v3.25.2
CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Real estate, at cost:    
Land $ 2,385,812 $ 2,434,209
Buildings and improvements 10,560,211 10,439,113
Development costs and construction in progress 872,493 1,097,395
Leasehold improvements and equipment 112,832 120,915
Total 13,931,348 14,091,632
Less accumulated depreciation and amortization (4,028,816) (4,025,349)
Real estate, net 9,902,532 10,066,283
Right-of-use assets 677,249 678,804
Net investment in lease 165,634 0
Cash and cash equivalents 1,204,863 733,947
Restricted cash 158,435 215,672
Tenant and other receivables 65,210 58,853
Investments in partially owned entities 2,003,206 2,691,478
Receivable arising from the straight-lining of rents 700,392 707,020
Deferred leasing costs, net of accumulated amortization of $223,946 and $268,532 326,688 354,882
Identified intangible assets, net of accumulated amortization of $78,836 and $75,002 114,381 118,215
Other assets 289,906 373,454
Assets 15,608,496 15,998,608
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY    
Mortgages payable, net 4,977,526 5,676,014
Senior unsecured notes, net 746,588 1,195,914
Unsecured term loan, net 796,643 795,948
Unsecured revolving credit facilities 575,000 575,000
Lease liabilities 710,261 749,759
Accounts payable and accrued expenses 336,524 374,013
Deferred compensation plan 104,765 114,580
Other liabilities 347,131 345,511
Total liabilities 8,594,438 9,826,739
Commitments and contingencies
Redeemable noncontrolling interests:    
Total redeemable noncontrolling interests 750,097 834,658
Shareholders' equity:    
Preferred shares of beneficial interest: no par value per share; authorized 110,000,000 shares; issued and outstanding 48,789,180 shares 1,182,364 1,182,364
Common shares of beneficial interest: $0.04 par value per share; authorized 250,000,000 shares; issued and outstanding 192,040,522 and 190,846,580 shares 7,682 7,634
Additional capital 8,203,781 8,052,793
Earnings less than distributions (3,311,586) (4,142,249)
Accumulated other comprehensive income 9,857 57,700
Total shareholders' / partners' equity 6,092,098 5,158,242
Noncontrolling interests in consolidated subsidiaries 171,863 178,969
Total equity 6,263,961 5,337,211
Total liabilities, redeemable noncontrolling interests / partnership units and equity 15,608,496 15,998,608
Partnership Interest    
Redeemable noncontrolling interests:    
Class A units - 16,708,413 and 16,850,803 units outstanding 638,930 708,408
Series D cumulative redeemable preferred units - 141,400 units outstanding 3,535 3,535
Total redeemable noncontrolling interests 642,465 711,943
Redeemable Noncontrolling Interest in a Consolidated Subsidiary    
Redeemable noncontrolling interests:    
Total redeemable noncontrolling interests $ 107,632 $ 122,715