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CONSOLIDATED STATEMENTS OF EQUITY - USD ($)
shares in Thousands, $ in Thousands
Total
Total stockholders’ equity
Shares of common stock
Common stock and paid in capital
Distributions in excess of net income
Accumulated other comprehensive income
Non-controlling interests
Beginning balance (in shares) at Dec. 31, 2023 0            
Beginning balance at Dec. 31, 2023 $ 0            
Increase (Decrease) in Temporary Equity              
Shares issued with merger (in shares) 6,900            
Shares issued with merger $ 167,394            
Ending balance (in shares) at Jun. 30, 2024 6,900            
Ending balance at Jun. 30, 2024 $ 167,394            
Beginning balance (in shares) at Dec. 31, 2023     752,460        
Beginning balance at Dec. 31, 2023 33,106,969 $ 32,941,467   $ 39,629,709 $ (6,762,136) $ 73,894 $ 165,502
Increase (Decrease) in Stockholders' Equity              
Net income 394,867 391,675     391,675   3,192
Other comprehensive income 1,428 1,428       1,428  
Distributions paid and payable (1,358,555) (1,353,857)     (1,353,857)   (4,698)
Share issuances, net of costs (in shares)     9,720        
Share issuances, net of costs 549,452 549,452   549,452      
Shares issued with merger (in shares)     108,308        
Shares issued with merger 6,043,641 6,043,641   6,043,641      
Contributions by noncontrolling interests 1,281           1,281
Share-based compensation, net (in shares)     360        
Share-based compensation, net 7,987 7,987   7,987      
Ending balance (in shares) at Jun. 30, 2024     870,848        
Ending balance at Jun. 30, 2024 $ 38,747,070 38,581,793   46,230,789 (7,724,318) 75,322 165,277
Beginning balance (in shares) at Mar. 31, 2024 6,900            
Beginning balance at Mar. 31, 2024 $ 167,394            
Ending balance (in shares) at Jun. 30, 2024 6,900            
Ending balance at Jun. 30, 2024 $ 167,394            
Beginning balance (in shares) at Mar. 31, 2024     870,756        
Beginning balance at Mar. 31, 2024 39,151,090 38,986,027   46,220,761 (7,299,514) 64,780 165,063
Increase (Decrease) in Stockholders' Equity              
Net income 260,968 259,391     259,391   1,577
Other comprehensive income 10,542 10,542       10,542  
Distributions paid and payable (686,625) (684,195)     (684,195)   (2,430)
Share issuances, net of costs (in shares)     57        
Share issuances, net of costs 2,796 2,796   2,796      
Contributions by noncontrolling interests 1,067           1,067
Share-based compensation, net (in shares)     35        
Share-based compensation, net 7,232 7,232   7,232      
Ending balance (in shares) at Jun. 30, 2024     870,848        
Ending balance at Jun. 30, 2024 $ 38,747,070 38,581,793   46,230,789 (7,724,318) 75,322 165,277
Beginning balance (in shares) at Dec. 31, 2024 0            
Beginning balance at Dec. 31, 2024 $ 0            
Ending balance (in shares) at Jun. 30, 2025 0            
Ending balance at Jun. 30, 2025 $ 0            
Beginning balance (in shares) at Dec. 31, 2024 891,511   891,511        
Beginning balance at Dec. 31, 2024 $ 39,051,686 38,840,738   47,451,068 (8,648,559) 38,229 210,948
Increase (Decrease) in Stockholders' Equity              
Net income 450,473 446,734     446,734   3,739
Other comprehensive income 57,551 57,551       57,551  
Distributions paid and payable (1,455,557) (1,449,570)     (1,449,570)   (5,987)
Share issuances, net of costs (in shares)     22,488        
Share issuances, net of costs 1,252,937 1,252,937   1,252,937      
Contributions by noncontrolling interests 1,529           1,529
Share-based compensation, net (in shares)     286        
Share-based compensation, net $ 4,716 4,716   4,716      
Ending balance (in shares) at Jun. 30, 2025 914,285   914,285        
Ending balance at Jun. 30, 2025 $ 39,363,335 39,153,106   48,708,721 (9,651,395) 95,780 210,229
Beginning balance (in shares) at Mar. 31, 2025 0            
Beginning balance at Mar. 31, 2025 $ 0            
Ending balance (in shares) at Jun. 30, 2025 0            
Ending balance at Jun. 30, 2025 $ 0            
Beginning balance (in shares) at Mar. 31, 2025     903,062        
Beginning balance at Mar. 31, 2025 39,242,187 39,031,261   48,075,527 (9,117,085) 72,819 210,926
Increase (Decrease) in Stockholders' Equity              
Net income 199,011 196,919     196,919   2,092
Other comprehensive income 22,961 22,961       22,961  
Distributions paid and payable (734,205) (731,229)     (731,229)   (2,976)
Share issuances, net of costs (in shares)     11,200        
Share issuances, net of costs 625,037 625,037   625,037      
Contributions by noncontrolling interests 187           187
Share-based compensation, net (in shares)     23        
Share-based compensation, net $ 8,157 8,157   8,157      
Ending balance (in shares) at Jun. 30, 2025 914,285   914,285        
Ending balance at Jun. 30, 2025 $ 39,363,335 $ 39,153,106   $ 48,708,721 $ (9,651,395) $ 95,780 $ 210,229