v3.25.0.1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Revenue:      
Rental and other income $ 2,906,676 $ 2,760,187 $ 2,587,113
Management, development and other fees 7,081 7,722 6,333
Total revenue 2,913,757 2,767,909 2,593,446
Expenses:      
Operating expenses, excluding property taxes 745,846 681,338 630,154
Property taxes 327,611 306,794 288,960
Expensed transaction, development and other pursuit costs, net of recoveries 18,341 33,479 16,565
Interest expense, net 226,589 205,992 230,074
Loss on extinguishment of debt, net 0 150 1,646
Depreciation expense 846,853 816,965 814,978
General and administrative expense 77,697 76,534 74,064
Casualty and impairment loss 2,935 9,118 0
Total expenses 2,245,872 2,130,370 2,056,441
Income from unconsolidated investments 50,682 13,454 53,394
Gain on sale of communities 363,300 287,424 555,558
Other real estate activity 753 174 5,127
Income before income taxes 1,082,620 938,591 1,151,084
Income tax expense (445) (10,153) (14,646)
Net income 1,082,175 928,438 1,136,438
Net (income) loss attributable to noncontrolling interests (181) 387 337
Net income attributable to common stockholders 1,081,994 928,825 1,136,775
Other comprehensive income:      
Gain on cash flow hedges 18,659 13,332 23,647
Cash flow hedge (gains) losses reclassified to earnings (471) 1,360 3,883
Comprehensive income $ 1,100,182 $ 943,517 $ 1,164,305
Earnings per common share - basic:      
Net income per common share - basic (in dollars per share) $ 7.61 $ 6.56 $ 8.13
Earnings per common share - diluted:      
Net income per common share - diluted (in dollars per share) $ 7.60 $ 6.56 $ 8.12

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