Reportable Segments

6 Months Ended

Jun. 30, 2013

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

Segment Reporting Disclosure [Text Block]

13. Reportable Segments

Operating segments are defined as components of an enterprise that engage in business activities from which they may earn revenues and incur expenses and about which discrete financial information is available that is evaluated regularly by the chief operating decision maker. The chief operating decision maker decides how resources are allocated and assesses performance on a recurring basis at least quarterly.

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. The chief operating decision maker evaluates the Company's operating performance geographically by market and both on a same store and non-same store basis. The Company’s operating segments (geographic markets) have been aggregated into four reportable segments based upon the geographic region in which they are located.

The Company’s fee and asset management and development (including its partially owned properties) activities are other business activities that do not constitute an operating segment and as such, have been aggregated in the "Other" category 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 six months and quarters ended June 30, 2013 and 2012, 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 six months and quarters ended June 30, 2013 and 2012, respectively, as well as total assets and capital expenditures at June 30, 2013 (amounts in thousands):

	Six Months Ended June 30, 2013
	Northeast		Northwest		Southeast		Southwest		Other (3)			Total
Rental income:
Same store (1)	$	367,912	$	204,680	$	120,456	$	213,854	$	—		$	906,902
Non-same store/other (2) (3)	148,738		57,614		1,017		30,141		7,506			245,016
Total rental income	516,650		262,294		121,473		243,995		7,506			1,151,918
Operating expenses:
Same store (1)	132,525		69,442		45,190		70,167		—			317,324
Non-same store/other (2) (3)	48,299		19,942		406		12,956		11,410			93,013
Total operating expenses	180,824		89,384		45,596		83,123		11,410			410,337
NOI:
Same store (1)	235,387		135,238		75,266		143,687		—			589,578
Non-same store/other (2) (3)	100,439		37,672		611		17,185		(3,904		)	152,003
Total NOI	$	335,826	$	172,910	$	75,877	$	160,872	$	(3,904	)	$	741,581
Total assets	$	11,418,096	$	4,610,358	$	1,576,965	$	3,785,624	$	2,091,340		$	23,482,383
Capital expenditures	$	21,826	$	14,465	$	8,276	$	8,921	$	3,765		$	57,253

(1) Same store primarily includes all properties acquired or completed and stabilized prior to January 1, 2012, less properties subsequently sold, which represented 84,965 apartment units.

(2) Non-same store primarily includes properties acquired after January 1, 2012, plus any properties in lease-up and not stabilized as of January 1, 2012.

(3) Other includes development and other corporate operations.

	Six Months Ended June 30, 2012
	Northeast		Northwest		Southeast		Southwest		Other (3)			Total
Rental income:
Same store (1)	$	353,749	$	189,969	$	114,924	$	205,429	$	—		$	864,071
Non-same store/other (2) (3)	5,580		3,912		—		818		(43		)	10,267
Total rental income	359,329		193,881		114,924		206,247		(43		)	874,338
Operating expenses:
Same store (1)	127,586		67,360		44,249		67,791		—			306,986
Non-same store/other (2) (3)	2,806		1,388		—		299		10,884			15,377
Total operating expenses	130,392		68,748		44,249		68,090		10,884			322,363
NOI:
Same store (1)	226,163		122,609		70,675		137,638		—			557,085
Non-same store/other (2) (3)	2,774		2,524		—		519		(10,927		)	(5,110		)
Total NOI	$	228,937	$	125,133	$	70,675	$	138,157	$	(10,927	)	$	551,975

(1) Same store primarily includes all properties acquired or completed and stabilized prior to January 1, 2012, less properties subsequently sold, which represented 84,965 apartment units.

(2) Non-same store primarily includes properties acquired after January 1, 2012, plus any properties in lease-up and not stabilized as of January 1, 2012.

(3) Other includes development and other corporate operations.

	Quarter Ended June 30, 2013
	Northeast		Northwest		Southeast		Southwest		Other (3)		Total
Rental income:
Same store (1)	$	185,729	$	106,008	$	60,776	$	108,682	$	—	$	461,195
Non-same store/other (2) (3)	105,007		38,541		760		21,296		5,606		171,210
Total rental income	290,736		144,549		61,536		129,978		5,606		632,405
Operating expenses:
Same store (1)	64,923		35,481		22,732		35,333		—		158,469
Non-same store/other (2) (3)	34,235		12,872		302		9,285		3,234		59,928
Total operating expenses	99,158		48,353		23,034		44,618		3,234		218,397
NOI:
Same store (1)	120,806		70,527		38,044		73,349		—		302,726
Non-same store/other (2) (3)	70,772		25,669		458		12,011		2,372		111,282
Total NOI	$	191,578	$	96,196	$	38,502	$	85,360	$	2,372	$	414,008

(1) Same store primarily includes all properties acquired or completed and stabilized prior to April 1, 2012, less properties subsequently sold, which represented 85,509 apartment units.

(2) Non-same store primarily includes properties acquired after April 1, 2012, plus any properties in lease-up and not stabilized as of April 1, 2012.

(3) Other includes development and other corporate operations.

	Quarter Ended June 30, 2012
	Northeast		Northwest		Southeast		Southwest		Other (3)			Total
Rental income:
Same store (1)	$	179,400	$	98,281	$	57,953	$	104,110	$	—		$	439,744
Non-same store/other (2) (3)	5,279		1,127		—		50		(61		)	6,395
Total rental income	184,679		99,408		57,953		104,160		(61		)	446,139
Operating expenses:
Same store (1)	62,557		34,254		22,352		33,846		—			153,009
Non-same store/other (2) (3)	1,903		350		—		2		4,518			6,773
Total operating expenses	64,460		34,604		22,352		33,848		4,518			159,782
NOI:
Same store (1)	116,843		64,027		35,601		70,264		—			286,735
Non-same store/other (2) (3)	3,376		777		—		48		(4,579		)	(378		)
Total NOI	$	120,219	$	64,804	$	35,601	$	70,312	$	(4,579	)	$	286,357

(1) Same store primarily includes all properties acquired or completed and stabilized prior to April 1, 2012, less properties subsequently sold, which represented 85,509 apartment units.

(2) Non-same store primarily includes properties acquired after April 1, 2012, plus any properties in lease-up and not stabilized as of April 1, 2012.

(3) Other includes development and other corporate operations.

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

(a) Northeast – New England (excluding Boston), Boston, New York and Washington DC.

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

(c) Southeast – Atlanta, 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 six months and quarters ended June 30, 2013 and 2012, respectively (amounts in thousands):

	Six Months Ended June 30,						Quarter Ended June 30,
	2013			2012			2013			2012
Rental income	$	1,151,918		$	874,338		$	632,405		$	446,139
Property and maintenance expense	(220,417		)	(173,819		)	(117,819		)	(85,423		)
Real estate taxes and insurance expense	(145,400		)	(104,268		)	(78,547		)	(53,422		)
Property management expense	(44,520		)	(44,276		)	(22,031		)	(20,937		)
Total operating expenses	(410,337		)	(322,363		)	(218,397		)	(159,782		)
Net operating income	$	741,581		$	551,975		$	414,008		$	286,357