Reportable Segments

3 Months Ended

Mar. 31, 2012

Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract]

Segment Reporting Disclosure [Text Block]

Reportable Segments

Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by senior management. Senior management decides how resources are allocated and assesses performance on a monthly basis.

The Company’s primary business is the acquisition, development and management of multifamily residential properties, which includes the generation of rental and other related income through the leasing of apartment units to residents. Senior management evaluates the performance of each of our apartment communities individually and geographically, and both on a same store and non-same store basis; however, each of our apartment communities generally has similar economic characteristics, residents, products and services. The Company’s operating segments have been aggregated by geography in a manner identical to that which is provided to its chief operating decision maker.

The Company’s fee and asset management, development (including its partially owned properties) and condominium conversion activities are immaterial and do not individually meet the threshold requirements of a reportable segment and as such, have been aggregated in the “Other” segment in the tables presented below.

All revenues are from external customers and there is no customer who contributed 10% or more of the Company’s total revenues during the quarters ended March 31, 2012 and 2011, respectively.

The primary financial measure for the Company’s rental real estate segment is net operating income (“NOI”), which represents rental income less: 1) property and maintenance expense; 2) real estate taxes and insurance expense; and 3) property management expense (all as reflected in the accompanying consolidated statements of operations). The Company believes that NOI is helpful to investors as a supplemental measure of its operating performance because it is a direct measure of the actual operating results of the Company’s apartment communities. Current year NOI is compared to prior year NOI and current year budgeted NOI as a measure of financial performance. The following tables present NOI for each segment from our rental real estate specific to continuing operations for the quarters ended March 31, 2012 and 2011, respectively, as well as total assets and capital expenditures at March 31, 2012 (amounts in thousands):

	Quarter Ended March 31, 2012
	Northeast		Northwest		Southeast		Southwest		Other (3)		Total
Rental income:
Same store (1)	$	174,263	$	95,751	$	91,757	$	112,186	$	—	$	473,957
Non-same store/other (2) (3)	20,378		10,166		4,770		13,930		2,394		51,638
Total rental income	194,641		105,917		96,527		126,116		2,394		525,595
Operating expenses:
Same store (1)	66,000		33,303		36,170		37,581		—		173,054
Non-same store/other (2) (3)	4,583		5,469		1,664		4,662		2,343		18,721
Total operating expenses	70,583		38,772		37,834		42,243		2,343		191,775
NOI:
Same store (1)	108,263		62,448		55,587		74,605		—		300,903
Non-same store/other (2) (3)	15,795		4,697		3,106		9,268		51		32,917
Total NOI	$	124,058	$	67,145	$	58,693	$	83,873	$	51	$	333,820
Total assets	$	6,458,496	$	2,931,942	$	2,483,091	$	3,392,065	$	1,215,653	$	16,481,247
Capital expenditures	$	9,843	$	6,506	$	7,440	$	5,419	$	1,017	$	30,225

(1) Same store primarily includes all properties acquired or completed and stabilized prior to January 1, 2011, less properties subsequently sold, which represented 105,612 apartment units.

(2) Non-same store primarily includes properties acquired after January 1, 2011, plus any properties in lease-up and not stabilized as of January 1, 2011.

(3) Other includes development and other corporate operations.

	Quarter Ended March 31, 2011
	Northeast		Northwest		Southeast		Southwest		Other (3)			Total
Rental income:
Same store (1)	$	164,859	$	88,197	$	88,061	$	108,115	$	—		$	449,232
Non-same store/other (2) (3)	7,658		899		2,924		3,715		122			15,318
Total rental income	172,517		89,096		90,985		111,830		122			464,550
Operating expenses:
Same store (1)	65,195		32,279		35,496		37,047		—			170,017
Non-same store/other (2) (3)	2,486		268		1,134		1,927		3,735			9,550
Total operating expenses	67,681		32,547		36,630		38,974		3,735			179,567
NOI:
Same store (1)	99,664		55,918		52,565		71,068		—			279,215
Non-same store/other (2) (3)	5,172		631		1,790		1,788		(3,613		)	5,768
Total NOI	$	104,836	$	56,549	$	54,355	$	72,856	$	(3,613	)	$	284,983

(1) Same store primarily includes all properties acquired or completed and stabilized prior to January 1, 2011, less properties subsequently sold, which represented 105,612 apartment units.

(2) Non-same store primarily includes properties acquired after January 1, 2011, plus any properties in lease-up and not stabilized as of January 1, 2011.

(3) Other includes development, condominium conversion overhead of $0.1 million and other corporate operations.

Note: Markets included in the above geographic segments are as follows:

(a) Northeast – New England (excluding Boston), Boston, New York Metro, DC Northern Virginia and Suburban Maryland.

(b) Northwest – Denver, San Francisco Bay Area and Seattle/Tacoma.

(c) Southeast – Atlanta, Jacksonville, Orlando and South Florida.

(d) Southwest – Inland Empire, Los Angeles, Orange County, Phoenix and San Diego.

The following table presents a reconciliation of NOI from our rental real estate specific to continuing operations for the quarters ended March 31, 2012 and 2011, respectively (amounts in thousands):

	Quarter Ended March 31,
	2012			2011
Rental income	$	525,595		$	464,550
Property and maintenance expense	(112,379		)	(105,047		)
Real estate taxes and insurance expense	(55,987		)	(52,139		)
Property management expense	(23,409		)	(22,381		)
Total operating expenses	(191,775		)	(179,567		)
Net operating income	$	333,820		$	284,983