v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY (Unaudited) - USD ($)
$ in Millions
Total
Common Stock
Additional paid-in capital
Series A preferred stock
Retained earnings (accumulated deficit)
Accumulated other comprehensive income (loss)
Noncontrolling interests
Balance, beginning of period at Dec. 31, 2023 $ 349            
Increase (Decrease) in Temporary Equity [Roll Forward]              
Distributions (1)            
Redemption of redeemable noncontrolling interests (6)            
Expiration of redemption option (92)            
Redeemable noncontrolling interest redemption value adjustment 6            
Redeemable noncontrolling interest redemption value adjustment 6            
Balance, end of period at Mar. 31, 2024 256            
Balance, beginning of period (in shares) at Dec. 31, 2023   162,000,000          
Balance, beginning of period at Dec. 31, 2023 5,673 $ 2 $ 5,961 $ 1 $ (879) $ (34) $ 622
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Distributions (12)           (12)
Stock-based compensation 5   3       2
Other comprehensive income (loss) (71)         (63) (8)
Redemption of common stock (25)   (25)        
Expiration of redemption option 92   65       27
Redeemable noncontrolling interest redemption value adjustment (6)   (6)        
Net income (loss) (48)       (40)   (8)
Reallocation of noncontrolling interests     (7)       7
Balance, end of period (in shares) at Mar. 31, 2024   162,000,000          
Balance, end of period at Mar. 31, 2024 5,608 $ 2 5,991 1 (919) (97) 630
Balance, beginning of period at Dec. 31, 2023 349            
Balance, end of period at Jun. 30, 2024 262            
Balance, beginning of period (in shares) at Dec. 31, 2023   162,000,000          
Balance, beginning of period at Dec. 31, 2023 5,673 $ 2 5,961 1 (879) (34) 622
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income (loss) (128)            
Balance, end of period (in shares) at Jun. 30, 2024   162,000,000          
Balance, end of period at Jun. 30, 2024 5,492 $ 2 5,981 1 (987) (119) 614
Balance, beginning of period at Mar. 31, 2024 256            
Increase (Decrease) in Temporary Equity [Roll Forward]              
Redeemable noncontrolling interest adjustment 4            
Redeemable noncontrolling interest redemption value adjustment 2            
Redeemable noncontrolling interest redemption value adjustment 4            
Balance, end of period at Jun. 30, 2024 262            
Balance, beginning of period (in shares) at Mar. 31, 2024   162,000,000          
Balance, beginning of period at Mar. 31, 2024 5,608 $ 2 5,991 1 (919) (97) 630
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Common stock issuances, net of equity raise costs 1   1        
Distributions (12)           (12)
Stock-based compensation 6   4       2
Other comprehensive income (loss) (25)         (22) (3)
Redeemable noncontrolling interest adjustment (4)   (4)        
Redeemable noncontrolling interest redemption value adjustment (2)   (2)        
Net income (loss) (80)       (68)   (12)
Reallocation of noncontrolling interests     (9)       9
Balance, end of period (in shares) at Jun. 30, 2024   162,000,000          
Balance, end of period at Jun. 30, 2024 5,492 $ 2 5,981 $ 1 (987) (119) 614
Balance, beginning of period at Dec. 31, 2024 43            
Increase (Decrease) in Temporary Equity [Roll Forward]              
Redeemable noncontrolling interest redemption value adjustment (2)            
Balance, end of period at Mar. 31, 2025 $ 41            
Balance, beginning of period (in shares) at Dec. 31, 2024 228,191,656 228,000,000          
Balance, beginning of period at Dec. 31, 2024 $ 9,651 $ 2 10,764   (1,855) (273) 1,013
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Distributions             (14)
Dividends and other distributions (135)       (121)   (14)
Stock-based compensation 40   19       21
Other comprehensive income (loss) 47         42 5
Redeemable noncontrolling interest redemption value adjustment 2   2        
Reallocation of noncontrolling interests     6       (6)
Balance, end of period (in shares) at Mar. 31, 2025   228,000,000          
Balance, end of period at Mar. 31, 2025 9,605 $ 2 10,791   (1,976) (231) 1,019
Balance, beginning of period at Dec. 31, 2024 43            
Balance, end of period at Jun. 30, 2025 $ 7            
Balance, beginning of period (in shares) at Dec. 31, 2024 228,191,656 228,000,000          
Balance, beginning of period at Dec. 31, 2024 $ 9,651 $ 2 10,764   (1,855) (273) 1,013
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income (loss) $ (7)            
Balance, end of period (in shares) at Jun. 30, 2025 228,717,652 229,000,000          
Balance, end of period at Jun. 30, 2025 $ 9,659 $ 2 10,817   (2,103) (79) 1,022
Balance, beginning of period at Mar. 31, 2025 41            
Increase (Decrease) in Temporary Equity [Roll Forward]              
Redemption of redeemable noncontrolling interests (28)            
Expiration of redemption option (6)            
Balance, end of period at Jun. 30, 2025 7            
Balance, beginning of period (in shares) at Mar. 31, 2025   228,000,000          
Balance, beginning of period at Mar. 31, 2025 9,605 $ 2 10,791   (1,976) (231) 1,019
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Distributions             (13)
Dividends and other distributions (134)       (121)   (13)
Stock-based compensation (in shares)   1,000,000          
Stock-based compensation 29   22       7
Withholding of common stock for employee taxes (10)   (10)        
Other comprehensive income (loss) 170         152 18
Expiration of redemption option 6           6
Net income (loss) $ (7)       (6)   (1)
Reallocation of noncontrolling interests     7       (7)
OP Units reclassification     7       (7)
Balance, end of period (in shares) at Jun. 30, 2025 228,717,652 229,000,000          
Balance, end of period at Jun. 30, 2025 $ 9,659 $ 2 $ 10,817   $ (2,103) $ (79) $ 1,022