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v3.25.3

Segment Reporting (Tables) | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Schedule of reconciliation of NOI to net income | A reconciliation of NOI to net income for the three and nine months ended September 30, 2025 and 2024 is as follows (dollars in thousands):
| For the three months ended September 30, |  | For the nine months ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Net income | $ | 384,162 |  |  | $ | 372,519 |  |  | $ | 890,614 |  |  | $ | 800,083 |
Property management and other indirect operating expenses, net of corporate income | 37,194 |  |  | 40,149 |  |  | 111,447 |  |  | 112,906 |
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 |
General and administrative expense | 22,028 |  |  | 20,089 |  |  | 64,805 |  |  | 60,006 |
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) |
Depreciation expense | 230,371 |  |  | 212,122 |  |  | 679,989 |  |  | 631,314 |
Income tax (benefit) expense | (193) |  |  | 782 |  |  | (840) |  |  | 698 |
Casualty and impairment loss | — |  |  | — |  |  | 858 |  |  | 2,935 |
Gain on sale of communities, net | (180,155) |  |  | (172,973) |  |  | (336,081) |  |  | (241,459) |
Other real estate activity | (127) |  |  | (314) |  |  | (3,919) |  |  | (636) |
Net operating income from real estate assets sold or held for sale | (6,987) |  |  | (18,405) |  |  | (33,736) |  |  | (67,134) |
Net operating income | $ | 503,776 |  |  | $ | 480,591 |  |  | $ | 1,511,523 |  |  | $ | 1,427,172 |
Schedule of net operating income from real estate assets sold or held for sale, not classified as discontinued operations | The following is a summary of NOI from real estate assets sold or held for sale for the periods presented (dollars in thousands):
| For the three months ended September 30, |  | For the nine months ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Rental income from real estate assets sold or held for sale | $ | 11,869 |  |  | $ | 27,620 |  |  | $ | 51,048 |  |  | $ | 99,698 |
Operating expenses from real estate assets sold or held for sale | (4,882) |  |  | (9,215) |  |  | (17,312) |  |  | (32,564) |
Net operating income from real estate assets sold or held for sale | $ | 6,987 |  |  | $ | 18,405 |  |  | $ | 33,736 |  |  | $ | 67,134 |
Schedule of details of segment information | Segment information for the three and nine months ended September 30, 2025 and 2024 has been adjusted to exclude the real estate assets that were sold from January 1, 2024 through September 30, 2025, or otherwise qualify as held for sale as of September 30, 2025, as described in Note 6, "Real Estate Disposition Activities."
| For the three months ended September 30, 2025
| Same Store |  | Other Stabilized |  | Development / Redevelopment |  | Total (1) (2)
Total Revenue | $ | 691,925 |  |  | $ | 47,470 |  |  | $ | 13,662 |  |  | $ | 753,057 |
Same Store Operating Expense |  |  |  |  |  |  |
Property Taxes | (80,239) |  |  |  |  |  |  | (80,239) |
Payroll | (39,981) |  |  |  |  |  |  | (39,981) |
Repairs & Maintenance | (45,002) |  |  |  |  |  |  | (45,002) |
Utilities | (29,616) |  |  |  |  |  |  | (29,616) |
Office Operations | (15,318) |  |  |  |  |  |  | (15,318) |
Insurance | (10,543) |  |  |  |  |  |  | (10,543) |
Marketing | (4,729) |  |  |  |  |  |  | (4,729) |
Same Store Operating Expense | (225,428) |  |  | — |  |  | — |  |  | (225,428) |
Non-Same Store Operating Expense | — |  |  | (17,424) |  |  | (6,429) |  |  | (23,853) |
Total Expenses | (225,428) |  |  | (17,424) |  |  | (6,429) |  |  | (249,281) |
Total NOI | $ | 466,497 |  |  | $ | 30,046 |  |  | $ | 7,233 |  |  | $ | 503,776 |
Gross Real Estate | $ | 23,917,199 |  |  | $ | 2,554,861 |  |  | $ | 2,299,123 |  |  | $ | 28,771,183 |
| For the three months ended September 30, 2024
| Same Store |  | Other Stabilized |  | Development / Redevelopment |  | Total (1) (2)
Total Revenue | $ | 676,350 |  |  | $ | 25,710 |  |  | $ | 2,911 |  |  | $ | 704,971 |
Same Store Operating Expense |  |  |  |  |  |  |
