v3.26.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Assets    
Land $ 1,695,652 $ 1,787,445
Buildings and improvements 11,271,829 11,792,960
Real estate assets, at cost, total 12,967,481 13,580,405
Accumulated depreciation (5,014,551) (5,296,061)
Net operating real estate assets 7,952,930 8,284,344
Properties under development and land 500,116 419,227
Total real estate assets 8,453,046 8,703,571
Accounts receivable – affiliates 8,053 8,884
Other assets, net 314,199 293,292
Cash and cash equivalents 44,717 25,203
Restricted cash 10,717 12,039
Real estate and other assets held for sale 625,348 0
Total assets 9,456,080 9,042,989
Liabilities    
Unsecured notes payable 4,529,573 3,570,193
Secured notes payable 318,755 330,597
Accounts payable and accrued expenses 248,434 248,087
Accrued real estate taxes 99,264 92,382
Distributions payable 110,389 114,971
Other liabilities 264,968 248,506
Liabilities held for sale 6,382 0
Total liabilities 5,577,765 4,604,736
Commitments and contingencies (Note 9)
Equity    
Common shares of beneficial interest; $0.01 par value per share; 175,000,000 shares authorized; 117,737,779 and 117,737,767 issued at June 30, 2026 and December 31, 2025, respectively; 115,732,578 and 115,711,964 outstanding at June 30, 2026 and December 31, 2025, respectively 1,157 1,157
Additional paid-in capital 5,953,409 5,948,938
Distributions in excess of net income attributable to common shareholders (1,127,157) (969,240)
Treasury shares, at cost (15,191,591 and 11,373,251 common shares at June 30, 2026 and December 31, 2025, respectively) (1,028,058) (620,497)
Accumulated other comprehensive income 2,773 2,165
Total common equity 3,802,124 4,362,523
Non-controlling interests 76,191 75,730
Total equity 3,878,315 4,438,253
Total liabilities and equity $ 9,456,080 $ 9,042,989