CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income (loss)	$ 262,897	$ 89,083
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization of real estate, in-place lease, and other intangibles	573,124	534,462
Stock-based compensation amortization expense	9,308	6,365
Stock-based compensation issued as part of initial public offering of Janus Living, Inc.	4,872	0
Amortization of deferred financing costs and debt discounts (premiums)	17,264	15,727
Straight-line rents	(23,088)	(16,554)
Amortization of above (below) market lease intangibles	(12,905)	(20,296)
Amortization of non-refundable entrance fees	(55,010)	(47,658)
Equity loss (income) from unconsolidated joint ventures	(6,774)	400
Distributions of earnings from unconsolidated joint ventures	905	9,720
Deferred income tax expense (benefit)	(3,097)	2,068
Impairments and loan loss reserves (recoveries), net	(3,754)	(63)
Loss (gain) on debt extinguishments	403	0
Loss (gain) on sales of real estate, net	(60,657)	(1,636)
Loss (gain) upon change of control, net	(138,343)	0
Casualty-related loss (recoveries), net	(5,697)	11,308
Other non-cash items	(13,716)	(5,214)
Changes in:
Decrease (increase) in accounts receivable and other assets	27,131	30,883
Increase (decrease) in accounts payable, accrued liabilities, and other liabilities	(29,850)	31,189
Increase (decrease) in deferred revenue	78,968	3,130
Net cash provided by (used in) operating activities	621,981	642,914
Cash flows from investing activities:
Acquisitions of real estate	(542,338)	(37,533)
Joint venture buyout, net	(295,808)	0
Development, redevelopment, and other major improvements of real estate	(299,158)	(324,372)
Leasing costs, tenant improvements, and recurring capital expenditures	(66,061)	(48,864)
Proceeds from sales of real estate, net	146,960	5,089
Proceeds from the BX JV I and II transaction, net	162,801	0
Investments in unconsolidated joint ventures	(1,932)	(53,907)
Distributions in excess of earnings from unconsolidated joint ventures	15,905	15,548
Proceeds from insurance recovery	13,969	1,676
Proceeds from sales/principal repayments on loans receivable and other	403,839	67,287
Investments in loans receivable and other	(44,153)	(65,897)
Net cash provided by (used in) investing activities	(505,976)	(440,973)
Cash flows from financing activities:
Borrowings under bank line of credit and commercial paper	13,741,850	6,733,650
Repayments under bank line of credit and commercial paper	(13,324,706)	(6,108,650)
Issuances and borrowings of term loans, senior unsecured notes, and mortgage debt	0	494,495
Repayments and repurchases of term loans, senior unsecured notes, and mortgage debt	(244,552)	(805,576)
Payments for debt extinguishment and deferred financing costs	(4,801)	(1,471)
Issuance of common stock, net of offering costs	733	171
Repurchase of common stock	(101,561)	(97,041)
Dividends paid on common stock	(422,250)	(425,360)
Distributions to and redemption of noncontrolling interests	(164,136)	(19,155)
Proceeds from Janus Living public offerings, net of underwriting fees	1,592,524	0
Contributions from and issuance of noncontrolling interests	760	5,970
Noncontrolling interest issuance costs	(8,883)	0
Net cash provided by (used in) financing activities	1,064,978	(222,967)
Net increase (decrease) in cash, cash equivalents, and restricted cash	1,180,983	(21,026)
Cash, cash equivalents, and restricted cash, beginning of period	537,702	184,305
Cash, cash equivalents, and restricted cash, end of period	$ 1,718,685	$ 163,279