Revenue
Cost
Profit
| Item | Category | Value | YoY |
|---|---|---|---|
| Total revenue | revenue | 770.28M | 3.27% |
| Income tax benefit | cost | 294000 | 153.45% |
| Income before income taxes | profit | 328.00M | 38.70% |
| Total expenses | cost | 623.23M | 9.12% |
| Loss from unconsolidated investments | revenue | 6.53M | 553.35% |
| Net income | profit | 328.29M | 38.75% |
| Depreciation expense | cost | 233.10M | 6.98% |
| Operating expenses, excluding property taxes | cost | 198.42M | 6.09% |
| Property taxes | cost | 90.11M | 10.12% |
| Interest expense, net | cost | 71.49M | 19.42% |
| General and administrative expense | cost | 22.08M | 11.61% |
| Casualty and impairment loss | cost | 4.62M | |
| Nonoperating expense related to development pursuits | revenue | 3.42M | -27.99% |
| Net income attributable to common stockholders | profit | 325.73M | 37.67% |
| Net income (loss) attributable to noncontrolling interest | cost | 2.56M |
| Segment | Value | YoY |
|---|---|---|
| Rental And Non-Rental | 4.03M | 11.51% |
| Management, Development And Other | 1.83M | 5.22% |
| Others | 764.41M | 3.23% |
| Item | Category | Value | YoY |
|---|---|---|---|
| Gross operating real estate | assets | 28.03B | |
| Net operating real estate | assets | 19.12B | |
| Real estate investment property, accumulated depreciation | assets | 8.91B | |
| Construction in progress, including land | assets | 1.58B | |
| Land held for development | assets | 135.13M | |
| Net carrying value of apartment communities and improved land parcels securing debt | assets | 20.83B | |
| Prepaid expenses and other assets | assets | 602.14M | |
| Unconsolidated investments | assets | 193.27M | |
| Restricted cash | assets | 169.86M | |
| Right of use lease assets | assets | 145.70M | |
| Cash and cash equivalents | assets | 121.23M | |
| Deferred development costs | assets | 68.77M | |
| Total assets | assets | 22.13B | |
| Total equity | liabilities | 11.71B | |
| Total liabilities | liabilities | 10.41B | |
| Noncontrolling interests | liabilities | 223.70M | |
| Total stockholders' equity | equity | 11.49B | |
| Unsecured debt, net | liabilities | 7.88B | |
| Variable rate unsecured credit facility and commercial paper, net | liabilities | 769.72M | |
| Mortgage notes payable, net | liabilities | 709.18M | |
| Accrued expenses and other liabilities | liabilities | 391.77M | |
| Dividends payable | liabilities | 251.69M | |
| Lease liabilities | liabilities | 163.52M | |
| Payables for construction | liabilities | 107.55M | |
| Accrued interest payable | liabilities | 76.42M | |
| Resident security deposits | liabilities | 61.17M | |
| Additional paid-in capital | equity | 11.12B | |
| Accumulated earnings less dividends | equity | 339.63M | |
| Accumulated other comprehensive income | equity | 32.45M | |
| Common stock, $0.01 par value; 280,000,000 shares authorized at march 31, 2026 and december 31, 2025; 139,111,007 and 140,080,657 shares issued and outstanding at march 31, 2026 and december 31, 2025, respectively | equity | 1.39M |
| Item | Value |
|---|---|
| Net income | 328.29M |
| Depreciation expense | 233.10M |
| Increase (decrease) in prepaid expense and other assets | 13.11M |
| Equity in loss of, and return on, unconsolidated investments and noncontrolling interests, net of eliminations | 9.85M |
| Increase in accrued expenses, other liabilities, accrued interest payable and resident security deposits | 7.39M |
| Amortization of stock-based compensation | 5.70M |
| Amortization of deferred financing costs and debt discount | 3.63M |
| Expensed transaction, development and other pursuit costs, net of recoveries | 3.42M |
| Casualty and impairment loss | 2.01M |
| Interest rate cash flow hedge gain (loss) reclassified to earnings, net | -388000 |
| Increase (decrease) in accrued interest receivable, net | -7.19M |
| Gain (loss) on sale of properties | -180.00M |
| Item | Value |
|---|---|
| Proceeds from sale of real estate, net of selling costs | 330.38M |
| Note receivable repayments | 17.58M |
| Increase (decrease) in payables for construction | 15.28M |
| Distributions from unconsolidated entities and investment sale proceeds | 180000 |
| Payments for capital improvements, non real estate | -514000 |
| Payments to acquire businesses and interest in affiliates | -3.61M |
| Payments to acquire notes receivable | -12.00M |
| Payments for capital improvements | -59.45M |
| Payments to develop real estate assets | -336.82M |
| Item | Value |
|---|---|
| Net borrowings under unsecured credit facility and commercial paper | 30.11M |
| Payments of financing costs | -224000 |
| Repayments of notes payable | -982000 |
| Payment, tax withholding, share-based payment arrangement | -13.07M |
| Payments for repurchase of common stock | -198.48M |
| Payments of ordinary dividends | -249.30M |
| Item | Value |
|---|---|
| Cash and cash equivalents, beginning of period | 353.08M |
| Cash and cash equivalents, end of period | 291.09M |
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