CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Real estate held for investment, at cost:
Land	$ 18,368,029	$ 17,320,520
Buildings and improvements	43,824,410	40,974,535
Total real estate held for investment, at cost	62,192,439	58,295,055
Less accumulated depreciation and amortization	(8,778,536)	(7,381,083)
Real estate held for investment, net	53,413,903	50,913,972
Real estate and lease intangibles held for sale, net	91,784	94,979
Cash and cash equivalents	434,842	444,962
Accounts receivable, net	1,053,487	877,668
Lease intangible assets, net	5,717,241	6,322,992
Goodwill	4,932,199	4,932,199
Investment in unconsolidated entities	1,256,456	1,229,699
Other assets, net	5,895,700	4,018,568
Total assets	72,795,612	68,835,039
LIABILITIES AND EQUITY
Distributions payable	255,171	238,045
Accounts payable and accrued expenses	1,060,969	759,416
Lease intangible liabilities, net	1,493,958	1,635,770
Other liabilities	1,066,809	923,128
Revolving credit facilities and commercial paper	2,023,414	1,130,201
Term loans, net	1,701,615	2,358,417
Mortgages payable, net	37,761	80,784
Notes payable, net	25,031,947	22,657,592
Total liabilities	32,671,644	29,783,353
Commitments and contingencies (Note 22)
Stockholders’ equity:
Common stock and paid in capital, par value $0.01 per share, 1,300,000 shares authorized, 933,975 and 891,511 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively	49,861,660	47,451,068
Distributions in excess of net income	(10,527,984)	(8,648,559)
Accumulated other comprehensive income	105,019	38,229
Total stockholders’ equity	39,438,695	38,840,738
Noncontrolling interests	685,273	210,948
Total equity	40,123,968	39,051,686
Total liabilities and equity	$ 72,795,612	$ 68,835,039