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CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
REVENUES        
Rental income $ 782,411 $ 748,348 $ 2,312,048 $ 2,213,329
EXPENSES        
Property and maintenance 144,621 135,221 424,868 396,349
Real estate taxes and insurance 111,833 105,954 335,917 320,452
Property management 30,089 31,412 100,691 100,381
General and administrative 14,664 14,551 51,450 48,902
Depreciation 254,657 237,948 752,292 688,041
Total expenses 555,864 525,086 1,665,218 1,554,125
Net gain (loss) on sales of real estate properties 142,685 (165) 355,117 227,829
Interest and other income 45,219 15,844 49,040 26,501
Other expenses (30,942) (13,971) (39,903) (59,094)
Interest:        
Expense incurred, net (80,141) (72,722) (227,572) (205,762)
Amortization of deferred financing costs (2,122) (1,948) (6,369) (5,784)
Income before income and other taxes, income (loss) from investments in unconsolidated entities and net gain (loss) on sales of land parcels 301,246 150,300 777,143 642,894
Income and other tax (expense) benefit (395) (290) (1,224) (925)
Income (loss) from investments in unconsolidated entities (3,981) (1,493) (15,388) (4,865)
Net gain (loss) on sales of land parcels (2)   (80)  
Net income 296,868 148,517 760,451 637,104
Net (income) loss attributable to Noncontrolling Interests:        
Operating Partnership (6,716) (4,012) (19,044) (17,290)
Partially Owned Properties (1,101) (1,059) (3,408) (3,098)
Net income attributable to controlling interests 289,051 143,446 737,999 616,716
Preferred distributions (356) (356) (1,067) (1,258)
Premium on redemption of Preferred Shares /Allocation to premium on redemption of Preference Units       (1,444)
Net income available to Common Shares $ 288,695 $ 143,090 $ 736,932 $ 614,014
Earnings per share – basic:        
Net income available to Common Shares $ 0.76 $ 0.38 $ 1.94 $ 1.62
Weighted average Common Shares outstanding 380,593 378,756 379,775 378,718
Earnings per share – diluted:        
Net income available to Common Shares $ 0.76 $ 0.38 $ 1.93 $ 1.62
Weighted average Common Shares outstanding 390,966 391,026 391,127 390,688