Income Taxes

9 Months Ended

Sep. 30, 2026

Income Tax Disclosure [Abstract]

Income Taxes

5. Income Taxes

2026 Activity

In the 2026 first quarter, we moved seven additional U.K. property holding legal entities into our U.K. REIT that was formed on July 1, 2023. With this move, we adjusted the deferred tax liabilities associated with these entities, resulting in a one-time tax benefit of approximately $43 million in the first quarter of 2026. Going forward, these U.K. entities (like the others in the U.K. REIT) will be subject only to a withholding tax on earnings upon distribution out of the U.K. REIT.

2025 Activity

In the 2025 third quarter, we incurred approximately $1 million of higher tax expense on our German entities due to various matters including the impact from the lowering of German tax rates (in future years) on certain deferred tax asset positions.