XML 20 R5.htm IDEA: XBRL DOCUMENT v3.25.4
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
REVENUE      
Rental (including reimbursements) $ 5,437,332 $ 5,043,748 $ 3,958,150
Other 312,045 227,394 120,843
Total revenue 5,749,377 5,271,142 4,078,993
EXPENSES      
Depreciation and amortization 2,524,200 2,395,644 1,895,177
Interest 1,134,879 1,016,955 730,423
Property (including reimbursements) 428,800 377,675 316,964
General and administrative 202,554 176,895 144,536
Provisions for impairment 471,335 425,833 87,082
Merger, transaction, and other costs, net 24,214 96,292 14,464
Total expenses 4,785,982 4,489,294 3,188,646
Gain on sales of real estate 177,640 117,275 25,667
Foreign currency and derivative (loss) gain, net (28,653) 3,420 (13,414)
Equity in earnings of unconsolidated entities 13,330 7,793 2,546
Other income, net 29,417 23,606 23,789
Income before income taxes 1,155,129 933,942 928,935
Income taxes (85,346) (66,601) (52,021)
Net income 1,069,783 867,341 876,914
Net income attributable to noncontrolling interests (11,193) (6,569) (4,605)
Net income attributable to the Company 1,058,590 860,772 872,309
Preferred stock dividends 0 (7,763) 0
Excess of redemption value over carrying value of preferred shares redeemed 0 (5,116) 0
Net income available to common stockholders $ 1,058,590 $ 847,893 $ 872,309
Amounts available to common stockholders per common share:      
Net income, basic (in dollars per share) $ 1.17 $ 0.98 $ 1.26
Net income, diluted (in dollars per share) $ 1.17 $ 0.98 $ 1.26
Weighted average common shares outstanding:      
Basic (in shares) 907,169 862,959 692,298
Diluted (in shares) 908,334 863,792 693,024
Comprehensive income:      
Net income available to common stockholders $ 1,058,590 $ 847,893 $ 872,309
Other comprehensive income (loss):      
Foreign currency translation adjustment 91,941 (32,883) 64,326
Unrealized loss on derivatives, net (25,151) (2,782) (37,265)
Total other comprehensive income (loss) 66,790 (35,665) 27,061
Comprehensive income available to common stockholders $ 1,125,380 $ 812,228 $ 899,370