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CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
REVENUE        
Rental (including reimbursements) $ 1,386,502 $ 1,271,153 $ 4,037,747 $ 3,764,050
Other 84,050 59,762 223,688 166,793
Total revenue 1,470,552 1,330,915 4,261,435 3,930,843
EXPENSES        
Depreciation and amortization 631,981 602,339 1,888,765 1,788,973
Interest 294,482 261,261 846,680 748,806
Property (including reimbursements) 106,621 92,154 320,724 281,366
General and administrative 55,039 41,869 148,412 127,781
Provisions for impairment 86,972 96,920 346,924 282,867
Merger, transaction, and other costs, net 13,343 8,610 13,953 105,468
Total expenses 1,188,438 1,103,153 3,565,458 3,335,261
Gain on sales of real estate 49,107 50,563 110,210 92,290
Foreign currency and derivative (loss) gain, net (2,818) (1,672) (9,751) 2,885
Equity in earnings of unconsolidated entities 3,080 5,087 10,706 5,440
Other income, net 10,015 4,739 24,551 16,293
Income before income taxes 341,498 286,479 831,693 712,490
Income taxes (23,824) (15,355) (63,546) (46,499)
Net income 317,674 271,124 768,147 665,991
Net income attributable to noncontrolling interests (1,903) (1,639) (5,642) (4,831)
Net income attributable to the Company 315,771 269,485 762,505 661,160
Preferred stock dividends 0 (2,588) 0 (7,763)
Excess of redemption value over carrying value of preferred shares redeemed 0 (5,116) 0 (5,116)
Net income available to common stockholders $ 315,771 $ 261,781 $ 762,505 $ 648,281
Amounts available to common stockholders per common share:        
Net income, basic (in dollars per share) $ 0.35 $ 0.30 $ 0.84 $ 0.75
Net income, diluted (in dollars per share) $ 0.35 $ 0.30 $ 0.84 $ 0.75
Weighted average common shares outstanding:        
Basic (in shares) 913,949 870,665 902,935 858,679
Diluted (in shares) 915,187 872,052 904,010 859,462
Comprehensive income:        
Net income available to common stockholders $ 315,771 $ 261,781 $ 762,505 $ 648,281
Other comprehensive (loss) income:        
Foreign currency translation adjustment (21,950) 74,615 77,690 59,797
Unrealized gain (loss) on derivatives, net 18,493 (46,474) (23,596) (30,228)
Total other comprehensive (loss) income (3,457) 28,141 54,094 29,569
Comprehensive income available to common stockholders $ 312,314 $ 289,922 $ 816,599 $ 677,850