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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              
Preferred shares redeemed (in shares) (6,900)            
Preferred shares redeemed $ (167,394)            
Shares issued with merger (in shares) 6,900            
Shares issued with merger $ 167,394            
Ending balance (in shares) at Sep. 30, 2024 0            
Ending balance at Sep. 30, 2024 $ 0            
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 665,991 661,160     661,160   4,831
Other comprehensive loss 29,569 29,569       29,569  
Distributions paid and payable (2,052,705) (2,045,267)     (2,045,267)   (7,438)
Share issuances, net of costs (in shares)     14,073        
Share issuances, net of costs 818,724 818,724   818,724      
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 1,770           1,770
Issuance of common partnership units 46,485 (768)   (768)     47,253
Preferred shares redeemed (5,116) (5,116)     (5,116)    
Share-based compensation, net (in shares)     356        
Share-based compensation, net 14,382 14,382   14,382      
Ending balance (in shares) at Sep. 30, 2024     875,197        
Ending balance at Sep. 30, 2024 $ 38,669,710 38,457,792   46,505,688 (8,151,359) 103,463 211,918
Beginning balance (in shares) at Jun. 30, 2024 6,900            
Beginning balance at Jun. 30, 2024 $ 167,394            
Increase (Decrease) in Temporary Equity              
Preferred shares redeemed (in shares) (6,900)            
Preferred shares redeemed $ (167,394)            
Ending balance (in shares) at Sep. 30, 2024 0            
Ending balance at Sep. 30, 2024 $ 0            
Beginning balance (in shares) at Jun. 30, 2024     870,848        
Beginning balance at Jun. 30, 2024 38,747,070 38,581,793   46,230,789 (7,724,318) 75,322 165,277
Increase (Decrease) in Stockholders' Equity              
Net income 271,124 269,485     269,485   1,639
Other comprehensive loss 28,141 28,141       28,141  
Distributions paid and payable (694,150) (691,410)     (691,410)   (2,740)
Share issuances, net of costs (in shares)     4,354        
Share issuances, net of costs 269,272 269,272   269,272      
Contributions by noncontrolling interests 489           489
Issuance of common partnership units 46,485 (768)   (768)     47,253
Preferred shares redeemed (5,116) (5,116)     (5,116)    
Share-based compensation, net (in shares)     5        
Share-based compensation, net 6,395 6,395   6,395      
Ending balance (in shares) at Sep. 30, 2024     875,197        
Ending balance at Sep. 30, 2024 $ 38,669,710 38,457,792   46,505,688 (8,151,359) 103,463 211,918
Beginning balance (in shares) at Dec. 31, 2024 0            
Beginning balance at Dec. 31, 2024 $ 0            
Ending balance (in shares) at Sep. 30, 2025 0            
Ending balance at Sep. 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 768,147 762,505     762,505   5,642
Other comprehensive loss 54,094 54,094       54,094  
Distributions paid and payable (2,198,702) (2,189,695)     (2,189,695)   (9,007)
Share issuances, net of costs (in shares)     28,096        
Share issuances, net of costs 1,570,720 1,570,720   1,570,720      
Contributions by noncontrolling interests 2,041           2,041
Share-based compensation, net (in shares)     286        
Share-based compensation, net $ 12,235 12,235   12,235      
Ending balance (in shares) at Sep. 30, 2025 919,893   919,893        
Ending balance at Sep. 30, 2025 $ 39,260,221 39,050,597   49,034,023 (10,075,749) 92,323 209,624
Beginning balance (in shares) at Jun. 30, 2025 0            
Beginning balance at Jun. 30, 2025 $ 0            
Ending balance (in shares) at Sep. 30, 2025 0            
Ending balance at Sep. 30, 2025 $ 0            
Beginning balance (in shares) at Jun. 30, 2025     914,285        
Beginning balance at Jun. 30, 2025 39,363,335 39,153,106   48,708,721 (9,651,395) 95,780 210,229
Increase (Decrease) in Stockholders' Equity              
Net income 317,674 315,771     315,771   1,903
Other comprehensive loss (3,457) (3,457)       (3,457)  
Distributions paid and payable (743,145) (740,125)     (740,125)   (3,020)
Share issuances, net of costs (in shares)     5,608        
Share issuances, net of costs 317,783 317,783   317,783      
Contributions by noncontrolling interests 512           512
Share-based compensation, net $ 7,519 7,519   7,519      
Ending balance (in shares) at Sep. 30, 2025 919,893   919,893        
Ending balance at Sep. 30, 2025 $ 39,260,221 $ 39,050,597   $ 49,034,023 $ (10,075,749) $ 92,323 $ 209,624