Financial Analysis

NOTE 4 ACQUISITIONS OF REAL ESTATE PROPERTY We acquire and invest in senior housing, outpatient medical buildings, research centers and other healthcare properties primarily to achieve an expected yield on our investment, to grow and diversify our portfolio and revenue base and to reduce our dependence on any single manager or tenant, geographic location, asset type, business model or revenue source. Each of our acquisitions disclosed below was accounted for as an asset acquisition. 2026 Acquisitions In January and February 2026 we acquired 26 senior housing communities reported within our SHOP segment for $842.2 million. 2025 Acquisitions During the year ended December 31, 2025, we acquired 52 senior housing communities reported within our SHOP segment for an aggregate purchase price of $2.3 billion. 2024 Acquisitions During the year ended December 31, 2024, we acquired 50 senior housing communities reported within our SHOP segment and five long-term acute care facilities (LTACs) reported within our NNN segment for an aggregate purchase price of $1.9 billion. …

BusinessCombinationDisclosureTextBlock · excerpt; the full note is in the filing

NOTE 14 COMMITMENTS AND CONTINGENCIES From time to time, we are party to various lawsuits, investigations, claims and other legal and regulatory proceedings arising in connection with our business. In certain circumstances, regardless of whether we are a named party in a lawsuit, investigation, claim or other legal or regulatory proceeding, we may be contractually obligated to indemnify, defend and hold harmless our managers, tenants and borrowers or other third parties against, or may otherwise be responsible for, such actions, proceedings or claims. These claims may include, among other things, professional liability and general liability claims, commercial liability claims, unfair business practices claims and employment claims, as well as regulatory proceedings and government investigations, including proceedings related to our senior housing operating portfolio, where we are typically the holder of the applicable healthcare license. These claims may not be fully insured and some may allege large damage amounts. It is the opinion of management, that the disposition of any such lawsuits, investigations, claims and other legal and regulatory proceedings that are currently pending will not, individually or in the aggregate, have a material adverse effect on us. However, regardless of the merits of a particular action, investigation or claim, we may be forced to expend significant financial resources to defend and resolve these matters. We are unable to predict the ultimate o …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

NOTE 10 SENIOR NOTES PAYABLE AND OTHER DEBT The following is a summary of our Senior notes payable and other debt (dollars in thousands): As of December 31, 2025 2024 Unsecured revolving credit facility (1)(2) $ $ 6,397 Commercial paper notes 2.65% Senior Notes due 2025 450,000 3.50% Senior Notes due 2025 600,000 4.125% Senior Notes due 2026 500,000 500,000 3.75% Exchangeable Senior Notes due 2026 862,500 862,500 3.25% Senior Notes due 2026 450,000 450,000 Unsecured term loan due February 2027 200,000 200,000 Unsecured term loan due June 2027 500,000 500,000 2.45% Senior Notes, Series G due 2027 (2) 346,109 330,320 3.85% Senior Notes due 2027 400,000 400,000 4.00% Senior Notes due 2028 650,000 650,000 5.398% Senior Notes, Series I due 2028 (2) 437,190 417,246 4.40% Senior Notes due 2029 750,000 750,000 5.10% Senior Notes, Series J due 2029 (2) 473,623 452,017 3.00% Senior Notes due 2030 650,000 650,000 4.75% Senior Notes due 2030 500,000 500,000 2.50% Senior Notes due 2031 500,000 500,000 3.30% Senior Notes, Series H due 2031 (2) 218,595 208,623 5.10% Senior Notes due 2032 500,000 5.625% Senior Notes due 2034 500,000 500,000 5.00% Senior Notes due 2035 550,000 550,000 5.00% Senior Notes due 2036 500,000 6.90% Senior Notes due 2037 (3) 52,400 52,400 6.59% Senior Notes due 2038 (3) 21,413 21,413 5.70% Senior Notes due 2043 300,000 300,000 4.375% Senior Notes due 2045 300,000 300,000 4.875% Senior Notes due 2049 300,000 300,000 Mortgage loans and other 2,641,797 3,167,886 Total …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