Property Taxes | (77,537) |  |  |  |  |  |  | (77,537) |
Payroll | (38,055) |  |  |  |  |  |  | (38,055) |
Repairs & Maintenance | (42,069) |  |  |  |  |  |  | (42,069) |
Utilities | (27,756) |  |  |  |  |  |  | (27,756) |
Office Operations | (15,389) |  |  |  |  |  |  | (15,389) |
Insurance | (10,014) |  |  |  |  |  |  | (10,014) |
Marketing | (4,539) |  |  |  |  |  |  | (4,539) |
Same Store Operating Expense | (215,359) |  |  | — |  |  | — |  |  | (215,359) |
Non-Same Store Operating Expense | — |  |  | (7,362) |  |  | (1,659) |  |  | (9,021) |
Total Expenses | (215,359) |  |  | (7,362) |  |  | (1,659) |  |  | (224,380) |
Total NOI | $ | 460,991 |  |  | $ | 18,348 |  |  | $ | 1,252 |  |  | $ | 480,591 |
Gross Real Estate | $ | 23,647,850 |  |  | $ | 1,424,889 |  |  | $ | 1,291,783 |  |  | $ | 26,364,522 |
| For the nine months ended September 30, 2025
| Same Store |  | Other Stabilized |  | Development / Redevelopment |  | Total (1) (2)
Total Revenue | $ | 2,064,565 |  |  | $ | 122,330 |  |  | $ | 29,722 |  |  | $ | 2,216,617 |
Same Store Operating Expense |  |  |  |  |  |  |
Property Taxes | (233,574) |  |  | — |  |  | — |  |  | (233,574) |
Payroll | (118,143) |  |  | — |  |  | — |  |  | (118,143) |
Repairs & Maintenance | (120,793) |  |  | — |  |  | — |  |  | (120,793) |
Utilities | (83,929) |  |  | — |  |  | — |  |  | (83,929) |
Office Operations | (46,755) |  |  | — |  |  | — |  |  | (46,755) |
Insurance | (30,707) |  |  | — |  |  | — |  |  | (30,707) |
Marketing | (13,128) |  |  | — |  |  | — |  |  | (13,128) |
Same Store Operating Expense | (647,029) |  |  | — |  |  | — |  |  | (647,029) |
Non-Same Store Operating Expense | — |  |  | (42,891) |  |  | (15,174) |  |  | (58,065) |
Total Expenses | (647,029) |  |  | (42,891) |  |  | (15,174) |  |  | (705,094) |
Total NOI | $ | 1,417,536 |  |  | $ | 79,439 |  |  | $ | 14,548 |  |  | $ | 1,511,523 |
Gross Real Estate | $ | 23,917,199 |  |  | $ | 2,554,861 |  |  | $ | 2,299,123 |  |  | $ | 28,771,183 |
| For the nine months ended September 30, 2024
| Same Store |  | Other Stabilized |  | Development / Redevelopment |  | Total (1) (2)
Total Revenue | $ | 2,009,849 |  |  | $ | 53,546 |  |  | $ | 4,773 |  |  | $ | 2,068,168 |
Same Store Operating Expense |  |  |  |  |  |  |
Property Taxes | (228,286) |  |  | — |  |  | — |  |  | (228,286) |
Payroll | (113,908) |  |  | — |  |  | — |  |  | (113,908) |
Repairs & Maintenance | (112,190) |  |  | — |  |  | — |  |  | (112,190) |
Utilities | (79,194) |  |  | — |  |  | — |  |  | (79,194) |
Office Operations | (46,597) |  |  | — |  |  | — |  |  | (46,597) |
Insurance | (29,449) |  |  | — |  |  | — |  |  | (29,449) |
Marketing | (11,595) |  |  | — |  |  | — |  |  | (11,595) |
Same Store Operating Expense | (621,219) |  |  | — |  |  | — |  |  | (621,219) |
Non-Same Store Operating Expense | — |  |  | (16,558) |  |  | (3,219) |  |  | (19,777) |
Total Expenses | (621,219) |  |  | (16,558) |  |  | (3,219) |  |  | (640,996) |
Total NOI | $ | 1,388,630 |  |  | $ | 36,988 |  |  | $ | 1,554 |  |  | $ | 1,427,172 |
Gross Real Estate | $ | 23,647,850 |  |  | $ | 1,424,889 |  |  | $ | 1,291,783 |  |  | $ | 26,364,522 |
__________________________________ (1)Does not include non-allocated revenue. Non-allocated revenue represents third-party property management, developer fees and miscellaneous income and other ancillary items which are not allocated to a reportable segment. Non-allocated revenue was $1,870 and $1,716 for the three months ended September 30, 2025 and 2024, respectively, and $5,204 and $5,342 for the nine months ended September 30, 2025 and 2024, respectively. (2) Does not include non-allocated gross real estate and land held for development. Non-allocated gross real estate is $115,326 and $119,575 as of September 30, 2025 and 2024, respectively. Land held for development gross real estate was $126,050 and $154,906 as of September 30, 2025 and 2024, respectively.

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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