Reportable Segments (Tables)

6 Months Ended

Jun. 30, 2014

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

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, 2014 and 2013, respectively, as well as total assets and capital expenditures at June 30, 2014 (amounts in thousands):



	Six Months Ended June 30, 2014							Six Months Ended June 30, 2013
	Rental Income		Operating Expenses		NOI			Rental Income			Operating Expenses			NOI
Same store (1)
Boston	$	125,024	$	41,414	$	83,610		$	120,455		$	39,651		$	80,804
Denver	54,123		15,098		39,025			50,494			14,987			35,507
New York	225,407		88,102		137,305			217,297			83,745			133,552
San Francisco	165,343		52,960		112,383			152,459			54,109			98,350
Seattle	76,702		25,805		50,897			71,548			24,553			46,995
South Florida	97,893		36,404		61,489			93,289			35,417			57,872
Southern California	207,272		69,450		137,822			198,366			69,149			129,217
Washington DC	222,135		72,499		149,636			223,807			71,049			152,758
Non-core	65,607		24,495		41,112			63,715			23,931			39,784
Total same store	1,239,506		426,227		813,279			1,191,430			416,591			774,839

Non-same store/other (2) (3)
Boston	1,817		413		1,404			1,154			255			899
Seattle	4,444		1,779		2,665			1,303			374			929
South Florida	2,041		1,301		740			24			146			(122		)
Southern California	15,623		7,452		8,171			5,397			2,593			2,804
Washington DC	10,840		3,857		6,983			5,320			1,862			3,458
Other (3)	6,220		7,754		(1,534		)	4,901			13,295			(8,394		)
Total non-same store/other	40,985		22,556		18,429			18,099			18,525			(426		)

Archstone pre-ownership (4)	—		—		—			(92,423		)	(36,729		)	(55,694		)
Total	$	1,280,491	$	448,783	$	831,708		$	1,117,106		$	398,387		$	718,719


(1)	Same store primarily includes all properties acquired or completed and stabilized prior to January 1, 2013, less properties subsequently sold, which represented 100,648 apartment units. Also includes 18,465 stabilized apartment units acquired in the Archstone Acquisition that are owned and managed by the Company.


(2)	Non-same store primarily includes properties acquired after January 1, 2013, plus any properties in lease-up and not stabilized as of January 1, 2013, but excludes 18,465 stabilized apartment units acquired in the Archstone Acquisition that are owned and managed by the Company.


(3)	Other includes development, other corporate operations and operations prior to sale for properties sold in 2014 that do not meet the new discontinued operations criteria.


(4)	Represents pro forma Archstone pre-ownership results for the period January 1, 2013 to February 27, 2013 that is included in 2013 same store results.



	Quarter Ended June 30, 2014						Quarter Ended June 30, 2013
	Rental Income		Operating Expenses		NOI		Rental Income		Operating Expenses		NOI
Same store (1)
Boston	$	63,117	$	19,259	$	43,858	$	61,401	$	19,444	$	41,957
Denver	27,511		7,648		19,863		25,524		7,770		17,754
New York	114,221		41,898		72,323		109,299		40,634		68,665
San Francisco	84,082		26,305		57,777		77,514		25,955		51,559
Seattle	38,977		13,037		25,940		36,176		12,316		23,860
South Florida	49,456		18,220		31,236		47,051		17,774		29,277
Southern California	104,608		34,811		69,797		100,156		34,275		65,881
Washington DC	111,739		35,102		76,637		112,815		35,165		77,650
Non-core	33,035		11,806		21,229		32,110		11,880		20,230
Total same store	626,746		208,086		418,660		602,046		205,213		396,833

Non-same store/other (2) (3)
Boston	790		202		588		898		201		697
Seattle	2,756		1,042		1,714		1,271		373		898
South Florida	1,241		760		481		14		68		(54		)
Southern California	8,446		4,261		4,185		4,106		1,976		2,130
Washington DC	5,906		1,954		3,952		3,512		1,209		2,303
Other (3)	3,881		2,693		1,188		2,697		3,234		(537		)
Total non-same store/other	23,020		10,912		12,108		12,498		7,061		5,437

Total	$	649,766	$	218,998	$	430,768	$	614,544	$	212,274	$	402,270


(1)	Same store primarily includes all properties acquired or completed and stabilized prior to April 1, 2013, less properties subsequently sold, which represented 100,648 apartment units. Also includes 18,465 stabilized apartment units acquired in the Archstone Acquisition that are owned and managed by the Company.


(2)	Non-same store primarily includes properties acquired after April 1, 2013, plus any properties in lease-up and not stabilized as of April 1, 2013, but excludes 18,465 stabilized apartment units acquired in the Archstone Acquisition that are owned and managed by the Company.


(3)	Other includes development, other corporate operations and operations prior to sale for properties sold in 2014 that do not meet the new discontinued operations criteria.



	Six Months Ended June 30, 2014
	Total Assets		Capital Expenditures
Same store (1)
Boston	$	1,953,627	$	8,814
Denver	530,832		1,904
New York	4,720,592		8,202
San Francisco	2,753,902		12,704
Seattle	1,046,051		5,264
South Florida	1,170,295		7,600
Southern California	2,978,750		11,953
Washington DC	4,270,418		14,834
Non-core	605,225		3,123
Total same store	20,029,692		74,398

Non-same store/other (2) (3)
Boston	48,830		630
Seattle	226,604		281
South Florida	70,896		16
Southern California	511,343		645
Washington DC	306,594		852
Other (3)	1,797,443		90
Total non-same store/other	2,961,710		2,514
Total	$	22,991,402	$	76,912


(1)	Same store primarily includes all properties acquired or completed and stabilized prior to January 1, 2013, less properties subsequently sold, which represented 100,648 apartment units. Also includes 18,465 stabilized apartment units acquired in the Archstone Acquisition that are owned and managed by the Company.


(2)	Non-same store primarily includes properties acquired after January 1, 2013, plus any properties in lease-up and not stabilized as of January 1, 2013, but excludes 18,465 stabilized apartment units acquired in the Archstone Acquisition that are owned and managed by the Company.


(3)	Other includes development, other corporate operations and capital expenditures for properties sold.

Reconciliation of NOI

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, 2014 and 2013, respectively (amounts in thousands):



	Six Months Ended June 30,						Quarter Ended June 30,
	2014			2013			2014			2013
Rental income	$	1,280,491		$	1,117,106		$	649,766		$	614,544
Property and maintenance expense	(240,961		)	(212,030		)	(115,388		)	(113,501		)
Real estate taxes and insurance expense	(165,149		)	(141,837		)	(83,055		)	(76,742		)
Property management expense	(42,673		)	(44,520		)	(20,555		)	(22,031		)
Total operating expenses	(448,783		)	(398,387		)	(218,998		)	(212,274		)
Net operating income	$	831,708		$	718,719		$	430,768		$	402,270

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

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