Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of reconciliation of NOI to net income

A reconciliation of NOI to net income for years ended December 31, 2022, 2021 and 2020 is as follows (dollars in thousands):


	For the year ended December 31,
	2022		2021		2020
Net income	$	1,136,438	$	1,004,356	$	827,706
Property management and other indirect operating expenses, net of corporate income	114,200		98,665		97,443
Expensed transaction, development and other pursuit costs, net of recoveries	16,565		3,231		12,399
Interest expense, net	230,074		220,415		214,151
Loss on extinguishment of debt, net	1,646		17,787		9,333
General and administrative expense	74,064		69,611		60,343
Income from investments in unconsolidated entities	(53,394)		(38,585)		(6,422)
Depreciation expense	814,978		758,596		707,331
Income tax expense (benefit)	14,646		5,733		(3,247)
Casualty loss	—		3,119		—
Gain on sale of communities	(555,558)		(602,235)		(340,444)
Gain on other real estate transactions, net	(5,039)		(2,097)		(440)
Net for-sale condominium activity	(88)		977		(2,551)
Net operating income from real estate assets sold or held for sale	(22,746)		(61,105)		(103,181)
Net operating income	$	1,765,786	$	1,478,468	$	1,472,421

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 December 31,
	2022		2021		2020

Rental income from real estate assets sold or held for sale	$	35,374	$	99,684	$	165,092
Operating expenses from real estate assets sold or held for sale	(12,628)		(38,579)		(61,911)
Net operating income from real estate assets sold or held for sale	$	22,746	$	61,105	$	103,181

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

Segment information for the years ended December 31, 2022, 2021 and 2020 has been adjusted to exclude the real estate assets that were sold from January 1, 2020 through December 31, 2022, or otherwise qualify as held for sale as of December 31, 2022, as described in Note 6, “Real Estate Disposition Activities.”


	Total revenue		NOI		Gross real estate (1)
For the period ended December 31, 2022
Same Store
New England	$	344,384	$	228,316	$	2,881,980
Metro NY/NJ	466,512		324,901		4,115,989
Mid-Atlantic	333,400		227,031		3,203,802
Southeast Florida	38,265		25,003		398,823
Denver, CO	26,848		19,652		321,685
Pacific Northwest	145,255		102,838		1,297,627
Northern California	403,611		288,468		3,687,929
Southern California	492,093		345,463		4,320,634
Total Same Store	2,250,368		1,561,672		20,228,469

Other Stabilized	210,341		141,593		2,973,170
Development / Redevelopment	91,030		62,521		2,367,634
Land Held for Development	N/A		N/A		179,204
Non-allocated (3)	6,333		N/A		155,418
Total	$	2,558,072	$	1,765,786	$	25,903,895

For the period ended December 31, 2021
Same Store
New England	$	305,627	$	196,075	$	2,845,834
Metro NY/NJ	415,936		284,819		4,089,024
Mid-Atlantic	310,274		208,505		3,174,279
Southeast Florida	31,703		19,689		395,999
Denver, CO	23,742		16,451		320,435
Pacific Northwest	126,513		85,980		1,288,975
Northern California	371,978		263,101		3,640,220
Southern California	441,765		303,336		4,264,695
Total Same Store (2)	2,027,538		1,377,956		20,019,461

Other Stabilized	121,659		75,422		2,413,391
Development / Redevelopment	42,885		25,090		1,580,653
Land Held for Development	N/A		N/A		147,546
Non-allocated (3)	3,084		N/A		257,536
Total	$	2,195,166	$	1,478,468	$	24,418,587

For the year ended December 31, 2020
Same Store
New England	$	294,955	$	193,754	$	2,678,628
Metro NY/NJ	399,686		277,666		3,895,554
Mid-Atlantic	336,264		233,307		3,479,627
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	433,203		299,196		4,226,724
Total Same Store (2)	2,026,462		1,408,949		19,485,214

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		367,189
Total	$	2,136,169	$	1,472,421	$	22,961,785

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(1) Does not include gross real estate either sold or classified as held for sale subsequent to December 31, 2021 and 2020 of $482,542 and $955,497, respectively.

(2) Gross real estate for the Company's Same Store includes capitalized additions of approximately $209,607, $158,991 and $126,548 in 2022, 2021 and 2020, respectively.

(3) Revenue represents third-party property management, 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."