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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenues:      
Revenues $ 1,537,853 $ 1,495,427 $ 1,410,308
Expenses:      
Property operating expenses 1,259,340 1,236,542 1,174,151
Depreciation and amortization 261,923 284,957 284,083
General and administrative 45,502 26,518 26,131
Acquisition and certain other transaction related costs 10,356 2,510 10,853
Impairment of assets 165,702 70,734 18,380
Total expenses 1,742,823 1,621,261 1,513,598
Gain (loss) on sale of properties 117,730 (18,938) 1,205
Gains and losses on equity securities, net 0 0 8,126
Gain on insurance recoveries 7,522 0 0
Interest and other income 5,839 8,950 15,536
Interest expense (including net amortization of debt premiums, discounts and issuance costs of $77,942, $103,437 and $11,811, respectively) (204,498) (235,239) (191,775)
Loss on modification or early extinguishment of debt (42,526) (324) (2,468)
Loss before income taxes and equity in net earnings (losses) of investees (320,903) (371,385) (272,666)
Income tax expense (1,743) (467) (445)
Equity in net earnings (losses) of investees 36,760 1,597 (20,461)
Net loss (285,886) (370,255) (293,572)
Other comprehensive loss:      
Equity in unrealized gains (losses) of an investee 17 (17) 0
Unrealized loss on derivative (12) 0 0
Other comprehensive loss 5 (17) 0
Comprehensive loss $ (285,881) $ (370,272) $ (293,572)
Weighted average common shares outstanding (basic) (in shares) 240,286 239,535 238,836
Weighted average common shares outstanding (diluted) (in shares) 240,286 239,535 238,836
Per common share amounts (basic and diluted):      
Net loss - basic (in dollars per share) $ (1.19) $ (1.55) $ (1.23)
Net loss - diluted (in dollars per share) $ (1.19) $ (1.55) $ (1.23)
Affiliated Entity      
Expenses:      
Equity in net earnings (losses) of investees $ 36,760 $ 1,597 $ (20,461)
Rental income      
Revenues:      
Revenues 225,198 251,038 258,400
Residents fees and services      
Revenues:      
Revenues $ 1,312,655 $ 1,244,389 $ 1,151,908