Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2021

Schedule of reconciliation of NOI to net income

A reconciliation of NOI to net income for the three and nine months ended September 30, 2021 and 2020 is as follows (dollars in thousands):


	For the three months ended				For the nine months ended
	9/30/2021		9/30/2020		9/30/2021		9/30/2020
Net income	$	78,847	$	147,717	$	669,058	$	486,592
Property management and other indirect operating expenses, net of corporate income	25,322		23,837		74,110		70,043
Expensed transaction, development and other pursuit costs, net of recoveries	417		567		1,900		4,289
Interest expense, net	55,987		53,249		164,704		162,562
Loss (gain) on extinguishment of debt, net	17,890		(105)		17,768		9,333
General and administrative expense	17,313		13,985		53,130		46,878
Income from investments in unconsolidated entities	(6,867)		(5,083)		(32,959)		(6,770)
Depreciation expense	193,791		175,348		561,560		529,508
Income tax expense (benefit)	2,179		(27)		1,434		(1,069)
Casualty and impairment loss	1,940		—		3,117		—
Gain on sale of communities	(58)		(31,607)		(388,354)		(91,338)
Gain on other real estate transactions, net	(1,543)		(129)		(2,002)		(328)
Net for-sale condominium activity	(158)		646		1,402		(4,162)
Net operating income from real estate assets sold or held for sale	(2,373)		(14,686)		(17,393)		(47,798)
Net operating income	$	382,687	$	363,712	$	1,107,475	$	1,157,740

Schedule of net operating income from real estate assets sold or held for sale, not classified as discontinued operations

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 ended				For the nine months ended
	9/30/2021		9/30/2020		9/30/2021		9/30/2020
Rental income from real estate assets sold or held for sale	$	3,831	$	24,308	$	28,276	$	75,864
Operating expenses from real estate assets sold or held for sale	(1,458)		(9,622)		(10,883)		(28,066)
Net operating income from real estate assets sold or held for sale	$	2,373	$	14,686	$	17,393	$	47,798

Schedule of details of segment information

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 nine months ended September 30, 2021 and 2020 has been adjusted to exclude the real estate assets that were sold from January 1, 2020 through September 30, 2021, or otherwise qualify as held for sale as of September 30, 2021, as described in Note 6, "Real Estate Disposition Activities."


	For the three months ended				For the nine months ended
	Total revenue		NOI		Total revenue		NOI		Gross real estate (1)
For the period ended September 30, 2021
Same Store
New England	$	77,037	$	48,115	$	224,614	$	142,278	$	2,781,806
Metro NY/NJ	108,776		72,564		319,079		215,147		4,129,121
Mid-Atlantic	85,328		56,103		252,271		168,359		3,575,978
Southeast Florida	8,152		5,026		23,099		13,772		395,594
Denver, CO	6,070		4,011		17,576		11,965		320,214
Pacific Northwest	28,092		19,197		81,640		55,389		1,057,166
Northern California	90,127		63,088		270,124		190,658		3,458,280
Southern California	116,215		79,590		332,017		225,489		4,382,656
Total Same Store	519,797		347,694		1,520,420		1,023,057		20,100,815

Other Stabilized	27,908		18,217		77,034		49,796		1,528,196
Development / Redevelopment	28,543		16,776		65,543		34,622		2,401,751
Land Held for Development	N/A		N/A		N/A		N/A		66,769
Non-allocated (2)	695		N/A		2,380		N/A		278,779

Total	$	576,943	$	382,687	$	1,665,377	$	1,107,475	$	24,376,310



For the period ended September 30, 2020
Same Store
New England	$	75,394	$	48,290	$	231,478	$	152,589	$	2,756,835
Metro NY/NJ	106,542		72,283		325,807		225,793		4,102,402
Mid-Atlantic	84,974		56,721		261,932		182,503		3,550,373
Southeast Florida	6,950		3,331		21,818		11,755		393,594
Denver, CO	5,422		3,418		15,758		10,084		319,038
Pacific Northwest	27,545		18,913		84,808		59,977		1,051,451
Northern California	97,777		71,207		308,522		232,470		3,430,831
Southern California	108,814		72,995		336,282		233,666		4,349,770
Total Same Store	513,418		347,158		1,586,405		1,108,837		19,954,294

Other Stabilized	22,316		14,238		64,962		42,251		1,125,829
Development / Redevelopment	6,943		2,316		17,119		6,652		1,698,823
Land Held for Development	N/A		N/A		N/A		N/A		43,494
Non-allocated (2)	419		N/A		1,109		N/A		399,048

Total	$	543,096	$	363,712	$	1,669,595	$	1,157,740	$	23,221,488

__________________________________

(1)Does not include gross real estate assets held for sale of $89,529 as of September 30, 2021 and gross real estate assets either sold or classified as held for sale subsequent to September 30, 2020 of $720,432.

(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."