Receivables

6 Months Ended

Jun. 30, 2026

Receivables

Receivables

4. Receivables

Accounts and Other Receivables, Net

Accounts and other receivables, net is primarily comprised of contractual rents and other lease-related obligations currently due from customers. These amounts (net of an allowance for doubtful accounts) are shown in the subsequent table as Accounts receivable – trade, net. The other receivables shown separately from Accounts receivable – trade, net consist primarily of value-added tax receivables, various management fees for functions provided to managed joint ventures, as well as amounts that have not yet been billed to customers, such as for utility reimbursements and installation fees.

	Balance as of		Balance as of
(Amounts in thousands):	June 30, 2026		December 31, 2025
Accounts receivable – trade	$	879,029	$	815,146
Allowance for doubtful accounts		(73,428)		(86,351)
Accounts receivable – trade, net		805,601		728,795
Accounts receivable – customer recoveries		213,429		213,023
Value-added tax receivables		110,673		109,816
Accounts receivable – installation fees		208,691		119,295
Other receivables		226,561		187,966
Accounts and other receivables, net	$	1,564,955	$	1,358,895

Deferred Rent, Net

Deferred rent, net represents rental income that has been recognized as revenue but which is not yet due from customers under their existing rental agreements. The Company recognizes an allowance for deferred rent receivables to the extent it becomes no longer probable that a customer or group of customers will be able to make substantially all of their required cash rental payments over the entirety of their respective lease terms.

	Balance as of		Balance as of
(Amounts in thousands):	June 30, 2026		December 31, 2025
Deferred rent receivables	$	793,597	$	752,531
Allowance for deferred rent receivables		(1,552)		(1,624)
Deferred rent, net	$	792,045	$	750,907