XML 53 R36.htm IDEA: XBRL DOCUMENT v3.10.0.1
Reportable Segments (Tables)
6 Months Ended
Jun. 30, 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 six months and quarters ended June 30, 2018 and 2017, respectively (amounts in thousands):

 

 

 

Six Months Ended June 30,

 

 

Quarter Ended June 30,

 

 

 

2018

 

 

2017

 

 

2018

 

 

2017

 

Rental income

 

$

1,272,451

 

 

$

1,216,219

 

 

$

639,620

 

 

$

612,299

 

Property and maintenance expense

 

 

(211,946

)

 

 

(201,924

)

 

 

(103,744

)

 

 

(99,316

)

Real estate taxes and insurance expense

 

 

(181,396

)

 

 

(169,231

)

 

 

(89,482

)

 

 

(87,503

)

Total operating expenses

 

 

(393,342

)

 

 

(371,155

)

 

 

(193,226

)

 

 

(186,819

)

Net operating income

 

$

879,109

 

 

$

845,064

 

 

$

446,394

 

 

$

425,480

 

 

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 six months and quarters ended June 30, 2018 and 2017, respectively, as well as total assets and capital expenditures at June 30, 2018  (amounts in thousands):

 

 

 

Six Months Ended June 30, 2018

 

 

Six Months Ended June 30, 2017

 

 

 

Rental

Income

 

 

Operating

Expenses

 

 

NOI

 

 

Rental

Income

 

 

Operating

Expenses

 

 

NOI

 

Same store (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Los Angeles

 

$

205,103

 

 

$

58,892

 

 

$

146,211

 

 

$

198,557

 

 

$

56,960

 

 

$

141,597

 

Orange County

 

 

45,331

 

 

 

11,090

 

 

 

34,241

 

 

 

43,654

 

 

 

10,838

 

 

 

32,816

 

San Diego

 

 

45,425

 

 

 

11,751

 

 

 

33,674

 

 

 

43,620

 

 

 

11,535

 

 

 

32,085

 

Subtotal - Southern California

 

 

295,859

 

 

 

81,733

 

 

 

214,126

 

 

 

285,831

 

 

 

79,333

 

 

 

206,498

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

San Francisco

 

 

219,400

 

 

 

52,854

 

 

 

166,546

 

 

 

213,516

 

 

 

54,018

 

 

 

159,498

 

Washington D.C.

 

 

215,843

 

 

 

66,899

 

 

 

148,944

 

 

 

213,546

 

 

 

64,572

 

 

 

148,974

 

New York

 

 

240,124

 

 

 

94,505

 

 

 

145,619

 

 

 

239,367

 

 

 

88,938

 

 

 

150,429

 

Boston

 

 

113,511

 

 

 

31,593

 

 

 

81,918

 

 

 

110,989

 

 

 

30,145

 

 

 

80,844

 

Seattle

 

 

97,642

 

 

 

27,799

 

 

 

69,843

 

 

 

94,020

 

 

 

26,407

 

 

 

67,613

 

Other Markets

 

 

969

 

 

 

341

 

 

 

628

 

 

 

924

 

 

 

340

 

 

 

584

 

Total same store

 

 

1,183,348

 

 

 

355,724

 

 

 

827,624

 

 

 

1,158,193

 

 

 

343,753

 

 

 

814,440

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-same store

 

 

83,193

 

 

 

29,862

 

 

 

53,331

 

 

 

34,439

 

 

 

12,533

 

 

 

21,906

 

Other (3)

 

 

5,910

 

 

 

7,756

 

 

 

(1,846

)

 

 

23,587

 

 

 

14,869

 

 

 

8,718

 

Total non-same store/other

 

 

89,103

 

 

 

37,618

 

 

 

51,485

 

 

 

58,026

 

 

 

27,402

 

 

 

30,624

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Totals

 

$

1,272,451

 

 

$

393,342

 

 

$

879,109

 

 

$

1,216,219

 

 

$

371,155

 

 

$

845,064

 

 

(1)

For the six months ended June 30, 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 72,210 apartment units.

