v3.25.2
Condensed Consolidated Statements Of Income And Comprehensive Income - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Real Estate [Abstract]        
Property revenues $ 396,509 $ 387,150 $ 787,074 $ 770,291
Property expenses        
Property operating and maintenance 93,031 90,126 182,729 179,170
Real estate taxes 50,641 48,763 100,363 98,264
Total property expenses 143,672 138,889 283,092 277,434
Non-property income        
Fee and asset management 2,633 2,606 5,120 3,890
Interest and other income 68 1,598 78 3,366
Income on deferred compensation plans 8,350 1,073 9,548 6,892
Total non-property income 11,051 5,277 14,746 14,148
Other expenses        
Property management 9,699 9,846 19,594 19,240
Fee and asset management 641 475 1,312 918
General and administrative 21,183 18,154 39,891 34,847
Interest 35,375 32,227 69,165 64,764
Depreciation and amortization 152,108 145,894 301,360 290,696
Expense on deferred compensation plans 8,350 1,073 9,548 6,892
Total other expenses 227,356 207,669 440,870 417,357
Loss on early retirement of debt 0 0 0 (921)
Gain on sale of operating property 47,293 0 47,293 43,806
Income from continuing operations before income taxes 83,825 45,869 125,151 132,533
Income tax expense (1,231) (1,059) (1,790) (1,964)
Net income 82,594 44,810 123,361 130,569
Net income allocated to non-controlling interests (1,924) (1,893) (3,869) (3,763)
Net income attributable to common shareholders $ 80,670 $ 42,917 $ 119,492 $ 126,806
Earnings per share – basic $ 0.74 $ 0.40 $ 1.10 $ 1.17
Earnings per share – diluted $ 0.74 $ 0.40 $ 1.10 $ 1.17
Weighted average number of common shares outstanding – basic 108,636 108,406 108,584 108,556
Weighted average number of common shares outstanding – diluted 109,400 108,424 108,636 108,577
Condensed Consolidated Statements of Comprehensive Income        
Net income $ 82,594 $ 44,810 $ 123,361 $ 130,569
Other comprehensive income        
Unrealized gain on cash flow hedging activities 0 0 0 85
Reclassification of net loss on cash flow hedging activities, prior service cost and net loss on post retirement obligation 351 361 702 1,450
Comprehensive income 82,945 45,171 124,063 132,104
Net income allocated to non-controlling interests (1,924) (1,893) (3,869) (3,763)
Comprehensive income attributable to common shareholders $ 81,021 $ 43,278 $ 120,194 $ 128,341