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v3.25.3

Segment Information (Tables) | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Reconciliation of Revenue from Segments to Consolidated | The following tables summarize rental and other revenues, rental property and other expenses and net operating income for each of our reportable segments. Net operating income is the primary industry property-level performance metric used by our chief operating decision maker and is defined as rental and other revenues less rental property and other expenses. Our chief operating decision maker uses net operating income to help assess segment performance and decide how to allocate resources accordingly.
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Rental and other revenues: |  |  |  |  |  |  |
Atlanta | $ | 36,935 |  |  | $ | 36,742 |  |  | $ | 108,828 |  |  | $ | 109,799 |
Charlotte | 23,342 |  |  | 22,010 |  |  | 67,308 |  |  | 65,991 |
Nashville | 38,728 |  |  | 40,903 |  |  | 117,925 |  |  | 126,458 |
Orlando | 13,867 |  |  | 14,312 |  |  | 42,707 |  |  | 43,892 |
Raleigh | 45,779 |  |  | 43,042 |  |  | 135,088 |  |  | 130,848 |
Richmond | 8,935 |  |  | 8,754 |  |  | 27,431 |  |  | 26,816 |
Tampa | 21,951 |  |  | 23,948 |  |  | 65,837 |  |  | 72,963 |
Rental and other revenues for reportable segments | 189,537 |  |  | 189,711 |  |  | 565,124 |  |  | 576,767 |
Other | 12,236 |  |  | 14,612 |  |  | 37,632 |  |  | 43,569 |
Total rental and other revenues | 201,773 |  |  | 204,323 |  |  | 602,756 |  |  | 620,336 |
Segment, Reconciliation of Other Items from Segments to Consolidated |
Rental property and other expenses: |  |  |  |  |  |  |
Atlanta | 15,041 |  |  | 14,474 |  |  | 42,876 |  |  | 41,849 |
Charlotte | 6,410 |  |  | 6,074 |  |  | 18,254 |  |  | 18,017 |
Nashville | 11,009 |  |  | 10,246 |  |  | 33,383 |  |  | 34,010 |
Orlando | 4,757 |  |  | 5,462 |  |  | 15,794 |  |  | 17,052 |
Raleigh | 11,357 |  |  | 11,350 |  |  | 34,718 |  |  | 35,311 |
Richmond | 3,048 |  |  | 2,989 |  |  | 8,656 |  |  | 8,392 |
Tampa | 8,476 |  |  | 8,639 |  |  | 24,931 |  |  | 26,832 |
Rental property and other expenses for reportable segments | 60,098 |  |  | 59,234 |  |  | 178,612 |  |  | 181,463 |
Other | 5,825 |  |  | 6,472 |  |  | 16,000 |  |  | 19,237 |
Total rental property and other expenses | 65,923 |  |  | 65,706 |  |  | 194,612 |  |  | 200,700 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated |
Net operating income: |  |  |  |  |  |  |
Atlanta | 21,894 |  |  | 22,268 |  |  | 65,952 |  |  | 67,950 |
Charlotte | 16,932 |  |  | 15,936 |  |  | 49,054 |  |  | 47,974 |
Nashville | 27,719 |  |  | 30,657 |  |  | 84,542 |  |  | 92,448 |
Orlando | 9,110 |  |  | 8,850 |  |  | 26,913 |  |  | 26,840 |
Raleigh | 34,422 |  |  | 31,692 |  |  | 100,370 |  |  | 95,537 |
Richmond | 5,887 |  |  | 5,765 |  |  | 18,775 |  |  | 18,424 |
Tampa | 13,475 |  |  | 15,309 |  |  | 40,906 |  |  | 46,131 |
Net operating income for reportable segments | 129,439 |  |  | 130,477 |  |  | 386,512 |  |  | 395,304 |
Other | 6,411 |  |  | 8,140 |  |  | 21,632 |  |  | 24,332 |
Total net operating income | $ | 135,850 |  |  | $ | 138,617 |  |  | $ | 408,144 |  |  | $ | 419,636 |
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Reconciliation to net income: |  |  |  |  |  |  |
Depreciation and amortization | $ | (73,898) |  |  | $ | (79,116) |  |  | $ | (219,982) |  |  | $ | (226,532) |
Impairments of real estate assets | (8,800) |  |  | — |  |  | (8,800) |  |  | — |
General and administrative expenses | (8,995) |  |  | (9,898) |  |  | (31,771) |  |  | (31,754) |
Interest expense | (38,475) |  |  | (37,472) |  |  | (112,782) |  |  | (109,928) |
Other income | 1,753 |  |  | 1,872 |  |  | 8,007 |  |  | 10,559 |
Gains on disposition of property | 5,674 |  |  | 350 |  |  | 87,889 |  |  | 42,581 |
Equity in earnings of unconsolidated affiliates | 598 |  |  | 1,116 |  |  | 2,223 |  |  | 2,890 |
Net income | $ | 13,707 |  |  | $ | 15,469 |  |  | $ | 132,928 |  |  | $ | 107,452 |

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