XML 14 R2.htm IDEA: XBRL DOCUMENT v3.25.3
Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Net real estate investments:    
Real estate assets, at cost $ 14,342,200 $ 13,698,419
Less: accumulated depreciation 3,180,995 2,960,399
Real estate assets, net 11,161,205 10,738,020
Investments in sales-type leases, net 16,668 16,291
Investments in real estate partnerships 367,837 399,044
Net real estate investments 11,545,710 11,153,355
Assets associated with real estate assets held for sale 53,572  
Cash, cash equivalents, and restricted cash, including $4,907 and $5,601 of restricted cash at September 30, 2025 and December 31, 2024, respectively 205,595 61,884
Tenant and other receivables, net 255,543 255,495
Deferred leasing costs, less accumulated amortization of $136,359 and $131,080 at September 30, 2025 and December 31, 2024, respectively 88,838 79,911
Acquired lease intangible assets, less accumulated amortization of $412,407 and $395,209 at September 30, 2025 and December 31, 2024, respectively 254,939 229,983
Right of use assets, net 317,580 322,287
Other assets 337,202 289,046
Total assets 13,058,979 12,391,961
Liabilities:    
Notes payable, net 4,885,954 4,343,700
Unsecured credit facility 30,000 65,000
Accounts payable and other liabilities 396,817 392,302
Acquired lease intangible liabilities, less accumulated amortization of $238,651 and $222,052 at September 30, 2025 and December 31, 2024, respectively 362,040 364,608
Lease liabilities 243,272 244,861
Tenants' security, escrow deposits and prepaid rent 80,840 81,183
Total liabilities 5,998,923 5,491,654
Commitments and contingencies
Shareholders' equity/Partners' capital:    
Preferred stock $0.01 par value per share, 30,000,000 shares authorized; 9,000,000 shares issued and outstanding, in the aggregate, in Series A and Series B at September 30, 2025 and December 31, 2024 225,000 225,000
Common stock $0.01 par value per share, 220,000,000 shares authorized; 182,232,143 and 181,361,454 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively 1,822 1,814
Treasury stock at cost, 490,228 and 479,251 shares held at September 30, 2025 and December 31, 2024, respectively (30,641) (28,045)
Additional paid-in-capital 8,654,914 8,503,227
Accumulated other comprehensive (loss) income (4,299) 2,226
Distributions in excess of net income (2,049,762) (1,980,076)
Total shareholders' equity 6,797,034 6,724,146
Noncontrolling interests:    
Exchangeable operating partnership units, aggregate redemption value of $279,804 and $81,076 at September 30, 2025 and December 31, 2024, respectively 137,745 40,744
Limited partners' interests in consolidated partnerships 125,277 135,417
Total noncontrolling interests 263,022 176,161
Total equity 7,060,056 6,900,307
Total liabilities and equity 13,058,979 12,391,961
Partnership Interest [Member]    
Net real estate investments:    
Real estate assets, at cost 14,342,200 13,698,419
Less: accumulated depreciation 3,180,995 2,960,399
Real estate assets, net 11,161,205 10,738,020
Investments in sales-type leases, net 16,668 16,291
Investments in real estate partnerships 367,837 399,044
Net real estate investments 11,545,710 11,153,355
Assets associated with real estate assets held for sale 53,572 0
Cash, cash equivalents, and restricted cash, including $4,907 and $5,601 of restricted cash at September 30, 2025 and December 31, 2024, respectively 205,595 61,884
Tenant and other receivables, net 255,543 255,495
Deferred leasing costs, less accumulated amortization of $136,359 and $131,080 at September 30, 2025 and December 31, 2024, respectively 88,838 79,911
Acquired lease intangible assets, less accumulated amortization of $412,407 and $395,209 at September 30, 2025 and December 31, 2024, respectively 254,939 229,983
Right of use assets, net 317,580 322,287
Other assets 337,202 289,046
Total assets 13,058,979 12,391,961
Liabilities:    
Notes payable, net 4,885,954 4,343,700
Unsecured credit facility 30,000 65,000
Accounts payable and other liabilities 396,817 392,302
Acquired lease intangible liabilities, less accumulated amortization of $238,651 and $222,052 at September 30, 2025 and December 31, 2024, respectively 362,040 364,608
Lease liabilities 243,272 244,861
Tenants' security, escrow deposits and prepaid rent 80,840 81,183
Total liabilities 5,998,923 5,491,654
Commitments and contingencies
Shareholders' equity/Partners' capital:    
Preferred units $0.01 par value per unit, 30,000,000 units authorized; 9,000,000 units issued and outstanding, in the aggregate, in Series A and Series B at September 30, 2025 and December 31, 2024 225,000 225,000
General partner's common units, 182,232,143 and 181,361,454 units issued and outstanding at September 30, 2025 and December 31, 2024, respectively 6,576,333 6,496,920
Limited partners' common units, 3,838,188 and 1,096,659 units issued and outstanding at September 30, 2025 and December 31, 2024 respectively 137,745 40,744
Accumulated other comprehensive (loss) income (4,299) 2,226
Total partners' capital 6,934,779 6,764,890
Noncontrolling interests:    
Limited partners' interests in consolidated partnerships 125,277 135,417
Total capital 7,060,056 6,900,307
Total liabilities and equity $ 13,058,979 $ 12,391,961