NOTE 12 LONG-TERM COMPENSATION Compensation Plans We currently have: one plan, the 2022 Incentive Plan, under which equity awards, including options to purchase common stock, shares of restricted stock or restricted stock units, have been or may be granted to our officers, employees and non-employee directors; and one plan under which our non-employee directors may elect to defer receipt of all or a portion of their cash retainers and meeting fees and receive shares of common stock in lieu thereof at a later date chosen by the participating director (the Non-Employee Directors Cash Compensation Deferral Plan, formerly known as the Non-Employee Directors Deferred Stock Compensation Plan). These plans are referred to collectively as the Plans. The number of shares initially reserved for issuance and the number of shares available for future grants or issuance under the Plans as of December 31, 2025 were as follows: 2022 Incentive Plan11.4 million shares, plus any shares of common stock subject to awards granted under the 2012 Plan as of October 1, 2022, that expire, or for any reason are forfeited, cancelled or terminated either without such shares being issued or with such shares being forfeited (such shares the 2012 Plan Shares) were reserved initially for grants or issuance to employees and non-employee directors, and 10.0 million shares were available for future issuance as of December 31, 2025. Non-Employee Directors Cash Compensation Deferral Plan0.6 million shares were r …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

NOTE 11 FAIR VALUES OF FINANCIAL INSTRUMENTS Financial Instruments Measured at Fair Value The table below summarizes the carrying amounts and fair values of our financial instruments either recorded or disclosed on a recurring basis (dollars in thousands): As of December 31, 2025 As of December 31, 2024 Carrying Amount Fair Value Carrying Amount Fair Value Assets: Cash and cash equivalents (1) $ 741,067 $ 741,067 $ 897,850 $ 897,850 Escrow deposits and restricted cash (1) 45,070 45,070 59,383 59,383 Secured loans receivable and investments, net (3)(4) 143,913 146,364 144,872 146,229 Non-mortgage loans receivable, net (3)(4)(5) 20,827 20,432 28,129 27,640 Derivative instruments (3)(4)(5) 12,390 12,390 53,100 53,100 Liabilities: Senior notes payable and other debt, gross (3)(4) $ 13,103,627 $ 13,429,007 $ 13,618,802 $ 13,411,066 Derivative instruments (3)(6) 5,267 5,267 5,887 5,887 Temporary Equity: Redeemable OP Units (2) $ 260,672 $ 260,672 $ 200,420 $ 200,420 ______________________________ (1) The carrying amount approximates fair value due to the short maturity of these instruments. (2) Level 1 within fair value hierarchy. (3) Level 2 within fair value hierarchy. (4) Level 3 within fair value hierarchy. (5) Included in Other assets on our Consolidated Balance Sheets. (6) Included in Accounts payable and other liabilities on our Consolidated Balance Sheets. For a discussion of the assumptions considered, refer to Note 2 Accounting Policies. The use of different market assump …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

NOTE 8 INTANGIBLES The following is a summary of our intangibles (dollars in thousands): As of December 31, 2025 As of December 31, 2024 Balance Weighted Average Remaining Amortization Period in Years Balance Weighted Average Remaining Amortization Period in Years Intangible assets: Above-market lease intangibles (1) $ 120,178 4.0 $ 124,515 4.3 In-place lease and other real estate intangibles (2) 1,560,389 7.0 1,434,236 8.4 Acquired lease intangibles 1,680,567 1,558,751 Goodwill 1,046,072 n/a 1,044,915 n/a Other intangibles (2) 41,261 48.0 41,190 24.4 Accumulated amortization (1,374,077) n/a (1,286,374) n/a Net intangible assets $ 1,393,823 8.1 $ 1,358,482 8.8 Intangible liabilities: Below-market lease intangibles (1) $ 246,153 13.1 $ 269,572 7.0 Other lease intangibles 13,498 n/a 13,498 n/a Accumulated amortization (198,762) n/a (211,441) n/a Purchase option intangibles 3,568 n/a 3,568 n/a Net intangible liabilities $ 64,457 13.1 $ 75,197 7.0 ______________________________ (1) Amortization of above- and below-market lease intangibles is recorded as a decrease and an increase to revenues, respectively, in our Consolidated Statements of Income. (2) Amortization of intangibles is recorded in Depreciation and amortization in our Consolidated Statements of Income. n/anot applicable During the year ended December 31, 2025, we acquired $209.5 million of intangible assets as part of our real estate acquisitions, consisting primarily of in-place lease intangibles, with a weighted ave …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

