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CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
REVENUE      
Rental (including reimbursable) $ 5,043,748 $ 3,958,150 $ 3,299,657
Other 227,394 120,843 44,024
Total revenue 5,271,142 4,078,993 3,343,681
EXPENSES      
Depreciation and amortization 2,395,644 1,895,177 1,670,389
Interest 1,016,955 730,423 465,223
Property (including reimbursable) 377,675 316,964 226,330
General and administrative 176,895 144,536 138,459
Provisions for impairment 425,833 87,082 25,860
Merger, transaction, and other costs, net 96,292 14,464 13,897
Total expenses 4,489,294 3,188,646 2,540,158
Gain on sales of real estate 117,275 25,667 102,957
Foreign currency and derivative gain (loss), net 3,420 (13,414) (13,311)
Gain on extinguishment of debt 0 0 367
Equity in earnings of unconsolidated entities 7,793 2,546 (6,448)
Other income, net 23,606 23,789 30,511
Income before income taxes 933,942 928,935 917,599
Income taxes (66,601) (52,021) (45,183)
Net income 867,341 876,914 872,416
Net income attributable to noncontrolling interests (6,569) (4,605) (3,008)
Net income attributable to the Company 860,772 872,309 869,408
Preferred stock dividends (7,763) 0 0
Excess of redemption value over carrying value of preferred shares redeemed (5,116) 0 0
Net income available to common stockholders $ 847,893 $ 872,309 $ 869,408
Amounts available to common stockholders per common share:      
Net income, basic (in dollars per share) $ 0.98 $ 1.26 $ 1.42
Net income, diluted (in dollars per share) $ 0.98 $ 1.26 $ 1.42
Weighted average common shares outstanding:      
Basic (in shares) 862,959 692,298 611,766
Diluted (in shares) 863,792 693,024 612,181
Total other comprehensive (loss) income      
Foreign currency translation adjustment $ (32,883) $ 64,326 $ (55,154)
Unrealized (loss) gain on derivatives, net (2,782) (37,265) 97,054
Total other comprehensive (loss) income (35,665) 27,061 41,900
Comprehensive income available to common stockholders $ 812,228 $ 899,370 $ 911,308