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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Real estate assets    
Buildings and improvements $ 7,886,427 $ 7,342,497
Land 1,179,215 996,701
Furniture and equipment 538,199 510,106
Construction in progress 10,532 210,870
Total real estate assets 9,614,373 9,060,174
Less accumulated depreciation (2,872,249) (2,721,016)
Real estate assets - net 6,742,124 6,339,158
Investments in direct financing leases - net   9,453
Real estate loans receivable - net 1,415,229 1,428,298
Investments in unconsolidated entities 150,298 88,711
Assets held for sale   56,194
Total real estate investments 8,307,651 7,921,814
Non-real estate loans receivable - net 339,683 332,274
Total investments 8,647,334 8,254,088
Cash and cash equivalents 737,186 518,340
Restricted cash 37,818 30,395
Contractual receivables - net 12,558 12,611
Other receivables and lease inducements 265,917 249,317
Goodwill 644,637 643,664
Other assets 250,551 189,476
Total assets 10,596,001 9,897,891
LIABILITIES AND EQUITY    
Secured borrowings 253,089 243,310
Senior notes and other unsecured borrowings - net 4,741,457 4,595,549
Accrued expenses and other liabilities 357,390 328,193
Total liabilities 5,351,936 5,167,052
Preferred stock $1.00 par value authorized - 20,000 shares, issued and outstanding - none
Common stock $0.10 par value authorized - 700,000 shares, issued and outstanding - 295,526 shares as of September 30, 2025 and 279,129 shares as of December 31, 2024 29,552 27,912
Additional paid-in capital 8,516,304 7,915,873
Cumulative net earnings 4,512,257 4,086,907
Cumulative dividends paid (8,098,951) (7,516,750)
Accumulated other comprehensive income 76,966 22,731
Total stockholders' equity 5,036,128 4,536,673
Noncontrolling interest 207,937 194,166
Total equity 5,244,065 4,730,839
Total liabilities and equity $ 10,596,001 $ 9,897,891