v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Revenue:        
Rental and other income $ 775,986 $ 758,601 $ 1,544,432 $ 1,502,739
Management, development and other fees 1,782 1,594 3,615 3,336
Total revenue 777,768 760,195 1,548,047 1,506,075
Expenses:        
Operating expenses, excluding property taxes 195,769 190,940 394,188 377,970
Property taxes 90,114 86,031 180,223 167,862
Expensed transaction, development and other pursuit costs, net of recoveries 19,976 2,493 23,392 7,237
Interest expense, net 70,070 64,801 141,559 124,665
Depreciation expense 232,975 231,730 466,079 449,618
General and administrative expense 27,137 22,997 49,214 42,777
Casualty and impairment loss 0 858 4,619 858
Total expenses 636,041 599,850 1,259,274 1,170,987
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
(Loss) gain on sale of communities (338) 99,457 179,574 155,926
Other real estate activity 223 3,637 307 3,792
Income before income taxes 156,963 269,324 484,959 505,805
Income tax (expense) benefit (70) 531 224 647
Net income 156,893 269,855 485,183 506,452
Net income attributable to noncontrolling interests (1,173) (1,190) (3,733) (1,190)
Net income attributable to common stockholders $ 155,720 $ 268,665 $ 481,450 $ 505,262
Earnings per common share - basic:        
Net income attributable to common stockholders (in dollars per share) $ 1.11 $ 1.89 $ 3.43 $ 3.55
Earnings per common share - diluted:        
Net income attributable to common stockholders (in dollars per share) $ 1.11 $ 1.88 $ 3.43 $ 3.54