Real Estate
REIT - Retail
$64.40B
3K
Key insights and themes extracted from this filing
The company reported a significant increase in lease income, reaching $5,164.3 million in 2023, compared to $4,905.2 million in 2022. This growth is attributed to higher occupancy rates and improved lease terms across their properties.
While lease income increased, interest expense also rose significantly to $854.6 million in 2023 from $761.3 million in 2022. This increase in interest expense partially offset the gains in revenue, impacting overall net income.
Net income was affected by pre-tax gains on disposal of equity interests of $362.0 million, as well as unrealized gains and losses on publicly traded equity instruments and derivative instruments. These non-cash items create volatility in net income.