v3.25.4
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenue:      
Rental and other income $ 3,033,683 $ 2,906,676 $ 2,760,187
Management, development and other fees 7,042 7,081 7,722
Total revenue 3,040,725 2,913,757 2,767,909
Expenses:      
Operating expenses, excluding property taxes 778,171 745,846 681,338
Property taxes 342,743 327,611 306,794
Expensed transaction, development and other pursuit costs, net of recoveries 10,846 18,341 33,479
Interest expense, net 259,181 226,589 205,992
Loss on extinguishment of debt, net 0 0 150
Depreciation expense 913,376 846,853 816,965
General and administrative expense 86,679 77,697 76,534
Casualty and impairment loss 1,276 2,935 9,118
Total expenses 2,392,272 2,245,872 2,130,370
Income from unconsolidated investments 39,691 32,231 8,436
Structured Investment Program interest income 27,476 18,451 5,018
Gain on sale of communities, net 335,713 363,300 287,424
Other real estate activity 4,131 753 174
Income before income taxes 1,055,464 1,082,620 938,591
Income tax benefit (expense) 1,135 (445) (10,153)
Net income 1,056,599 1,082,175 928,438
Net (income) loss attributable to noncontrolling interests (5,298) (181) 387
Net income attributable to common stockholders 1,051,301 1,081,994 928,825
Other comprehensive income:      
(Loss) gain on cash flow hedges (4,488) 18,659 13,332
Cash flow hedge (gains) losses reclassified to earnings (3,330) (471) 1,360
Comprehensive income $ 1,043,483 $ 1,100,182 $ 943,517
Earnings per common share - basic:      
Net income per common share - basic (in dollars per share) $ 7.40 $ 7.61 $ 6.56
Earnings per common share - diluted:      
Net income per common share - diluted (in dollars per share) $ 7.40 $ 7.60 $ 6.56

Source

10-K PDF
XBRL