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Reportable Segments (Tables)

3 Months Ended

Mar. 31, 2024

Schedule of Reconciliation of NOI from Rental Real Estate Specific to Continuing Operations

The following table presents a reconciliation of NOI from our rental real estate for the quarters ended March 31, 2024 and 2023, respectively (amounts in thousands):


	Quarter Ended March 31,
	2024			2023
Rental income	$	730,818		$	705,088
Property and maintenance expense		(134,630	)		(137,579	)
Real estate taxes and insurance expense		(108,927	)		(106,669	)
Total operating expenses		(243,557	)		(244,248	)
Net operating income	$	487,261		$	460,840

Schedule of NOI from Our Rental Real Estate for Each Segment Specific to Continuing Operations

The following tables present NOI from our rental real estate for each segment for the quarters ended March 31, 2024 and 2023, respectively, as well as total assets and capital expenditures at March 31, 2024 (amounts in thousands):


	Quarter Ended March 31, 2024							Quarter Ended March 31, 2023
	Rental Income		Operating Expenses		NOI			Rental Income		Operating Expenses		NOI
Same store (1)
Los Angeles	$	119,267	$	37,825	$	81,442		$	113,489	$	37,311	$	76,178
Orange County		31,101		6,927		24,174			29,372		6,694		22,678
San Diego		25,824		5,880		19,944			24,234		5,814		18,420
Subtotal - Southern California		176,192		50,632		125,560			167,095		49,819		117,276

Washington, D.C.		116,387		36,528		79,859			110,255		37,153		73,102
San Francisco		109,313		34,967		74,346			107,286		34,246		73,040
New York		123,964		51,275		72,689			118,045		49,488		68,557
Boston		80,451		23,738		56,713			76,878		24,163		52,715
Seattle		73,832		21,277		52,555			72,778		20,221		52,557
Denver		17,808		5,447		12,361			17,596		5,474		12,122
Other Expansion Markets		18,718		8,041		10,677			18,370		8,397		9,973
Total same store		716,665		231,905		484,760			688,303		228,961		459,342

Non-same store/other
Non-same store (2)		12,948		6,092		6,856			4,903		2,860		2,043
Other (3)		1,205		5,560		(4,355	)		11,882		12,427		(545	)
Total non-same store/other		14,153		11,652		2,501			16,785		15,287		1,498

Totals	$	730,818	$	243,557	$	487,261		$	705,088	$	244,248	$	460,840

(1)

For the quarters ended March 31, 2024 and 2023, same store primarily includes all properties acquired or completed that were stabilized prior to January 1, 2023, less properties subsequently sold, which represented 77,373 apartment units.

(2)

For the quarters ended March 31, 2024 and 2023, non-same store primarily includes properties acquired after January 1, 2023, plus any properties in lease-up and not stabilized as of January 1, 2023, and any properties undergoing major renovations.

(3)

Other includes development, other corporate operations and operations prior to disposition for properties sold.


	Quarter Ended March 31, 2024
	Total Assets		Capital Expenditures
Same store (1)
Los Angeles	$	2,473,271	$	11,267
Orange County		335,110		2,569
San Diego		336,081		3,167
Subtotal - Southern California		3,144,462		17,003

Washington, D.C.		3,098,097		12,202
San Francisco		3,043,672		13,622
New York		3,284,640		6,085
Boston		2,068,351		6,026
Seattle		2,061,322		8,590
Denver		816,012		1,007
Other Expansion Markets		888,330		1,536
Total same store		18,404,886		66,071

Non-same store/other
Non-same store (2)		665,260		7,381
Other (3)		824,651		68
Total non-same store/other		1,489,911		7,449

Totals	$	19,894,797	$	73,520

(1)

Same store primarily includes all properties acquired or completed that were stabilized prior to January 1, 2023, less properties subsequently sold, which represented 77,373 apartment units.

(2)

Non-same store primarily includes properties acquired after January 1, 2023, plus any properties in lease-up and not stabilized as of January 1, 2023, and any properties undergoing major renovations.

(3)

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