Segment Information (Tables)

12 Months Ended

Dec. 31, 2024

The following tables summarize rental and other revenues, rental property and other expenses, net operating income and total assets for each of our reportable segments. Net operating income is the primary industry property-level performance metric used by our chief operating decision maker and is defined as rental and other revenues less rental property and other expenses. Our chief operating decision maker uses net operating income to help assess segment performance and decide how to allocate resources accordingly.


	Year Ended December 31,
	2024		2023		2022
Rental and other revenues:

Atlanta	$	146,168	$	143,741	$	143,904
Charlotte	88,003		85,984		73,721
Nashville	169,158		171,797		174,341
Orlando	58,442		58,002		54,802

Raleigh	173,156		181,964		182,990
Richmond	35,265		35,918		43,084
Tampa	98,887		99,421		94,726
Rental and other revenues for reportable segments	769,079		776,827		767,568



Other	56,783		57,170		61,361
Total rental and other revenues	825,862		833,997		828,929


Rental property and other expenses:
Atlanta	57,453		54,041	51,607
Charlotte	24,419		22,063	18,032
Nashville	45,143		46,380	45,124
Orlando	23,094		22,840	22,471
Raleigh	47,046		49,702	48,086
Richmond	11,140		11,162	14,205
Tampa	37,603		37,039	35,035
Rental property and other expenses for reportable segments	245,898		243,227	234,560
Other	26,275		25,555	25,246
Total rental property and other expenses	272,173	272173000	268,782	259,806


Net operating income:
Atlanta	88,715		89,700		92,297
Charlotte	63,584		63,921		55,689
Nashville	124,015		125,417		129,217
Orlando	35,348		35,162		32,331
Raleigh	126,110		132,262		134,904
Richmond	24,125		24,756		28,879
Tampa	61,284		62,382		59,691
Net operating income for reportable segments	523,181		533,600		533,008
Other	30,508		31,615		36,115
Total net operating income	$	553,689	$	565,215	$	569,123


	Year Ended December 31,
	2024		2023		2022
















Reconciliation to net income:
Depreciation and amortization	$	(299,046)	$	(299,411)	$	(287,610)
Impairments of real estate assets	(24,600)		—		(36,515)
General and administrative expenses	(41,903)		(42,857)		(42,266)
Interest expense	(147,198)		(136,710)		(105,385)
Other income	12,337		4,435		1,530
Gains on disposition of property	46,817		47,773		63,546
Gain on deconsolidation of affiliate	—		11,778		—
Equity in earnings of unconsolidated affiliates	4,158		1,107		1,535
Net income	$	104,254	$	151,330	$	163,958


	December 31,
	2024		2023

Total assets:

Atlanta	$	958,101	$	907,421
Charlotte	950,068		974,846
Nashville	1,231,940		1,259,272
Orlando	276,070		286,781

Raleigh	1,182,217		1,255,978
Richmond	157,431		157,299
Tampa	463,884		473,800
Total assets for reportable segments	5,219,711		5,315,397
Other	809,644		687,531
Total assets	$	6,029,355	$	6,002,928