v3.26.1
CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
ASSETS    
Land $ 5,516,087 $ 5,563,407
Depreciable property 24,808,104 24,705,540
Projects under development 58,312 100,561
Land held for development 58,318 86,341
Investment in real estate 30,440,821 30,455,849
Accumulated depreciation (11,453,919) (11,016,900)
Investment in real estate, net 18,986,902 19,438,949
Investments in unconsolidated entities 323,342 325,939
Cash and cash equivalents 36,405 55,904
Restricted deposits 106,975 102,950
Right-of-use assets 450,474 454,916
Other assets 371,479 367,365
Total assets 20,275,577 20,746,023
Liabilities:    
Mortgage notes payable, net 1,591,821 1,589,904
Notes, net 6,002,002 5,998,458
Line of credit and commercial paper 667,846 586,648
Accounts payable and accrued expenses 120,197 109,165
Accrued interest payable 73,450 73,860
Lease liabilities 303,831 304,575
Other liabilities 277,286 324,616
Security deposits 83,076 82,155
Distributions payable 269,489 267,508
Total liabilities 9,388,998 9,336,889
Commitments and contingencies
Redeemable Noncontrolling Interests – Operating Partnership 189,941 176,289
Shareholders' equity:    
Preferred Shares of beneficial interest, $0.01 par value; 100,000,000 shares authorized; 343,100 shares issued and outstanding as of June 30, 2026 and December 31, 2025 17,155 17,155
Common Shares of beneficial interest, $0.01 par value; 1,000,000,000 shares authorized; 374,893,890 shares issued and outstanding as of June 30, 2026 and 377,806,173 shares issued and outstanding as of December 31, 2025 3,749 3,778
Paid in capital 9,840,190 9,824,460
Retained earnings 651,138 1,193,931
Accumulated other comprehensive income (loss) 2,748 2,175
Total shareholders’ equity 10,514,980 11,041,499
Noncontrolling Interests:    
Operating Partnership 182,816 192,135
Partially Owned Properties (1,158) (789)
Total Noncontrolling Interests 181,658 191,346
Total equity 10,696,638 11,232,845
Total liabilities and equity/capital $ 20,275,577 $ 20,746,023