Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Schedule of reconciliation of NOI to net income

A reconciliation of NOI to net income for the three and six months ended June 30, 2024 and 2023 is as follows (dollars in thousands):

	For the three months ended June 30,				For the six months ended June 30,
	2024		2023		2024		2023
Net income	$	254,007	$	367,807	$	427,564	$	514,582
Property management and other indirect operating expenses, net of corporate income	37,553		32,115		72,757		66,051
Expensed transaction, development and other pursuit costs, net of recoveries	1,417		1,261		5,662		4,253
Interest expense, net	57,078		51,585		111,844		108,406
General and administrative expense	19,586		17,676		39,917		38,076
Income from unconsolidated investments	(4,822)		(4,970)		(15,669)		(9,815)
Depreciation expense	206,923		200,546		419,192		405,289
Income tax (benefit) expense	(62)		(217)		(84)		3,343
Casualty and impairment loss	—		—		2,935		5,051
Gain on sale of communities	(68,556)		(187,322)		(68,486)		(187,309)
Other real estate activity	(181)		(341)		(322)		(470)
Net operating income from real estate assets sold or held for sale	(6,511)		(12,467)		(13,571)		(25,755)
Net operating income	$	496,432	$	465,673	$	981,739	$	921,702

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 June 30,				For the six months ended June 30,
	2024		2023		2024		2023
Rental income from real estate assets sold or held for sale	$	9,959	$	18,818	$	20,705	$	38,262
Operating expenses from real estate assets sold or held for sale	(3,448)		(6,351)		(7,134)		(12,507)
Net operating income from real estate assets sold or held for sale	$	6,511	$	12,467	$	13,571	$	25,755

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 and six months ended June 30, 2024 and 2023 has been adjusted to exclude the real estate assets that were sold from January 1, 2023 through June 30, 2024, or otherwise qualify as held for sale as of June 30, 2024, as described in Note 6, "Real Estate Disposition Activities."

	For the three months ended				For the six months ended
	Total revenue		NOI		Total revenue		NOI		Gross real estate (1)
For the period ended June 30, 2024
Same Store
New England	$	91,816	$	63,444	$	182,112	$	124,532	$	2,826,523
Metro NY/NJ	134,396		92,735		268,088		184,648		4,365,817
Mid-Atlantic	103,458		70,888		205,297		142,100		3,754,148
Southeast Florida	24,540		15,886		48,979		31,753		1,099,906
Denver, CO	10,240		7,336		20,369		14,734		505,650
Pacific Northwest	43,817		31,403		87,034		62,386		1,529,151
Northern California	107,553		75,969		214,779		152,011		3,808,982
Southern California	148,654		104,483		296,529		208,526		5,069,842
Other Expansion Regions	8,468		5,678		16,943		11,225		477,609
Total Same Store	672,942		467,822		1,340,130		931,915		23,437,628
Other Stabilized	27,562		19,458		52,631		36,277		1,337,993
Development / Redevelopment	13,748		9,152		21,809		13,547		2,001,561
Land Held for Development	N/A		N/A		N/A		N/A		174,997
Non-allocated (2)	1,830		N/A		3,625		N/A		117,172
Total	$	716,082	$	496,432	$	1,418,195	$	981,739	$	27,069,351
For the period ended June 30, 2023
Same Store
New England	$	87,810	$	59,703	$	173,974	$	117,429	$	2,793,327
Metro NY/NJ	129,444		89,585		257,548		179,242		4,357,275
Mid-Atlantic	100,866		70,559		198,977		140,257		3,713,303
Southeast Florida	23,954		15,659		48,367		31,932		1,095,712
Denver, CO	10,060		6,824		19,904		14,106		504,407
Pacific Northwest	42,448		30,369		84,403		60,576		1,517,793
Northern California	106,960		77,141		212,104		152,395		3,777,500
Southern California	142,002		99,188		279,453		194,170		5,004,623
Other Expansion Regions	8,470		5,367		16,789		10,929		474,666
Total Same Store	652,014		454,395		1,291,519		901,036		23,238,606
Other Stabilized	17,065		11,843		31,755		21,521		985,053
Development / Redevelopment	251		(565)		255		(855)		1,176,529
Land Held for Development	N/A		N/A		N/A		N/A		195,115
Non-allocated (2)	2,712		N/A		3,778		N/A		70,212
Total	$	672,042	$	465,673	$	1,327,307	$	921,702	$	25,665,515

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(1)Does not include gross real estate assets held for sale of $233,212 as of June 30, 2024 and gross real estate either sold or classified as held for sale subsequent to June 30, 2023 of $447,160.

(2)Revenue represents third-party property management, developer fees and miscellaneous income and other ancillary items which are not allocated to a reportable segment.