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Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The following table presents the reportable segment profit or loss measure — net operating income.

	Year Ended December 31,
(in thousands)	2024		2023		2022
Reportable segment revenues:
Revenues from external customers	$2,897,524		$2,685,027		$2,443,865
Other income	30,028		21,408		10,214
Reportable segment total revenues	2,927,552		2,706,435		2,454,079
Reportable segment total rental operating expenses	(831,258)		(763,700)		(695,226)
Reportable segment net operating income (reportable segment profit or loss)	$2,096,294		$1,942,735		$1,758,853

Reconciliation of Operating Profit (Loss) from Segments to Consolidated

Presented below are reconciliations of the reportable segment total revenues to the consolidated revenues, the reportable

segment total rental operating expenses to consolidated rental operations, the reportable segment NOI to the consolidated net income,

and the reportable segment investments in real estate assets to the consolidated investments in real estate assets:

	Year Ended December 31,
(in thousands)	2024		2023		2022
Reconciliation of reportable segment revenues to consolidated total revenues:
Reportable segment total revenues	$2,927,552		$2,706,435		$2,454,079
All other revenues	188,842		179,264		134,883
Consolidated revenues	$3,116,394		$2,885,699		$2,588,962
Reconciliation of reportable segment total rental operating expenses to consolidated rental operations:
Reportable segment total rental operating expenses	$(831,258)		$(763,700)		$(695,226)
All other rental operating expenses	(78,007)		(95,480)		(87,927)
Consolidated rental operations	$(909,265)		$(859,180)		$(783,153)
Reconciliation of reportable segment net operating income to consolidated net income:
Reportable segment net operating income (reportable segment profit or loss)	$2,096,294		$1,942,735		$1,758,853
All other revenues	188,842		179,264		134,883
All other rental operating expenses	(78,007)		(95,480)		(87,927)
Other items not allocated to segments:
General and administrative	(168,359)		(199,354)		(177,278)
Interest expense	(185,838)		(74,204)		(94,203)
Depreciation and amortization	(1,202,380)		(1,093,473)		(1,002,146)
Impairment of real estate	(223,068)		(461,114)		(64,969)
Loss on early extinguishment of debt	—		—		(3,317)
Equity in earnings of unconsolidated real estate joint ventures	7,059		980		645
Investment loss	(53,122)		(195,397)		(331,758)
Gain on sale of real estate	129,312		277,037		537,918
Consolidated net income	$510,733		$280,994		$670,701

Reconciliation of Investment in Real Estate from Segment to Consolidated

	As of December 31,
(in thousands)	2024		2023
Reconciliation of reportable segment assets to consolidated investments in real estate assets
Reportable segment investments in real estate	$30,393,144		$29,810,981
All other investments in real estate	1,716,895		1,822,530
Consolidated investments in real estate	$32,110,039		$31,633,511

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Reconciliation of Investment in Real Estate from Segment to Consolidated

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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

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-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-Publisher FASB
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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.

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