| Schedule of reconciliation of NOI to net income |
A reconciliation of NOI to net income for the three and six months ended June 30, 2025 and 2024 is as follows (dollars in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | For the three months ended June 30, | | For the six months ended June 30, | | | 2025 | | 2024 | | 2025 | | 2024 | | Net income | $ | 269,855 | | | $ | 254,007 | | | $ | 506,452 | | | $ | 427,564 | | | Property management and other indirect operating expenses, net of corporate income | 38,153 | | | 37,553 | | | 74,253 | | | 72,757 | | | Expensed transaction, development and other pursuit costs, net of recoveries | 2,493 | | | 1,417 | | | 7,237 | | | 5,662 | | | Interest expense, net | 64,801 | | | 57,078 | | | 124,665 | | | 111,844 | | | General and administrative expense | 22,997 | | | 19,586 | | | 42,777 | | | 39,917 | | | Loss (income) from unconsolidated investments | 1,052 | | | (866) | | | 2,051 | | | (8,595) | | | Structured Investment Program interest income | (6,937) | | | (3,956) | | | (13,050) | | | (7,074) | | | Depreciation expense | 231,730 | | | 206,923 | | | 449,618 | | | 419,192 | | | Income tax benefit | (531) | | | (62) | | | (647) | | | (84) | | | Casualty loss | 858 | | | — | | | 858 | | | 2,935 | | | Gain on sale of communities | (99,457) | | | (68,556) | | | (155,926) | | | (68,486) | | | Other real estate activity | (3,637) | | | (181) | | | (3,792) | | | (322) | | | Net operating income from real estate assets sold or held for sale | (7,720) | | | (19,684) | | | (17,797) | | | (40,298) | | | Net operating income | $ | 513,657 | | | $ | 483,259 | | | $ | 1,016,699 | | | $ | 955,012 | |
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| Schedule of details of segment information |
Segment information for the three and six months ended June 30, 2025 and 2024 has been adjusted to exclude the real estate assets that were sold from January 1, 2024 through June 30, 2025, or otherwise qualify as held for sale as of June 30, 2025, as described in Note 6, "Real Estate Disposition Activities." | | | | | | | | | | | | | | | | | | | | | | | | | For the three months ended June 30, 2025 | | Same Store | | Other Stabilized | | Development / Redevelopment | | Total (1) (2) | | Total Revenue | $ | 695,188 | | | $ | 42,537 | | | $ | 9,254 | | | $ | 746,979 | | | Same Store Operating Expense | | | | | | | | | Property Taxes | (78,090) | | | | | | | (78,090) | | | Payroll | (39,719) | | | | | | | (39,719) | | | Repairs & Maintenance | (38,811) | | | | | | | (38,811) | | | Utilities | (25,437) | | | | | | | (25,437) | | | Office Operations | (16,035) | | | | | | | (16,035) | | | Insurance | (10,174) | | | | | | | (10,174) | | | Marketing | (4,834) | | | | | | | (4,834) | | | Same Store Operating Expense | (213,100) | | | — | | | — | | | (213,100) | | | Non-Same Store Operating Expense | — | | | (15,252) | | | (4,970) | | | (20,222) | | | Total Expenses | (213,100) | | | (15,252) | | | (4,970) | | | (233,322) | | | Total NOI | $ | 482,088 | | | $ | 27,285 | | | $ | 4,284 | | | $ | 513,657 | | | Gross Real Estate | $ | 24,050,110 | | | $ | 2,239,024 | | | $ | 2,068,762 | | | $ | 28,357,896 | | | | | | | | | | | For the three months ended June 30, 2024 | | Same Store | | Other Stabilized | | Development / Redevelopment | | Total (1) (2) | | Total Revenue | $ | 675,912 | | | $ | 17,415 | | | $ | 1,308 | | | $ | 694,635 | | | Same Store Operating Expense | | | | | | | | | Property Taxes | (76,376) | | | | | | | (76,376) | | | Payroll | (37,641) | | | | | | | (37,641) | | | Repairs & Maintenance | (37,766) | | | | | | | (37,766) | | | Utilities | (23,804) | | | | | | | (23,804) | | | Office