Segment Reporting (Tables)

3 Months Ended

Mar. 31, 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 months ended

March 31, 2025 and 2024:

	Three Months Ended March 31,
(in thousands)	2025	2024
Reportable segment revenues:
Revenues from external customers	$699,199	$720,565
Other income	6,527	5,676
Reportable segment total revenues	705,726	726,241
Reportable segment total rental operating expenses	(212,436)	(191,090)
Reportable segment net operating income (reportable segment profit or loss)	$493,290	$535,151

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:

	Three Months Ended March 31,
(in thousands)	2025	2024
Reconciliation of reportable segment revenues to consolidated total revenues:
Reportable segment total revenues	$705,726	$726,241
All other revenues	52,432	42,867
Consolidated revenues	$758,158	$769,108
Reconciliation of reportable segment total rental operating expenses to consolidated rental operations:
Reportable segment total rental operating expenses	$(212,436)	$(191,090)
All other rental operating expenses	(13,959)	(27,224)
Consolidated rental operations	$(226,395)	$(218,314)
Reconciliation of reportable segment net operating income to consolidated net income:
Reportable segment net operating income (reportable segment profit or loss)	$493,290	$535,151
All other revenues	52,432	42,867
All other rental operating expenses	(13,959)	(27,224)
Other items not allocated to segments:
General and administrative	(30,675)	(47,055)
Interest expense	(50,876)	(40,840)
Depreciation and amortization	(342,062)	(287,554)
Impairment of real estate	(32,154)	—
Equity in (losses) earnings of unconsolidated real estate joint ventures	(507)	155
Investment (loss) income	(49,992)	43,284
Gain on sale of real estate	13,165	392
Consolidated net income	$38,662	$219,176

Reconciliation of Investment in Real Estate from Segment to Consolidated

(in thousands)	March 31, 2025	December 31, 2024
Reconciliation of reportable segment assets to consolidated investments in real estate assets
Reportable segment investments in real estate	$30,405,384	$30,393,144
All other investments in real estate	1,716,328	1,716,895
Consolidated investments in real estate	$32,121,712	$32,110,039