v3.26.1
Investments in Real Estate (Tables)
 6 Months Ended
Jun. 30, 2026
Real Estate [Abstract]  
Schedule of Investments in Real Estate, Net
Investments in real estate, net consisted of the following ($ in thousands):
June 30, 2026December 31, 2025
Building and building improvements$64,942,966 $67,814,096 
Land and land improvements13,751,558 15,171,113 
Furniture, fixtures and equipment2,390,286 2,409,651 
Right of use asset - operating leases(1)
1,039,403 1,039,403 
Right of use asset - financing leases(1)
72,862 72,862 
Total82,197,075 86,507,125 
Accumulated depreciation and amortization(13,241,566)(12,573,252)
Investments in real estate, net$68,955,509 $73,933,873 
(1)Refer to Note 15 for additional details on the Company’s leases.
Schedule of Details of Dispositions
The following tables detail the dispositions during the periods set forth below ($ in thousands):
Three Months EndedSix Months Ended
June 30, 2026June 30, 2026
SegmentsNumber of PropertiesNet Proceeds
Net Gain(1)
Number of PropertiesNet Proceeds
Net Gain(1)
Rental Housing properties(2)
20$932,444 $124,326 46$1,813,124 $212,440 
Self Storage properties79852,277 177,305 79852,277 177,305 
Industrial properties27349,590 91,666 621,347,916 451,702 
Office properties—— — 239,056 792 
Retail properties—— — 134,390 13,593 
Total126$2,134,311 $393,297 190$4,086,763 $855,832 
Three Months Ended
Six Months Ended
June 30, 2025June 30, 2025
SegmentsNumber of PropertiesNet Proceeds
Net Gain(1)
Number of PropertiesNet Proceeds
Net Gain(1)
Rental Housing properties(2)
18$1,215,368 $174,389 37$2,047,294 $244,321 
Industrial properties42706,483 287,720 50838,772 348,942 
Hospitality properties118,480 952 118,480 952 
Retail properties115,532 1,333 344,463 6,088 
Total62$1,955,863 $464,394 91$2,949,009 $600,303 
(1)For the three months ended June 30, 2026, net gain includes gains of $406.9 million and losses of $13.6 million. For the six months ended June 30, 2026, net gain includes gains of $889.5 million and losses of $33.7 million. For the three months ended June 30, 2025, net gain includes gains of $474.2 million and losses of $9.8 million. For the six months ended June 30, 2025, net gain includes gains of $625.4 million and losses of $25.1 million.
(2)The number of properties excludes single family rental homes sold.
Schedule of Assets and Liabilities of Properties Classified as Held for Sale
The following table details the assets and liabilities of the Company’s properties classified as held-for-sale ($ in thousands):
Assets:June 30, 2026
Investments in real estate, net$1,272,262 
Other assets38,847 
Total assets$1,311,109 
Liabilities:
Mortgage loans, net$671,277 
Other liabilities24,504 
Total liabilities$695,781