Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Assets
Land	$ 1,787,445	$ 1,722,526
Buildings and improvements	11,792,960	11,319,460
Real estate assets, at cost, total	13,580,405	13,041,986
Accumulated depreciation	(5,296,061)	(4,867,422)
Net operating real estate assets	8,284,344	8,174,564
Properties under development and land	419,227	401,542
Total real estate assets	8,703,571	8,576,106
Accounts receivable – affiliates	8,884	8,991
Other assets, net	293,292	234,838
Cash and cash equivalents	25,203	21,045
Restricted cash	12,039	11,164
Total assets	9,042,989	8,852,144
Liabilities
Unsecured notes payable	3,570,193	3,155,233
Secured Debt	330,597	330,358
Accounts payable and accrued expenses	248,087	215,179
Accrued real estate taxes	92,382	78,529
Distributions payable	114,971	113,549
Other liabilities	248,506	212,107
Total liabilities	4,604,736	4,104,955
Commitments and contingencies (Note 13)
Equity
Common shares of beneficial interest; $0.01 par value per share; 175,000,000 shares authorized; 117,737,767 and 117,737,740 issued at December 31, 2025 and 2024, respectively; 115,711,964 and 115,779,233 outstanding at December 31, 2025 and 2024, respectively	1,157	1,158
Additional paid-in capital	5,948,938	5,930,729
Distributions in excess of net income attributable to common shareholders	(969,240)	(897,931)
Treasury shares, at cost (11,373,251 and 9,091,081 common shares, at December 31, 2025 and 2024, respectively)	(620,497)	(359,732)
Accumulated other comprehensive income	2,165	974
Total common equity	4,362,523	4,675,198
Non-controlling interests	75,730	71,991
Total equity	4,438,253	4,747,189
Total liabilities and equity	$ 9,042,989	$ 8,852,144