NOTE 13 INCOME TAXES We have elected to be taxed as a REIT under the applicable provisions of the Code for every year beginning with the year ended December 31, 1999. We have also elected for certain of our subsidiaries to be treated as TRS entities, which are subject to federal, state and foreign income taxes. All entities other than the TRS entities are collectively referred to as the REIT within this note. Certain REIT entities are subject to foreign income tax. Although we intend to continue to operate in a manner that will enable us to qualify as a REIT, such qualification depends upon our ability to meet, on a continuing basis, various distribution, stock ownership and other tests. Our tax treatment of distributions per common share was as follows: For the Years Ended December 31, 2025 2024 2023 Tax treatment of distributions: Ordinary income $ $ $ Qualified ordinary income 0.11407 0.04468 199A qualified business income 1.69367 1.09580 1.49465 Long-term capital gain 0.09136 Non-dividend distribution 0.08226 0.70420 0.16931 Distribution reported for 1099-DIV purposes 1.89000 1.80000 1.80000 Add: Dividend declared in current year and taxable in following year 0.48000 0.45000 0.45000 Less: Dividend declared in prior year and taxable in current year (0.45000) (0.45000) (0.45000) Distribution declared per common share outstanding $ 1.92000 $ 1.80000 $ 1.80000 We believe we have met the annual REIT distribution requirement by payment of at least 90% of our estimated taxable i …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Recent Accounting Standards In March 2024, the SEC adopted the final rule under SEC Release No. 33-11275, The Enhancement and Standardization of Climate Related Disclosures for Investors , which requires registrants to disclose climate-related information in registration statements and annual reports. The new rule would be effective for annual reporting periods beginning in fiscal year 2025. In April 2024, the SEC exercised its discretion to stay this rule and, subsequently, in March 2025, the SEC voted to end its defense of the rule against certain legal challenges. We are monitoring the ongoing judicial review of these legal challenges to determine the impact, if any, of the rule on our Consolidated Financial Statements. On November 4, 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses (DISE), which requires disaggregated disclosure of income statement expenses for public business entities (PBEs). ASU 2024-03 requires PBEs to include footnote disclosure that disaggregates, in a tabular presentation, each relevant expense caption on the face of the income statement that includes certain natural expenses relevant to the Company, such as (i) employee compensation, (ii) depreciation and (iii) intangible asset amortization. The tabular disclosure must also include certain other expenses, when applicable. The ASU does not change the expense captions an entity presents on the face of the income statement; rather, it requires disaggregation of certain ex …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

NOTE 17 RELATED PARTY TRANSACTIONS Atria We hold a 34% ownership interest in Atria, which entitles us to customary minority rights and protections, including the right to appoint two members to the Atria Board of Directors. Atria provides comprehensive property management and accounting services with respect to our senior housing communities that Atria operates, for which we pay annual management fees pursuant to long-term management agreements. For the years ended December 31, 2025, 2024 and 2023, we incurred fees to Atria of $65.3 million, $62.9 million and $63.4 million, respectively, which are recorded within property-level operating expenses in our Consolidated Statements of Income. For the year ended December 31, 2025, 2024 and 2023, we incurred fees to Atria of zero, $0.1 million and $1.5 million, respectively, primarily in connection with the transition of senior housing communities operated by Atria, which are recorded within Transaction, transition and restructuring costs in our Consolidated Statements of Income. Ardent As of December 31, 2025, we held an approximately 6.6% ownership interest in Ardent. One of our executive officers is currently a member of the Ardent Board of Directors. We have the right (but not the obligation) to nominate one member of the Ardent Board of Directors for so long as we beneficially own 4% or more of the total voting power of the outstanding common stock of Ardent, pursuant to our nomination agreement with Ardent. Following Ardents i …

RelatedPartyTransactionsDisclosureTextBlock · excerpt; the full note is in the filing

