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Consolidated Statements Of Comprehensive Income - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenues:      
Resident fees and services $ 8,452,996 $ 6,027,149 $ 4,753,804
Rental income 1,967,935 1,570,278 1,556,073
Interest income 246,205 256,191 168,354
Other income 170,898 137,500 159,764
Total revenues 10,838,034 7,991,118 6,637,995
Expenses:      
Property operating expenses 6,488,081 4,830,211 3,947,776
Depreciation and amortization 2,084,868 1,632,093 1,401,101
Interest expense 651,955 574,261 607,846
General and administrative expenses 1,748,435 235,491 179,091
Loss (gain) on derivatives and financial instruments, net 22,407 (27,887) (2,120)
Loss (gain) on extinguishment of debt, net 9,245 2,130 7
Provision for loan losses, net (9,416) 10,125 9,809
Impairment of assets 121,283 92,793 36,097
Other expenses 201,201 117,459 108,341
Total expenses 11,318,059 7,466,676 6,287,948
Income (loss) from continuing operations before income taxes and other items (480,025) 524,442 350,047
Income tax (expense) benefit 7,116 (2,700) (6,364)
Income (loss) from unconsolidated entities (14,297) (496) (53,442)
Gain (loss) on real estate dispositions and acquisitions of controlling interests, net 1,449,043 451,611 67,898
Income (loss) from continuing operations 961,837 972,857 358,139
Net income 961,837 972,857 358,139
Less: Net income (loss) attributable to noncontrolling interests [1] 24,992 21,177 18,045
Net income (loss) attributable to common stockholders $ 936,845 $ 951,680 $ 340,094
Weighted average number of common shares outstanding:      
Basic (in shares) 665,639 602,975 515,629
Diluted (in shares) 679,521 608,750 518,701
Basic:      
Income (loss) from continuing operations (in USD per share) $ 1.44 $ 1.61 $ 0.69
Net income (loss) attributable to common stockholders (in USD per share) 1.41 1.58 0.66
Diluted:      
Income (loss) from continuing operations (in USD per share) 1.42 1.60 0.69
Net income (loss) attributable to common stockholders (in USD per share) [2] $ 1.39 $ 1.57 $ 0.66
Other comprehensive income (loss):      
Foreign currency translation gain (loss) $ 676,953 $ (327,068) $ 223,920
Derivative and financial instruments designated as hedges gain (loss) (605,892) 166,329 (245,095)
Total other comprehensive income (loss) 71,061 (160,739) (21,175)
Total comprehensive income (loss) 1,032,898 812,118 336,964
Less: Total comprehensive income (loss) attributable to noncontrolling interests [3] 23,988 10,091 27,637
Total comprehensive income (loss) attributable to common stockholders $ 1,008,910 $ 802,027 $ 309,327
[1] Includes amounts attributable to redeemable noncontrolling interests.
[2] Includes adjustment to the numerator for income (loss) attributable to OP Units and DownREIT Units
[3] Includes amounts attributable to redeemable noncontrolling interests.