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v3.25.2

Segment Information (Tables) | 6 Months Ended
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Jun. 30, 2025
Segment Reporting [Abstract] |
Summary of Net Operating Income ('"NOI") | The following tables provide information about the Company's reportable segment's revenues, significant expenses, net operating income ("NOI") and the reconciliation of NOI to the Company’s consolidated Net income:
| Three months ended June 30, |  |  | Six months ended June 30, |
| 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Lease income | $ | 405,915 |  |  |  | 381,232 |  |  | $ | 814,003 |  |  |  | 767,581 |
Other property income |  | 4,613 |  |  |  | 2,778 |  |  |  | 7,992 |  |  |  | 7,372 |
Less: |  |  |  |  |  |  |  |  |  |  |
Straight-line rent on lease income |  | (6,332 | ) |  |  | (4,303 | ) |  |  | (12,783 | ) |  |  | (9,814 | )
Above/below market rent amortization, net |  | (5,919 | ) |  |  | (7,617 | ) |  |  | (12,924 | ) |  |  | (13,629 | )
Total real estate revenues |  | 398,277 |  |  |  | 372,090 |  |  |  | 796,288 |  |  |  | 751,510 |
Operating expenses (1) |  | (65,664 | ) |  |  | (64,087 | ) |  |  | (139,128 | ) |  |  | (132,159 | )
Real estate taxes |  | (51,680 | ) |  |  | (49,611 | ) |  |  | (102,689 | ) |  |  | (98,021 | )
NOI | $ | 280,933 |  |  |  | 258,392 |  |  | $ | 554,471 |  |  |  | 521,330 |
(1) Operating expenses include Operating and maintenance, Ground rent and Termination expense
Summary of Reconciliation of NOI to Net Income |
| Three months ended June 30, |  |  | Six months ended June 30, |
| 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Reconciliation of NOI to Net income: |  |  |  |  |  |  |  |  |  |  |
NOI | $ | 280,933 |  |  |  | 258,392 |  |  | $ | 554,471 |  |  |  | 521,330 |
Consolidated: |  |  |  |  |  |  |  |  |  |  |
Straight-line rent on lease income |  | 5,787 |  |  |  | 4,120 |  |  |  | 11,394 |  |  |  | 9,714 |
Above/below market rent amortization, net |  | 5,731 |  |  |  | 7,441 |  |  |  | 12,481 |  |  |  | 13,264 |
Management, transaction, and other fees |  | 7,244 |  |  |  | 6,735 |  |  |  | 14,056 |  |  |  | 13,131 |
Straight-line rent on ground rent |  | (336 | ) |  |  | (336 | ) |  |  | (673 | ) |  |  | (677 | )
Above/below market ground rent amortization |  | (532 | ) |  |  | (535 | ) |  |  | (1,067 | ) |  |  | (1,070 | )
Depreciation and amortization |  | (99,535 | ) |  |  | (100,968 | ) |  |  | (196,309 | ) |  |  | (198,553 | )
General and administrative |  | (25,480 | ) |  |  | (24,238 | ) |  |  | (47,080 | ) |  |  | (50,370 | )
Other operating expenses |  | (1,944 | ) |  |  | (3,066 | ) |  |  | (3,632 | ) |  |  | (5,709 | )
Other expense, net |  | (51,040 | ) |  |  | (31,394 | ) |  |  | (99,713 | ) |  |  | (60,608 | )
Add: Share of noncontrolling interests excluded from NOI |  | 2,200 |  |  |  | 2,036 |  |  |  | 4,404 |  |  |  | 4,082 |
Less: Equity in income of investments in real estate excluded from NOI |  | (14,679 | ) |  |  | (13,258 | ) |  |  | (28,130 | ) |  |  | (26,947 | )
Net income | $ | 108,349 |  |  |  | 104,929 |  |  | $ | 220,202 |  |  |  | 217,587 |

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