Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The following table presents the reportable segment profit or loss measure, NOI, for the years ended December 31, 2025,

2024, and 2023 (in thousands).

	Year Ended December 31,
	2025	2024	2023
Reportable segment revenues:
Revenues from external customers	$2,798,270	$2,897,524	$2,685,027
Other income	37,012	30,028	21,408
Reportable segment total revenues	2,835,282	2,927,552	2,706,435
Reportable segment total rental operating expenses	(868,831)	(831,258)	(763,700)
Reportable segment net operating income (reportable segment profit or loss)	$1,966,451	$2,096,294	$1,942,735

Reconciliation of Operating Profit (Loss) from Segments to Consolidated

Presented below are reconciliations of the reportable segment total revenues to the consolidated revenues, the reportable

segment total rental operating expenses to consolidated rental operations, the reportable segment net operating income to the

consolidated net income, and the reportable segment investments in real estate assets to the consolidated investments in real estate

assets (in thousands):

	Year Ended December 31,
	2025	2024	2023
Reconciliation of reportable segment revenues to consolidated total revenues:
Reportable segment total revenues	$2,835,282	$2,927,552	$2,706,435
All other revenues	191,274	188,842	179,264
Consolidated total revenues	$3,026,556	$3,116,394	$2,885,699
Reconciliation of reportable segment total rental operating expenses to consolidated rental operations:
Reportable segment total rental operating expenses	$(868,831)	$(831,258)	$(763,700)
All other rental operating expenses	(53,774)	(78,007)	(95,480)
Consolidated rental operations	$(922,605)	$(909,265)	$(859,180)
Reconciliation of reportable segment net operating income to consolidated net (loss) income:
Reportable segment net operating income (reportable segment profit or loss)	$1,966,451	$2,096,294	$1,942,735
All other revenues	191,274	188,842	179,264
All other rental operating expenses	(53,774)	(78,007)	(95,480)
Other items not allocated to segments:
General and administrative	(117,047)	(168,359)	(199,354)
Interest expense	(226,698)	(185,838)	(74,204)
Depreciation and amortization	(1,350,478)	(1,202,380)	(1,093,473)
Impairment of real estate	(2,202,818)	(223,068)	(461,114)
Loss on early extinguishment of debt	(107)	—	—
Equity in (losses) earnings of unconsolidated real estate joint ventures	(9,631)	7,059	980
Investment loss	(56,343)	(53,122)	(195,397)
Gain on sale of real estate	642,445	129,312	277,037
Consolidated net (loss) income	$(1,216,726)	$510,733	$280,994

Reconciliation of Investment in Real Estate from Segment to Consolidated

	As of December 31,
	2025	2024
Reconciliation of reportable segment assets to consolidated investments in real estate assets
Reportable segment investments in real estate	$27,510,082	$30,393,144
All other investments in real estate	1,179,914	1,716,895
Consolidated investments in real estate	$28,689,996	$32,110,039