Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2021

Schedule of reconciliation of NOI to net income

A reconciliation of NOI to net income for years ended December 31, 2021, 2020 and 2019 is as follows (dollars in thousands):


	For the year ended
	12/31/21		12/31/20		12/31/19
Net income	$	1,004,356	$	827,706	$	786,103
Property management and other indirect operating expenses, net of corporate income	98,665		97,443		83,008
Expensed transaction, development and other pursuit costs, net of recoveries	3,231		12,399		4,991
Interest expense, net	220,415		214,151		203,585
Loss on extinguishment of debt, net	17,787		9,333		602
General and administrative expense	69,611		60,343		58,042
Income from investments in unconsolidated entities	(38,585)		(6,422)		(8,652)
Depreciation expense	758,596		707,331		661,578
Income tax expense (benefit)	5,733		(3,247)		13,003
Casualty and impairment loss	3,119		—		—
Gain on sale of communities	(602,235)		(340,444)		(166,105)
Gain on other real estate transactions, net	(2,097)		(440)		(439)
Net for-sale condominium activity	977		(2,551)		3,812
Net operating income from real estate assets sold or held for sale	(24,895)		(67,418)		(87,637)
Net operating income	$	1,514,678	$	1,508,184	$	1,551,891

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 year ended
	12/31/2021		12/31/2020		12/31/2019

Rental income from real estate assets sold or held for sale	$	42,857	$	109,371	$	139,880
Operating expenses from real estate assets sold or held for sale	(17,962)		(41,953)		(52,243)
Net operating income from real estate assets sold or held for sale	$	24,895	$	67,418	$	87,637

Summary of Total Revenue, NOI, and Real Estate by Segment

Segment information for the years ended December 31, 2021, 2020 and 2019 has been adjusted to exclude the real estate assets that were sold from January 1, 2019 through December 31, 2021, or otherwise qualify as held for sale as of December 31, 2021, as described in Note 6, “Real Estate Disposition Activities.”


	Total revenue		NOI		Gross real estate (1)
For the year ended December 31, 2021
Same Store
New England	$	302,919	$	193,415	$	2,787,583
Metro NY/NJ	425,653		289,855		4,112,556
Mid-Atlantic	338,455		227,695		3,583,374
Southeast Florida	31,703		19,689		395,999
Denver, CO	23,742		16,451		320,435
Pacific Northwest	109,907		74,875		1,059,431
Northern California	361,910		256,417		3,469,149
Southern California	451,884		310,048		4,396,416
Total Same Store	2,046,173		1,388,445		20,124,943

Other Stabilized	104,357		71,014		1,796,752
Development / Redevelopment	98,379		55,219		2,574,352
Land Held for Development	N/A		N/A		147,546
Non-allocated (3)	3,084		N/A		257,536
Total	$	2,251,993	$	1,514,678	$	24,901,129

For the period ended December 31, 2020
Same Store
New England	$	305,262	$	200,028	$	2,761,655
Metro NY/NJ	425,946		294,086		4,083,641
Mid-Atlantic	345,003		239,228		3,557,724
Southeast Florida	29,151		15,730		393,926
Denver, CO	21,293		13,796		319,562
Pacific Northwest	110,976		77,324		1,052,903
Northern California	400,934		298,176		3,438,290
Southern California	443,618		306,344		4,358,217
Total Same Store (2)	2,082,183		1,444,712		19,965,918

Other Stabilized	79,431		52,614		1,081,327
Development / Redevelopment	28,298		10,858		1,917,913
Land Held for Development	N/A		N/A		110,142
Non-allocated (3)	1,978		N/A		367,190
Total	$	2,191,890	$	1,508,184	$	23,442,490

For the year ended December 31, 2019
Same Store
New England	$	287,144	$	193,106	$	2,475,513
Metro NY/NJ	429,154		303,859		3,946,221
Mid-Atlantic	351,680		250,142		3,484,610
Southeast Florida	17,709		9,861		242,843
Denver, CO	5,694		3,716		77,513
Pacific Northwest	107,417		78,063		956,755
Northern California	397,593		305,450		3,186,075
Southern California	444,184		316,819		4,083,946
Total Same Store (2)	2,040,575		1,461,016		18,453,476

Other Stabilized	110,434		74,814		1,587,397
Development / Redevelopment	28,777		16,061		2,086,519
Land Held for Development	N/A		N/A		—
Non-allocated (3)	4,960		N/A		559,777
Total	$	2,184,746	$	1,551,891	$	22,687,169

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(1) Does not include gross real estate assets held for sale of $26,176 as of December 31, 2021 and gross real estate assets either sold or classified as held for sale subsequent to December 31, 2020 and 2019 of $474,792 and $871,291, respectively.

(2) Gross real estate for the Company's Same Store includes capitalized additions of approximately $158,991, $126,548 and $128,324 in 2021, 2020 and 2019, respectively.

(3) 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."