Segments and Geographic Locations (Tables)

9 Months Ended

Sep. 30, 2026

Segments and Geographic Locations

Schedule of reconciliation of reportable segment to net income


		For the Three Months Ended September 30, 2026
					All other &
		Real estate			eliminations,
		segment			net			Consolidated

Income:
Lease Income		$	1,680,109		$	1,284		$	1,681,393
Management fees and other revenues			—			46,181			46,181
Other Income			49,736			37,246			86,982
Total			1,729,845			84,711			1,814,556
Expenses:
Property Operating			234,156			(53,329)			180,827
Real estate taxes			126,189			146			126,335
Repairs and maintenance			30,970			630			31,600
Advertising and promotion			36,727			(782)			35,945
Other			23,990			19,128			43,118
Total			452,032			(34,207)			417,825
NOI of consolidated entities		$	1,277,813		$	118,918		$	1,396,731
Other Income:
Income and other tax benefit									22,565
Income from unconsolidated entities									152,992
Gain on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net									10,701
Other Expenses:
Depreciation and amortization									510,768
Home and regional office costs									70,349
General and administrative									11,164
Interest expense									287,590
Loss due to disposal, exchange, or revaluation of equity interests, net									8,259
Unrealized losses in fair value of publicly traded equity instruments and derivative instrument, net									129,565
Consolidated Net Income								$	565,294


		For the Nine Months Ended September 30, 2026
					All other &
		Real estate			eliminations,
		segment			net			Consolidated

Income:
Lease Income		$	4,972,563		$	(2,930)		$	4,969,633
Management fees and other revenues			—			127,203			127,203
Other Income			142,524			122,887			265,411
Total			5,115,087			247,160			5,362,247
Expenses:
Property Operating			684,092			(161,066)			523,026
Real estate taxes			396,089			(1,889)			394,200
Repairs and maintenance			102,679			1,808			104,487
Advertising and promotion			112,446			(3,516)			108,930
Other			73,726			52,182			125,908
Total			1,369,032			(112,481)			1,256,551
NOI of consolidated entities		$	3,746,055		$	359,641		$	4,105,696
Other Income:
Income and other tax benefit									31,691
Income from unconsolidated entities									250,871
Gain on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net									66,294
Other Expenses:
Depreciation and amortization									1,429,541
Home and regional office costs									207,847
General and administrative									77,468
Interest expense									844,417
Loss due to disposal, exchange, or revaluation of equity interests, net									26,588
Unrealized losses in fair value of publicly traded equity instruments and derivative instrument, net									160,602
Other expense									130
Consolidated Net Income								$	1,707,959


		For the Three Months Ended September 30, 2025
					All other &
		Real estate			eliminations,
		segment			net			Consolidated

Income:
Lease Income		$	1,456,774		$	(3,844)		$	1,452,930
Management fees and other revenues			—			36,925			36,925
Other Income			41,596			70,121			111,717
Total			1,498,370			103,202			1,601,572
Expenses:
Property Operating			196,725		$	(46,914)		$	149,811
Real estate taxes			114,598			802			115,400
Repairs and maintenance			25,073			522			25,595
Advertising and promotion			39,396			(751)			38,645
Other			17,713			22,482			40,195
Total			393,505			(23,859)			369,646
NOI of consolidated entities		$	1,104,865		$	127,061		$	1,231,926
Other Income:
Income from unconsolidated entities									143,916
Unrealized gains in fair value of publicly traded equity instruments and derivative instrument, net									2,243
Gain on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net									10,398
Other Expenses:
Depreciation and amortization									338,639
Home and regional office costs									64,282
General and administrative									16,091
Interest expense									242,790
Income and other tax expense									15,114
Loss due to disposal, exchange, or revaluation of equity interests, net									8,871
Consolidated Net Income								$	702,696


		For the Nine Months Ended September 30, 2025
					All other &
		Real estate			eliminations,
		segment			net			Consolidated

Income:
Lease Income		$	4,214,158		$	(14,346)		$	4,199,812
Management fees and other revenues			—			108,648			108,648
Other Income			97,346			167,237			264,583
Total			4,311,504			261,539			4,573,043
Expenses:
Property Operating			551,554			(125,107)			426,447
Real estate taxes			332,545			(4,377)			328,168
Repairs and maintenance			80,368			1,607			81,975
Advertising and promotion			112,523			(3,312)			109,211
Other			48,899			57,929			106,828
Total			1,125,889			(73,260)			1,052,629
NOI of consolidated entities		$	3,185,615		$	334,799		$	3,520,414
Other Income:
Gain due to disposal, exchange, or revaluation of equity interests, net									71,636
Income from unconsolidated entities									297,150
Gain on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net									794
Other Expenses:
Depreciation and amortization									1,005,748
Home and regional office costs									186,912
General and administrative									43,018
Interest expense									702,509
Income and other tax expense									42,584
Unrealized losses in fair value of publicly traded equity instruments and derivative instrument, net									84,977
Other expense									9
Consolidated Net Income								$	1,824,237