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Segment Reporting
 3 Months Ended
Mar. 31, 2023
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 ("CODM") for assessing each segment's performance. The Company's 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, loss on extinguishment of debt, net, general and administrative expense, income from unconsolidated investments, depreciation expense, income tax expense, casualty loss, loss (gain) on sale of communities, other real estate 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. The commercial results attributable to the non-apartment components of the Company's mixed-use communities and other nonresidential operations represent 1.9% and 2.0% of total NOI for the three months ended March 31, 2023 and 2022, 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 months ended March 31, 2023 and 2022 is as follows (dollars in thousands):
 For the three months ended March 31,
 20232022
Net income $146,775 $262,076 
Property management and other indirect operating expenses, net of corporate income30,784 28,113 
Expensed transaction, development and other pursuit costs, net of recoveries2,992 987 
Interest expense, net 56,821 56,526 
General and administrative expense20,400 17,421 
Income from unconsolidated investments(4,845)(317)
Depreciation expense204,743 201,786 
Income tax expense3,560 2,471 
Casualty loss5,051 — 
Loss (gain) on sale of communities13 (148,800)
Other real estate activity(129)(273)
Net operating income from real estate assets sold or held for sale (1,126)(10,277)
        Net operating income$465,039 $409,713 

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 March 31,
20232022
Rental income from real estate assets sold or held for sale$1,483 $16,264 
Operating expenses from real estate assets sold or held for sale(357)(5,987)
Net operating income from real estate assets sold or held for sale$1,126 $10,277 
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 details 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, 2023. Segment information for the three months ended March 31, 2023 and 2022 has been adjusted to exclude the real estate assets that were sold from January 1, 2022 through March 31, 2023, or otherwise qualify as held for sale as of March 31, 2023, as described in Note 6, "Real Estate Disposition Activities."

 For the three months ended
 Total
revenue		NOIGross real estate (1)
For the period ended March 31, 2023 
Same Store   
New England$92,435 $61,511 $2,976,832 
Metro NY/NJ132,495 92,052 4,470,962 
Mid-Atlantic92,079 64,739 3,511,646 
Southeast Florida19,310 12,933 799,221 
Denver, CO6,847 4,944 321,744 
Pacific Northwest42,660 30,429 1,536,311 
Northern California105,145 74,788 3,771,728 
Southern California133,099 90,982 4,771,435 
Other Expansion Regions5,859 4,076 326,335 
Total Same Store629,929 436,454 22,486,214 
Other Stabilized31,730 22,348 1,518,856 
Development / Redevelopment10,500 6,237 1,781,207 
Land Held for DevelopmentN/AN/A177,889 
Non-allocated (2)1,066 N/A126,069 
Total$673,225 $465,039 $26,090,235 
For the period ended March 31, 2022 
Same Store   
New England$82,806 $53,448 $2,939,442 
Metro NY/NJ118,641 81,495 4,437,153 
Mid-Atlantic85,300 58,495 3,477,547 
Southeast Florida16,459 10,482 793,309 
Denver, CO6,315 4,727 320,803 
Pacific Northwest38,851 27,476 1,526,324 
Northern California97,105 68,753 3,729,145 
Southern California124,968 86,447 4,717,572 
Other Expansion Regions5,199 3,603 321,265 
Total Same Store575,644 394,926 22,262,560 
Other Stabilized15,215 10,739 1,052,283 
Development / Redevelopment6,052 4,048 943,753 
Land Held for DevelopmentN/AN/A218,852 
Non-allocated (2)752 N/A113,478 
Total$597,663 $409,713 $24,590,926 
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(1)Does not include gross real estate assets held for sale of $35,556 as of March 31, 2023 and gross real estate either sold or classified as held for sale subsequent to March 31, 2022 of $433,495.
(2)Revenue represents third-party property management, developer fees and miscellaneous income and other ancillary items which are not allocated to a reportable segment.