COMBINED BALANCE SHEETS - USD ($) $ in Thousands |
Mar. 31, 2026 |
Dec. 31, 2025 |
Mar. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|---|---|---|
| Real estate: | |||||
| Buildings and improvements | $ 2,638,325 | $ 1,940,808 | $ 1,819,355 | ||
| Construction in progress | 45,607 | 41,678 | 40,347 | ||
| Land and improvements | 370,231 | 176,475 | 174,850 | ||
| Accumulated depreciation | (532,738) | (505,297) | (429,905) | ||
| Net real estate | 2,521,425 | 1,653,664 | 1,604,647 | ||
| Equity method investment | 0 | 312,709 | 322,551 | ||
| Accounts receivable, net of allowance of $2,018 and $2,243 | 24,407 | 19,431 | 19,697 | $ 19,970 | |
| Cash and cash equivalents | 948,822 | 19,652 | $ 21,197 | 18,777 | 26,504 |
| Restricted cash | 88,971 | 64,609 | $ 63,434 | 60,289 | 50,442 |
| Intangible assets | 191,659 | 26,670 | 74,961 | ||
| Deferred tax assets | 114,556 | 107,074 | 116,002 | ||
| Goodwill | 3,849 | 3,849 | 3,849 | ||
| Other assets | 130,056 | 134,557 | 122,529 | ||
| Total assets | 4,023,745 | 2,342,215 | 2,343,302 | ||
| LIABILITIES AND PARENT'S NET INVESTMENT | |||||
| Mortgage debt | 0 | 102,688 | 106,247 | ||
| Accounts payable, accrued liabilities, and other liabilities | 297,802 | 284,210 | 311,448 | ||
| Deferred revenue | 680,055 | 673,007 | 616,754 | ||
| Total liabilities | 977,857 | 1,059,905 | 1,034,449 | ||
| Commitments and contingencies (Note 10) | |||||
| Parent's net investment | 0 | 1,282,310 | 1,308,853 | ||
| Total stockholders' equity | 2,164,804 | 1,282,310 | 1,308,853 | $ 1,438,960 | |
| Total liabilities and equity | $ 4,023,745 | $ 2,342,215 | $ 2,343,302 |
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- Definition Net Parent Investment No definition available.
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- Definition Sum of the carrying values as of the balance sheet date of obligations incurred through that date, including liabilities incurred and payable to vendors for goods and services received, taxes, interest, rent and utilities, compensation costs, payroll taxes and fringe benefits (other than pension and postretirement obligations), contractual rights and obligations, and statutory obligations. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount, after allowance for credit loss, of right to consideration from customer for product sold and service rendered in normal course of business. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Amount of asset recognized for present right to economic benefit. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of cash and cash equivalent. Cash includes, but is not limited to, currency on hand, demand deposit with financial institution, and account with general characteristic of demand deposit. Cash equivalent includes, but is not limited to, short-term, highly liquid investment that is both readily convertible to known amount of cash and so near maturity that it presents insignificant risk of change in value because of change in interest rate. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Represents the caption on the face of the balance sheet to indicate that the entity has entered into (1) purchase or supply arrangements that will require expending a portion of its resources to meet the terms thereof, and (2) is exposed to potential losses or, less frequently, gains, arising from (a) possible claims against a company's resources due to future performance under contract terms, and (b) possible losses or likely gains from uncertainties that will ultimately be resolved when one or more future events that are deemed likely to occur do occur or fail to occur. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of obligation to transfer good or service to customer for which consideration has been received or is receivable. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, with jurisdictional netting. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The current amount of expenditures for a real estate project that has not yet been completed. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Sum of the carrying amounts of all intangible assets, excluding goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Aggregate of the carrying amounts as of the balance sheet date of investments in building and building improvements. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Amount before accumulated depreciation and depletion of real estate held for productive use and additions or improvements to real estate held for productive use, examples include, but are not limited to, walkways, driveways, fences, and parking lots. Excludes land held for sale. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Amount of liability recognized for present obligation requiring transfer or otherwise providing economic benefit to others. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of liabilities and equity items, including the portion of equity attributable to noncontrolling interests, if any. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- References No definition available.
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- Definition Amount of assets classified as other. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition The cumulative amount of depreciation for real estate property held for investment purposes. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of real estate investment property, net of accumulated depreciation, which may include the following: (1) land available-for-sale; (2) land available-for-development; (3) investments in building and building improvements; (4) tenant allowances; (5) developments in-process; (6) rental properties; and (7) other real estate investments. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- References No definition available.
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- Definition Amount of cash and cash equivalent restricted as to withdrawal or usage. Cash includes, but is not limited to, currency on hand, demand deposit with financial institution, and account with general characteristic of demand deposit. Cash equivalent includes, but is not limited to, short-term, highly liquid investment that is both readily convertible to known amount of cash and so near maturity that it presents insignificant risk of change in value because of change in interest rate. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Carrying value as of the balance sheet date, including the current and noncurrent portions, of collateralized debt obligations (with maturities initially due after one year or beyond the operating cycle, if longer). Such obligations include mortgage loans, chattel loans, and any other borrowings secured by assets of the borrower. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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