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CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
ASSETS    
Land $ 5,615,228 $ 5,606,531
Depreciable property 24,767,133 24,039,412
Projects under development 163,194 261,706
Land held for development 56,953 63,142
Investment in real estate 30,602,508 29,970,791
Accumulated depreciation (10,976,770) (10,412,463)
Investment in real estate, net 19,625,738 19,558,328
Investments in unconsolidated entities 400,077 386,531
Cash and cash equivalents 93,092 62,302
Restricted deposits 106,410 97,864
Right-of-use assets 449,670 455,445
Other assets 390,076 273,706
Total assets 21,065,063 20,834,176
Liabilities:    
Mortgage notes payable, net 1,592,935 1,630,690
Notes, net 5,996,686 5,947,376
Line of credit and commercial paper 846,166 543,679
Accounts payable and accrued expenses 154,003 99,347
Accrued interest payable 54,644 74,176
Lease liabilities 304,814 304,897
Other liabilities 298,336 310,559
Security deposits 82,577 75,611
Distributions payable 269,873 263,494
Total liabilities 9,600,034 9,249,829
Commitments and contingencies
Redeemable Noncontrolling Interests – Operating Partnership 181,625 338,563
Shareholders' equity:    
Preferred Shares of beneficial interest, $0.01 par value; 100,000,000 shares authorized; 343,100 shares issued and outstanding as of September 30, 2025 and December 31, 2024 17,155 17,155
Common Shares of beneficial interest, $0.01 par value; 1,000,000,000 shares authorized; 380,546,634 shares issued and outstanding as of September 30, 2025 and 379,475,383 shares issued and outstanding as of December 31, 2024 3,805 3,795
Paid in capital 9,801,972 9,611,826
Retained earnings 1,260,124 1,407,570
Accumulated other comprehensive income (loss) 1,893 4,214
Total shareholders’ equity 11,084,949 11,044,560
Noncontrolling Interests:    
Operating Partnership 200,246 201,942
Partially Owned Properties (1,791) (718)
Total Noncontrolling Interests 198,455 201,224
Total equity 11,283,404 11,245,784
Total liabilities and equity/capital $ 21,065,063 $ 20,834,176