v3.26.1
Segments and Geographic Locations - Reconciliation (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Segment Income:        
Lease Income $ 1,659,709 $ 1,379,454 $ 3,288,240 $ 2,746,882
Management fees and other revenues 40,834 37,931 81,022 71,723
Other Income 90,055 81,074 178,429 152,867
Total revenue 1,790,598 1,498,459 3,547,691 2,971,472
Segment Expenses:        
Property Operating 171,440 139,816 342,200 276,637
Real estate taxes 131,905 105,315 267,865 212,768
Repairs and maintenance 32,687 26,238 72,888 56,380
Advertising and promotion 39,056 36,310 72,986 70,566
Other 49,572 35,654 82,788 66,632
Total segment operating expenses 424,660 343,333 838,727 682,983
NOI of consolidated entities 1,365,938 1,155,126 2,708,964 2,288,489
Non-Segment Income:        
Income from unconsolidated entities 119,127 122,875 97,879 153,234
Non-Segment Expenses:        
Depreciation and amortization 459,876 339,058 918,773 667,109
Home and regional office costs 69,842 57,564 137,498 122,630
General and administrative 12,004 14,298 66,303 26,927
Interest expense 281,164 232,724 556,826 459,720
Loss (gain) due to disposal, exchange, or revaluation of equity interests, net 11,950 (104,499) 18,329 (80,507)
Income and other tax expense 10,809 35,107 (9,125) 27,470
Unrealized losses in fair value of publicly traded equity instruments and derivative instrument, net 56,425 50,455 31,037 87,220
(Loss) gain on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net (8,747) (9,604) 55,593 (9,604)
Other expense 118 9 130 9
CONSOLIDATED NET INCOME 574,130 643,681 1,142,665 1,121,541
All other & eliminations, net        
Segment Income:        
Lease Income (1,325) (2,974) (4,214) (10,502)
Management fees and other revenues 40,834 37,931 81,022 71,723
Other Income 40,000 51,024 86,510 97,117
Total revenue 79,509 85,981 163,318 158,338
Segment Expenses:        
Property Operating (51,195) (43,276) (107,466) (78,192)
Real estate taxes 1,067 854 (2,035) (5,180)
Repairs and maintenance 1,112 501 1,211 1,086
Advertising and promotion (843) (989) (2,733) (2,560)
Other 22,780 19,127 33,003 35,445
Total segment operating expenses (27,079) (23,783) (78,020) (49,401)
NOI of consolidated entities 106,588 109,764 241,338 207,739
Real estate segment | Operating Segments        
Segment Income:        
Lease Income 1,661,034 1,382,428 3,292,454 2,757,384
Other Income 50,055 30,050 91,919 55,750
Total revenue 1,711,089 1,412,478 3,384,373 2,813,134
Segment Expenses:        
Property Operating 222,635 183,092 449,666 354,829
Real estate taxes 130,838 104,461 269,900 217,948
Repairs and maintenance 31,575 25,737 71,677 55,294
Advertising and promotion 39,899 37,299 75,719 73,126
Other 26,792 16,527 49,785 31,187
Total segment operating expenses 451,739 367,116 916,747 732,384
NOI of consolidated entities $ 1,259,350 $ 1,045,362 $ 2,467,626 $ 2,080,750