(2)

For the six months ended June 30, 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 June 30, 2018

 

 

Quarter Ended June 30, 2017

 

 

 

Rental

Income

 

 

Operating

Expenses

 

 

NOI

 

 

Rental

Income

 

 

Operating

Expenses

 

 

NOI

 

Same store (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Los Angeles

 

$

102,619

 

 

$

29,032

 

 

$

73,587

 

 

$

99,921

 

 

$

28,309

 

 

$

71,612

 

Orange County

 

 

22,829

 

 

 

5,564

 

 

 

17,265

 

 

 

21,998

 

 

 

5,376

 

 

 

16,622

 

San Diego

 

 

22,932

 

 

 

5,788

 

 

 

17,144

 

 

 

21,897

 

 

 

5,736

 

 

 

16,161

 

Subtotal - Southern California

 

 

148,380

 

 

 

40,384

 

 

 

107,996

 

 

 

143,816

 

 

 

39,421

 

 

 

104,395

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

San Francisco

 

 

115,332

 

 

 

27,581

 

 

 

87,751

 

 

 

111,835

 

 

 

28,466

 

 

 

83,369

 

Washington D.C.

 

 

108,689

 

 

 

33,237

 

 

 

75,452

 

 

 

107,103

 

 

 

32,241

 

 

 

74,862

 

New York

 

 

120,498

 

 

 

46,680

 

 

 

73,818

 

 

 

120,005

 

 

 

43,499

 

 

 

76,506

 

Boston

 

 

57,217

 

 

 

15,511

 

 

 

41,706

 

 

 

55,943

 

 

 

14,941

 

 

 

41,002

 

Seattle

 

 

49,031

 

 

 

14,111

 

 

 

34,920

 

 

 

47,594

 

 

 

13,392

 

 

 

34,202

 

Other Markets

 

 

481

 

 

 

175

 

 

 

306

 

 

 

461

 

 

 

144

 

 

 

317

 

Total same store

 

 

599,628

 

 

 

177,679

 

 

 

421,949

 

 

 

586,757

 

 

 

172,104

 

 

 

414,653

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-same store

 

 

39,427

 

 

 

13,154

 

 

 

26,273

 

 

 

13,850

 

 

 

5,193

 

 

 

8,657

 

Other (3)

 

 

565

 

 

 

2,393

 

 

 

(1,828

)

 

 

11,692

 

 

 

9,522

 

 

 

2,170

 

Total non-same store/other

 

 

39,992

 

 

 

15,547

 

 

 

24,445

 

 

 

25,542

 

 

 

14,715

 

 

 

10,827

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Totals

 

$

639,620

 

 

$

193,226

 

 

$

446,394

 

 

$

612,299

 

 

$

186,819

 

 

$

425,480

 

 

(1)

For the quarters ended June 30, 2018 and 2017, same store primarily includes all properties acquired or completed that were stabilized prior to April 1, 2017, less properties subsequently sold, which represented 72,629 apartment units.

(2)

For the quarters ended June 30, 2018 and 2017, non-same store primarily includes properties acquired after April 1, 2017, plus any properties in lease-up and not stabilized as of April 1, 2017.

(3)

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

 

 

 

Six Months Ended June 30, 2018

 

 

 

Total Assets

 

 

Capital Expenditures

 

Same store (1)

 

 

 

 

 

 

 

 

Los Angeles

 

$

2,649,731

 

 

$

13,220

 

Orange County

 

 

323,604

 

 

 

4,017

 

San Diego

 

 

413,701

 

 

 

2,481

 

Subtotal - Southern California

 

 

3,387,036

 

 

 

19,718

 

 

 

 

 

 

 

 

 

 

San Francisco

 

 

3,004,183

 

 

 

21,259

 

Washington D.C.

 

 

3,742,083

 

 

 

14,137

 

New York

 

 

4,404,182

 

 

 

12,092

 

Boston

 

 

1,609,747

 

 

 

9,451

 

Seattle

 

 

1,296,447

 

 

 

6,900

 

Other Markets

 

 

12,795

 

 

 

102

 

Total same store

 

 

17,456,473

 

 

 

83,659

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

Non-same store

 

 

2,414,779

 

 

 

2,210

 

Other (3)

 

 

535,330

 

 

 

118

 

Total non-same store/other

 

 

2,950,109

 

 

 

2,328

 

 

 

 

 

 

 

 

 

 

Totals

 

$

20,406,582

 

 

$

85,987

 

 

(1)

Same store primarily includes all properties acquired or completed that were stabilized prior to January 1, 2017, less properties subsequently sold, which represented 72,210 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.