| 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:
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Three months ended June 30, |
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Six months ended June 30, |
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2025 |
|
|
2024 |
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|
2025 |
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|
2024 |
|
Lease income |
$ |
405,915 |
|
|
|
381,232 |
|
|
$ |
814,003 |
|
|
|
767,581 |
|
Other property income |
|
4,613 |
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|
|
2,778 |
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|
|
7,992 |
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|
|
7,372 |
|
Less: |
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Straight-line rent on lease income |
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(6,332 |
) |
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(4,303 |
) |
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(12,783 |
) |
|
|
(9,814 |
) |
Above/below market rent amortization, net |
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(5,919 |
) |
|
|
(7,617 |
) |
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|
(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 |
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(51,680 |
) |
|
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(49,611 |
) |
|
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(102,689 |
) |
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|
(98,021 |
) |
NOI |
$ |
280,933 |
|
|
|
258,392 |
|
|
$ |
554,471 |
|
|
|
521,330 |
|
(1)Operating expenses include Operating and maintenance, Ground rent and Termination expense
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| Summary of Reconciliation of NOI to Net Income |
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Three months ended June 30, |
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|
Six months ended June 30, |
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|
2025 |
|
|
2024 |
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|
2025 |
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|
2024 |
|
Reconciliation of NOI to Net income: |
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NOI |
$ |
280,933 |
|
|
|
258,392 |
|
|
$ |
554,471 |
|
|
|
521,330 |
|
Consolidated: |
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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 |
) |
|
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(100,968 |
) |
|
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(196,309 |
) |
|
|
(198,553 |
) |
General and administrative |
|
(25,480 |
) |
|
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(24,238 |
) |
|
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(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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|