Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Schedule of reconciliation of NOI to net income

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,
	2024		2023
Net income	$	173,557	$	146,775
Property management and other indirect operating expenses, net of corporate income	35,204		33,936
Expensed transaction, development and other pursuit costs, net of recoveries	4,245		2,992
Interest expense, net	54,766		56,821
General and administrative expense	20,331		20,400
Income from unconsolidated investments	(10,847)		(4,845)
Depreciation expense	212,269		204,743
Income tax (benefit) expense	(22)		3,560
Casualty and impairment loss	2,935		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

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,
	2024		2023
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

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, 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		NOI		Gross real estate (1)
For the period ended March 31, 2024
Same Store
New England	$	96,751	$	65,446	$	3,051,656
Metro NY/NJ	135,746		93,172		4,415,604
Mid-Atlantic	101,839		71,212		3,744,801
Southeast Florida	24,439		15,867		1,099,114
Denver, CO	10,129		7,398		505,411
Pacific Northwest	43,217		30,983		1,526,666
Northern California	107,226		76,042		3,799,061
Southern California	149,423		105,061		5,124,742
Other Expansion Regions	8,475		5,547		476,617
Total Same Store	677,245		470,728		23,743,672
Other Stabilized	25,068		16,818		1,272,905
Development / Redevelopment	8,061		4,395		1,785,038
Land Held for Development	N/A		N/A		211,546
Non-allocated (2)	1,795		N/A		70,510
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/NJ	130,153		90,876		4,407,248
Mid-Atlantic	98,111		69,697		3,702,562
Southeast Florida	24,413		16,273		1,093,779
Denver, CO	9,843		7,282		504,164
Pacific Northwest	41,955		30,207		1,515,510
Northern California	105,145		75,254		3,771,728
Southern California	138,928		95,927		5,063,271
Other Expansion Regions	8,318		5,562		473,286
Total Same Store	649,240		452,978		23,552,644
Other Stabilized	14,689		9,679		962,630
Development / Redevelopment	4		(290)		1,004,656
Land Held for Development	N/A		N/A		177,889
Non-allocated (2)	1,066		N/A		69,564
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.