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v3.25.3

Segment Reporting (Tables) | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information, by Segment | The following table provides the components of Portfolio Net Operating Income, a non-GAAP metric, related to our business for three and nine months ended September 30, 2025 and September 30, 2024:
|  | Three months ended |  | Nine months ended
|  | September 30, |  | September 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Property Revenues: |  |  |  |  |  |  |  |
Rental revenue |  | $ | 137,225 |  |  | $ | 125,221 |  |  | $ | 399,945 |  |  | $ | 365,349 |
Other revenues |  | 5,476 |  |  | 5,295 |  |  | 14,168 |  |  | 12,884 |
Total Revenues |  | $ | 142,701 |  |  | $ | 130,516 |  |  | $ | 414,113 |  |  | $ | 378,233 |
Property Operating Expenses: |  |  |  |  |  |  |  |
Advertising and promotion |  | $ | 5,079 |  |  | $ | 4,923 |  |  | $ | 11,767 |  |  | $ | 12,160 |
Common area maintenance |  | 18,236 |  |  | 16,703 |  |  | 53,818 |  |  | 49,113 |
Real estate taxes |  | 10,238 |  |  | 8,883 |  |  | 30,692 |  |  | 26,560 |
Other operating expense |  | 9,862 |  |  | 7,985 |  |  | 26,471 |  |  | 20,142 |
Total Operating Expenses |  | $ | 43,415 |  |  | $ | 38,494 |  |  | $ | 122,748 |  |  | $ | 107,975 |
Portfolio Net Operating Income - Consolidated |  | $ | 99,286 |  |  | $ | 92,022 |  |  | $ | 291,365 |  |  | $ | 270,258 |
Equity in earnings of unconsolidated joint ventures |  | $ | 4,221 |  |  | $ | 2,312 |  |  | $ | 9,654 |  |  | $ | 7,803 |
Interest expense |  | (16,439) |  |  | (15,493) |  |  | (48,610) |  |  | (45,546) |
Impairment charges |  | — |  |  | — |  |  | (4,249) |  |  | — |
Other income |  | (116) |  |  | (52) |  |  | 75 |  |  | 755 |
Depreciation and amortization |  | (37,103) |  |  | (35,376) |  |  | (110,857) |  |  | (103,410) |
Other non-property (income) expenses |  | 323 |  |  | 199 |  |  | 831 |  |  | 1,000 |
Corporate general and administrative expenses |  | (18,614) |  |  | (18,231) |  |  | (56,622) |  |  | (56,556) |
Non-cash adjustments |  | 1,705 |  |  | 214 |  |  | 2,284 |  |  | (28) |
Lease termination fees |  | 85 |  |  | 335 |  |  | 806 |  |  | 875 |
Net Income |  | $ | 33,348 |  |  | $ | 25,930 |  |  | $ | 84,677 |  |  | $ | 75,151 |

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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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