| Schedule of Revenue Related income and Operating Expenses included in NOI at Share |
The following table presents accrual-based lease revenue and other property related income and operating expenses included in the Company's share of NOI for its consolidated and unconsolidated properties (“NOI at share”) for the periods presented (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
Revenues |
|
$ |
539,725 |
|
|
$ |
531,113 |
|
|
$ |
1,638,960 |
|
|
$ |
1,583,329 |
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
Rent |
|
|
(4,226 |
) |
|
|
(4,164 |
) |
|
|
(12,455 |
) |
|
|
(12,590 |
) |
Real estate taxes |
|
|
(68,015 |
) |
|
|
(67,384 |
) |
|
|
(212,089 |
) |
|
|
(203,854 |
) |
Operating and maintenance |
|
|
(89,416 |
) |
|
|
(92,434 |
) |
|
|
(279,776 |
) |
|
|
(273,056 |
) |
Total operating expenses |
|
|
(161,657 |
) |
|
|
(163,982 |
) |
|
|
(504,320 |
) |
|
|
(489,500 |
) |
NOI from unconsolidated real estate joint ventures |
|
|
49,672 |
|
|
|
47,970 |
|
|
|
150,952 |
|
|
|
148,555 |
|
NOI at share |
|
$ |
427,740 |
|
|
$ |
415,101 |
|
|
$ |
1,285,592 |
|
|
$ |
1,242,384 |
|
|
| Schedule of Reconciliation of NOI at Share to Net Income |
The following table presents the reconciliation of NOI at share to Net income (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
NOI at share |
|
$ |
427,740 |
|
|
$ |
415,101 |
|
|
$ |
1,285,592 |
|
|
$ |
1,242,384 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
Management and other fee income |
|
|
6,422 |
|
|
|
4,748 |
|
|
|
16,004 |
|
|
|
14,331 |
|
General and administrative |
|
|
(29,959 |
) |
|
|
(29,646 |
) |
|
|
(97,095 |
) |
|
|
(96,485 |
) |
Impairment charges |
|
|
(7,984 |
) |
|
|
(440 |
) |
|
|
(14,650 |
) |
|
|
(8,619 |
) |
Depreciation and amortization |
|
|
(155,945 |
) |
|
|
(158,269 |
) |
|
|
(461,450 |
) |
|
|
(473,045 |
) |
Gain on sale of properties |
|
|
89,382 |
|
|
|
3,705 |
|
|
|
106,451 |
|
|
|
43,514 |
|
Other income/(expense), net |
|
|
3,186 |
|
|
|
(2,319 |
) |
|
|
(63 |
) |
|
|
789 |
|
Mortgage and other financing income, net |
|
|
12,630 |
|
|
|
12,375 |
|
|
|
36,549 |
|
|
|
35,706 |
|
Interest expense |
|
|
(87,721 |
) |
|
|
(84,261 |
) |
|
|
(254,751 |
) |
|
|
(245,842 |
) |
(Provision)/benefit for income taxes, net |
|
|
(149 |
) |
|
|
875 |
|
|
|
86 |
|
|
|
45 |
|
Equity in income of joint ventures, net |
|
|
73,909 |
|
|
|
26,967 |
|
|
|
131,166 |
|
|
|
73,640 |
|
Equity in income/(loss) of other investments, net |
|
|
229 |
|
|
|
(811 |
) |
|
|
5,491 |
|
|
|
1,637 |
|
NOI from unconsolidated real estate joint ventures |
|
|
(49,672 |
) |
|
|
(47,970 |
) |
|
|
(150,952 |
) |
|
|
(148,555 |
) |
Net income |
|
$ |
282,068 |
|
|
$ |
140,055 |
|
|
$ |
602,378 |
|
|
$ |
439,500 |
|
|