v3.26.1
Segment Reporting (Tables)
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Schedule of reconciliation of NOI to net income
A reconciliation of NOI to net income for the three and six months ended June 30, 2026 and 2025 is as follows (dollars in thousands):
 For the three months ended June 30,For the six months ended June 30,
 2026202520262025
Net income$156,893 $269,855 $485,183 $506,452 
Property management and other indirect operating expenses, net of corporate income38,483 38,153 76,583 74,254 
Expensed transaction, development and other pursuit costs, net of recoveries19,976 2,493 23,392 7,237 
Interest expense, net70,070 64,801 141,559 124,665 
General and administrative expense27,137 22,997 49,214 42,777 
(Income) loss from unconsolidated investments(7,647)1,052 (1,120)2,051 
Structured Investment Program interest income(7,704)(6,937)(15,185)(13,050)
Depreciation expense232,975 231,730 466,079 449,618 
Income tax expense (benefit)70 (531)(224)(647)
Casualty and impairment loss— 858 4,619 858 
Loss (gain) on sale of communities, net338 (99,457)(179,574)(155,926)
Other real estate activity(223)(3,637)(307)(3,792)
Net operating income from real estate assets sold or held for sale(1,124)(15,631)(4,516)(33,379)
        Net operating income$529,244 $505,746 $1,045,703 $1,001,118 
Schedule of net operating income from real estate assets sold or held for sale, not classified as discontinued operations
The following is a summary of NOI from real estate assets sold or held for sale for the periods presented (dollars in thousands):
For the three months ended June 30,For the six months ended June 30,
2026202520262025
 Rental income from real estate assets sold or held for sale$1,570 $23,665 $7,525 $50,407 
 Operating expenses from real estate assets sold or held for sale(446)(8,034)(3,009)(17,028)
Net operating income from real estate assets sold or held for sale$1,124 $15,631 $4,516 $33,379 
Schedule of details of segment information Segment information for the three and six months ended June 30, 2026 and 2025 has been adjusted to exclude the real estate assets that were sold from January 1, 2025 through June 30, 2026, or otherwise qualify as held for sale as of June 30, 2026, as described in Note 6, "Real Estate Disposition Activities."
For the three months ended June 30, 2026
Same StoreOther StabilizedDevelopment / RedevelopmentTotal (1) (2)
Total Revenue$716,308 $33,897 $24,211 $774,416 
Same Store Operating Expense
Property Taxes(82,021)(82,021)
Payroll(40,582)(40,582)
Repairs & Maintenance(40,975)(40,975)
Utilities(27,499)(27,499)
Office Operations(15,031)(15,031)
Insurance(11,343)(11,343)
Marketing(5,002)(5,002)
Same Store Operating Expense(222,453)— — (222,453)
Non-Same Store Operating Expense— (12,523)(10,196)(22,719)
Total Expenses(222,453)(12,523)(10,196)(245,172)
Total NOI$493,855 $21,374 $14,015 $529,244 
Gross Real Estate$25,229,174 $1,726,436 $2,879,771 $29,835,381 
For the three months ended June 30, 2025
Same StoreOther StabilizedDevelopment / RedevelopmentTotal (1) (2)
Total Revenue$704,387 $21,649 $8,900 $734,936 
Same Store Operating Expense
Property Taxes(79,262)(79,262)
Payroll(40,112)(40,112)
Repairs & Maintenance(39,198)(39,198)
Utilities(25,642)(25,642)
Office Operations(16,412)(16,412)
Insurance(10,513)(10,513)
Marketing(4,945)(4,945)
Same Store Operating Expense(216,084)— — (216,084)
Non-Same Store Operating Expense— (9,098)(4,008)(13,106)
Total Expenses(216,084)(9,098)(4,008)(229,190)
Total NOI$488,303 $12,551 $4,892 $505,746 
Gross Real Estate$24,896,266 $1,364,932 $1,658,532 $27,919,730 
For the six months ended June 30, 2026
Same StoreOther StabilizedDevelopment / RedevelopmentTotal (1) (2)
Total Revenue$1,426,169 $67,764 $42,974 $1,536,907 
Same Store Operating Expense
Property Taxes(163,846)— — (163,846)
Payroll(80,797)— — (80,797)
Repairs & Maintenance(80,102)— — (80,102)
Utilities(61,096)— — (61,096)
Office Operations(31,224)— — (31,224)
Insurance(21,778)— — (21,778)
Marketing(8,625)— — (8,625)
Same Store Operating Expense(447,468)— — (447,468)
Non-Same Store Operating Expense— (25,366)(18,370)(43,736)
Total Expenses(447,468)(25,366)(18,370)(491,204)
Total NOI$978,701 $42,398 $24,604 $1,045,703 
Gross Real Estate$25,229,174 $1,726,436 $2,879,771 $29,835,381 
For the six months ended June 30, 2025
Same StoreOther StabilizedDevelopment / RedevelopmentTotal (1) (2)
Total Revenue$1,403,853 $31,659 $16,820 $1,452,332 
Same Store Operating Expense
Property Taxes(156,418)— — (156,418)
Payroll(79,859)— — (79,859)
Repairs & Maintenance(77,051)— — (77,051)
Utilities(55,325)— — (55,325)
Office Operations(32,350)— — (32,350)
Insurance(21,033)— — (21,033)
Marketing(8,687)— — (8,687)
Same Store Operating Expense(430,723)— — (430,723)
Non-Same Store Operating Expense— (13,274)(7,217)(20,491)
Total Expenses(430,723)(13,274)(7,217)(451,214)
Total NOI$973,130 $18,385 $9,603 $1,001,118 
Gross Real Estate$24,896,266 $1,364,932 $1,658,532 $27,919,730 
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(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 $1,782 and $1,594 for the three months ended June 30, 2026 and 2025, respectively, and $3,615 and $3,336 for the six months ended June 30, 2026 and 2025, respectively.
(2)Does not include non-allocated gross real estate and land held for development. Non-allocated gross real estate is $112,539 and $117,894 as of June 30, 2026 and 2025, respectively. Land held for development is $101,508 and $101,066 as of June 30, 2026 and 2025, respectively.