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Reportable Segments (Tables)
3 Months Ended
Mar. 31, 2018
Segment Reporting [Abstract]  
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, 2018 and 2017, respectively (amounts in thousands):

 

 

 

Quarter Ended March 31,

 

 

 

2018

 

 

2017

 

Rental income

 

$

632,831

 

 

$

603,920

 

Property and maintenance expense

 

 

(108,202

)

 

 

(102,608

)

Real estate taxes and insurance expense

 

 

(91,914

)

 

 

(81,728

)

Total operating expenses

 

 

(200,116

)

 

 

(184,336

)

Net operating income

 

$

432,715

 

 

$

419,584

 

 

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

The following tables present NOI for each segment from our rental real estate for the quarters ended March 31, 2018 and 2017, respectively, as well as total assets and capital expenditures at March 31, 2018  (amounts in thousands):

 

 

 

Quarter Ended March 31, 2018

 

 

Quarter Ended March 31, 2017

 

 

 

Rental

Income

 

 

Operating

Expenses

 

 

NOI

 

 

Rental

Income

 

 

Operating

Expenses

 

 

NOI

 

Same store (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Los Angeles

 

$

102,484

 

 

$

29,860

 

 

$

72,624

 

 

$

98,636

 

 

$

28,651

 

 

$

69,985

 

Orange County

 

 

22,502

 

 

 

5,527

 

 

 

16,975

 

 

 

21,656

 

 

 

5,462

 

 

 

16,194

 

San Diego

 

 

22,493

 

 

 

5,963

 

 

 

16,530

 

 

 

21,723

 

 

 

5,799

 

 

 

15,924

 

Subtotal - Southern California

 

 

147,479

 

 

 

41,350

 

 

 

106,129

 

 

 

142,015

 

 

 

39,912

 

 

 

102,103

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

San Francisco

 

 

109,212

 

 

 

26,995

 

 

 

82,217

 

 

 

106,306

 

 

 

26,928

 

 

 

79,378

 

Washington D.C.

 

 

107,155

 

 

 

33,663

 

 

 

73,492

 

 

 

106,443

 

 

 

32,332

 

 

 

74,111

 

New York

 

 

119,626

 

 

 

47,825

 

 

 

71,801

 

 

 

119,363

 

 

 

45,439

 

 

 

73,924

 

Boston

 

 

57,814

 

 

 

16,672

 

 

 

41,142

 

 

 

56,388

 

 

 

15,783

 

 

 

40,605

 

Seattle

 

 

48,611

 

 

 

13,688

 

 

 

34,923

 

 

 

46,425

 

 

 

13,015

 

 

 

33,410

 

Other Markets

 

 

487

 

 

 

165

 

 

 

322

 

 

 

464

 

 

 

196

 

 

 

268

 

Total same store

 

 

590,384

 

 

 

180,358

 

 

 

410,026

 

 

 

577,404

 

 

 

173,605

 

 

 

403,799

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-same store/other (2) (3)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-same store

 

 

38,622

 

 

 

13,733

 

 

 

24,889

 

 

 

15,961

 

 

 

5,894

 

 

 

10,067

 

Other (3)

 

 

3,825

 

 

 

6,025

 

 

 

(2,200

)

 

 

10,555

 

 

 

4,837

 

 

 

5,718

 

Total non-same store/other

 

 

42,447

 

 

 

19,758

 

 

 

22,689

 

 

 

26,516

 

 

 

10,731

 

 

 

15,785

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Totals

 

$

632,831

 

 

$

200,116

 

 

$

432,715

 

 

$

603,920

 

 

$

184,336

 

 

$

419,584

 

 

(1)

For the quarters ended March 31, 2018 and 2017, same store primarily includes all properties acquired or completed that were stabilized prior to January 1, 2017, less properties subsequently sold, which represented 72,204 apartment units.

(2)

For the quarters ended March 31, 2018 and 2017, non-same store primarily includes properties acquired after January 1, 2017, plus any properties in lease-up and not stabilized as of January 1, 2017.

(3)

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

 

 

 

Quarter Ended March 31, 2018

 

 

 

Total Assets

 

 

Capital Expenditures

 

Same store (1)

 

 

 

 

 

 

 

 

Los Angeles

 

$

2,670,909

 

 

$

5,939

 

Orange County

 

 

325,898

 

 

 

1,620

 

San Diego

 

 

417,593

 

 

 

1,270

 

Subtotal - Southern California

 

 

3,414,400

 

 

 

8,829

 

 

 

 

 

 

 

 

 

 

San Francisco

 

 

3,020,673

 

 

 

8,743

 

Washington D.C.

 

 

3,771,999

 

 

 

5,964

 

New York

 

 

4,447,994

 

 

 

5,216

 

Boston

 

 

1,637,837

 

 

 

4,358

 

Seattle

 

 

1,306,512

 

 

 

3,048

 

Other Markets

 

 

12,918

 

 

 

77

 

Total same store

 

 

17,612,333

 

 

 

36,235

 

 

 

 

 

 

 

 

 

 

Non-same store/other (2) (3)

 

 

 

 

 

 

 

 

Non-same store

 

 

2,276,821

 

 

 

454

 

Other (3)

 

 

494,716

 

 

 

58

 

Total non-same store/other

 

 

2,771,537

 

 

 

512

 

 

 

 

 

 

 

 

 

 

Totals

 

$

20,383,870

 

 

$

36,747

 

 

(1)

Same store primarily includes all properties acquired or completed that were stabilized prior to January 1, 2017, less properties subsequently sold, which represented 72,204 apartment units.

(2)

Non-same store primarily includes properties acquired after January 1, 2017, plus any properties in lease-up and not stabilized as of January 1, 2017.

(3)

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