XML 39 R27.htm IDEA: XBRL DOCUMENT v3.25.3
Segment Reporting (Tables)
 9 Months Ended
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,
 2025202420252024
Net income$384,162 $372,519 $890,614 $800,083 
Property management and other indirect operating expenses, net of corporate income37,194 40,149 111,447 112,906 
Expensed transaction, development and other pursuit costs, net of recoveries1,392 1,573 8,629 7,235 
Interest expense, net65,410 55,769 190,075 167,613 
General and administrative expense22,028 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 expense230,371 212,122 679,989 631,314 
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,
2025202420252024
 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 StoreOther StabilizedDevelopment / RedevelopmentTotal (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 StoreOther StabilizedDevelopment / RedevelopmentTotal (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 StoreOther StabilizedDevelopment / RedevelopmentTotal (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 StoreOther StabilizedDevelopment / RedevelopmentTotal (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.