Segment Information (Tables)

3 Months Ended

Mar. 31, 2026

Reconciliation of Revenue from Segments to Consolidated

The following tables summarize rental and other revenues, rental property and other expenses and net operating income 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.


	Three Months Ended March 31,
		2026		2025
Rental and other revenues:
Atlanta		$	36,514	$	35,594
Charlotte		27,648		22,056
Dallas		2,657		—
Nashville		38,199		39,544
Orlando		14,541		14,296
Raleigh		51,604		44,494
Richmond		7,752		9,178
Tampa		22,376		22,712
Rental and other revenues for reportable segments		201,291		187,874
Other		12,743		12,509
Total rental and other revenues		214,034		200,383

Segment, Reconciliation of Other Items from Segments to Consolidated


Rental property and other expenses:

Atlanta	14,773	14,368
Charlotte	8,147	5,841
Dallas	833	—
Nashville	10,393	11,357
Orlando	5,107	5,542
Raleigh	14,197	11,733
Richmond	3,223	3,003
Tampa	8,199	8,609
Rental property and other expenses for reportable segments	64,872	60,453
Other	6,246	4,581
Total rental property and other expenses	71,118	65,034

Reconciliation of Operating Profit (Loss) from Segments to Consolidated


Net operating income:
Atlanta	21,741		21,226
Charlotte	19,501		16,215
Dallas	1,824		—
Nashville	27,806		28,187
Orlando	9,434		8,754
Raleigh	37,407		32,761
Richmond	4,529		6,175
Tampa	14,177		14,103
Net operating income for reportable segments	136,419		127,421
Other	6,497		7,928
Total net operating income	$	142,916	$	135,349


	Three Months Ended March 31,
		2026		2025
Reconciliation to net income:
Depreciation and amortization		$	(77,537)	$	(71,405)

General and administrative expenses		(13,434)		(12,457)
Interest expense		(41,696)		(36,642)
Other income		3,168		1,625
Gains on disposition of property		16,963		82,215

Equity in earnings of unconsolidated affiliates		2,985		1,315
Net income		$	33,365	$	100,000