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Segment Reporting (Tables) | 6 Months Ended
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Jun. 30, 2025
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information, by Segment | The following table details NOI and significant expenses for the three and six months ended June 30:
| Three Months Ended June 30, |  | Six Months Ended June 30, |  |
(in thousands) | 2025 |  | 2024 |  | 2025 |  | 2024 |  |
Property revenues | $ | 396,509 |  |  | $ | 387,150 |  |  | $ | 787,074 |  |  | $ | 770,291 |  |  |
Property expenses: |  |  |  |  |  |  |  |  |
Real estate taxes | (50,641) |  |  | (48,763) |  |  | (100,363) |  |  | (98,264) |  |  |
Salaries and benefits for on-site employees | (27,415) |  |  | (25,640) |  |  | (53,199) |  |  | (50,399) |  |  |
Utilities | (27,761) |  |  | (26,110) |  |  | (55,539) |  |  | (52,557) |  |  |
Repairs and maintenance | (19,432) |  |  | (18,501) |  |  | (36,145) |  |  | (35,319) |  |  |
Other property and maintenance expenses (a) | (18,423) |  |  | (19,875) |  |  | (37,846) |  |  | (40,895) |  |  |
Net operating income | $ | 252,837 |  |  | $ | 248,261 |  |  | $ | 503,982 |  |  | $ | 492,857 |  |  |
Non-property income | 11,051 |  |  | 5,277 |  |  | 14,746 |  |  | 14,148 |  |  |
Other segment expenses (b) | (39,873) |  |  | (29,548) |  |  | (70,345) |  |  | (61,897) |  |  |
Interest expense | (35,375) |  |  | (32,227) |  |  | (69,165) |  |  | (64,764) |  |  |
Depreciation and amortization | (152,108) |  |  | (145,894) |  |  | (301,360) |  |  | (290,696) |  |  |
Loss on early retirement of debt | — |  |  | — |  |  | — |  |  | (921) |  |  |
Gain on sale of operating property | 47,293 |  |  | — |  |  | 47,293 |  |  | 43,806 |  |  |
Income tax expense | (1,231) |  |  | (1,059) |  |  | (1,790) |  |  | (1,964) |  |  |
Net income | $ | 82,594 |  |  | $ | 44,810 |  |  | $ | 123,361 |  |  | $ | 130,569 |  |  |
(a) Other non-significant property segment expenses, include the following other property and maintenance expenses: property insurance, marketing and leasing, property general and administrative, and other property expenses. (b) Other expenses include property management, fee and asset management, general and administrative, and expense on deferred compensation plans.

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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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