NOTE 18 SEGMENT INFORMATION As of December 31, 2025, we operated through three reportable segments: SHOP, OM&R and NNN. In our SHOP segment, we own and invest in senior housing communities and engage operators to operate those communities. In our OM&R segment, we primarily acquire, own, develop, lease and manage outpatient medical buildings and research centers. In our NNN segment, we invest in and own senior housing communities, skilled nursing facilities (SNFs), long-term acute care facilities (LTACs), freestanding inpatient rehabilitation facilities (IRFs) and other healthcare facilities and lease the properties in our NNN segment to tenants under triple-net or absolute-net leases that obligate the tenants to pay all property-related expenses, including maintenance, utilities, repairs, taxes, insurance and capital expenditures. Information provided for non-segment includes management fees and promote revenues, net of expenses related to our third-party institutional private capital management platform, income from loans and investments and corporate-level expenses not directly attributable to any of our three reportable segments. Non-segment assets consist primarily of corporate assets, including cash and cash equivalents, restricted cash, loans receivable and investments and accounts receivable. Total assets by reportable segment is not disclosed as the CODM does not review such information to evaluate business performance and allocate resources. Our CODM is the C …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

NOTE 2 ACCOUNTING POLICIES Principles of Consolidation The accompanying Consolidated Financial Statements include our accounts and the accounts of our wholly-owned subsidiaries and the joint venture entities over which we exercise control. All intercompany transactions and balances have been eliminated in consolidation, and our net earnings are reduced by the portion of net earnings attributable to noncontrolling interests. U.S. generally accepted accounting principles (GAAP) require us to identify entities for which control is achieved through means other than voting rights and to determine which business enterprise is the primary beneficiary of variable interest entities (VIEs). A VIE is broadly defined as an entity with one or more of the following characteristics: (a) the total equity investment at risk is insufficient to finance the entitys activities without additional subordinated financial support; (b) as a group, the holders of the equity investment at risk lack (i) the ability to make decisions about the entitys activities through voting or similar rights, (ii) the obligation to absorb the expected losses of the entity, or (iii) the right to receive the expected residual returns of the entity; and (c) the equity investors have voting rights that are not proportional to their economic interests, and substantially all of the entitys activities either involve, or are conducted on behalf of, an investor that has disproportionately few voting rights. We consolidate our i …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

"NOTE 16 PERMANENT AND TEMPORARY EQUITY Capital Stock We have established an at-the-market offering program that provides for the sale, from time to time, of shares of our common stock, including through forward sales agreements, as described in more detail below (the ""ATM Program""). In September 2024, we entered into an ATM Sales Agreement providing for the sale, from time to time, of up to $2.0 billion aggregate gross sales price of shares of our common stock under the ATM Program. In June 2025, we amended the ATM Sales Agreement such that the aggregate gross sales price of common stock available for issuance under the ATM Program immediately following the amendment was $2.25 billion. As of December 31, 2025, the remaining amount available under the ATM Program for future sales of common stock was $350.3 million. During the year ended December 31, 2025, we entered into equity forward sales agreements under the ATM Program for 46.2 million shares of our common stock for gross proceeds of $3.2 billion, representing an average price of $69.51 per share. During the year ended December 31, 2025, we settled 35.7 million shares of common stock under outstanding equity forward sales agreements entered into under the ATM Program for net cash proceeds of $2.3 billion. As of December 31, 2025, we maintained unsettled equity forward sales agreements for 13.9 million shares of common stock, or approximately $1.1 billion in gross proceeds with varying maturities through July 2027. Duri …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

