XML 54 R38.htm IDEA: XBRL DOCUMENT v3.25.3
Segment Information (Tables)
9 Months Ended
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,
2025202420252024
Rental and other revenues:
Atlanta$36,935 $36,742 $108,828 $109,799 
Charlotte23,342 22,010 67,308 65,991 
Nashville38,728 40,903 117,925 126,458 
Orlando13,867 14,312 42,707 43,892 
Raleigh45,779 43,042 135,088 130,848 
Richmond8,935 8,754 27,431 26,816 
Tampa21,951 23,948 65,837 72,963 
Rental and other revenues for reportable segments189,537 189,711 565,124 576,767 
Other12,236 14,612 37,632 43,569 
Total rental and other revenues201,773 204,323 602,756 620,336 
Segment, Reconciliation of Other Items from Segments to Consolidated
Rental property and other expenses:
Atlanta15,041 14,474 42,876 41,849 
Charlotte6,410 6,074 18,254 18,017 
Nashville11,009 10,246 33,383 34,010 
Orlando4,757 5,462 15,794 17,052 
Raleigh11,357 11,350 34,718 35,311 
Richmond3,048 2,989 8,656 8,392 
Tampa8,476 8,639 24,931 26,832 
Rental property and other expenses for reportable segments60,098 59,234 178,612 181,463 
Other5,825 6,472 16,000 19,237 
Total rental property and other expenses65,923 65,706 194,612 200,700 
Reconciliation of Operating Profit (Loss) from Segments to Consolidated
Net operating income:
Atlanta21,894 22,268 65,952 67,950 
Charlotte16,932 15,936 49,054 47,974 
Nashville27,719 30,657 84,542 92,448 
Orlando9,110 8,850 26,913 26,840 
Raleigh34,422 31,692 100,370 95,537 
Richmond5,887 5,765 18,775 18,424 
Tampa13,475 15,309 40,906 46,131 
Net operating income for reportable segments129,439 130,477 386,512 395,304 
Other6,411 8,140 21,632 24,332 
Total net operating income$135,850 $138,617 $408,144 $419,636 
Three Months Ended
September 30,
Nine Months Ended
September 30,
2025202420252024
Reconciliation to net income:
Depreciation and amortization$(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 income1,753 1,872 8,007 10,559 
Gains on disposition of property5,674 350 87,889 42,581 
Equity in earnings of unconsolidated affiliates598 1,116 2,223 2,890 
Net income$13,707 $15,469 $132,928 $107,452