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Segment Reporting | 3 Months Ended
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Mar. 31, 2026
Segment Reporting [Abstract] |
Segment Reporting | 12. 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 Chief Executive Officer and its President and 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 months ended March 31:
| Three Months Ended March 31, |  |  |  |
(in thousands) | 2026 |  | 2025 |  |  |  |  |  |
Property revenues | $ | 388,773 |  |  | $ | 390,565 |  |  |  |  |  |  |
Property expenses: |  |  |  |  |  |  |  |  |
Real estate taxes | (49,890) |  |  | (49,722) |  |  |  |  |  |  |
Salaries and benefits for on-site employees | (26,345) |  |  | (25,784) |  |  |  |  |  |  |
Utilities | (27,626) |  |  | (27,778) |  |  |  |  |  |  |
Repairs and maintenance | (16,750) |  |  | (16,713) |  |  |  |  |  |  |
Other property and maintenance expenses (a) | (19,458) |  |  | (19,423) |  |  |  |  |  |  |
Net operating income | $ | 248,704 |  |  | $ | 251,145 |  |  |  |  |  |  |
Non-property income | 1,237 |  |  | 3,695 |  |  |  |  |  |  |
Other segment expenses (b) | (85,370) |  |  | (30,472) |  |  |  |  |  |  |
Interest expense | (37,359) |  |  | (33,790) |  |  |  |  |  |  |
Depreciation and amortization | (150,000) |  |  | (149,252) |  |  |  |  |  |  |
Gain on sale of operating property, including land | 68,100 |  |  | — |  |  |  |  |  |  |
Income tax expense | (938) |  |  | (559) |  |  |  |  |  |  |
Net income | $ | 44,374 |  |  | $ | 40,767 |  |  |  |  |  |  |
(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, (benefit)/expense on deferred compensation plans, and other non-operating expenses.

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