v3.26.3
Investments in Real Estate (Tables)
 9 Months Ended
Sep. 30, 2026
Real Estate [Abstract]  
Schedule of Investments in Real Estate, Net
Investments in real estate, net consisted of the following ($ in thousands):
September 30, 2026December 31, 2025
Building and building improvements$63,650,621 $67,814,096 
Land and land improvements13,464,058 15,171,113 
Furniture, fixtures and equipment2,422,750 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 
Total80,649,694 86,507,125 
Accumulated depreciation and amortization(13,682,946)(12,573,252)
Investments in real estate, net$66,966,748 $73,933,873 
(1)Refer to Note 15 for additional details on the Company’s leases.
Schedule of Details of Dispositions
The following tables detail the dispositions during the periods set forth below ($ in thousands):
Three Months EndedNine Months Ended
September 30, 2026September 30, 2026
SegmentsNumber of PropertiesNet Proceeds
Net Gain(1)
Number of PropertiesNet Proceeds
Net Gain(1)
Rental Housing properties(2)
65$1,738,842 $278,986 111$3,551,966 $491,426 
Industrial properties9175,821 87,101 711,523,737 538,803 
Office properties149,836 — 388,892 792 
Self Storage properties—— — 79852,277 177,305 
Retail properties—— — 134,390 13,593 
Total75$1,964,499 $366,087 265$6,051,262 $1,221,919 
Three Months Ended
Nine Months Ended
September 30, 2025September 30, 2025
SegmentsNumber of PropertiesNet Proceeds
Net Gain(1)
Number of PropertiesNet Proceeds
Net Gain(1)
Rental Housing properties(2)
24$1,132,691 $157,680 61$3,179,985 $402,001 
Industrial properties17553,281 171,642 671,392,053 520,584 
Retail properties130,245 3,207 474,708 9,295 
Hospitality properties320,170 354 438,650 1,306 
Total45$1,736,387 $332,883 136$4,685,396 $933,186 
(1)For the three months ended September 30, 2026, net gain includes gains of $387.1 million and losses of $21.0 million. For the nine months ended September 30, 2026, net gain includes gains of $1.3 billion and losses of $0.1 billion. For the three months ended September 30, 2025, net gain includes gains of $354.2 million and losses of $21.3 million. For the nine months ended September 30, 2025, net gain includes gains of $979.6 million and losses of $46.4 million.
(2)The number of properties excludes single family rental homes sold.
Schedule of Assets and Liabilities of Properties Classified as Held for Sale
The following table details the assets and liabilities of the Company’s properties classified as held-for-sale ($ in thousands):
Assets:September 30, 2026
Investments in real estate, net$740,740 
Other assets2,035 
Total assets$742,775 
Liabilities:
Mortgage loans, net$390,470 
Other liabilities13,218 
Total liabilities$403,688