v3.26.3
CONSOLIDATED STATEMENTS OF EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS - USD ($)
shares in Thousands, $ in Thousands
Total
Total Stockholders’ Equity
Common Stock
Additional Paid-In Capital
Cumulative Dividends In Excess Of Earnings
Accumulated Other Comprehensive Income (Loss)
Total Noncontrolling Interests
Beginning balance (in shares) at Dec. 31, 2024     699,485        
Beginning balance at Dec. 31, 2024 $ 9,055,014 $ 8,401,276 $ 699,485 $ 12,847,252 $ (5,174,279) $ 28,818 $ 653,738
Increase (Decrease) in Stockholders' Equity              
Net income (loss) (20,476) (42,621)     (42,621)   22,145
Other comprehensive income (loss) (36,793) (36,793)       (36,793)  
Issuance of common stock, net (in shares)     521        
Issuance of common stock, net 936 936 $ 521 415      
Conversion of non-managing member units to common stock (in shares)     171        
Conversion of non-managing member units to common stock 0 4,138 $ 171 3,967     (4,138)
Repurchase of common stock (in shares)     (5,231)        
Repurchase of common stock (97,058) (97,058) $ (5,231) (91,827)      
Stock-based compensation 14,922 4,958   4,958     9,964
Common dividends (637,866) (637,866)     (637,866)    
Distributions to noncontrolling interests (28,484)           (28,484)
Adjustments to redeemable noncontrolling interests (12,700) 305   305     (13,005)
Ending balance (in shares) at Sep. 30, 2025     694,946        
Ending balance at Sep. 30, 2025 8,237,495 7,597,275 $ 694,946 12,765,070 (5,854,766) (7,975) 640,220
Beginning balance at Dec. 31, 2024 2,610            
Increase (Decrease) in Redeemable Noncontrolling Interests              
Net income (loss) (289)            
Distributions to noncontrolling interests (336)            
Contributions from noncontrolling interests 13,124            
Adjustments to redeemable noncontrolling interests 12,700            
Ending balance at Sep. 30, 2025 27,809            
Beginning balance (in shares) at Jun. 30, 2025     694,916        
Beginning balance at Jun. 30, 2025 8,566,837 7,928,100 $ 694,916 12,763,723 (5,525,520) (5,019) 638,737
Increase (Decrease) in Stockholders' Equity              
Net income (loss) (109,741) (117,122)     (117,122)   7,381
Other comprehensive income (loss) (2,956) (2,956)       (2,956)  
Issuance of common stock, net (in shares)     24        
Issuance of common stock, net 383 383 $ 24 359      
Conversion of non-managing member units to common stock (in shares)     7        
Conversion of non-managing member units to common stock 0 198 $ 7 191     (198)
Repurchase of common stock (in shares)     (1)        
Repurchase of common stock (17) (17) $ (1) (16)      
Stock-based compensation 5,436 1,636   1,636     3,800
Common dividends (212,124) (212,124)     (212,124)    
Distributions to noncontrolling interests (9,500)           (9,500)
Adjustments to redeemable noncontrolling interests (823) (823)   (823)     0
Ending balance (in shares) at Sep. 30, 2025     694,946        
Ending balance at Sep. 30, 2025 8,237,495 7,597,275 $ 694,946 12,765,070 (5,854,766) (7,975) 640,220
Beginning balance at Jun. 30, 2025 20,104            
Increase (Decrease) in Redeemable Noncontrolling Interests              
Net income (loss) (107)            
Distributions to noncontrolling interests (165)            
Contributions from noncontrolling interests 7,154            
Adjustments to redeemable noncontrolling interests 823            
Ending balance at Sep. 30, 2025 27,809            
Beginning balance (in shares) at Dec. 31, 2025     695,037        
Beginning balance at Dec. 31, 2025 8,142,870 7,500,094 $ 695,037 12,767,914 (5,952,920) (9,937) 642,776
Increase (Decrease) in Stockholders' Equity              
Net income (loss) 299,997 263,714     263,714   36,283
Other comprehensive income (loss) 37,995 37,995       37,995  
Issuance of common stock, net (in shares)     419        
Issuance of common stock, net 1,391 1,391 $ 419 972      
Conversion of non-managing member units to common stock (in shares)     117        
Conversion of non-managing member units to common stock 0 3,259 $ 117 3,142     (3,259)
Repurchase of common stock (in shares)     (6,037)        
Repurchase of common stock (101,666) (101,666) $ (6,037) (95,629)      
Stock-based compensation 22,081 5,701   5,701     16,380
Common dividends (633,136) (633,136)     (633,136)    
Distributions to noncontrolling interests (82,050)           (82,050)
Issuance of noncontrolling interests 3,090,432           3,090,432
Reallocation of noncontrolling interests   788,584   788,584     (788,584)
Ending balance (in shares) at Sep. 30, 2026     689,536        
Ending balance at Sep. 30, 2026 10,777,914 7,865,936 $ 689,536 13,470,684 (6,322,342) 28,058 2,911,978
Beginning balance at Dec. 31, 2025 159,581            
Increase (Decrease) in Redeemable Noncontrolling Interests              
Net income (loss) (413)            
Distributions to noncontrolling interests (529)            
Contributions from noncontrolling interests 760            
Redemption of noncontrolling interest (131,968)            
Ending balance at Sep. 30, 2026 27,431            
Beginning balance (in shares) at Jun. 30, 2026     689,465        
Beginning balance at Jun. 30, 2026 9,470,745 7,844,750 $ 689,465 13,273,880 (6,129,129) 10,534 1,625,995
Increase (Decrease) in Stockholders' Equity              
Net income (loss) 36,764 17,263     17,263   19,501
Other comprehensive income (loss) 17,524 17,524       17,524  
Issuance of common stock, net (in shares)     29        
Issuance of common stock, net 248 248 $ 29 219      
Conversion of non-managing member units to common stock (in shares)     46        
Conversion of non-managing member units to common stock 0 1,478 $ 46 1,432     (1,478)
Repurchase of common stock (in shares)     (4)        
Repurchase of common stock (105) (105) $ (4) (101)      
Stock-based compensation 5,806 1,706   1,706     4,100
Common dividends (210,476) (210,476)     (210,476)    
Distributions to noncontrolling interests (50,224)           (50,224)
Issuance of noncontrolling interests 1,507,632           1,507,632
Reallocation of noncontrolling interests 0 193,548   193,548     (193,548)
Ending balance (in shares) at Sep. 30, 2026     689,536        
Ending balance at Sep. 30, 2026 10,777,914 $ 7,865,936 $ 689,536 $ 13,470,684 $ (6,322,342) $ 28,058 $ 2,911,978
Beginning balance at Jun. 30, 2026 27,695            
Increase (Decrease) in Redeemable Noncontrolling Interests              
Net income (loss) (77)            
Distributions to noncontrolling interests (187)            
Ending balance at Sep. 30, 2026 $ 27,431