Reportable Segments

6 Months Ended

Jun. 30, 2012

Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract]

Segment Reporting Disclosure [Text Block]

Reportable Segments

Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by senior management. Senior management decides how resources are allocated and assesses performance on a monthly basis.

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. Senior management evaluates the performance of each of our apartment communities individually and geographically, and both on a same store and non-same store basis; however, each of our apartment communities generally has similar economic characteristics, residents, products and services. The Company’s operating segments have been aggregated by geography in a manner identical to that which is provided to its chief operating decision maker.

The Company’s fee and asset management, development (including its partially owned properties) and condominium conversion activities are immaterial and do not individually meet the threshold requirements of a reportable segment and as such, have been aggregated in the “Other” segment in the tables presented below.

All revenues are from external customers and there is no customer who contributed 10% or more of the Company’s total revenues during the six months and quarters ended June 30, 2012 and 2011, respectively.

The primary financial measure for the Company’s rental real estate segment is net operating income (“NOI”), which represents rental income less: 1) property and maintenance expense; 2) real estate taxes and insurance expense; and 3) property management expense (all as reflected in the accompanying consolidated statements of operations). The Company believes that 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 communities. Current year NOI is compared to prior year NOI and current year budgeted NOI as a measure of financial performance. The following tables present NOI for each segment from our rental real estate specific to continuing operations for the six months and quarters ended June 30, 2012 and 2011, respectively, as well as total assets and capital expenditures at June 30, 2012 (amounts in thousands):

	Six Months Ended June 30, 2012
	Northeast		Northwest		Southeast		Southwest		Other (3)		Total
Rental income:
Same store (1)	$	352,015	$	193,858	$	181,102	$	223,530	$	—	$	950,505
Non-same store/other (2) (3)	45,941		23,425		9,572		29,015		4,704		112,657
Total rental income	397,956		217,283		190,674		252,545		4,704		1,063,162
Operating expenses:
Same store (1)	128,239		66,223		70,308		73,610		—		338,380
Non-same store/other (2) (3)	13,188		11,658		3,644		9,995		4,324		42,809
Total operating expenses	141,427		77,881		73,952		83,605		4,324		381,189
NOI:
Same store (1)	223,776		127,635		110,794		149,920		—		612,125
Non-same store/other (2) (3)	32,753		11,767		5,928		19,020		380		69,848
Total NOI	$	256,529	$	139,402	$	116,722	$	168,940	$	380	$	681,973
Total assets	$	6,918,894	$	2,919,857	$	2,432,052	$	3,355,321	$	1,088,288	$	16,714,412
Capital expenditures	$	23,199	$	15,225	$	14,837	$	13,196	$	1,862	$	68,319

(1) Same store primarily includes all properties acquired or completed and stabilized prior to January 1, 2011, less properties subsequently sold, which represented 103,950 apartment units.

(2) Non-same store primarily includes properties acquired after January 1, 2011, plus any properties in lease-up and not stabilized as of January 1, 2011.

(3) Other includes development and other corporate operations.

	Six Months Ended June 30, 2011
	Northeast		Northwest		Southeast		Southwest		Other (3)			Total
Rental income:
Same store (1)	$	332,964	$	179,133	$	173,488	$	215,596	$	—		$	901,181
Non-same store/other (2) (3)	19,106		2,175		5,977		9,941		741			37,940
Total rental income	352,070		181,308		179,465		225,537		741			939,121
Operating expenses:
Same store (1)	124,633		64,450		69,175		73,667		—			331,925
Non-same store/other (2) (3)	7,035		626		2,323		4,474		5,532			19,990
Total operating expenses	131,668		65,076		71,498		78,141		5,532			351,915
NOI:
Same store (1)	208,331		114,683		104,313		141,929		—			569,256
Non-same store/other (2) (3)	12,071		1,549		3,654		5,467		(4,791		)	17,950
Total NOI	$	220,402	$	116,232	$	107,967	$	147,396	$	(4,791	)	$	587,206

(1) Same store primarily includes all properties acquired or completed and stabilized prior to January 1, 2011, less properties subsequently sold, which represented 103,950 apartment units.

