Segments and Geographic Locations (Tables)

6 Months Ended

Jun. 30, 2026

Segments and Geographic Locations

Schedule of reconciliation of reportable segment to net income


		For the Three Months Ended June 30, 2026
					All other &
		Real estate			eliminations,
		segment			net			Consolidated

Income:
Lease Income		$	1,661,034		$	(1,325)		$	1,659,709
Management fees and other revenues			—			40,834			40,834
Other Income			50,055			40,000			90,055
Total			1,711,089			79,509			1,790,598
Expenses:
Property Operating			222,635			(51,195)			171,440
Real estate taxes			130,838			1,067			131,905
Repairs and maintenance			31,575			1,112			32,687
Advertising and promotion			39,899			(843)			39,056
Other			26,792			22,780			49,572
Total			451,739			(27,079)			424,660
NOI of consolidated entities		$	1,259,350		$	106,588		$	1,365,938
Other Income:
Income from unconsolidated entities									119,127
Other Expenses:
Depreciation and amortization									459,876
Home and regional office costs									69,842
General and administrative									12,004
Interest expense									281,164
Loss due to disposal, exchange, or revaluation of equity interests, net									11,950
Income and other tax expense									10,809
Unrealized losses in fair value of publicly traded equity instruments and derivative instrument, net									56,425
Loss on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net									8,747
Other expense									118
Consolidated Net Income								$	574,130


		For the Six Months Ended June 30, 2026
					All other &
		Real estate			eliminations,
		segment			net			Consolidated

Income:
Lease Income		$	3,292,454		$	(4,214)		$	3,288,240
Management fees and other revenues			—			81,022			81,022
Other Income			91,919			86,510			178,429
Total			3,384,373			163,318			3,547,691
Expenses:
Property Operating			449,666			(107,466)			342,200
Real estate taxes			269,900			(2,035)			267,865
Repairs and maintenance			71,677			1,211			72,888
Advertising and promotion			75,719			(2,733)			72,986
Other			49,785			33,003			82,788
Total			916,747			(78,020)			838,727
NOI of consolidated entities		$	2,467,626		$	241,338		$	2,708,964
Other Income:
Income and other tax benefit									9,125
Income from unconsolidated entities									97,879
Gain on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net									55,593
Other Expenses:
Depreciation and amortization									918,773
Home and regional office costs									137,498
General and administrative									66,303
Interest expense									556,826
Loss due to disposal, exchange, or revaluation of equity interests, net									18,329
Unrealized losses in fair value of publicly traded equity instruments and derivative instrument, net									31,037
Other expense									130
Consolidated Net Income								$	1,142,665


		For the Three Months Ended June 30, 2025
					All other &
		Real estate			eliminations,
		segment			net			Consolidated

Income:
Lease Income		$	1,382,428		$	(2,974)		$	1,379,454
Management fees and other revenues			—			37,931			37,931
Other Income			30,050			51,024			81,074
Total			1,412,478			85,981			1,498,459
Expenses:
Property Operating			183,092		$	(43,276)		$	139,816
Real estate taxes			104,461			854			105,315
Repairs and maintenance			25,737			501			26,238
Advertising and promotion			37,299			(989)			36,310
Other			16,527			19,127			35,654
Total			367,116			(23,783)			343,333
NOI of consolidated entities		$	1,045,362		$	109,764		$	1,155,126
Other Income:
Gain due to disposal, exchange, or revaluation of equity interests, net									104,499
Income from unconsolidated entities									122,875
Other Expenses:
Depreciation and amortization									339,058
Home and regional office costs									57,564
General and administrative									14,298
Interest expense									232,724
Income and other tax expense									35,107
Unrealized losses in fair value of publicly traded equity instruments and derivative instrument, net									50,455
Loss on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net									9,604
Other expense									9
Consolidated Net Income								$	643,681


		For the Six Months Ended June 30, 2025
					All other &
		Real estate			eliminations,
		segment			net			Consolidated

Income:
Lease Income		$	2,757,384		$	(10,502)		$	2,746,882
Management fees and other revenues			—			71,723			71,723
Other Income			55,750			97,117			152,867
Total			2,813,134			158,338			2,971,472
Expenses:
Property Operating			354,829			(78,192)			276,637
Real estate taxes			217,948			(5,180)			212,768
Repairs and maintenance			55,294			1,086			56,380
Advertising and promotion			73,126			(2,560)			70,566
Other			31,187			35,445			66,632
Total			732,384			(49,401)			682,983
NOI of consolidated entities		$	2,080,750		$	207,739		$	2,288,489
Other Income:
Gain due to disposal, exchange, or revaluation of equity interests, net									80,507
Income from unconsolidated entities									153,234
Other Expenses:
Depreciation and amortization									667,109
Home and regional office costs									122,630
General and administrative									26,927
Interest expense									459,720
Income and other tax expense									27,470
Unrealized losses in fair value of publicly traded equity instruments and derivative instrument, net									87,220
Loss on acquisition of controlling interest, sale or disposal of, or recovery on, assets and interests in unconsolidated entities and impairment, net									9,604
Other expense									9
Consolidated Net Income								$	1,121,541