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Segment Reporting (Tables)
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
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") the periods presented (in thousands):

 

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

Revenues

 

$

2,019,065

 

 

$

1,767,057

 

 

$

1,710,848

 

Operating expenses

 

 

 

 

 

 

 

 

 

Rent

 

 

(16,837

)

 

 

(15,997

)

 

 

(15,811

)

Real estate taxes

 

 

(261,700

)

 

 

(231,578

)

 

 

(224,729

)

Operating and maintenance

 

 

(359,116

)

 

 

(309,143

)

 

 

(290,367

)

Total operating expenses

 

 

(637,653

)

 

 

(556,718

)

 

 

(530,907

)

NOI from unconsolidated real estate joint ventures

 

 

199,522

 

 

 

158,903

 

 

 

164,995

 

NOI at share

 

$

1,580,934

 

 

$

1,369,242

 

 

$

1,344,936

 
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):

 

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

NOI at share

 

$

1,580,934

 

 

$

1,369,242

 

 

$

1,344,936

 

Adjustments:

 

 

 

 

 

 

 

 

 

Management and other fee income

 

 

17,949

 

 

 

16,343

 

 

 

16,836

 

General and administrative

 

 

(138,140

)

 

 

(136,807

)

 

 

(119,534

)

Impairment charges

 

 

(4,476

)

 

 

(14,043

)

 

 

(21,958

)

Merger charges

 

 

(25,246

)

 

 

(4,766

)

 

-

 

Depreciation and amortization

 

 

(603,685

)

 

 

(507,265

)

 

 

(505,000

)

Gain on sale of properties

 

 

1,274

 

 

 

74,976

 

 

 

15,179

 

Special dividend income

 

 

-

 

 

 

194,116

 

 

 

-

 

Other income, net

 

 

57,605

 

 

 

39,960

 

 

 

28,829

 

Loss/(gain) on marketable securities, net

 

 

(27,679

)

 

 

21,262

 

 

 

(315,508

)

Interest expense

 

 

(307,806

)

 

 

(250,201

)

 

 

(226,823

)

Early extinguishment of debt charges

 

 

-

 

`

 

-

 

 

 

(7,658

)

Provision for income taxes, net

 

 

(25,417

)

 

 

(60,952

)

 

 

(56,654

)

Equity in income of joint ventures, net

 

 

83,827

 

 

 

72,278

 

 

 

109,481

 

Equity in income of other investments, net

 

 

9,821

 

 

 

10,709

 

 

 

17,403

 

NOI from unconsolidated real estate joint ventures

 

 

(199,522

)

 

 

(158,903

)

 

 

(164,995

)

Net income

 

$

419,439

 

 

$

665,949

 

 

$

114,534