Operations | (15,693) | | | | | | | (15,693) | | | Insurance | (10,261) | | | | | | | (10,261) | | | Marketing | (4,002) | | | | | | | (4,002) | | | Same Store Operating Expense | (205,543) | | | — | | | — | | | (205,543) | | | Non-Same Store Operating Expense | — | | | (4,834) | | | (999) | | | (5,833) | | | Total Expenses | (205,543) | | | (4,834) | | | (999) | | | (211,376) | | | Total NOI | $ | 470,369 | | | $ | 12,581 | | | $ | 309 | | | $ | 483,259 | | | Gross Real Estate | $ | 23,783,170 | | | $ | 1,195,110 | | | $ | 1,057,198 | | | $ | 26,035,478 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | For the six months ended June 30, 2025 | | Same Store | | Other Stabilized | | Development / Redevelopment | | Total (1) (2) | | Total Revenue | $ | 1,385,346 | | | $ | 74,859 | | | $ | 16,061 | | | $ | 1,476,266 | | | Same Store Operating Expense | | | | | | | | | Property Taxes | (154,170) | | | — | | | — | | | (154,170) | | | Payroll | (78,973) | | | — | | | — | | | (78,973) | | | Repairs & Maintenance | (76,521) | | | — | | | — | | | (76,521) | | | Utilities | (55,101) | | | — | | | — | | | (55,101) | | | Office Operations | (31,751) | | | — | | | — | | | (31,751) | | | Insurance | (20,347) | | | — | | | — | | | (20,347) | | | Marketing | (8,492) | | | — | | | — | | | (8,492) | | | Same Store Operating Expense | (425,355) | | | — | | | — | | | (425,355) | | | Non-Same Store Operating Expense | — | | | (25,466) | | | (8,746) | | | (34,212) | | | Total Expenses | (425,355) | | | (25,466) | | | (8,746) | | | (459,567) | | | Total NOI | $ | 959,991 | | | $ | 49,393 | | | $ | 7,315 | | | $ | 1,016,699 | | | Gross Real Estate | $ | 24,050,110 | | | $ | 2,239,024 | | | $ | 2,068,762 | | | $ | 28,357,896 | | | | | | | | | | | For the six months ended June 30, 2024 | | Same Store | | Other Stabilized | | Development / Redevelopment | | Total (1) (2) | | Total Revenue | $ | 1,345,694 | | | $ | 27,839 | | | $ | 1,862 | | | $ | 1,375,395 | | | Same Store Operating Expense | | | | | | | | | Property Taxes | (151,710) | | | — | | | — | | | (151,710) | | | Payroll | (76,626) | | | — | | | — | | | (76,626) | | | Repairs & Maintenance | (70,785) | | | — | | | — | | | (70,785) | | | Utilities | (52,280) | | | — | | | — | | | (52,280) | | | Office Operations | (31,461) | | | — | | | — | | | (31,461) | | | Insurance | (19,620) | | | — | | | — | | | (19,620) | | | Marketing | (7,143) | | | — | | | — | | | (7,143) | | | Same Store Operating Expense | (409,625) | | | — | | | — | | | (409,625) | | | Non-Same Store Operating Expense | — | | | (9,197) | | | (1,561) | | | (10,758) | | | Total Expenses | (409,625) | | | (9,197) | | | (1,561) | | | (420,383) | | | Total NOI | $ | 936,069 | | | $ | 18,642 | | | $ | 301 | | | $ | 955,012 | | | Gross Real Estate | $ | 23,783,170 | | | $ | 1,195,110 | | | $ | 1,057,198 | | | $ | 26,035,478 | |
__________________________________ (1)Does not include non-allocated revenue. Non-allocated revenue represents third-party property management, developer fees and miscellaneous income and other ancillary items which are not allocated to a reportable segment. Non-allocated revenue is $1,594 and $1,830 for the three months ended June 30, 2025 and 2024, respectively, and $3,336 and $3,625 for the six months ended June 30, 2025 and 2024, respectively. (2) Does not include non-allocated gross real estate and land held for development. Non-allocated gross real estate is $117,894 and $117,171 as of June 30, 2025 and 2024, respectively. Land held for development gross real estate is $101,066 and $174,997 as of June 30, 2025 and 2024, respectively.
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