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Segment Reporting (Tables) | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information, by Segment | The following table presents the reportable segment profit or loss measure, NOI, for the three and nine months ended September 30, 2025 and 2024 (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Reportable segment revenues: |  |  |  |  |  |  |
Revenues from external customers | $700,635 |  | $733,817 |  | $2,103,291 |  | $2,168,331
Other income | 7,764 |  | 12,173 |  | 24,779 |  | 23,526
Reportable segment total revenues | 708,399 |  | 745,990 |  | 2,128,070 |  | 2,191,857
Reportable segment total rental operating expenses | (222,441) |  | (215,563) |  | (647,279) |  | (606,584)
Reportable segment net operating income (reportable segment profit or loss) | $485,958 |  | $530,427 |  | $1,480,791 |  | $1,585,273
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 (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Reconciliation of reportable segment revenues to consolidated total revenues: |  |  |  |  |  |  |
Reportable segment total revenues | $708,399 |  | $745,990 |  | $2,128,070 |  | $2,191,857
All other revenues | 43,545 |  | 45,617 |  | 144,072 |  | 135,592
Consolidated revenues | $751,944 |  | $791,607 |  | $2,272,142 |  | $2,327,449
Reconciliation of reportable segment total rental operating expenses to consolidated rental operations: |  |  |  |  |  |  |
Reportable segment total rental operating expenses | $(222,441) |  | $(215,563) |  | $(647,279) |  | $(606,584)
All other rental operating expenses | (16,793) |  | (17,702) |  | (42,783) |  | (62,249)
Consolidated rental operations | $(239,234) |  | $(233,265) |  | $(690,062) |  | $(668,833)
Reconciliation of reportable segment net operating income to consolidated net income: |  |  |  |  |  |  |
Reportable segment net operating income (reportable segment profit or loss) | $485,958 |  | $530,427 |  | $1,480,791 |  | $1,585,273
All other revenues | 43,545 |  | 45,617 |  | 144,072 |  | 135,592
All other rental operating expenses | (16,793) |  | (17,702) |  | (42,783) |  | (62,249)
Other items not allocated to segments: |  |  |  |  |  |  |
General and administrative | (29,224) |  | (43,945) |  | (89,027) |  | (135,629)
Interest expense | (54,852) |  | (43,550) |  | (161,024) |  | (130,179)
Depreciation and amortization | (340,230) |  | (293,998) |  | (1,028,415) |  | (872,272)
Impairment of real estate | (323,870) |  | (5,741) |  | (485,630) |  | (36,504)
Loss on early extinguishment of debt | (107) |  | — |  | (107) |  | —
Equity in earnings (losses) of unconsolidated real estate joint ventures | 201 |  | 139 |  | (9,327) |  | 424
Investment income (loss) | 28,161 |  | 15,242 |  | (52,453) |  | 14,866
Gain on sale of real estate | 9,366 |  | 27,114 |  | 22,531 |  | 27,506
Consolidated net (loss) income | $(197,845) |  | $213,603 |  | $(221,372) |  | $526,828
Reconciliation of Investment in Real Estate from Segment to Consolidated |
| September 30, 2025 |  | December 31, 2024
Reconciliation of reportable segment assets to consolidated investments in real estate assets: |  |  |
Reportable segment investments in real estate | $30,316,524 |  | $30,393,144
All other investments in real estate | 1,427,393 |  | 1,716,895
Consolidated investments in real estate | $31,743,917 |  | $32,110,039

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- 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
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- 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
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