v3.25.2
Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Net real estate investments:    
Real estate assets, at cost $ 13,988,815 $ 13,698,419
Less: accumulated depreciation 3,107,560 2,960,399
Real estate assets, net 10,881,255 10,738,020
Investments in sales-type leases, net 16,609 16,291
Investments in real estate partnerships 389,828 399,044
Net real estate investments 11,287,692 11,153,355
Assets associated with real estate assets held for sale 15,553  
Cash, cash equivalents, and restricted cash, including $4,133 and $5,601 of restricted cash at June 30, 2025 and December 31, 2024, respectively 154,819 61,884
Tenant and other receivables, net 260,824 255,495
Deferred leasing costs, less accumulated amortization of $134,870 and $131,080 at June 30, 2025 and December 31, 2024, respectively 87,027 79,911
Acquired lease intangible assets, less accumulated amortization of $410,383 and $395,209 at June 30, 2025 and December 31, 2024, respectively 218,995 229,983
Right of use assets, net 319,091 322,287
Other assets 386,473 289,046
Total assets 12,730,474 12,391,961
Liabilities:    
Notes payable, net 4,769,182 4,343,700
Unsecured credit facility 30,000 65,000
Accounts payable and other liabilities 381,549 392,302
Acquired lease intangible liabilities, less accumulated amortization of $233,778 and $222,052 at June 30, 2025 and December 31, 2024, respectively 366,625 364,608
Lease liabilities 243,704 244,861
Tenants' security, escrow deposits and prepaid rent 82,474 81,183
Total liabilities 5,873,534 5,491,654
Commitments and contingencies
Shareholders' equity/Partners' capital:    
Preferred stock $0.01 par value per share, 30,000,000 shares authorized; 9,000,000 shares issued and outstanding, in the aggregate, in Series A and Series B at June 30, 2025 and December 31, 2024 225,000 225,000
Common stock $0.01 par value per share, 220,000,000 shares authorized; 181,525,936 and 181,361,454 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively 1,816 1,814
Treasury stock at cost, 490,769 and 479,251 shares held at June 30, 2025 and December 31, 2024, respectively (30,210) (28,045)
Additional paid-in-capital 8,512,308 8,503,227
Accumulated other comprehensive (loss) income (3,788) 2,226
Distributions in excess of net income (2,027,254) (1,980,076)
Total shareholders' equity 6,677,872 6,724,146
Noncontrolling interests:    
Exchangeable operating partnership units, aggregate redemption value of $76,063 and $81,076 at June 30, 2025 and December 31, 2024, respectively 38,359 40,744
Limited partners' interests in consolidated partnerships 140,709 135,417
Total noncontrolling interests 179,068 176,161
Total equity 6,856,940 6,900,307
Total liabilities and equity 12,730,474 12,391,961
Partnership Interest [Member]    
Net real estate investments:    
Real estate assets, at cost 13,988,815 13,698,419
Less: accumulated depreciation 3,107,560 2,960,399
Real estate assets, net 10,881,255 10,738,020
Investments in sales-type leases, net 16,609 16,291
Investments in real estate partnerships 389,828 399,044
Net real estate investments 11,287,692 11,153,355
Assets associated with real estate assets held for sale 15,553 0
Cash, cash equivalents, and restricted cash, including $4,133 and $5,601 of restricted cash at June 30, 2025 and December 31, 2024, respectively 154,819 61,884
Tenant and other receivables, net 260,824 255,495
Deferred leasing costs, less accumulated amortization of $134,870 and $131,080 at June 30, 2025 and December 31, 2024, respectively 87,027 79,911
Acquired lease intangible assets, less accumulated amortization of $410,383 and $395,209 at June 30, 2025 and December 31, 2024, respectively 218,995 229,983
Right of use assets, net 319,091 322,287
Other assets 386,473 289,046
Total assets 12,730,474 12,391,961
Liabilities:    
Notes payable, net 4,769,182 4,343,700
Unsecured credit facility 30,000 65,000
Accounts payable and other liabilities 381,549 392,302
Acquired lease intangible liabilities, less accumulated amortization of $233,778 and $222,052 at June 30, 2025 and December 31, 2024, respectively 366,625 364,608
Lease liabilities 243,704 244,861
Tenants' security, escrow deposits and prepaid rent 82,474 81,183
Total liabilities 5,873,534 5,491,654
Commitments and contingencies
Shareholders' equity/Partners' capital:    
Preferred stock $0.01 par value per share, 30,000,000 shares authorized; 9,000,000 shares issued and outstanding, in the aggregate, in Series A and Series B at March 31, 2025 and December 31, 2024 225,000 225,000
General partner's common units, 181,550,531 and 181,361,454 units issued and outstanding at June 30, 2025 and December 31, 2024, respectively 6,456,660 6,496,920
Limited partners' common units, 1,067,844 and 1,096,659 units issued and outstanding at June 30, 2025 and December 31, 2024 respectively 38,359 40,744
Accumulated other comprehensive (loss) income (3,788) 2,226
Total partners' capital 6,716,231 6,764,890
Noncontrolling interests:    
Limited partners' interests in consolidated partnerships 140,709 135,417
Total capital 6,856,940 6,900,307
Total liabilities and equity $ 12,730,474 $ 12,391,961