NOTE 10SENIOR NOTES PAYABLE AND OTHER DEBT The following is a summary of our Senior notes payable and other debt (dollars in thousands): As of June 30, 2026 As of December 31, 2025 Unsecured revolving credit facility (1) $ $ Commercial paper notes 265,000 4.125% Senior Notes due 2026 500,000 3.75% Exchangeable Senior Notes due 2026 862,500 3.25% Senior Notes due 2026 450,000 450,000 Unsecured term loan due February 2027 200,000 2.45% Senior Notes, Series G due 2027 (2) 334,625 346,109 3.85% Senior Notes due 2027 400,000 400,000 4.00% Senior Notes due 2028 650,000 650,000 5.398% Senior Notes, Series I due 2028 (2) 422,684 437,190 4.40% Senior Notes due 2029 750,000 750,000 5.10% Senior Notes, Series J due 2029 (2) 457,908 473,623 3.00% Senior Notes due 2030 650,000 650,000 4.75% Senior Notes due 2030 500,000 500,000 2.50% Senior Notes due 2031 500,000 500,000 3.30% Senior Notes, Series H due 2031 (2) 211,342 218,595 Unsecured term loan due January 2031 1,250,000 500,000 5.10% Senior Notes due 2032 500,000 500,000 5.625% Senior Notes due 2034 500,000 500,000 5.00% Senior Notes due 2035 550,000 550,000 5.00% Senior Notes due 2036 500,000 500,000 6.90% Senior Notes due 2037 (3) 52,400 52,400 6.59% Senior Notes due 2038 (3) 21,413 21,413 5.70% Senior Notes due 2043 300,000 300,000 4.375% Senior Notes due 2045 300,000 300,000 4.875% Senior Notes due 2049 300,000 300,000 Mortgage loans and other 2,902,738 2,641,797 Total 12,768,110 13,103,627 Deferred financing costs, net (78,069) ( …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

NOTE 11FAIR VALUES OF FINANCIAL INSTRUMENTS Overview Accounting guidance on fair value measurements for certain financial assets and liabilities requires that financial assets and liabilities carried at fair value be classified and disclosed in one of the following categories: Level 1: Fair value calculated based on unadjusted quoted prices for identical assets or liabilities in active markets that we have the ability to access. Level 2: Fair value calculated using inputs other than quoted prices included in level one that are directly or indirectly observable for the asset or liability. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets and other inputs for the asset or liability that are observable at commonly quoted intervals, such as interest rates, foreign exchange rates and yield curves. Level 3: Fair value calculated using unobservable inputs for the asset or liability, which typically are based on our own assumptions, because there is little, if any, related market activity. The use of different market assumptions and estimation methodologies may have a material effect on the reported estimated fair value amounts. Accordingly, the estimates presented are not necessarily indicative of the amounts we would realize in a current market exchange or transaction. Financial Instruments Measured at Fair Value The table below summarizes the carrying amounts and fair values of our financial instruments either recorded or disclosed on a …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

NOTE 13INCOME TAXES We have elected to be taxed as a REIT under the applicable provisions of the Internal Revenue Code of 1986, as amended, for every year beginning with the year ended December 31, 1999. We have also elected for certain of our subsidiaries to be treated as taxable REIT subsidiaries (TRS or TRS entities), which are subject to federal, state and foreign income taxes. All entities other than the TRS entities are collectively referred to as the REIT within this note. Certain REIT entities are subject to foreign income tax. Although the TRS entities and certain other foreign entities have paid minimal federal, state and foreign income taxes for the six months ended June 30, 2026, their income tax liabilities may increase in future periods as we exhaust net operating loss (NOL) carryforwards and as our operations grow. Such increases could be significant. Our consolidated provision for income taxes for the three months ended June 30, 2026 and 2025 was a benefit of $25.6 million and an expense of $3.9 million, respectively. Our consolidated provision for income taxes for the six months ended June 30, 2026 and 2025 was a benefit of $41.6 million and a benefit of $6.7 million, respectively. The income tax benefit for the three months ended June 30, 2026 is primarily due to the reversal of valuation allowances recorded against the net deferred tax assets of certain of our TRS entities, partially offset by increases in the valuation allowance for certain TRS entities du …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

NOTE 12COMMITMENTS AND CONTINGENCIES From time to time, we are party to various lawsuits, investigations, claims and other legal and regulatory proceedings arising in connection with our business. In certain circumstances, regardless of whether we are a named party in a lawsuit, investigation, claim or other legal or regulatory proceeding, we may be contractually obligated to indemnify, defend and hold harmless our managers, tenants and borrowers or other third parties against, or may otherwise be responsible for, such actions, proceedings or claims. These claims may include, among other things, professional liability and general liability claims, commercial liability claims, unfair business practices claims and employment claims, as well as regulatory proceedings and government investigations, including proceedings related to our senior housing operating portfolio, where we are typically the holder of the applicable healthcare license. These claims may not be fully insured and some may allege large damage amounts. It is the opinion of management, that the disposition of any such lawsuits, investigations, claims and other legal and regulatory proceedings that are currently pending will not, individually or in the aggregate, have a material adverse effect on us. However, regardless of the merits of a particular action, investigation or claim, we may be forced to expend significant financial resources to defend and resolve these matters. We are unable to predict the ultimate ou …

