CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2026	Mar. 31, 2025
Operating activities:
Net income		$ 752,324	$ 257,266
Adjustments to reconcile net income to net cash provided from (used in) operating activities:
Depreciation and amortization		622,752	485,869
Other amortization expenses		9,670	14,154
Provision for loan losses, net		1,632	(2,007)
Impairment of assets		4,826	52,402
Stock-based compensation expense		18,830	17,505
Loss (gain) on derivatives and financial instruments, net		0	(3,210)
Loss (gain) on extinguishment of debt, net		727	6,156
Loss (income) from unconsolidated entities		1,686	(1,263)
Rental income less than (in excess of) cash received		(75,976)	(43,893)
Amortization related to above (below) market leases, net		(213)	(385)
Loss (gain) on real estate dispositions and acquisitions of controlling interests, net		(420,400)	(51,777)
Distributions by unconsolidated entities		3,059	4,160
Increase (decrease) in accrued expenses and other liabilities		(192,334)	(105,111)
Decrease (increase) in receivables and other assets		(56,572)	(30,908)
Net cash provided from (used in) operating activities		670,011	598,958
Investing activities:
Cash disbursed for acquisitions, net of cash acquired		(1,109,949)	(1,988,958)
Cash disbursed for capital improvements to existing properties		(269,832)	(240,350)
Cash disbursed for construction in progress		(104,772)	(126,187)
Capitalized interest		(8,449)	(11,520)
Investment in loans receivable		(1,382,728)	(19,672)
Principal collected on loans receivable		737,926	100,372
Other investments, net of payments		(4,171)	(59,200)
Contributions to unconsolidated entities		(381,267)	(50,513)
Distributions by unconsolidated entities		45,395	12,395
Net proceeds from net investment hedge settlements		(47,215)	37,831
Proceeds from sales of real property		1,717,876	317,663
Net cash provided from (used in) investing activities		(807,186)	(2,028,139)
Financing activities:
Net proceeds from issuance of senior unsecured notes		19,775	0
Payments to extinguish senior unsecured notes		(1,183,406)	0
Payments on secured debt		(20,630)	(134,277)
Net proceeds from the issuance of common stock		1,544,848	1,992,403
Payments for deferred financing costs and prepayment penalties		(15,421)	(471)
Contributions by noncontrolling interests	[1]	20,413	3,586
Distributions to noncontrolling interests	[1]	(34,973)	(113,928)
Cash distributions to stockholders		(520,497)	(432,366)
Other financing activities		(9,648)	(6,782)
Net cash provided from (used in) financing activities		(199,539)	1,308,165
Effect of foreign currency translation on cash and cash equivalents and restricted cash		(53,532)	19,844
Increase (decrease) in cash, cash equivalents and restricted cash		(390,246)	(101,172)
Cash, cash equivalents and restricted cash at beginning of period		5,209,539	3,711,457
Cash, cash equivalents and restricted cash at end of period		4,819,293	3,610,285
Supplemental cash flow information:
Interest paid		216,403	129,033
Income taxes paid (received), net		$ 20,092	$ 11,300

[1] (1) Includes amounts attributable to redeemable noncontrolling interests.