Investments in Real Estate (Tables)

3 Months Ended

Mar. 31, 2025

Real Estate [Abstract]

Schedule of Investments in Real Estate, Net

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.

Schedule of Details of 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.

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:	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