LegalMattersAndContingenciesTextBlock · excerpt; the full note is in the filing

Recent Accounting Standards On November 4, 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses (DISE), which requires disaggregated disclosure of income statement expenses for public business entities (PBEs). ASU 2024-03 requires PBEs to include footnote disclosure that disaggregates, in a tabular presentation, each relevant expense caption on the face of the income statement that includes certain natural expenses relevant to the Company, such as (i) employee compensation, (ii) depreciation and (iii) intangible asset amortization. The tabular disclosure must also include certain other expenses, when applicable. The ASU does not change the expense captions an entity presents on the face of the income statement; rather, it requires disaggregation of certain expense captions into specified categories in disclosures within the footnotes to the financial statements. ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. The requirements will be applied prospectively with the option for retrospective application. We are evaluating the impact of adopting ASU 2024-03 on our Consolidated Financial Statements. …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

NOTE 16SEGMENT INFORMATION As of June 30, 2026, we operated through three reportable segments: SHOP, OM&R and NNN. In our SHOP segment, we own and invest in senior housing communities and engage operators to operate those communities. In our OM&R segment, we primarily acquire, own, develop, lease and manage outpatient medical buildings and research centers. In our NNN segment, we invest in and own senior housing communities, skilled nursing facilities (SNFs), long-term acute care facilities (LTACs), freestanding inpatient rehabilitation facilities (IRFs) and other healthcare facilities and lease the properties to tenants under triple-net or absolute-net leases that obligate the tenants to pay all property-related expenses, including maintenance, utilities, repairs, taxes, insurance and capital expenditures. Information provided for non-segment includes management fees and promote revenues, net of expenses related to our third-party institutional private capital management platform, income from loans and investments and corporate-level expenses not directly attributable to any of our three reportable segments. Non-segment assets consist primarily of corporate assets, including cash and cash equivalents, restricted cash, loans receivable and investments and accounts receivable. Total assets by reportable segment is not disclosed as the CODM does not review such information to evaluate business performance and allocate resources. Our CODM is the Chief Executive Officer o …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

NOTE 2ACCOUNTING POLICIES The accompanying Consolidated Financial Statements have been prepared in accordance with GAAP for interim financial information set forth in the Accounting Standards Codification (ASC), as published by the Financial Accounting Standards Board (FASB), and with the Securities and Exchange Commission (SEC) instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair statement of results for the interim periods have been included. Operating results for the three and six months ended June 30, 2026 are not necessarily indicative of the results that may be expected for the year ending December 31, 2026. The accompanying Consolidated Financial Statements and related notes should be read in conjunction with the audited Consolidated Financial Statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2025 (the 2025 Annual Report). Accounting Estimates The preparation of financial statements in accordance with GAAP requires us to make estimates and assumptions regarding future events that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expense …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

"NOTE 14STOCKHOLDERS' EQUITY Capital Stock Equity Forward Sales Agreements We have established an at-the-market offering program that provides for the sale, from time to time, of shares of our common stock, including through forward sales agreements, as described in more detail below (the ""ATM Program""). In May 2026, we amended the existing ATM Program such that the aggregate gross sales price of common stock available for issuance increased from $2.5 billion to $3.0 billion. As of June 30, 2026, the remaining amount available under the ATM Program for future sales of common stock was $2.3 billion. During the three months ended June 30, 2026, we entered into equity forward sales agreements under the ATM Program for 20.9 million shares of our common stock for gross proceeds of $1.8 billion, representing an average price of $86.94 per share. During the three months ended June 30, 2026, we settled 20.8 million shares of common stock under outstanding equity forward sales agreements entered into under the ATM Program for net cash proceeds of $1.7 billion. During the six months ended June 30, 2026, we entered into equity forward sales agreements under the ATM Program for 34.7 million shares of our common stock for gross proceeds of $3.0 billion, representing an average price of $86.02 per share. During the six months ended June 30, 2026, we settled 31.4 million shares of common stock under outstanding equity forward sales agreements entered into under the ATM Program for net cas …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing