v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Revenue:        
Rental and other income $ 758,601 $ 724,211 $ 1,502,739 $ 1,435,275
Management, development and other fees (1,594) (1,830) (3,336) (3,625)
Total revenue 760,195 726,041 1,506,075 1,438,900
Expenses:        
Operating expenses, excluding property taxes 190,940 179,595 377,970 355,511
Property taxes 86,031 81,056 167,862 160,836
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
Depreciation expense 231,730 206,923 449,618 419,192
General and administrative expense 22,997 19,586 42,777 39,917
Casualty and impairment loss 858 0 858 2,935
Total expenses 599,850 545,655 1,170,987 1,095,897
(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
Gain on sale of communities 99,457 68,556 155,926 68,486
Other real estate activity 3,637 181 3,792 322
Income before income taxes 269,324 253,945 505,805 427,480
Income tax benefit 531 62 647 84
Net income 269,855 254,007 506,452 427,564
Net income attributable to noncontrolling interests (1,190) (73) (1,190) (181)
Net income attributable to common stockholders 268,665 253,934 505,262 427,383
Other comprehensive income:        
Gain (loss) on cash flow hedges (2,263) 4,499 (5,860) 11,838
Cash flow hedge (gains) losses reclassified to earnings (570) (69) (843) 77
Comprehensive income $ 265,832 $ 258,364 $ 498,559 $ 439,298
Earnings per common share - basic:        
Net income attributable to common stockholders (in dollars per share) $ 1.89 $ 1.78 $ 3.55 $ 3.00
Earnings per common share - diluted:        
Net income attributable to common stockholders (in dollars per share) $ 1.88 $ 1.78 $ 3.54 $ 3.00