v3.26.1
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
REVENUE        
Rental (including reimbursements) $ 1,426,467 $ 1,338,188 $ 2,867,284 $ 2,651,245
Interest income on financing receivables 32,024 32,382 64,154 65,017
Interest and dividend income on loans and preferred equity investments 88,517 39,480 158,627 74,216
Other 703 328 6,373 405
Total revenue 1,547,711 1,410,378 3,096,438 2,790,883
EXPENSES        
Depreciation and amortization 644,677 647,849 1,274,952 1,256,784
Interest 312,083 283,824 604,023 552,198
Property (including reimbursements) 112,439 107,422 229,282 214,103
General and administrative 57,605 49,329 116,490 93,373
Provisions for impairment of real estate 54,185 142,255 144,350 239,673
Provisions for credit losses on loans and financing receivables 7,258 1,108 46,361 20,279
Merger, transaction, and other costs, net 2,058 331 12,845 610
Total expenses 1,190,305 1,232,118 2,428,303 2,377,020
Gain on sales of real estate 38,260 38,566 73,902 61,103
Foreign currency and derivative loss, net (8,824) (4,388) (25,844) (6,933)
Equity in earnings of unconsolidated entities 2,204 3,269 4,873 7,626
Other income, net 7,275 7,369 22,385 14,536
Income before income taxes 396,321 223,076 743,451 490,195
Income taxes (25,808) (24,065) (52,003) (39,722)
Net income 370,513 199,011 691,448 450,473
Net income attributable to noncontrolling interests (26,558) (2,092) (35,727) (3,739)
Net income available to common stockholders $ 343,955 $ 196,919 $ 655,721 $ 446,734
Amounts available to common stockholders per common share:        
Net income, basic (in dollars per share) $ 0.37 $ 0.22 $ 0.70 $ 0.50
Net income, diluted (in dollars per share) $ 0.37 $ 0.22 $ 0.70 $ 0.50
Weighted average common shares outstanding:        
Basic (in shares) 932,307 902,966 932,133 897,338
Diluted (in shares) 934,662 903,716 934,435 898,115
Comprehensive income:        
Net income available to common stockholders $ 343,955 $ 196,919 $ 655,721 $ 446,734
Other comprehensive income:        
Foreign currency translation adjustment 1,118 54,425 (14,999) 99,640
Unrealized (loss) gain on derivatives, net (43,550) (31,464) 4,782 (42,089)
Total other comprehensive income (42,432) 22,961 (10,217) 57,551
Comprehensive income available to common stockholders $ 301,523 $ 219,880 $ 645,504 $ 504,285