Summary Of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2026

Reconciliation of property operating income to consolidated net income:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
	(In thousands)				(In thousands)
Property operating income	$	232,138	$	213,233	$	459,554	$	418,016
General and administrative expense	(13,470)		(11,925)		(25,395)		(22,800)
Depreciation and amortization	(100,623)		(89,241)		(199,840)		(176,187)
Gain on sale of real estate	20,617		76,501		113,328		77,672
New market tax credit transaction income	—		14,176		—		14,176
Other interest income	563		905		1,603		1,648
Interest expense	(50,008)		(44,598)		(99,124)		(87,073)
(Loss) income from partnerships	(664)		905		(503)		1,082
Net income	$	88,553	$	159,956	$	249,623	$	226,534

The following tables provide supplemental disclosures related to the Consolidated Statements of Cash Flows:


	Six Months Ended
	June 30,
	2026		2025
	(In thousands)
SUPPLEMENTAL DISCLOSURES:
Total interest costs incurred	$	104,786	$	94,947
Interest capitalized	(5,662)		(7,874)
Interest expense	$	99,124	$	87,073
Cash paid for interest, net of amounts capitalized	$	95,584	$	82,424
Cash paid for income taxes	$	314	$	320
NON-CASH INVESTING AND FINANCING TRANSACTIONS:





Mortgage note receivable repaid with property acquisition	$	9,575	$	—
Shares issued under dividend reinvestment plan	$	752	$	796
DownREIT operating partnership units issued with acquisition	$	265	$	—
DownREIT operating partnership units redeemed for common shares	$	—	$	103


	June 30,		December 31,
	2026		2025
	(In thousands)
RECONCILIATION OF CASH, CASH EQUIVALENTS, AND RESTRICTED CASH:
Cash and cash equivalents	$	107,246	$	107,415
Restricted cash (1)	7,539		10,291
Total cash, cash equivalents, and restricted cash	$	114,785	$	117,706

(1)Restricted cash balances are included in "prepaid expenses and other assets" on our consolidated balance sheets.