Segment Information (Tables)

6 Months Ended

Jun. 30, 2026

Segment Reporting, Reconciliation of Revenue by Segment 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 June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Rental and other revenues:
Atlanta	$	36,403	$	36,299	$	72,917	$	71,893
Charlotte	29,244		21,910		56,892		43,966
Dallas	3,367		—		6,024		—
Nashville	36,998		39,653		75,197		79,197
Orlando	14,660		14,544		29,201		28,840
Raleigh	52,529		44,815		104,133		89,309
Richmond	6,887		9,318		14,639		18,496
Tampa	23,747		21,174		46,123		43,886
Rental and other revenues for reportable segments	203,835		187,713		405,126		375,587
Other	12,544		12,887		25,287		25,396
Total rental and other revenues	216,379		200,600		430,413		400,983

Segment Reporting, Reconciliation of Other Item by Segment to Consolidated


Rental property and other expenses:

Atlanta	14,247	13,467	29,020	27,835
Charlotte	7,890	6,003	16,037	11,844
Dallas	1,163	—	1,996	—
Nashville	10,992	11,017	21,385	22,374
Orlando	5,669	5,495	10,776	11,037
Raleigh	13,724	11,628	27,921	23,361
Richmond	1,958	2,605	5,181	5,608
Tampa	8,616	7,846	16,815	16,455
Rental property and other expenses for reportable segments	64,259	58,061	129,131	118,514
Other	5,896	5,594	12,142	10,175
Total rental property and other expenses	70,155	63,655	141,273	128,689

Segment Reporting, Reconciliation of Profit (Loss) by Segment to Consolidated


Net operating income:
Atlanta	22,156		22,832		43,897		44,058
Charlotte	21,354		15,907		40,855		32,122
Dallas	2,204		—		4,028		—
Nashville	26,006		28,636		53,812		56,823
Orlando	8,991		9,049		18,425		17,803
Raleigh	38,805		33,187		76,212		65,948
Richmond	4,929		6,713		9,458		12,888
Tampa	15,131		13,328		29,308		27,431
Net operating income for reportable segments	139,576		129,652		275,995		257,073
Other	6,648		7,293		13,145		15,221
Total net operating income	$	146,224	$	136,945	$	289,140	$	272,294


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Reconciliation to net income:
Depreciation and amortization	$	(79,054)	$	(74,679)	$	(156,591)	$	(146,084)

General and administrative expenses	(9,897)		(10,319)		(23,331)		(22,776)
Interest expense	(41,694)		(37,665)		(83,390)		(74,307)
Other income	2,568		4,629		5,736		6,254
Gains on disposition of property	79,024		—		95,987		82,215

Equity in earnings/(losses) of unconsolidated affiliates	(414)		310		2,571		1,625
Net income	$	96,757	$	19,221	$	130,122	$	119,221