XML 55 R43.htm IDEA: XBRL DOCUMENT v3.25.3
Segment Reporting - Reconciliation of NOI to Net Income (Details) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Reconciliation of NOI to net income            
Net income $ 384,162 $ 269,855 $ 236,597 $ 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 0     0 858 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
Non-Apartment Components Of Mixed-Use Communities And Other Nonresidential Operations | Operating Income (Loss) | Product Concentration Risk            
Segment Reporting Information [Line Items]            
Concentration risk (as a percent) 1.50%     1.60% 1.60% 1.70%