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Segment Reporting
 6 Months Ended
Jun. 30, 2021
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
The Company's reportable operating segments include Same Store, Other Stabilized, and Development/Redevelopment. Annually as of January 1, the Company determines which of its communities fall into each of these categories and generally maintains that classification throughout the year for the purpose of reporting segment operations, unless disposition or redevelopment plans regarding a community change. In addition, the Company owns land for future development and has other corporate assets that are not allocated to an operating segment.

The Company's segment disclosures present the measure(s) used by the chief operating decision maker for purposes of assessing each segment's performance. The Company's chief operating decision maker ("CODM") is comprised of several members of its executive management team who use net operating income ("NOI") as the primary financial measure for Same Store communities and Other Stabilized communities. NOI is defined by the Company as total property revenue less direct property operating expenses (including property taxes), and excluding corporate-level income (including management, development and other fees), corporate-level property management and other indirect operating expenses, expensed transaction, development and other pursuit costs, net of recoveries, interest expense, net, (gain) loss on extinguishment of debt, net, general and administrative expense, income from investments in unconsolidated entities, depreciation expense, corporate income tax (benefit) expense, casualty and impairment (gain) loss, net, gain on sale of communities, (gain) loss on other real estate transactions, net, net for-sale condominium activity and net operating income from real estate assets sold or held for sale. The CODM evaluates the Company's financial performance on a consolidated residential and commercial basis, as the Company's commercial results attributable to the non-apartment components of the Company's mixed-use communities and other nonresidential operations represents 1.5% and 0.5% of total NOI for the three months ended June 30, 2021 and 2020, respectively, and 1.5% and 1.1% for the six months ended June 30, 2021 and 2020, respectively. Although the Company considers NOI a useful measure of a community's or communities' operating performance, NOI should not be considered an alternative to net income or net cash flow from operating activities, as determined in accordance with GAAP. NOI excludes a number of income and expense categories as detailed in the reconciliation of NOI to net income.

A reconciliation of NOI to net income for the three and six months ended June 30, 2021 and 2020 is as follows (dollars in thousands):
 For the three months endedFor the six months ended
 6/30/20216/30/20206/30/20216/30/2020
Net income $447,977 $170,869 $590,211 $338,875 
Indirect operating expenses, net of corporate income24,318 23,407 48,788 46,206 
Expensed transaction, development and other pursuit costs, net of recoveries1,653 388 1,483 3,722 
Interest expense, net 56,104 53,399 108,717 109,313 
Loss (gain) on extinguishment of debt, net— 268 (122)9,438 
General and administrative expense18,465 15,573 35,817 32,893 
Income from investments in unconsolidated entities(26,559)(512)(26,092)(1,687)
Depreciation expense184,472 176,249 367,769 354,160 
Income tax expense (benefit)10 (1,133)(745)(1,042)
Casualty and impairment loss1,177 — 1,177 — 
Gain on sale of communities(334,569)(35,295)(388,296)(59,731)
Gain on other real estate transactions, net(32)(156)(459)(199)
Net for-sale condominium activity647 (1,348)1,560 (4,808)
Net operating income from real estate assets sold or held for sale (4,749)(13,581)(10,549)(28,572)
        Net operating income$368,914 $388,128 $729,259 $798,568 

The following is a summary of NOI from real estate assets sold or held for sale for the periods presented (dollars in thousands):
For the three months endedFor the six months ended
6/30/20216/30/20206/30/20216/30/2020
Rental income from real estate assets sold or held for sale$7,719 $21,399 $17,307 $44,529 
Operating expenses from real estate assets sold or held for sale(2,970)(7,818)(6,758)(15,957)
Net operating income from real estate assets sold or held for sale$4,749 $13,581 $10,549 $28,572 
The primary performance measure for communities under development or redevelopment depends on the stage of completion.  While under development, management monitors actual construction costs against budgeted costs as well as lease-up pace and rent levels compared to budget.

The following table provides details of the Company's segment information as of the dates specified (dollars in thousands). The segments are classified based on the individual community's status at January 1, 2021. Segment information for the three and six months ended June 30, 2021 and 2020 has been adjusted to exclude the real estate assets that were sold from January 1, 2020 through June 30, 2021, or otherwise qualify as held for sale as of June 30, 2021, as described in Note 6, "Real Estate Disposition Activities."

 For the three months endedFor the six months ended
 Total
revenue		NOITotal
revenue		NOIGross real estate (1)
For the period ended June 30, 2021 
Same Store   
New England$74,259 $47,895 $147,577 $94,163 $2,772,638 
Metro NY/NJ105,355 70,944 210,304 142,584 4,114,155 
Mid-Atlantic82,232 54,823 163,460 110,083 3,485,698 
Southeast Florida7,706 4,557 14,948 8,746 395,009 
Denver, CO5,853 3,935 11,505 7,954 319,994 
Pacific Northwest26,935 18,298 53,548 36,192 1,054,701 
Northern California89,591 63,506 179,997 127,569 3,450,054 
Southern California108,710 73,364 215,801 145,899 4,373,247 
Total Same Store500,641 337,322 997,140 673,190 19,965,496 
Other Stabilized29,499 19,123 56,264 36,049 1,338,844 
Development / Redevelopment23,076 12,469 40,483 20,020 2,324,779 
Land Held for DevelopmentN/AN/AN/AN/A100,106 
Non-allocated (2)808 N/A1,685 N/A322,576 
Total$554,024 $368,914 $1,095,572 $729,259 $24,051,801 
For the period ended June 30, 2020 
Same Store   
New England$77,240 $52,030 $156,085 $104,299 $2,751,535 
Metro NY/NJ106,452 73,858 219,266 153,511 4,097,021 
Mid-Atlantic84,634 59,217 172,954 122,975 3,462,890 
Southeast Florida7,364 4,298 14,868 8,423 393,329 
Denver, CO5,166 3,326 10,335 6,666 318,833 
Pacific Northwest28,105 19,932 57,263 41,065 1,049,913 
Northern California103,867 79,384 210,744 161,263 3,427,805 
Southern California109,869 76,433 227,468 160,671 4,345,382 
Total Same Store522,697 368,478 1,068,983 758,873 19,846,708 
Other Stabilized24,642 16,055 49,673 32,552 1,209,541 
Development / Redevelopment7,368 3,595 14,181 7,143 1,614,237 
Land Held for DevelopmentN/AN/AN/AN/A39,829 
Non-allocated (2)299 N/A690 N/A407,361 
Total$555,006 $388,128 $1,133,527 $798,568 $23,117,676 
__________________________________
(1)Does not include gross real estate assets held for sale or classified as held for sale subsequent to June 30, 2020 of $672,125.
(2)Revenue represents third-party management, accounting, and developer fees and miscellaneous income and other ancillary items which are not allocated to a reportable segment. Gross real estate includes the for-sale residential condominiums at The Park Loggia, as discussed in Note 6, "Real Estate Disposition Activities."