XML 62 R51.htm IDEA: XBRL DOCUMENT
v3.25.3

Segment Reporting (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2025
Segment Reporting [Abstract] |
Schedule of Revenue Related income and Operating Expenses included in NOI at share | T he following table presents accrual-based lease revenue and other property related income and operating expenses included in the Company's share of NOI for its consolidated and unconsolidated properties ("NOI at share") the periods presented (in thousands):
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Revenues |  | $ | 531,113 |  |  | $ | 502,875 |  |  | $ | 1,583,329 |  |  | $ | 1,498,001 |
Operating expenses |  |  |  |  |  |  |  |  |  |  |  |
Rent |  |  | (4,164 | ) |  |  | (4,239 | ) |  |  | (12,590 | ) |  |  | (12,744 | )
Real estate taxes |  |  | (67,384 | ) |  |  | (64,996 | ) |  |  | (203,854 | ) |  |  | (194,538 | )
Operating and maintenance |  |  | (92,434 | ) |  |  | (88,744 | ) |  |  | (273,056 | ) |  |  | (262,267 | )
Total operating expenses |  |  | (163,982 | ) |  |  | (157,979 | ) |  |  | (489,500 | ) |  |  | (469,549 | )
NOI from unconsolidated real estate joint ventures |  |  | 47,970 |  |  |  | 49,212 |  |  |  | 148,555 |  |  |  | 149,042 |
NOI at share |  | $ | 415,101 |  |  | $ | 394,108 |  |  | $ | 1,242,384 |  |  | $ | 1,177,494 |
Schedule of Reconciliation of NOI at Share to Net Income/(Loss) | The following table presents the reconciliation of NOI at share to Net income (in thousands):
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
NOI at share |  | $ | 415,101 |  |  | $ | 394,108 |  |  | $ | 1,242,384 |  |  | $ | 1,177,494 |
Adjustments: |  |  |  |  |  |  |  |  |  |  |  |
Management and other fee income |  |  | 4,748 |  |  |  | 4,757 |  |  |  | 14,331 |  |  |  | 13,616 |
General and administrative |  |  | (29,646 | ) |  |  | (33,850 | ) |  |  | (96,485 | ) |  |  | (103,238 | )
Impairment charges |  |  | (440 | ) |  |  | (375 | ) |  |  | (8,619 | ) |  |  | (4,277 | )
Merger charges |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (25,246 | )
Depreciation and amortization |  |  | (158,269 | ) |  |  | (144,688 | ) |  |  | (473,045 | ) |  |  | (447,555 | )
Gain on sale of properties |  |  | 3,705 |  |  |  | 551 |  |  |  | 43,514 |  |  |  | 944 |
Other (expense)/income, net |  |  | (2,362 | ) |  |  | 10,284 |  |  |  | 757 |  |  |  | 20,764 |
Mortgage and other financing income, net |  |  | 12,375 |  |  |  | 11,919 |  |  |  | 35,706 |  |  |  | 19,189 |
Gain/(loss) on marketable securities, net |  |  | 43 |  |  |  | 79 |  |  |  | 32 |  |  |  | (27,613 | )
Interest expense |  |  | (84,261 | ) |  |  | (76,216 | ) |  |  | (245,842 | ) |  |  | (224,122 | )
Benefit/(provision) for income taxes, net |  |  | 875 |  |  |  | (128 | ) |  |  | 45 |  |  |  | (72,355 | )
Equity in income of joint ventures, net |  |  | 26,967 |  |  |  | 20,981 |  |  |  | 73,640 |  |  |  | 63,413 |
Equity in (loss)/income of other investments, net |  |  | (811 | ) |  |  | 216 |  |  |  | 1,637 |  |  |  | 9,468 |
NOI from unconsolidated real estate joint ventures |  |  | (47,970 | ) |  |  | (49,212 | ) |  |  | (148,555 | ) |  |  | (149,042 | )
Net income |  | $ | 140,055 |  |  | $ | 138,426 |  |  | $ | 439,500 |  |  | $ | 251,440 |

X
- Definition Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
Name: | us-gaap_ReconciliationOfOperatingProfitLossFromSegmentsToConsolidatedTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
Name: | us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration