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Segment Reporting
 9 Months Ended
Sep. 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 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 1.7% and 2.4% of total NOI for the three months ended September 30, 2023 and 2022, respectively, and 1.8% and 2.1% for the nine months ended September 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 nine months ended September 30, 2023 and 2022 is as follows (dollars in thousands):
 For the three months ended September 30,For the nine months ended September 30,
 2023202220232022
Net income $171,790 $494,632 $686,372 $895,274 
Property management and other indirect operating expenses, net of corporate income30,421 29,374 90,177 88,119 
Expensed transaction, development and other pursuit costs, net of recoveries18,959 6,514 23,212 9,865 
Interest expense, net 48,115 57,290 156,521 172,613 
Loss on extinguishment of debt, net150 1,646 150 1,646 
General and administrative expense20,466 14,611 58,542 53,323 
Income from unconsolidated investments(1,930)(43,777)(11,745)(46,574)
Depreciation expense200,982 206,658 606,271 607,746 
Income tax expense4,372 5,651 7,715 7,963 
Casualty loss3,499 — 8,550 — 
Gain on sale of communities(22,121)(318,289)(209,430)(467,493)
Other real estate activity(237)(319)(707)(564)
Net operating income from real estate assets sold or held for sale (2,089)(10,994)(14,212)(39,583)
        Net operating income$472,377 $442,997 $1,401,416 $1,282,335 

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 September 30,For the nine months ended September 30,
2023202220232022
Rental income from real estate assets sold or held for sale$3,058 $16,242 $20,402 $59,663 
Operating expenses from real estate assets sold or held for sale(969)(5,248)(6,190)(20,080)
Net operating income from real estate assets sold or held for sale$2,089 $10,994 $14,212 $39,583 
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 nine months ended September 30, 2023 and 2022 has been adjusted to exclude the real estate assets that were sold from January 1, 2022 through September 30, 2023, or otherwise qualify as held for sale as of September 30, 2023, as described in Note 6, "Real Estate Disposition Activities."

 For the three months endedFor the nine months ended
 Total
revenue		NOITotal
revenue		NOIGross real estate (1)
For the period ended September 30, 2023 
Same Store   
New England$92,967 $61,146 $273,699 $182,121 $2,915,561 
Metro NY/NJ133,727 90,056 395,319 270,617 4,422,604 
Mid-Atlantic93,507 63,573 275,873 190,587 3,429,203 
Southeast Florida18,789 12,260 56,908 37,535 801,062 
Denver, CO7,167 5,061 21,049 14,827 322,024 
Pacific Northwest42,969 29,998 128,758 91,028 1,542,199 
Northern California106,728 75,921 318,833 227,387 3,781,910 
Southern California140,117 96,248 410,657 282,195 4,799,299 
Other Expansion Regions6,122 4,004 17,945 12,107 327,635 
Total Same Store642,093 438,267 1,899,041 1,308,404 22,341,497 
Other Stabilized33,241 23,437 97,210 68,104 1,608,094 
Development / Redevelopment17,309 10,673 40,839 24,908 2,204,049 
Land Held for DevelopmentN/AN/AN/AN/A183,158 
Non-allocated (2)1,934 N/A5,712 N/A130,698 
Total$694,577 $472,377 $2,042,802 $1,401,416 $26,467,496 
For the period ended September 30, 2022 
Same Store   
New England$88,399 $58,953 $252,814 $167,090 $2,886,605 
Metro NY/NJ127,713 86,387 365,811 250,687 4,392,552 
Mid-Atlantic88,964 59,554 258,952 176,267 3,389,133 
Southeast Florida17,798 11,683 51,292 32,964 796,120 
Denver, CO6,891 4,905 19,869 14,531 321,354 
Pacific Northwest42,628 30,077 122,668 87,147 1,531,682 
Northern California103,374 73,607 301,367 214,527 3,752,632 
Southern California130,453 88,886 389,341 270,804 4,746,147 
Other Expansion Regions5,568 3,703 16,194 11,069 323,333 
Total Same Store611,788 417,755 1,778,308 1,225,086 22,139,558 
Other Stabilized28,146 20,515 62,479 44,622 1,435,965 
Development / Redevelopment7,713 4,727 20,271 12,627 1,386,757 
Land Held for DevelopmentN/AN/AN/AN/A167,277 
Non-allocated (2)1,399 N/A3,054 N/A115,757 
Total$649,046 $442,997 $1,864,112 $1,282,335 $25,245,314 
__________________________________
(1)Does not include gross real estate assets held for sale of $63,754 as of September 30, 2023 and gross real estate either sold or classified as held for sale subsequent to September 30, 2022 of $280,529.
(2)Revenue represents third-party property management, developer fees and miscellaneous income and other ancillary items which are not allocated to a reportable segment.