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Segment Reporting
 3 Months Ended
Mar. 31, 2024
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 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), property management and other indirect operating expenses, net of corporate income, 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 and impairment 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 1.8% of total NOI for the three months ended March 31, 2024 and 2023, 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 and consistent with how the Company's CODM evaluates total NOI.

In conjunction with the Company’s continued centralization of operating activities into a shared services model, the Company changed its presentation for centralized shared service costs to reflect these platform costs in property management and other indirect operating expenses, net of corporate income for all periods presented. Total property management and other indirect operating expenses, net of corporate income for the three months ended March 31, 2023 as presented in the following table includes $3,152,000 of shared services costs for this change.

A reconciliation of NOI to net income for the three months ended March 31, 2024 and 2023 is as follows (dollars in thousands):
 For the three months ended March 31,
 20242023
Net income$173,557 $146,775 
Property management and other indirect operating expenses, net of corporate income35,204 33,936 
Expensed transaction, development and other pursuit costs, net of recoveries4,245 2,992 
Interest expense, net54,766 56,821 
General and administrative expense20,331 20,400 
Income from unconsolidated investments(10,847)(4,845)
Depreciation expense212,269 204,743 
Income tax (benefit) expense(22)3,560 
Casualty and impairment loss2,935 5,051 
Other real estate activity(71)(116)
Net operating income from real estate assets sold or held for sale(426)(6,950)
        Net operating income$491,941 $462,367 

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,
20242023
Rental income from real estate assets sold or held for sale$690 $9,709 
Operating expenses from real estate assets sold or held for sale(264)(2,759)
Net operating income from real estate assets sold or held for sale$426 $6,950 
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, 2024. Segment information for the three months ended March 31, 2024 and 2023 has been adjusted to exclude the real estate assets that were sold from January 1, 2023 through March 31, 2024, or otherwise qualify as held for sale as of March 31, 2024, 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, 2024 
Same Store   
New England$96,751 $65,446 $3,051,656 
Metro NY/NJ135,746 93,172 4,415,604 
Mid-Atlantic101,839 71,212 3,744,801 
Southeast Florida24,439 15,867 1,099,114 
Denver, CO10,129 7,398 505,411 
Pacific Northwest43,217 30,983 1,526,666 
Northern California107,226 76,042 3,799,061 
Southern California149,423 105,061 5,124,742 
Other Expansion Regions8,475 5,547 476,617 
Total Same Store677,245 470,728 23,743,672 
Other Stabilized25,068 16,818 1,272,905 
Development / Redevelopment8,061 4,395 1,785,038 
Land Held for DevelopmentN/AN/A211,546 
Non-allocated (2)1,795 N/A70,510 
Total$712,169 $491,941 $27,083,671 
For the period ended March 31, 2023 
Same Store   
New England$92,374 $61,900 $3,021,096 
Metro NY/NJ130,153 90,876 4,407,248 
Mid-Atlantic98,111 69,697 3,702,562 
Southeast Florida24,413 16,273 1,093,779 
Denver, CO9,843 7,282 504,164 
Pacific Northwest41,955 30,207 1,515,510 
Northern California105,145 75,254 3,771,728 
Southern California138,928 95,927 5,063,271 
Other Expansion Regions8,318 5,562 473,286 
Total Same Store649,240 452,978 23,552,644 
Other Stabilized14,689 9,679 962,630 
Development / Redevelopment4 (290)1,004,656 
Land Held for DevelopmentN/AN/A177,889 
Non-allocated (2)1,066 N/A69,564 
Total$664,999 $462,367 $25,767,383 
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(1)Does not include gross real estate assets held for sale of $20,953 as of March 31, 2024 and gross real estate either sold or classified as held for sale subsequent to March 31, 2023 of $266,346.
(2)Revenue represents third-party property management, developer fees and miscellaneous income and other ancillary items which are not allocated to a reportable segment.