| Schedule of Segment Reporting Information, by Segment |
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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