Reportable Segments

3 Months Ended

Mar. 31, 2016

Segment Reporting [Abstract]

Reportable Segments

13. ReportableSegments

Operating segments are defined as components of an enterprise that engage in business activities from which they may earn revenues and incur expenses and about which discrete financial information is available that is evaluated regularly by the chiefoperatingdecisionmaker.  Thechiefoperatingdecisionmakerdecideshowresourcesareallocatedandassessesperformance on a recurring basis at leastquarterly.

The Company’s primary business is the acquisition, development and management of multifamily residential properties, which includes the generation of rental and other related income through the leasing of apartment units to residents.  The chief operating decision maker evaluates the Company's operating performance geographically by market and both on a same store and non-same store basis.  The Company’s same store operating segments located in its coastal markets represent its reportable segments.  The Company's operating segments located in its other markets (Phoenix) that are not material have also been included in the tables presented below.  

The Company’s fee and asset management and development activities are other business activities that do not constitute an operating segment and as such, have been aggregated in the "Other" category in the tables presented below.

Allrevenuesarefromexternalcustomersandthereisnocustomerwhocontributed10%ormoreoftheCompany’stotal revenues during the quarters ended March 31, 2017 and 2016,respectively.

The primary financial measure for the Company’s rental real estate segment is net operating income (“NOI”), which representsrentalincomeless:1) propertyandmaintenanceexpenseand2) realestatetaxesandinsuranceexpense(allasreflected in the accompanying consolidated statements of operations and comprehensive income).  TheCompanybelievesthat NOI is helpful to investors as a supplemental measure of its operating performance because it is a direct measure of the actual operating results of the Company’s apartment properties.  Revenues for all leases are reflected on a straight-line basis in accordance with GAAP for the current and comparable periods.

ThefollowingtablepresentsareconciliationofNOIfromourrentalrealestatespecifictocontinuingoperationsforthe quarters ended March 31, 2017 and 2016, respectively (amounts inthousands):

	Quarter Ended March 31,
	2017			2016
Rental income	$	603,920		$	616,165
Property and maintenance expense		(102,608	)		(109,165	)
Real estate taxes and insurance expense		(81,728	)		(80,196	)
Total operating expenses		(184,336	)		(189,361	)
Net operating income	$	419,584		$	426,804

The following tables present NOI for each segment from our rental real estate specific to continuing operations for the quartersendedMarch31,2017and2016,respectively,aswellastotalassetsandcapitalexpendituresatMarch31,2017(amounts inthousands):

	Quarter Ended March 31, 2017								Quarter Ended March 31, 2016
	Rental Income			Operating Expenses		NOI			Rental Income		Operating Expenses		NOI
Same store (1)
Los Angeles	$	97,182		$	28,570	$	68,612		$	93,634	$	27,215	$	66,419
San Diego		22,558			6,062		16,496			21,471		5,836		15,635
Orange County		21,656			5,471		16,185			20,522		5,142		15,380
Subtotal - Southern California		141,396			40,103		101,293			135,627		38,193		97,434
Washington DC		106,442			32,332		74,110			104,294		31,462		72,832
New York		114,386			43,060		71,326			114,038		40,728		73,310
San Francisco		94,008			22,753		71,255			91,361		22,426		68,935
Boston		60,142			16,767		43,375			59,318		16,614		42,704
Seattle		43,398			12,104		31,294			40,771		11,429		29,342
Other Markets		464			197		267			437		152		285
Total same store		560,236			167,316		392,920			545,846		161,004		384,842
Non-same store/other (2) (3)
Non-same store		46,112			15,548		30,564			19,389		7,873		11,516
Other (3)		(2,428	)		1,472		(3,900	)		50,930		20,484		30,446
Total non-same store/other		43,684			17,020		26,664			70,319		28,357		41,962
Totals	$	603,920		$	184,336	$	419,584		$	616,165	$	189,361	$	426,804

(1) For the quarters ended March 31, 2017 and 2016, same store primarily includes all properties acquired or completed that were stabilized prior to January 1, 2016, less properties subsequently sold, which represented 71,000 apartmentunits.

(2) For the quarters ended March 31, 2017 and 2016, non-same store primarily includes properties acquired after January 1, 2016, plus any properties in lease-up and not stabilized as of January 1,2016.

(3) Other includes development, other corporate operations and operations prior to sale for properties sold from 2014 through 2017 that do not meet the new discontinued operationscriteria.

	Quarter Ended March 31, 2017
	Total Assets		Capital Expenditures
Same store (1)
Los Angeles	$	2,663,858	$	5,150
San Diego		468,868		1,111
Orange County		334,555		1,617
Subtotal - Southern California		3,467,281		7,878
Washington DC		3,892,715		9,006
New York		4,279,073		6,713
San Francisco		2,509,353		7,163
Boston		1,823,241		3,419
Seattle		1,185,594		3,384
Other Markets		12,818		20
Total same store		17,170,075		37,583
Non-same store/other (2) (3)
Non-same store		2,368,331		1,561
Other (3)		1,069,932		153
Total non-same store/other		3,438,263		1,714
Totals	$	20,608,338	$	39,297

(1) Same store primarily includes all properties acquired or completed that were stabilized prior to January 1, 2016, less properties subsequently sold, which represented 71,000 apartmentunits.

(2) Non-same store primarily includes properties acquired after January 1, 2016, plus any properties in lease-up and not stabilized as of January 1,2016.

(3) Other includes development, other corporate operations and capital expenditures for propertiessold.