v3.25.4
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Investments in real estate:    
Land, buildings and improvements — net lease and other $ 14,451,306 $ 12,842,869
Land, buildings and improvements — operating properties 286,079 1,198,676
Net investments in finance leases and loans receivable 1,171,886 798,259
In-place lease intangible assets and other 2,466,199 2,297,572
Above-market rent intangible assets 668,707 665,495
Investments in real estate 19,044,177 17,802,871
Accumulated depreciation and amortization (3,578,330) (3,222,396)
Assets held for sale, net 3,327 0
Net investments in real estate 15,469,174 14,580,475
Equity method investments 310,178 301,115
Cash and cash equivalents 155,329 640,373
Other assets, net 1,068,480 1,045,218
Goodwill 987,071 967,843
Total assets [1] 17,990,232 17,535,024
Debt:    
Senior unsecured notes, net 6,950,261 6,505,907
Unsecured term loans, net 1,196,366 1,075,826
Unsecured revolving credit facility 435,417 55,448
Non-recourse mortgages, net 140,646 401,821
Debt, net 8,722,690 8,039,002
Accounts payable, accrued expenses and other liabilities 670,038 596,994
Below-market rent intangible liabilities, net 104,055 119,831
Deferred income taxes 151,820 147,461
Dividends payable 207,487 197,612
Total liabilities [1] 9,856,090 9,100,900
Commitments and contingencies (Note 12)
Preferred stock, $0.001 par value, 50,000,000 shares authorized; none issued 0 0
Common stock, $0.001 par value, 450,000,000 shares authorized; 219,145,876 and 218,848,844 shares, respectively, issued and outstanding 219 219
Additional paid-in capital 11,830,737 11,805,179
Distributions in excess of accumulated earnings (3,539,592) (3,203,974)
Deferred compensation obligation 80,239 78,503
Accumulated other comprehensive loss (253,346) (250,232)
Total stockholders’ equity 8,118,257 8,429,695
Noncontrolling interests 15,885 4,429
Total equity 8,134,142 8,434,124
Total liabilities and equity $ 17,990,232 $ 17,535,024
[1] See Note 2 for details related to variable interest entities (“VIEs”).