Investments in Real Estate

3 Months Ended

Mar. 31, 2025

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


	March 31, 2025		December 31, 2024
Building and building improvements	$	71,647,624	$	72,126,536
Land and land improvements	16,255,845		16,406,385
Furniture, fixtures and equipment	2,411,057		2,389,177
Right of use asset - operating leases(1)	1,052,029		1,050,921
Right of use asset - financing leases(1)	72,862		72,862
Total	91,439,417		92,045,881
Accumulated depreciation and amortization	(11,294,229)		(10,587,946)
Investments in real estate, net	$	80,145,188	$	81,457,935

(1)Refer to Note 15 for additional details on the Company’s leases.

Acquisitions

There were no acquisitions during the three months ended March 31, 2025.

Dispositions

The following table details the dispositions during the periods set forth below ($ in thousands):


	Three Months Ended March 31, 2025	Three Months Ended March 31, 2024
Segments			Number of Properties	Net Proceeds		Net Gain(1)		Number of Properties	Net Proceeds		Net Gain (Loss)(1)
Rental Housing properties(2)			19	$	831,926	$	69,932	33	$	519,974	$	44,421
Industrial properties			8	132,289		61,222		14	325,881		63,541
Retail properties			2	28,931		4,755		1	26,539		(1,408)



Total			29	$	993,146	$	135,909	48	$	872,394	$	106,554

(1)For the three months ended March 31, 2025, net gain includes gains of $151.2 million and losses of $15.3 million. For the three months ended March 31, 2024, net gain (loss) includes gains of $112.7 million and losses of $6.1 million.

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

Properties Held-for-Sale

As of March 31, 2025, 10 properties in the industrial segment, four properties in the rental housing segment, one property in the retail segment and various single family rental homes were classified as held-for-sale. The held-for-sale assets and related liabilities are included as components of Other Assets and Other Liabilities, respectively, on the Company’s Condensed Consolidated Balance Sheets.

The following table details the assets and liabilities of the Company’s properties classified as held-for-sale ($ in thousands):


Assets:	March 31, 2025
Investments in real estate, net	$	506,464
Other assets	6,629
Total assets	$	513,093

Liabilities:
Mortgage loans, net	$	190,693
Other liabilities	8,567
Total liabilities	$	199,260

Impairment

During the three months ended March 31, 2025, the Company recognized an aggregate $170.3 million of impairment charges including (i) $146.8 million related to seven rental housing properties, two hospitality properties and various single family rental homes as a result of updates to the undiscounted cash flow assumptions, primarily a shorter hold period, and (ii) $23.5 million related to certain held-for-sale real estate investments where their GAAP carrying amount exceeded their fair value, less estimated closing costs.

During the three months ended March 31, 2024, the Company recognized an aggregate $65.7 million of impairment charges including (i) $36.5 million related to three rental housing properties and various single family rental homes as a result of updates to the undiscounted cash flow assumptions, primarily a shorter hold period, and (ii) $29.2 million related to certain held-for-sale real estate investments where their GAAP carrying amount exceeded their fair value, less estimated closing costs.