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Segment Reporting
 6 Months Ended
Jun. 30, 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 (benefit) expense, casualty 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 1.8% and 1.7% of total NOI for the three months ended June 30, 2023 and 2022, respectively, and 1.8% and 1.9% for the six months ended June 30, 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 and six months ended June 30, 2023 and 2022 is as follows (dollars in thousands):
 For the three months ended June 30,For the six months ended June 30,
 2023202220232022
Net income $367,807 $138,566 $514,582 $400,642 
Property management and other indirect operating expenses, net of corporate income28,972 30,632 59,756 58,745 
Expensed transaction, development and other pursuit costs, net of recoveries1,261 2,364 4,253 3,351 
Interest expense, net 51,585 58,797 108,406 115,323 
General and administrative expense17,676 21,291 38,076 38,712 
Income from unconsolidated investments(4,970)(2,480)(9,815)(2,797)
Depreciation expense200,546 199,302 405,289 401,088 
Income tax (benefit) expense(217)(159)3,343 2,312 
Casualty loss— — 5,051 — 
Gain on sale of communities(187,322)(404)(187,309)(149,204)
Other real estate activity(341)28 (470)(245)
Net operating income from real estate assets sold or held for sale (3,977)(12,252)(8,781)(25,521)
        Net operating income$471,020 $435,685 $932,381 $842,406 

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 June 30,For the six months ended June 30,
2023202220232022
Rental income from real estate assets sold or held for sale$5,989 $18,203 $12,649 $39,023 
Operating expenses from real estate assets sold or held for sale(2,012)(5,951)(3,868)(13,502)
Net operating income from real estate assets sold or held for sale$3,977 $12,252 $8,781 $25,521 

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 and six months ended June 30, 2023 and 2022 has been adjusted to exclude the real estate assets that were sold from January 1, 2022 through June 30, 2023, or otherwise qualify as held for sale as of June 30, 2023, as described in Note 6, "Real Estate Disposition Activities."

 For the three months endedFor the six months ended
 Total
revenue		NOITotal
revenue		NOIGross real estate (1)
For the period ended June 30, 2023 
Same Store   
New England$91,269 $61,570 $180,732 $120,976 $2,906,134 
Metro NY/NJ133,790 91,850 266,285 183,903 4,477,824 
Mid-Atlantic92,494 63,849 182,367 127,015 3,417,578 
Southeast Florida18,809 12,342 38,119 25,274 800,150 
Denver, CO7,036 4,821 13,882 9,765 321,900 
Pacific Northwest43,128 30,601 85,789 61,030 1,538,635 
Northern California106,960 76,678 212,104 151,466 3,777,499 
Southern California137,441 94,965 270,540 185,947 4,784,990 
Other Expansion Regions5,963 4,027 11,823 8,103 327,216 
Total Same Store636,890 440,703 1,261,641 873,479 22,351,926 
Other Stabilized32,240 22,319 63,972 44,667 1,522,042 
Development / Redevelopment13,029 7,998 23,529 14,235 1,973,380 
Land Held for DevelopmentN/AN/AN/AN/A195,115 
Non-allocated (2)2,712 N/A3,778 N/A131,121 
Total$684,871 $471,020 $1,352,920 $932,381 $26,173,584 
For the period ended June 30, 2022 
Same Store   
New England$84,243 $56,444 $164,414 $108,137 $2,873,720 
Metro NY/NJ123,855 85,874 242,497 167,369 4,443,758 
Mid-Atlantic86,609 59,453 169,988 116,712 3,378,869 
Southeast Florida17,034 10,799 33,493 21,281 794,486 
Denver, CO6,663 4,900 12,978 9,627 321,043 
Pacific Northwest41,189 29,594 80,040 57,071 1,528,734 
Northern California100,888 72,166 197,993 140,919 3,738,969 
Southern California133,920 95,471 258,890 181,918 4,729,905 
Other Expansion Regions5,427 3,763 10,626 7,366 322,069 
Total Same Store599,828 418,464 1,170,919 810,400 22,131,553 
Other Stabilized19,078 13,326 34,291 24,063 1,129,359 
Development / Redevelopment6,546 3,895 12,597 7,943 1,125,990 
Land Held for DevelopmentN/AN/AN/AN/A194,458 
Non-allocated (2)904 N/A1,656 N/A116,678 
Total$626,356 $435,685 $1,219,463 $842,406 $24,698,038 
__________________________________
(1)Does not include gross real estate assets held for sale of $106,098 as of June 30, 2023 and gross real estate either sold or classified as held for sale subsequent to June 30, 2022 of $462,673.
(2)Revenue represents third-party property management, developer fees and miscellaneous income and other ancillary items which are not allocated to a reportable segment.