Reportable Segments

9 Months Ended

Sep. 30, 2013

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

Segment Reporting Disclosure [Text Block]

13. Reportable Segments

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 chief operating decision maker. The chief operating decision maker decides how resources are allocated and assesses performance on a recurring basis at least quarterly.

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 operating segments (geographic markets) have been aggregated into four reportable segments based upon the geographic region in which they are located.

The Company’s fee and asset management and development (including its partially owned properties) 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.

All revenues are from external customers and there is no customer who contributed 10% or more of the Company’s total revenues during the nine months and quarters ended September 30, 2013 and 2012, 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 and comprehensive income). 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 nine months and quarters ended September 30, 2013 and 2012, respectively, as well as total assets and capital expenditures at September 30, 2013 (amounts in thousands):

	Nine Months Ended September 30, 2013
	Northeast		Northwest		Southeast		Southwest		Other (3)			Total
Rental income:
Same store (1)	$	555,391	$	303,680	$	175,039	$	295,216	$	—		$	1,329,326
Non-same store/other (2) (3)	263,745		99,689		1,785		51,492		3,337			420,048
Total rental income	819,136		403,369		176,824		346,708		3,337			1,749,374
Operating expenses:
Same store (1)	198,068		101,982		66,013		96,446		—			462,509
Non-same store/other (2) (3)	86,820		34,352		696		21,656		9,341			152,865
Total operating expenses	284,888		136,334		66,709		118,102		9,341			615,374
NOI:
Same store (1)	357,323		201,698		109,026		198,770		—			866,817
Non-same store/other (2) (3)	176,925		65,337		1,089		29,836		(6,004		)	267,183
Total NOI	$	534,248	$	267,035	$	110,115	$	228,606	$	(6,004	)	$	1,134,000
Total assets	$	11,499,130	$	4,540,404	$	1,513,074	$	3,578,742	$	2,680,081		$	23,811,431
Capital expenditures	$	39,331	$	23,793	$	13,270	$	15,360	$	5,112		$	96,866

(1) Same store primarily includes all properties acquired or completed and stabilized prior to January 1, 2012, less properties subsequently sold, which represented 81,099 apartment units.

(2) Non-same store primarily includes properties acquired after January 1, 2012, plus any properties in lease-up and not stabilized as of January 1, 2012.

(3) Other includes development and other corporate operations.

	Nine Months Ended September 30, 2012
	Northeast		Northwest		Southeast		Southwest		Other (3)			Total
Rental income:
Same store (1)	$	535,830	$	282,586	$	167,561	$	283,899	$	—		$	1,269,876
Non-same store/other (2) (3)	15,876		8,049		—		1,793		(163		)	25,555
Total rental income	551,706		290,635		167,561		285,692		(163		)	1,295,431
Operating expenses:
Same store (1)	190,979		98,616		64,878		93,127		—			447,600
Non-same store/other (2) (3)	6,170		2,581		—		617		14,443			23,811
Total operating expenses	197,149		101,197		64,878		93,744		14,443			471,411
NOI:
Same store (1)	344,851		183,970		102,683		190,772		—			822,276
Non-same store/other (2) (3)	9,706		5,468		—		1,176		(14,606		)	1,744
Total NOI	$	354,557	$	189,438	$	102,683	$	191,948	$	(14,606	)	$	824,020

(1) Same store primarily includes all properties acquired or completed and stabilized prior to January 1, 2012, less properties subsequently sold, which represented 81,099 apartment units.

(2) Non-same store primarily includes properties acquired after January 1, 2012, plus any properties in lease-up and not stabilized as of January 1, 2012.

(3) Other includes development and other corporate operations.

	Quarter Ended September 30, 2013
	Northeast		Northwest		Southeast		Southwest		Other (3)			Total
Rental income:
Same store (1)	$	196,089	$	107,340	$	59,170	$	101,008	$	—		$	463,607
Non-same store/other (2) (3)	101,001		38,862		768		21,470		1,172			163,273
Total rental income	297,090		146,202		59,938		122,478		1,172			626,880
Operating expenses:
Same store (1)	68,044		35,784		22,619		32,855		—			159,302
Non-same store/other (2) (3)	34,191		13,296		289		8,801		(1,117		)	55,460
Total operating expenses	102,235		49,080		22,908		41,656		(1,117		)	214,762
NOI:
Same store (1)	128,045		71,556		36,551		68,153		—			304,305
Non-same store/other (2) (3)	66,810		25,566		479		12,669		2,289			107,813
Total NOI	$	194,855	$	97,122	$	37,030	$	80,822	$	2,289		$	412,118

(1) Same store primarily includes all properties acquired or completed and stabilized prior to July 1, 2012, less properties subsequently sold, which represented 82,553 apartment units.

(2) Non-same store primarily includes properties acquired after July 1, 2012, plus any properties in lease-up and not stabilized as of July 1, 2012.

(3) Other includes development and other corporate operations.

	Quarter Ended September 30, 2012
	Northeast		Northwest		Southeast		Southwest		Other (3)			Total
Rental income:
Same store (1)	$	190,648	$	100,280	$	56,987	$	97,606	$	—		$	445,521
Non-same store/other (2) (3)	1,658		1,305		—		284		(121		)	3,126
Total rental income	192,306		101,585		56,987		97,890		(121		)	448,647
Operating expenses:
Same store (1)	65,758		34,443		22,435		31,814		—			154,450
Non-same store/other (2) (3)	994		235		—		52		2,508			3,789
Total operating expenses	66,752		34,678		22,435		31,866		2,508			158,239
NOI:
Same store (1)	124,890		65,837		34,552		65,792		—			291,071
Non-same store/other (2) (3)	664		1,070		—		232		(2,629		)	(663		)
Total NOI	$	125,554	$	66,907	$	34,552	$	66,024	$	(2,629	)	$	290,408

(1) Same store primarily includes all properties acquired or completed and stabilized prior to July 1, 2012, less properties subsequently sold, which represented 82,553 apartment units.

(2) Non-same store primarily includes properties acquired after July 1, 2012, plus any properties in lease-up and not stabilized as of July 1, 2012.

(3) Other includes development and other corporate operations.

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

(a) Northeast – New England (excluding Boston), Boston, New York and Washington DC.

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

(c) Southeast – Atlanta, 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 nine months and quarters ended September 30, 2013 and 2012, respectively (amounts in thousands):

	Nine Months Ended September 30,						Quarter Ended September 30,
	2013			2012			2013			2012
Rental income	$	1,749,374		$	1,295,431		$	626,880		$	448,647
Property and maintenance expense	(333,202		)	(254,009		)	(119,632		)	(86,682		)
Real estate taxes and insurance expense	(218,777		)	(154,633		)	(76,255		)	(53,064		)
Property management expense	(63,395		)	(62,769		)	(18,875		)	(18,493		)
Total operating expenses	(615,374		)	(471,411		)	(214,762		)	(158,239		)
Net operating income	$	1,134,000		$	824,020		$	412,118		$	290,408