Investments in Real Estate (Tables)

12 Months Ended

Dec. 31, 2024

Real Estate [Abstract]

Schedule of Investments in Real Estate, Net

Investments in real estate, net consisted of the following ($ in thousands):

	December 31, 2024		December 31, 2023
Building and building improvements	$	72,126,536	$	78,214,115
Land and land improvements	16,406,385		17,835,688
Furniture, fixtures and equipment	2,389,177		2,389,383
Right of use asset - operating leases(1)	1,050,921		1,093,479
Right of use asset - financing leases(1)	72,862		72,862
Total	92,045,881		99,605,527
Accumulated depreciation and amortization	(10,587,946)		(8,526,517)
Investments in real estate, net	$	81,457,935	$	91,079,010

(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 years set forth below ($ in thousands):

	Year Ended December 31, 2024					Year Ended December 31, 2023					Year Ended December 31, 2022
Segments	Number of Properties	Net Proceeds		Net Gain(1)		Number of Properties	Net Proceeds		Net Gain (Loss)(1)		Number of Properties	Net Proceeds		Net Gain(1)
Rental Housing properties(2)(3)	128	$	6,112,487	$	1,309,306	139	$	3,260,033	$	762,086	55	$	1,885,001	$	468,259
Industrial properties	114	2,446,227		760,600		14	473,522		97,572		64	887,358		286,295
Retail properties	15	351,927		44,892		5	142,146		10,937		—	—		—
Hospitality properties	3	62,486		12,134		19	1,205,616		370,112		2	25,347		8,791
Self Storage properties	1	10,055		3,272		128	2,144,784		695,170		7	121,009		45,501
Office properties	—	—		—		1	172,504		(856)		—	—		—
Total	261	$	8,983,182	$	2,130,204	306	$	7,398,605	$	1,935,021	128	$	2,918,715	$	808,846

(1)For the year ended December 31, 2024, net gain includes gains of $2.2 billion and losses of $89.0 million. For the year ended December 31, 2023, net gain (loss) includes gains of $2.0 billion and losses of $67.1 million. For the year ended December 31, 2022, net gain includes gains of $898.2 million and losses of $89.4 million.

(2)The number of properties excludes single family rental homes sold.

(3)For the year ended December 31, 2024, net proceeds includes a $200.0 million preferred interest investment retained upon the sale of 19 student housing properties.

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:	December 31, 2024		December 31, 2023
Investments in real estate, net	$	743,583	$	445,938
Other assets	9,950		7,885
Total assets	$	753,533	$	453,823
Liabilities:
Mortgage loans, net	$	303,290	$	270,548
Other liabilities	76,889		11,802
Total liabilities	$	380,179	$	282,350