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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, 2024     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, net of costs 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        
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     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, net of costs 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        
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 Dec. 31, 2025 933,975   933,975        
Beginning balance at Dec. 31, 2025 $ 40,123,968 39,438,695   49,861,660 (10,527,984) 105,019 685,273
Increase (Decrease) in Stockholders' Equity              
Net income 691,448 655,721     655,721   35,727
Other comprehensive income (10,217) (10,217)       (10,217)  
Distributions paid and payable (1,548,878) (1,518,888)     (1,518,888)   (29,990)
Share issuances, net of costs (in shares)     13,753        
Share issuances, net of costs 830,566 830,566   830,566      
Share repurchases (in shares)     (1,761)        
Share repurchases (101,915) (101,915)   (101,915)      
Contributions by noncontrolling interests, net of costs 1,944,183 (20,714)   (20,714)     1,964,897
Purchase of noncontrolling interests (3,530) (3,236)   (3,236)     (294)
Reallocation of equity 0 271,093   271,093     (271,093)
Share-based compensation, net (in shares)     235        
Share-based compensation, net $ 8,452 8,452   8,452      
Ending balance (in shares) at Jun. 30, 2026 946,202   946,202        
Ending balance at Jun. 30, 2026 $ 41,934,077 39,549,557   50,845,906 (11,391,151) 94,802 2,384,520
Beginning balance (in shares) at Mar. 31, 2026     932,474        
Beginning balance at Mar. 31, 2026 41,235,669 39,147,485   49,984,064 (10,973,813) 137,234 2,088,184
Increase (Decrease) in Stockholders' Equity              
Net income 370,513 343,955     343,955   26,558
Other comprehensive income (42,432) (42,432)       (42,432)  
Distributions paid and payable (780,331) (761,293)     (761,293)   (19,038)
Share issuances, net of costs (in shares)     13,703        
Share issuances, net of costs 827,365 827,365   827,365      
Share repurchases (6) (6)   (6)      
Contributions by noncontrolling interests, net of costs 317,382 (141)   (141)     317,523
Purchase of noncontrolling interests (3,530) (3,236)   (3,236)     (294)
Reallocation of equity 0 28,413   28,413     (28,413)
Share-based compensation, net (in shares)     25        
Share-based compensation, net $ 9,447 9,447   9,447      
Ending balance (in shares) at Jun. 30, 2026 946,202   946,202        
Ending balance at Jun. 30, 2026 $ 41,934,077 $ 39,549,557   $ 50,845,906 $ (11,391,151) $ 94,802 $ 2,384,520