | | |
Underwriter
|
| |
Number of
Shares |
|
Morgan Stanley & Co. LLC
|
| |
|
|
BofA Securities, Inc.
|
| | | |
Goldman Sachs & Co. LLC
|
| | | |
J.P. Morgan Securities LLC
|
| | | |
Total
|
| | | |
| | |
Per
Share |
| |
Without
Option |
| |
With
Option |
| |||||||||
Public offering price
|
| | | $ | | | | | $ | | | | | $ | | | |||
Underwriting discounts and commissions
|
| | | $ | | | | | $ | | | | | $ | | | |||
Proceeds, before expenses, to us
|
| | | $ | | | | | $ | | | | | $ | | | |