Investments in real estate, net consisted of the following ($ in thousands):


	March 31, 2026			December 31, 2025
Building and building improvements	$	16,451,030		$	16,452,127
Land and land improvements		2,793,271			2,797,405
Furniture, fixtures and equipment		267,446			268,251
Right-of-use asset - operating lease(1)		105,230			105,230
Total		19,616,977			19,623,013
Accumulated depreciation and amortization		(2,857,776	)		(2,693,881	)
Investments in real estate, net	$	16,759,201		$	16,929,132

__________

(1)

Refer to Note 14 for additional details on the Company’s leases.

During the three months ended March 31, 2026, the Company sold one single-family rental unit. During the three months ended March 31, 2025, the Company sold an aggregate of $1.0 billion of investments in real estate, net, generating total net cash proceeds, net of mortgage repayments, of approximately $0.3 billion. During the three months ended March 31, 2025, the Company recorded $9.7 million of net gains from the disposition of 43 industrial properties, 13 multifamily properties, one hospitality property and 16 single-family rental units.

The following table details the Company’s equity investments in unconsolidated real estate ventures ($ in thousands):


Investments in Unconsolidated Real Estate Ventures	Segment	Date Acquired	Number of Properties	Ownership Interest	March 31, 2026		December 31, 2025
Extended Stay Portfolio	Other	July 2022	195	45%	$	281,973	$	285,313
Fort Lauderdale Hotel	Other	March 2019	1	43%		9,471		9,079
Total investments in unconsolidated real estate ventures					$	291,444	$	294,392

The following table details the Company’s income (loss) from equity investments in unconsolidated real estate ventures ($ in thousands):


		Three Months Ended March 31,
Investments in Unconsolidated Real Estate Ventures	Segment	2026			2025
Extended Stay Portfolio	Other	$	(3,319	)	$	(2,174	)
Fort Lauderdale Hotel	Other		392			345
Total loss from unconsolidated real estate ventures		$	(2,927	)	$	(1,829	)