(2) Non-same store primarily includes properties acquired after January 1, 2011, plus any properties in lease-up and not stabilized as of January 1, 2011.

(3) Other includes development, condominium conversion overhead of $0.2 million and other corporate operations.

	Quarter Ended June 30, 2012
	Northeast		Northwest		Southeast		Southwest		Other (3)		Total
Rental income:
Same store (1)	$	180,583	$	99,300	$	94,829	$	115,153	$	—	$	489,865
Non-same store/other (2) (3)	23,587		12,054		1,363		12,361		2,339		51,704
Total rental income	204,170		111,354		96,192		127,514		2,339		541,569
Operating expenses:
Same store (1)	63,461		33,264		36,255		37,229		—		170,209
Non-same store/other (2) (3)	7,912		5,809		751		4,569		1,908		20,949
Total operating expenses	71,373		39,073		37,006		41,798		1,908		191,158
NOI:
Same store (1)	117,122		66,036		58,574		77,924		—		319,656
Non-same store/other (2) (3)	15,675		6,245		612		7,792		431		30,755
Total NOI	$	132,797	$	72,281	$	59,186	$	85,716	$	431	$	350,411

(1) Same store primarily includes all properties acquired or completed and stabilized prior to April 1, 2011, less properties subsequently sold, which represented 105,604 apartment units.

(2) Non-same store primarily includes properties acquired after April 1, 2011, plus any properties in lease-up and not stabilized as of April 1, 2011.

(3) Other includes development and other corporate operations.

	Quarter Ended June 30, 2011
	Northeast		Northwest		Southeast		Southwest		Other (3)			Total
Rental income:
Same store (1)	$	170,855	$	91,969	$	90,446	$	111,043	$	—		$	464,313
Non-same store/other (2) (3)	9,546		245		—		3,695		620			14,106
Total rental income	180,401		92,214		90,446		114,738		620			478,419
Operating expenses:
Same store (1)	60,644		32,495		35,800		37,923		—			166,862
Non-same store/other (2) (3)	3,900		32		—		1,726		1,621			7,279
Total operating expenses	64,544		32,527		35,800		39,649		1,621			174,141
NOI:
Same store (1)	110,211		59,474		54,646		73,120		—			297,451
Non-same store/other (2) (3)	5,646		213		—		1,969		(1,001		)	6,827
Total NOI	$	115,857	$	59,687	$	54,646	$	75,089	$	(1,001	)	$	304,278

(1) Same store primarily includes all properties acquired or completed and stabilized prior to April 1, 2011, less properties subsequently sold, which represented 105,604 apartment units.

(2) Non-same store primarily includes properties acquired after April 1, 2011, plus any properties in lease-up and not stabilized as of April 1, 2011.

(3) Other includes development, condominium conversion overhead of $0.1 million and other corporate operations.

Note: Markets included in the above geographic segments are as follows:

(a) Northeast – New England (excluding Boston), Boston, New York Metro, DC Northern Virginia and Suburban Maryland.

(b) Northwest – Denver, San Francisco Bay Area and Seattle/Tacoma.

(c) Southeast – Atlanta, Jacksonville, Orlando and South Florida.

(d) Southwest – Inland Empire, Los Angeles, Orange County, Phoenix and San Diego.

The following table presents a reconciliation of NOI from our rental real estate specific to continuing operations for the six months and quarters ended June 30, 2012 and 2011, respectively (amounts in thousands):

	Six Months Ended June 30,						Quarter Ended June 30,
	2012			2011			2012			2011
Rental income	$	1,063,162		$	939,121		$	541,569		$	478,419
Property and maintenance expense	(218,004		)	(202,157		)	(107,024		)	(98,571		)
Real estate taxes and insurance expense	(118,768		)	(106,610		)	(63,126		)	(54,803		)
Property management expense	(44,417		)	(43,148		)	(21,008		)	(20,767		)
Total operating expenses	(381,189		)	(351,915		)	(191,158		)	(174,141		)
Net operating income	$	681,973		$	587,206		$	350,411		$	304,278