v3.26.1
Condensed Consolidated Statements of Equity and Redeemable Non-Controlling Interests - USD ($)
$ in Thousands
Total
Total Stockholders’ Equity
Common Stock
Additional Paid-In Capital
Accumulated Other Comprehensive Income (Loss)
Cumulative Net Income
Cumulative Dividends
Non-controlling Interests
Beginning balance at Dec. 31, 2024 $ 5,301,096 $ 5,234,861 $ 3,505 $ 9,118,229 $ (1,168) $ 374,309 $ (4,260,014) $ 66,235
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Common stock redemptions (1,543) (1,543) (1) (1,542)        
Share-based compensation 11,802 11,802 12 11,790        
Conversion of OP Units to common stock   334   334       (334)
Redemption of non-controlling interest (331)             (331)
Net (loss) income (205,616) (202,724)       (202,724)   (2,892)
Reclassification adjustments for losses included in net income (interest expense) (1,921) (1,894)     (1,894)     (27)
Gains arising during the period on interest rate swaps (6,206) (6,123)     (6,123)     (83)
Adjustments to redemption value of redeemable non-controlling interests 527 527   527        
Dividends to common stockholders and distributions to non-controlling interest holders (220,714) (217,926)         (217,926) (2,788)
Ending balance at Jun. 30, 2025 4,877,094 4,817,314 3,516 9,129,338 (9,185) 171,585 (4,477,940) 59,780
Redeemable Non-controlling Interests, beginning balance at Dec. 31, 2024 4,778              
Redeemable Non-controlling Interests                
Net loss 84              
Adjustments to redemption value of redeemable non-controlling interests 530              
Redeemable Non-controlling Interests, ending balance at Jun. 30, 2025 4,332              
Beginning balance at Mar. 31, 2025 5,142,215 5,078,270 3,510 9,121,269 (7,206) 329,436 (4,368,739) 63,945
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Common stock redemptions (1,328) (1,328) (1) (1,327)        
Share-based compensation 8,774 8,774 7 8,767        
Conversion of OP Units to common stock   334   334       (334)
Net (loss) income (160,144) (157,851)       (157,851)   (2,293)
Reclassification adjustments for losses included in net income (interest expense) (980) (966)     (966)     (14)
Gains arising during the period on interest rate swaps (1,028) (1,013)     (1,013)     (15)
Adjustments to redemption value of redeemable non-controlling interests 295 295   295        
Dividends to common stockholders and distributions to non-controlling interest holders (110,710) (109,201)         (109,201) (1,509)
Ending balance at Jun. 30, 2025 4,877,094 4,817,314 3,516 9,129,338 (9,185) 171,585 (4,477,940) 59,780
Redeemable Non-controlling Interests, beginning balance at Mar. 31, 2025 4,627              
Redeemable Non-controlling Interests                
Net loss 0              
Adjustments to redemption value of redeemable non-controlling interests 295              
Redeemable Non-controlling Interests, ending balance at Jun. 30, 2025 4,332              
Beginning balance at Dec. 31, 2025 4,673,373 4,616,893 3,516 9,137,257 (5,174) 128,238 (4,646,944) 56,480
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Common stock repurchases (99,900)              
Ending balance at Mar. 31, 2026 4,493,672 4,439,170 3,465 9,040,690 (2,421) 128,182 (4,730,746) 54,502
Redeemable Non-controlling Interests, beginning balance at Dec. 31, 2025 3,252              
Redeemable Non-controlling Interests, ending balance at Mar. 31, 2026 3,339              
Beginning balance at Dec. 31, 2025 4,673,373 4,616,893 3,516 9,137,257 (5,174) 128,238 (4,646,944) 56,480
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Common stock redemptions (2,772) (2,772) (1) (2,771)        
Share-based compensation 9,843 9,843 8 9,835        
Common stock repurchases (175,000) (175,000) (96) (174,904)        
Redemption of non-controlling interest (1,043)             (1,043)
Capped call transaction premium (28,875) (28,875)   (28,875)        
Net (loss) income (44,117) (43,570)       (43,570)   (547)
Reclassification adjustments for losses included in net income (interest expense) 301 297     297     4
Gains arising during the period on interest rate swaps 6,566 6,475     6,475     91
Dividends to common stockholders and distributions to non-controlling interest holders (168,737) (166,143)         (166,143) (2,594)
Ending balance at Jun. 30, 2026 4,269,539 4,217,148 3,427 8,940,542 1,598 84,668 (4,813,087) 52,391
Redeemable Non-controlling Interests, beginning balance at Dec. 31, 2025 3,252              
Redeemable Non-controlling Interests                
Net loss 183              
Redeemable Non-controlling Interests, ending balance at Jun. 30, 2026 3,435              
Beginning balance at Mar. 31, 2026 4,493,672 4,439,170 3,465 9,040,690 (2,421) 128,182 (4,730,746) 54,502
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Common stock redemptions (731) (731)   (731)        
Share-based compensation 4,420 4,420   4,420        
Common stock repurchases (75,000) (75,000) (38) (74,962)        
Redemption of non-controlling interest (274)             (274)
Capped call transaction premium (28,875) (28,875)   (28,875)        
Net (loss) income (44,051) (43,514)       (43,514)   (537)
Reclassification adjustments for losses included in net income (interest expense) 279 276     276     3
Gains arising during the period on interest rate swaps 3,789 3,743     3,743     46
Dividends to common stockholders and distributions to non-controlling interest holders (83,690) (82,341)         (82,341) (1,349)
Ending balance at Jun. 30, 2026 4,269,539 $ 4,217,148 $ 3,427 $ 8,940,542 $ 1,598 $ 84,668 $ (4,813,087) $ 52,391
Redeemable Non-controlling Interests, beginning balance at Mar. 31, 2026 3,339              
Redeemable Non-controlling Interests                
Net loss 96              
Redeemable Non-controlling Interests, ending balance at Jun. 30, 2026 $ 3,435