XML 19 R5.htm IDEA: XBRL DOCUMENT v3.25.4
Consolidated Statements Of Income And Comprehensive Income - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Property revenues      
Property revenues $ 1,573,544 $ 1,543,842 $ 1,542,027
Property expenses      
Property operating and maintenance 369,889 365,681 353,911
Real estate taxes 196,821 193,124 195,009
Total property expenses 566,710 558,805 548,920
Non-property income      
Fee and asset management 12,967 7,137 3,451
Interest and other income 256 4,420 879
Income on deferred compensation plans 19,260 12,629 15,398
Total non-property income 32,483 24,186 19,728
Other expenses      
Property management 37,452 38,331 33,706
Fee and asset management 3,074 2,200 1,717
General and administrative 79,344 72,365 62,506
Interest 138,239 129,815 133,395
Depreciation and amortization 611,025 582,014 574,813
Expense on deferred compensation plans 19,260 12,629 15,398
Total other expenses 888,394 837,354 821,535
Impairment associated with land development activities (12,916) (40,988) 0
Loss on early retirement of debt 0 (921) (2,513)
Gain on sale of operating properties 260,910 43,806 225,416
Income from continuing operations before income taxes 398,917 173,766 414,203
Income tax expense (4,019) (2,926) (3,650)
Net income 394,898 170,840 410,553
Net income allocated to non-controlling interests (10,436) (7,547) (7,244)
Net income attributable to common shareholders $ 384,462 $ 163,293 $ 403,309
Total earnings per common share – basic $ 3.54 $ 1.50 $ 3.71
Total earnings per common share – diluted $ 3.54 $ 1.50 $ 3.70
Weighted average number of common shares outstanding – basic 108,376 108,491 108,653
Weighted average number of common shares outstanding – diluted 108,434 108,539 109,399
Consolidated Statements of Comprehensive Income:      
Net income $ 394,898 $ 170,840 $ 410,553
Other comprehensive income      
Unrealized gain/(loss) on cash flow hedging activities 0 85 (728)
Unrealized loss and unamortized prior service cost on post retirement obligation (212) (18) (183)
Reclassification of net loss on cash flow hedging activities, prior service cost and net loss on post retirement obligation 1,403 2,159 1,433
Comprehensive income 396,089 173,066 411,075
Net income allocated to non-controlling interests (10,436) (7,547) (7,244)
Comprehensive income attributable to common shareholders $ 385,653 $ 165,519 $ 403,831