Reportable Segments

6 Months Ended

Jun. 30, 2011

Reportable Segments [Abstract]

Reportable Segments

15. 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 six months and quarters ended June 30, 2011 and 2010, 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, 2011 and 2010, respectively, as well as total assets at June 30, 2011 (amounts in thousands):

	Six Months Ended June 30, 2011
	Northeast		Northwest		Southeast		Southwest		Other (3)		Total
Rental income:
Same store (1)	$	290,625	$	169,611	$	185,295	$	213,357	$	—	$	858,888
Non-same store/other (2) (3)		64,704		18,504		8,058		17,247		6,695		115,208
Total rental income		355,329		188,115		193,353		230,604		6,695		974,096
Operating expenses:
Same store (1)		107,507		60,614		74,328		72,723		—		315,172
Non-same store/other (2) (3)		26,068		7,294		3,241		7,176		5,947		49,726
Total operating expenses		133,575		67,908		77,569		79,899		5,947		364,898
NOI:
Same store (1)		183,118		108,997		110,967		140,634		—		543,716
Non-same store/other (2) (3)		38,636		11,210		4,817		10,071		748		65,482
Total NOI	$	221,754	$	120,207	$	115,784	$	150,705	$	748	$	609,198
Total assets	$	6,216,580	$	2,664,432	$	2,575,526	$	3,229,298	$	1,712,286	$	16,398,122

(1)	Same store primarily includes all properties acquired or completed and stabilized prior to January 1, 2010, less properties subsequently sold, which represented 104,163 apartment units.
(2)	Non-same store primarily includes properties acquired after January 1, 2010, plus any properties in lease-up and not stabilized as of January 1, 2010.
(3)	Other includes development, condominium conversion overhead of $0.2 million and other corporate operations.

	Six Months Ended June 30, 2010
	Northeast		Northwest		Southeast		Southwest		Other (3)			Total
Rental income:
Same store (1)	$	275,609	$	160,758	$	178,368	$	207,541	$	—		$	822,276
Non-same store/other (2) (3)		36,915		5,008		4,273		3,313		(694	)		48,815
Total rental income		312,524		165,766		182,641		210,854		(694	)		871,091
Operating expenses:
Same store (1)		106,286		60,215		74,069		75,470		—			316,040
Non-same store/other (2) (3)		16,326		2,261		2,102		1,675		10,649			33,013
Total operating expenses		122,612		62,476		76,171		77,145		10,649			349,053
NOI:
Same store (1)		169,323		100,543		104,299		132,071		—			506,236
Non-same store/other (2) (3)		20,589		2,747		2,171		1,638		(11,343	)		15,802
Total NOI	$	189,912	$	103,290	$	106,470	$	133,709	$	(11,343	)	$	522,038

(1)	Same store primarily includes all properties acquired or completed and stabilized prior to January 1, 2010, less properties subsequently sold, which represented 104,163 apartment units.
(2)	Non-same store primarily includes properties acquired after January 1, 2010, plus any properties in lease-up and not stabilized as of January 1, 2010.
(3)	Other includes development, condominium conversion overhead of $0.3 million and other corporate operations.

	Quarter Ended June 30, 2011
	Northeast		Northwest		Southeast		Southwest		Other (3)		Total
Rental income:
Same store (1)	$	161,318	$	87,338	$	93,372	$	108,394	$	—	$	450,422
Non-same store/other (2) (3)		20,581		8,323		4,099		8,909		3,777		45,689
Total rental income		181,899		95,661		97,471		117,303		3,777		496,111
Operating expenses:
Same store (1)		58,024		30,819		37,198		36,989		—		163,030
Non-same store/other (2) (3)		7,536		3,061		1,660		3,619		1,654		17,530
Total operating expenses		65,560		33,880		38,858		40,608		1,654		180,560
NOI:
Same store (1)		103,294		56,519		56,174		71,405		—		287,392
Non-same store/other (2) (3)		13,045		5,262		2,439		5,290		2,123		28,159
Total NOI	$	116,339	$	61,781	$	58,613	$	76,695	$	2,123	$	315,551

(1)	Same store primarily includes all properties acquired or completed and stabilized prior to April 1, 2010, less properties subsequently sold, which represented 105,730 apartment units.
(2)	Non-same store primarily includes properties acquired after April 1, 2010, plus any properties in lease-up and not stabilized as of April 1, 2010.
(3)	Other includes development, condominium conversion overhead of $0.1 million and other corporate operations.

	Quarter Ended June 30, 2010
	Northeast		Northwest		Southeast		Southwest		Other (3)			Total
Rental income:
Same store (1)	$	152,989	$	82,166	$	89,389	$	104,968	$	—		$	429,512
Non-same store/other (2) (3)		8,832		2,309		2,573		1,378		(271	)		14,821
Total rental income		161,821		84,475		91,962		106,346		(271	)		444,333
Operating expenses:
Same store (1)		57,136		30,498		36,054		38,143		—			161,831
Non-same store/other (2) (3)		4,407		1,198		1,276		423		3,524			10,828
Total operating expenses		61,543		31,696		37,330		38,566		3,524			172,659
NOI:
Same store (1)		95,853		51,668		53,335		66,825		—			267,681
Non-same store/other (2) (3)		4,425		1,111		1,297		955		(3,795	)		3,993
Total NOI	$	100,278	$	52,779	$	54,632	$	67,780	$	(3,795	)	$	271,674

(1)	Same store primarily includes all properties acquired or completed and stabilized prior to April 1, 2010, less properties subsequently sold, which represented 105,730 apartment units.
(2)	Non-same store primarily includes properties acquired after April 1, 2010, plus any properties in lease-up and not stabilized as of April 1, 2010.
(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, Portland, San Francisco Bay Area and Seattle/Tacoma.

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

(d) Southwest – Albuquerque, 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, 2011 and 2010, respectively (amounts in thousands):

	Six Months Ended June 30,						Quarter Ended June 30,
	2011			2010			2011			2010
Rental income	$	974,096		$	871,091		$	496,111		$	444,333
Property and maintenance expense		(211,418	)		(202,801	)		(103,092	)		(100,045	)
Real estate taxes and insurance expense		(110,332	)		(105,496	)		(56,701	)		(52,350	)
Property management expense		(43,148	)		(40,756	)		(20,767	)		(20,264	)
Total operating expenses		(364,898	)		(349,053	)		(180,560	)		(172,659	)
Net operating income	$	609,198		$	522,038		$	315,551		$	271,674