Investments in Real Estate (Tables)

9 Months Ended

Sep. 30, 2025

Real Estate [Abstract]

Schedule of Investments in Real Estate, Net

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

	September 30, 2025		December 31, 2024
Building and building improvements	$	68,879,246	$	72,126,536
Land and land improvements	15,659,440		16,406,385
Furniture, fixtures and equipment	2,375,163		2,389,177
Right of use asset - operating leases(1)	1,044,326		1,050,921
Right of use asset - financing leases(1)	72,862		72,862
Total	88,031,037		92,045,881
Accumulated depreciation and amortization	(12,115,964)		(10,587,946)
Investments in real estate, net	$	75,915,073	$	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					Nine Months Ended
	September 30, 2025					September 30, 2025
Segments	Number of Properties	Net Proceeds		Net Gain(1)		Number of Properties	Net Proceeds		Net Gain(1)
Rental Housing properties(2)	24	$	1,132,691	$	157,680	61	$	3,179,985	$	402,001
Industrial properties	17	553,281		171,642		67	1,392,053		520,584
Retail properties	1	30,245		3,207		4	74,708		9,295
Hospitality properties	3	20,170		354		4	38,650		1,306
Total	45	$	1,736,387	$	332,883	136	$	4,685,396	$	933,186

	Three Months Ended					Nine Months Ended
	September 30, 2024					September 30, 2024
Segments	Number of Properties	Net Proceeds		Net Gain(1)		Number of Properties	Net Proceeds		Net Gain(1)
Rental Housing properties(2)(3)	52	$	3,534,145	$	951,410	106	$	4,736,946	$	1,028,656
Industrial properties	3	97,714		12,868		34	789,863		198,309
Retail properties	3	90,778		16,168		13	278,422		35,925
Hospitality properties	2	43,657		8,524		2	43,657		8,524
Total	60	$	3,766,294	$	988,970	155	$	5,848,888	$	1,271,414

(1)For the three months ended September 30, 2025, net gain includes gains of $354.2 million and losses of $21.3 million. For the nine months ended September 30, 2025, net gain includes gains of $979.6 million and losses of $46.4 million. For the three months ended September 30, 2024, net gain includes gains of $1.0 billion and losses of $18.2 million. For the nine months ended September 30, 2024, net gain includes gains of $1.3 billion and losses of $49.4 million.

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

(3)For the three and nine months ended September 30, 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:	September 30, 2025
Investments in real estate, net	$	787,815
Other assets	11,092
Total assets	$	798,907
Liabilities:
Mortgage loans, net	$	587,483
Other liabilities	22,637
Total liabilities	$	610,120