Annual report pursuant to Section 13 and 15(d)

Segment Reporting (Tables)

v3.25.0.1
Segment Reporting (Tables)
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
The following table provides the components of Portfolio Net Operating Income, a non-GAAP metric, related to our business for the years ended December 31, 2024, 2023 and 2022:
2024 2023 2022
Property Revenues:
  Rental revenue $ 497,516  $ 438,889  $ 421,419 
  Other revenues 18,902  16,858  14,037 
Total Revenues $ 516,418  $ 455,747  $ 435,456 
Property Operating Expenses:
Advertising and promotion $ 19,274  $ 18,606  $ 17,643 
Common area maintenance 69,029  60,128  60,483 
Real estate taxes 34,687  31,862  31,713 
Other operating expense 27,934  24,888  26,241 
Total Operating Expenses $ 150,924  $ 135,484  $ 136,080 
Portfolio Net Operating Income - Consolidated $ 365,494  $ 320,263  $ 299,376 
Equity in earnings of unconsolidated joint ventures $ 11,289  $ 8,240  $ 8,594 
Interest expense (60,637) (47,928) $ (46,967)
Gain on sale of assets —  —  $ 3,156 
Loss on early extinguishment of debt —  —  $ (222)
Other income 1,484  9,729  $ 6,029 
Depreciation and amortization (138,690) (108,889) $ (111,904)
Other non-property (income) expenses 1,174  1,119  $ (312)
Corporate general and administrative expenses (78,341) (76,299) $ (71,657)
Non-cash adjustments 91  (2,895) $ (3,132)
Lease termination fees 896  542  $ 2,870 
Net Income $ 102,760  $ 103,882  $ 85,831