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Net Operating Income
Represents the profitability from core operations, excluding expenses like taxes and interest, highlighting financial health and operational efficiency.Same‑property NOI is the clear driver and has effectively plateaued since 2024, with a visible year‑over‑year dip into Q1 2026 despite improving occupancy—a sign of seasonality, expense timing and muted pricing power. Non‑same and development contributions are small and lumpy, so near‑term NOI volatility will be driven by timing of the California disposition/1031 reinvestments and transient items (low bad debt, expense timing) management flagged as largely non‑recurring; capital returns (large buybacks) tighten the margin for error on earnings surprises.
Date | Same Property Communities | Non-Same Property Communities | Development and Lease-Up Communities | Disposition/Other | Held For Sale Communities |
|---|---|---|---|---|---|
Jun 30, 2026 | $207.43M | $15.71M | $1.04M | $5.25M | $22.57M |
Mar 31, 2026 | $232.42M | $13.61M | $706.00K | $1.97M | $0.00 |
Dec 31, 2025 | $234.69M | $13.51M | $376.00K | $4.30M | $0.00 |
Sep 30, 2025 | $231.01M | $12.60M | $251.00K | $6.12M | $0.00 |
Jun 30, 2025 | $241.00M | $7.12M | $1.61M | $3.10M | $0.00 |
Mar 31, 2025 | $243.37M | $4.76M | $2.01M | $1.00M | $0.00 |
Dec 31, 2024 | $238.43M | $9.59M | $2.07M | -$1.79M | $0.00 |
Sep 30, 2024 | $234.59M | $9.05M | $1.47M | -$1.25M | $0.00 |
Jun 30, 2024 | $235.48M | $8.94M | $449.00K | $3.40M | $0.00 |
Mar 31, 2024 | $234.63M | $9.14M | $2.00K | $817.00K | $0.00 |