v3.25.3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Revenue:        
Rental and other income $ 764,926 $ 732,591 $ 2,267,665 $ 2,167,866
Management, development and other fees (1,870) (1,716) (5,204) (5,342)
Total revenue 766,796 734,307 2,272,869 2,173,208
Expenses:        
Operating expenses, excluding property taxes 203,478 193,041 581,446 548,553
Property taxes 89,749 82,419 257,611 243,255
Expensed transaction, development and other pursuit costs, net of recoveries 1,392 1,573 8,629 7,235
Interest expense, net 65,410 55,769 190,075 167,613
Depreciation expense 230,371 212,122 679,989 631,314
General and administrative expense 22,028 20,089 64,805 60,006
Casualty and impairment loss 0 0 858 2,935
Total expenses 612,428 565,013 1,783,413 1,660,911
Income from unconsolidated investments 42,487 25,250 40,436 33,845
Structured Investment Program interest income 6,832 5,470 19,882 12,544
Gain on sale of communities, net 180,155 172,973 336,081 241,459
Other real estate activity 127 314 3,919 636
Income before income taxes 383,969 373,301 889,774 800,781
Income tax benefit (expense) 193 (782) 840 (698)
Net income 384,162 372,519 890,614 800,083
Net income attributable to noncontrolling interests (2,856) 0 (4,046) (181)
Net income attributable to common stockholders 381,306 372,519 886,568 799,902
Other comprehensive income:        
Gain (loss) on cash flow hedges 36 470 (5,824) 12,308
Cash flow hedge gains reclassified to earnings (1,423) (274) (2,266) (197)
Comprehensive income $ 379,919 $ 372,715 $ 878,478 $ 812,013
Earnings per common share - basic:        
Net income attributable to common stockholders (in dollars per share) $ 2.68 $ 2.62 $ 6.23 $ 5.62
Earnings per common share - diluted:        
Net income attributable to common stockholders (in dollars per share) $ 2.68 $ 2.61 $ 6.22 $ 5.62

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