v3.25.4
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Real estate assets    
Buildings and improvements $ 7,901,652 $ 7,342,497
Land 1,179,463 996,701
Furniture and equipment 539,775 510,106
Construction in progress 12,492 210,870
Total real estate assets 9,633,382 9,060,174
Less accumulated depreciation (2,930,611) (2,721,016)
Real estate assets - net 6,702,771 6,339,158
Investments in direct financing leases - net   9,453
Real estate loans receivable - net 1,380,949 1,428,298
Investments in unconsolidated entities 414,127 88,711
Assets held for sale 4,000 56,194
Total real estate investments 8,501,847 7,921,814
Non-real estate loans receivable - net 330,322 332,274
Total investments 8,832,169 8,254,088
Cash and cash equivalents 27,024 518,340
Restricted cash 27,539 30,395
Contractual receivables - net 9,723 12,611
Other receivables and lease inducements 278,570 249,317
Goodwill 644,626 643,664
Other assets 229,408 189,476
Total assets 10,049,059 9,897,891
LIABILITIES AND EQUITY    
Revolving credit facility 242,000  
Secured borrowings   243,310
Senior notes and other unsecured borrowings - net 4,014,011 4,595,549
Accrued expenses and other liabilities 352,549 328,193
Total liabilities 4,608,560 5,167,052
Preferred stock $1.00 par value authorized - 20,000 shares, issued and outstanding - none
Common stock $0.10 par value authorized - 700,000 shares, issued and outstanding - 295,539 shares as of December 31, 2025 and 279,129 shares as of December 31, 2024 29,553 27,912
Additional paid-in capital 8,693,033 7,915,873
Cumulative net earnings 4,677,092 4,086,907
Cumulative dividends paid (8,297,416) (7,516,750)
Accumulated other comprehensive income 79,037 22,731
Total stockholders' equity 5,181,299 4,536,673
Noncontrolling interest 259,200 194,166
Total equity 5,440,499 4,730,839
Total liabilities and equity $ 10,049,059 $ 9,897,891