v3.25.2
Segment Reporting (Tables)
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment The following table presents the reportable segment profit or loss measure, net operating income, for the three and six months
ended June 30, 2025 and 2024 (in thousands):
Three Months Ended June 30,
Six Months Ended June 30,
2025
2024
2025
2024
Reportable segment revenues:
Revenues from external customers
$703,457
$713,949
$1,402,656
$1,434,514
Other income
10,488
5,677
17,015
11,352
Reportable segment total revenues
713,945
719,626
1,419,671
1,445,866
Reportable segment total rental operating expenses
(212,402)
(199,930)
(424,838)
(391,021)
Reportable segment net operating income (reportable
segment profit or loss)
$501,543
$519,696
$994,833
$1,054,845
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 June 30,
Six Months Ended June 30,
2025
2024
2025
2024
Reconciliation of reportable segment revenues to
consolidated total revenues:
Reportable segment total revenues
$713,945
$719,626
$1,419,671
$1,445,866
All other revenues
48,095
47,108
100,527
89,976
Consolidated revenues
$762,040
$766,734
$1,520,198
$1,535,842
Reconciliation of reportable segment total rental operating
expenses to consolidated rental operations:
Reportable segment total rental operating expenses
$(212,402)
$(199,930)
$(424,838)
$(391,021)
All other rental operating expenses
(12,031)
(17,324)
(25,990)
(44,547)
Consolidated rental operations
$(224,433)
$(217,254)
$(450,828)
$(435,568)
Reconciliation of reportable segment net operating income
to consolidated net income:
Reportable segment net operating income (reportable
segment profit or loss)
$501,543
$519,696
$994,833
$1,054,845
All other revenues
48,095
47,108
100,527
89,976
All other rental operating expenses
(12,031)
(17,324)
(25,990)
(44,547)
Other items not allocated to segments:
General and administrative
(29,128)
(44,629)
(59,803)
(91,684)
Interest expense
(55,296)
(45,789)
(106,172)
(86,629)
Depreciation and amortization
(346,123)
(290,720)
(688,185)
(578,274)
Impairment of real estate
(129,606)
(30,763)
(161,760)
(30,763)
Equity in (losses) earnings of unconsolidated real
estate joint ventures
(9,021)
130
(9,528)
285
Investment loss
(30,622)
(43,660)
(80,614)
(376)
Gain on sale of real estate
—
—
13,165
392
Consolidated net (loss) income
$(62,189)
$94,049
$(23,527)
$313,225
Reconciliation of Investment in Real Estate from Segment to Consolidated
June 30, 2025
December 31, 2024
Reconciliation of reportable segment assets to consolidated investments in real
estate assets:
Reportable segment investments in real estate
$30,476,127
$30,393,144
All other investments in real estate
1,684,473
1,716,895
Consolidated investments in real estate
$32,160,600
$32,110,039