Investments in Real Estate (Tables)

6 Months Ended

Jun. 30, 2025

Real Estate [Abstract]

Schedule of Investments in Real Estate, Net

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

	June 30, 2025		December 31, 2024
Building and building improvements	$	70,128,229	$	72,126,536
Land and land improvements	15,964,471		16,406,385
Furniture, fixtures and equipment	2,365,153		2,389,177
Right of use asset - operating leases(1)	1,047,413		1,050,921
Right of use asset - financing leases(1)	72,862		72,862
Total	89,578,128		92,045,881
Accumulated depreciation and amortization	(11,671,939)		(10,587,946)
Investments in real estate, net	$	77,906,189	$	81,457,935

(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 periods set forth below ($ in thousands):

	Three Months Ended					Six Months Ended
	June 30, 2025					June 30, 2025
Segments	Number of Properties	Net Proceeds		Net Gain(1)		Number of Properties	Net Proceeds		Net Gain(1)
Rental Housing properties(2)	18	$	1,215,368	$	174,389	37	$	2,047,294	$	244,321
Industrial properties	42	706,483		287,720		50	838,772		348,942
Hospitality properties	1	18,480		952		1	18,480		952
Retail properties	1	15,532		1,333		3	44,463		6,088
Total	62	$	1,955,863	$	464,394	91	$	2,949,009	$	600,303

	Three Months Ended					Six Months Ended
	June 30, 2024					June 30, 2024
Segments	Number of Properties	Net Proceeds		Net Gain(1)		Number of Properties	Net Proceeds		Net Gain(1)
Rental Housing properties(2)	21	$	682,826	$	32,825	54	$	1,202,800	$	77,246
Industrial properties	17	366,269		121,900		31	692,150		185,441
Retail properties	9	161,105		21,165		10	187,644		19,757
Total	47	$	1,210,200	$	175,890	95	$	2,082,594	$	282,444

(1)For the three months ended June 30, 2025, net gain includes gains of $474.2 million and losses of $9.8 million. For the six months ended June 30, 2025, net gain includes gains of $625.4 million and losses of $25.1 million. For the three months ended June 30, 2024, net gain includes gains of $201.0 million and losses of $25.1 million. For the six months ended June 30, 2024, net gain includes gains of $313.6 million and losses of $31.2 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:	June 30, 2025
Investments in real estate, net	$	745,770
Other assets	3,084
Total assets	$	748,854
Liabilities:
Mortgage loans, net	$	436,236
Other liabilities	16,043
Total liabilities	$	452,279