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CONSOLIDATED STATEMENTS OF EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS - USD ($)
shares in Thousands, $ in Thousands
Total
Total Stockholders’ Equity
Common Stock
Additional Paid-In Capital
Cumulative Dividends In Excess Of Earnings
Accumulated Other Comprehensive Income (Loss)
Total Noncontrolling Interests
Beginning balance (in shares) at Dec. 31, 2022     546,642        
Balance at Dec. 31, 2022 $ 7,182,598 $ 6,654,701 $ 546,642 $ 10,349,614 $ (4,269,689) $ 28,134 $ 527,897
Increase (Decrease) in Stockholders' Equity              
Net income (loss) 334,120 306,009     306,009   28,111
Other comprehensive income (loss) (8,763) (8,763)       (8,763)  
Issuance of common stock, net (in shares)     683        
Issuance of common stock, net 1,438 1,438 $ 683 755      
Conversion of non-managing member units to common stock (in shares)     72        
Conversion of non-managing member units to common stock 0 1,272 $ 72 1,200     (1,272)
Repurchase of common stock (in shares)     (241)        
Repurchase of common stock (6,524) (6,524) $ (241) (6,283)      
Stock-based compensation 18,659 2,966   2,966     15,693
Common dividends (658,181) (658,181)     (658,181)    
Distributions to noncontrolling interests (44,848)           (44,848)
Purchase of noncontrolling interests (158)           (158)
Contributions from noncontrolling interests 173           173
Adjustments to redeemable noncontrolling interests 57,528 57,528   57,528      
Ending balance (in shares) at Dec. 31, 2023     547,156        
Balance at Dec. 31, 2023 6,876,042 6,350,446 $ 547,156 10,405,780 (4,621,861) 19,371 525,596
Beginning balance at Dec. 31, 2022 105,679            
Increase (Decrease) in Redeemable Noncontrolling Interests              
Net income (loss) 637            
Distributions to noncontrolling interests (276)            
Contributions from noncontrolling interests 316            
Adjustments to redeemable noncontrolling interests (57,528)            
Ending balance at Dec. 31, 2023 48,828            
Increase (Decrease) in Stockholders' Equity              
Net income (loss) 267,253 243,142     243,142   24,111
Other comprehensive income (loss) 9,447 9,447       9,447  
Shares issued as part of the Merger (in shares)     162,231        
Shares issued as part of the Merger 2,774,147 2,774,147 $ 162,231 2,611,916      
Issuance of common stock, net (in shares)     434        
Issuance of common stock, net 1,094 1,094 $ 434 660      
Conversion of non-managing member units to common stock (in shares)     256        
Conversion of non-managing member units to common stock 0 5,224 $ 256 4,968     (5,224)
Repurchase of common stock (in shares)     (10,592)        
Repurchase of common stock (190,690) (190,690) $ (10,592) (180,098)      
Stock-based compensation 19,916 7,991   7,991     11,925
Common dividends (795,560) (795,560)     (795,560)    
Distributions to noncontrolling interests (36,354)           (36,354)
Noncontrolling interests acquired as part of the Merger 133,684           133,684
Adjustments to redeemable noncontrolling interests (3,965) (3,965)   (3,965)      
Ending balance (in shares) at Dec. 31, 2024     699,485        
Balance at Dec. 31, 2024 9,055,014 8,401,276 $ 699,485 12,847,252 (5,174,279) 28,818 653,738
Increase (Decrease) in Redeemable Noncontrolling Interests              
Net income (loss) 50            
Distributions to noncontrolling interests (468)            
Contributions from noncontrolling interests 12            
Purchase of noncontrolling interests (52,886)            
Noncontrolling interests acquired as part of the Merger 3,109            
Adjustments to redeemable noncontrolling interests 3,965            
Ending balance at Dec. 31, 2024 2,610            
Increase (Decrease) in Stockholders' Equity              
Net income (loss) 101,333 71,347     71,347   29,986
Other comprehensive income (loss) (38,755) (38,755)       (38,755)  
Issuance of common stock, net (in shares)     596        
Issuance of common stock, net 2,039 2,039 $ 596 1,443      
Conversion of non-managing member units to common stock (in shares)     191        
Conversion of non-managing member units to common stock 0 4,497 $ 191 4,306     (4,497)
Repurchase of common stock (in shares)     (5,235)        
Repurchase of common stock (97,145) (97,145) $ (5,235) (91,910)      
Stock-based compensation 20,418 6,518   6,518     13,900
Common dividends (849,988) (849,988)     (849,988)    
Distributions to noncontrolling interests (37,346)           (37,346)
Adjustments to redeemable noncontrolling interests (12,700) 305   305     (13,005)
Ending balance (in shares) at Dec. 31, 2025     695,037        
Balance at Dec. 31, 2025 8,142,870 $ 7,500,094 $ 695,037 $ 12,767,914 $ (5,952,920) $ (9,937) $ 642,776
Increase (Decrease) in Redeemable Noncontrolling Interests              
Net income (loss) (306)            
Distributions to noncontrolling interests (521)            
Contributions from noncontrolling interests 13,124            
Increase in noncontrolling interests from acquisitions 131,974            
Adjustments to redeemable noncontrolling interests 12,700            
Ending balance at Dec. 31, 2025 $ 159,581