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Net Operating Income By Segment
Calculates income after operating expenses, revealing profitability and financial health across different segments. It’s a key indicator of property performance and management efficiency.Same‑store NOI has moved from multi‑year growth into a plateau with quarter-to-quarter swings—high occupancy and low delinquencies underpin stability, but Q1’s negative blended new‑lease pricing and localized supply pressure (Austin, Charlotte) explain mid‑2025 softness. Non‑same‑store and lease‑up/development are now material but lumpy contributors, so timing, elevated concessions in lease‑ups and trimmed development starts amplify NOI volatility. Storm costs created a temporary drag in 2024 but have normalized; tightened guidance and strong liquidity signal management is pacing growth while betting on lease‑pricing recovery later in the year.
Date | Same Store | Non-Same Store | Lease-Up & Development Communities | Commercial Property & Land | Hurricane Expenses | Storm Costs |
|---|---|---|---|---|---|---|
Jun 30, 2026 | $316.22M | $12.62M | $3.39M | $4.18M | $0.00 | $0.00 |
Mar 31, 2026 | $328.70M | $12.84M | $2.64M | $3.98M | $0.00 | $0.00 |
Dec 31, 2025 | $329.83M | $13.26M | $1.95M | $4.78M | $0.00 | $0.00 |
Sep 30, 2025 | $322.03M | $10.55M | $1.80M | $3.93M | $0.00 | $0.00 |
Jun 30, 2025 | $319.61M | $7.56M | $4.44M | $3.63M | $0.00 | $0.00 |
Mar 31, 2025 | $332.80M | $6.74M | $4.75M | $3.66M | $0.00 | $0.00 |
Dec 31, 2024 | $331.05M | $7.08M | $5.62M | $3.78M | $0.00 | -$2.62M |
Sep 30, 2024 | $327.27M | $8.62M | $3.43M | $3.60M | $0.00 | -$3.35M |
Jun 30, 2024 | $328.28M | $6.75M | $3.45M | $3.64M | $0.00 | -$1.49M |
Mar 31, 2024 | $334.58M | $7.70M | $1.83M | $3.87M | $0.00 | -$2.17M |