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v3.25.3

Variable Interest Entities - Summary of Restricted Assets and VIE Liabilities (Details) $ in Thousands | Sep. 30, 2025 USD ($) Property | Dec. 31, 2024 USD ($) Property
--- | --- | ---
Variable Interest Entity [Line Items] |  |  |
Real estate, net |  | $ 16,750,039 | $ 16,810,333
Cash, cash equivalents and restricted cash |  | 160,481 | 689,731
Accounts and notes receivable, net |  | 351,719 | 340,469
Other assets |  | 301,654 | 302,934
Total assets | [1] | 19,880,039 | 20,309,896
Secured Debt |  | 470,123 | 496,438
Accounts payable and accrued expenses |  | 316,485 | 281,867
Operating lease liabilities |  | 121,265 | 117,199
Other liabilities |  | 526,083 | 597,456
Total liabilities | [1] | $ 9,195,037 | $ 9,464,107
Variable Interest Entity, Unencumbered [Member] |  |  |
Variable Interest Entity [Line Items] |  |  |
Number of consolidated VIEs | Property |  | 25 | 27
Variable Interest Entity Encumbered By Third Party Non-Recourse Mortgage Debt [Member] |  |  |
Variable Interest Entity [Line Items] |  |  |
Number of consolidated VIEs | Property |  | 3 | 2
Variable Interest Entity, Primary Beneficiary [Member] |  |  |
Variable Interest Entity [Line Items] |  |  |
Number of consolidated VIEs | Property |  | 28 | 29
Variable Interest Entity, Primary Beneficiary [Member] | Asset Pledged as Collateral [Member] |  |  |
Variable Interest Entity [Line Items] |  |  |
Real estate, net |  | $ 342,700 | $ 326,100
Cash, cash equivalents and restricted cash |  | 4,700 | 4,100
Accounts and notes receivable, net |  | 3,600 | 3,400
Other assets |  | 2,300 | 1,300
Total assets |  | 353,262 | 334,859
Variable Interest Entity, Primary Beneficiary [Member] | Nonrecourse [Member] |  |  |
Variable Interest Entity [Line Items] |  |  |
Secured Debt |  | 83,900 | 85,100
Accounts payable and accrued expenses |  | 16,100 | 11,600
Operating lease liabilities |  | 1,700 | 1,800
Other liabilities |  | 59,500 | 63,100
Total liabilities |  | $ 161,221 | $ 161,577
[1] | Total assets include restricted assets of consolidated variable interest entities (“VIEs”) at September 30, 2025 and December 31, 2024 of $353,262 and $334,859, respectively. Total liabilities include non-recourse liabilities of consolidated VIEs at September 30, 2025 and December 31, 2024 of $161,221 a nd $161,577, respectively. See Footnote 14 of the Notes to Condensed Consolidated Financial Statements.

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