Segment Reporting

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Segment Reporting Disclosure

14. Reportable Segment

Each of our operating properties is considered a separate operating segment as each property earns revenues and incurs expenses, individual operating results are reviewed and discrete financial information is available. We do not distinguish or group our consolidated operations based on size or type and each community has similar long-term economic characteristics and provides similar products and services to our residents. Additionally, all of our operations are within the continental United

States and no multifamily apartment community comprises more than 1.5% of consolidated revenues. As a result, our operating properties are aggregated into a single reportable segment.

The Chief Operating Decision Makers ("CODMs") include the President and Chief Financial Officer and the Executive Vice President - Chief Operating Officer. The CODMs primarily assess performance of the Company based upon net operating income ("NOI"). The measure of segment assets, as defined in ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, is reported on the balance sheets as total consolidated assets. NOI is measured as total property revenues less total property operating expenses as reported on the consolidated statements of income and comprehensive income. NOI excludes non-property revenues, other expenses, transactional gains and losses, equity in income of joint ventures, and income taxes. We consider NOI to be an appropriate measure of operating performance because it reflects the ongoing profitability and performance of our communities without an allocation of corporate level management expense or general and administrative costs. The CODMs utilize NOI to evaluate year-over-year growth of our communities from prior periods, as well as to monitor budget to actual results in assessing performance, allocating resources, and establishing compensation.

The following table details NOI and significant expenses for the years ended December 31:

(in thousands)	2025		2024		2023
Property revenues	$	1,573,544	$	1,543,842	$	1,542,027
Property expenses:
Real estate taxes	(196,821)		(193,124)		(195,009)
Salaries and benefits for on-site employees	(106,892)		(102,776)		(98,122)
Utilities	(110,788)		(107,819)		(104,126)
Repairs and maintenance	(72,159)		(70,516)		(69,435)
Other non-significant property segment expenses (a)	(80,050)		(84,570)		(82,228)
Net operating income	1,006,834		985,037		993,107
Non-property income	32,483		24,186		19,728
Other expenses (b)	(139,130)		(125,525)		(113,327)
Interest expense	(138,239)		(129,815)		(133,395)
Depreciation and amortization	(611,025)		(582,014)		(574,813)
Impairment associated with land development activities	(12,916)		(40,988)		—
Loss on early retirement of debt	—		(921)		(2,513)
Gain on sale of operating properties	260,910		43,806		225,416
Income tax expense	(4,019)		(2,926)		(3,650)
Net income	$	394,898	$	170,840	$	410,553

(a) Other non-significant property segment expenses, include the following other property and maintenance expenses: property insurance, marketing and leasing, property general and administrative, and other property expenses.

(b) Other expenses include property management, fee and asset management, general and administrative, and expense/(benefit) on deferred compensation plans.