Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2023

Schedule of 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,
	2023		2022
Net income	$	146,775	$	262,076
Property management and other indirect operating expenses, net of corporate income	30,784		28,113
Expensed transaction, development and other pursuit costs, net of recoveries	2,992		987
Interest expense, net	56,821		56,526
General and administrative expense	20,400		17,421
Income from unconsolidated investments	(4,845)		(317)
Depreciation expense	204,743		201,786
Income tax expense	3,560		2,471
Casualty loss	5,051		—
Loss (gain) on sale of communities	13		(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

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 March 31,
	2023		2022
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

Schedule of details of segment information

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		NOI		Gross real estate (1)
For the period ended March 31, 2023
Same Store
New England	$	92,435	$	61,511	$	2,976,832
Metro NY/NJ	132,495		92,052		4,470,962
Mid-Atlantic	92,079		64,739		3,511,646
Southeast Florida	19,310		12,933		799,221
Denver, CO	6,847		4,944		321,744
Pacific Northwest	42,660		30,429		1,536,311
Northern California	105,145		74,788		3,771,728
Southern California	133,099		90,982		4,771,435
Other Expansion Regions	5,859		4,076		326,335
Total Same Store	629,929		436,454		22,486,214

Other Stabilized	31,730		22,348		1,518,856
Development / Redevelopment	10,500		6,237		1,781,207
Land Held for Development	N/A		N/A		177,889
Non-allocated (2)	1,066		N/A		126,069

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/NJ	118,641		81,495		4,437,153
Mid-Atlantic	85,300		58,495		3,477,547
Southeast Florida	16,459		10,482		793,309
Denver, CO	6,315		4,727		320,803
Pacific Northwest	38,851		27,476		1,526,324
Northern California	97,105		68,753		3,729,145
Southern California	124,968		86,447		4,717,572
Other Expansion Regions	5,199		3,603		321,265
Total Same Store	575,644		394,926		22,262,560

Other Stabilized	15,215		10,739		1,052,283
Development / Redevelopment	6,052		4,048		943,753
Land Held for Development	N/A		N/A		218,852
Non-allocated (2)	752		N/A		113,478

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.