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Segment Reporting | 6 Months Ended
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Jun. 30, 2025
Segment Reporting [Abstract] |
Segment Reporting Disclosure | 13. Reportable Segment Each of our operating properties is considered a separate operating segment as each property earns revenues and incurs expenses, individual operating results are reviewed and discrete financial information is available. We do not distinguish or group our consolidated operations based on size or type and each community has similar long-term economic characteristics and provides similar products and services to our residents. Additionally, all of our operations are within the continental United States and no multifamily apartment community comprises more than 1.5% of consolidated revenues. As a result, our operating properties are aggregated into a single reportable segment. The Chief Operating Decision Makers ("CODMs") include the Company's President and Chief Financial Officer and its Executive Vice President - Chief Operating Officer. The CODMs primarily assess performance of the Company based upon net operating income ("NOI"). The measure of segment assets is reported on the condensed consolidated balance sheets as total consolidated assets. NOI is measured as total property revenues less total property expenses as reported on the condensed consolidated statements of income and comprehensive income. NOI excludes non-property revenues, other expenses, transactional gains and losses, and income taxes. We consider NOI to be an appropriate measure of operating performance because it reflects the ongoing profitability and performance of our communities without an allocation of corporate level management expense or general and administrative costs. The CODMs utilize NOI to evaluate year-over-year growth of our communities from prior periods, as well as to monitor budget to actual results in assessing performance, allocating resources, and establishing compensation. 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 The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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