v3.26.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Real estate held for investment, at cost:    
Land $ 18,906,217 $ 18,368,029
Buildings and improvements 45,672,483 43,824,410
Total real estate held for investment, at cost 64,578,700 62,192,439
Less accumulated depreciation and amortization (9,466,261) (8,778,536)
Real estate held for investment, net 55,112,439 53,413,903
Real estate and lease intangibles held for sale, net 153,134 91,784
Cash and cash equivalents 552,648 434,842
Accounts receivable, net 1,134,987 1,053,487
Lease intangible assets, net 5,616,706 5,717,241
Goodwill 4,932,199 4,932,199
Investment in loans and financing receivables, net 4,888,860 3,271,002
Investment in unconsolidated entities 1,348,453 1,256,456
Other assets, net 2,702,049 2,624,698
Total assets 76,441,475 72,795,612
LIABILITIES AND EQUITY    
Distributions payable 259,252 255,171
Accounts payable and accrued expenses 1,119,132 1,060,969
Lease intangible liabilities, net 1,457,071 1,493,958
Other liabilities 1,020,290 1,066,809
Revolving credit facilities and commercial paper 2,762,585 2,023,414
Term loans, net 2,760,395 1,701,615
Mortgages payable, net 37,085 37,761
Notes payable, net 25,091,588 25,031,947
Total liabilities 34,507,398 32,671,644
Commitments and contingencies (Note 18)
Stockholders’ equity:    
Common stock and paid in capital, par value $0.01 per share, 1,300,000 shares authorized, 946,202 and 933,975 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively 50,845,906 49,861,660
Distributions in excess of net income (11,391,151) (10,527,984)
Accumulated other comprehensive income 94,802 105,019
Total stockholders’ equity 39,549,557 39,438,695
Noncontrolling interests 2,384,520 685,273
Total equity 41,934,077 40,123,968
Total liabilities and equity $ 76,441,475 $ 72,795,612