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Reportable Segments (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Reconciliation of NOI from Rental Real Estate Specific to Continuing Operations

The following table presents a reconciliation of NOI from our rental real estate for the years ended December 31, 2023, 2022 and 2021, respectively (amounts in thousands):


	Year Ended December 31,
	2023			2022			2021
Rental income	$	2,873,964		$	2,735,180		$	2,463,997
Property and maintenance expense		(514,575	)		(483,865	)		(453,532	)
Real estate taxes and insurance expense		(412,114	)		(388,412	)		(397,105	)
Total operating expenses		(926,689	)		(872,277	)		(850,637	)
Net operating income	$	1,947,275		$	1,862,903		$	1,613,360

Schedule of NOI from Rental Real Estate for Each Segment Specific to Continuing Operations

The following tables present NOI from our rental real estate for each segment for the years ended December 31, 2023, 2022 and 2021, respectively, as well as total assets and capital expenditures at December 31, 2023 and 2022, respectively (amounts in thousands):


	Year Ended December 31, 2023						Year Ended December 31, 2022						Year Ended December 31, 2021
	Rental Income		Operating Expenses		NOI		Rental Income		Operating Expenses		NOI		Rental Income		Operating Expenses		NOI
Same store (1)
Los Angeles	$	466,980	$	143,983	$	322,997	$	450,635	$	132,858	$	317,777	$	431,954	$	132,274	$	299,680
Orange County		130,343		28,699		101,644		122,660		26,511		96,149		109,427		24,986		84,441
San Diego		92,691		20,602		72,089		86,728		19,506		67,222		78,709		18,395		60,314
Subtotal - Southern California		690,014		193,284		496,730		660,023		178,875		481,148		620,090		175,655		444,435

Washington, D.C.		441,676		140,696		300,980		417,210		138,570		278,640		389,205		129,065		260,140
San Francisco		430,390		129,480		300,910		415,173		124,192		290,981		383,817		118,795		265,022
New York		476,319		193,311		283,008		434,820		187,218		247,602		367,370		182,631		184,739
Seattle		290,894		81,787		209,107		281,959		79,037		202,922		256,988		80,775		176,213
Boston		289,423		85,579		203,844		270,899		82,523		188,376		235,050		76,374		158,676
Denver		71,067		21,328		49,739		67,785		19,569		48,216		39,084		11,209		27,875
Other Expansion Markets		64,928		27,983		36,945		61,897		27,618		34,279		—		—		—
Total same store		2,754,711		873,448		1,881,263		2,609,766		837,602		1,772,164		2,291,604		774,504		1,517,100

Non-same store/other
Non-same store (2)		100,970		36,836		64,134		74,379		29,758		44,621		59,629		27,691		31,938
Other (3)		18,283		16,405		1,878		51,035		4,917		46,118		112,764		48,442		64,322
Total non-same store/other		119,253		53,241		66,012		125,414		34,675		90,739		172,393		76,133		96,260

Totals	$	2,873,964	$	926,689	$	1,947,275	$	2,735,180	$	872,277	$	1,862,903	$	2,463,997	$	850,637	$	1,613,360

(1)

For the years ended December 31, 2023 and 2022, same store primarily includes all properties acquired or completed that were stabilized prior to January 1, 2022, less properties subsequently sold, which represented 76,297 apartment units. For the year ended December 31, 2021, same store primarily includes all properties acquired or completed that were stabilized prior to January 1, 2021, less properties subsequently sold, which represented 72,872 apartment units.

(2)

For the years ended December 31, 2023 and 2022, non-same store primarily includes properties acquired after January 1, 2022, plus any properties in lease-up and not stabilized as of January 1, 2022, and any properties undergoing major renovations. For the year ended December 31, 2021, non-same store primarily includes properties acquired after January 1, 2021, plus any properties in lease-up and not stabilized as of January 1, 2021, and any properties undergoing major renovations.

(3)

Other includes development, other corporate operations and operations prior to disposition for properties sold.


	Year Ended December 31, 2023				Year Ended December 31, 2022
	Total Assets		Capital Expenditures		Total Assets		Capital Expenditures
Same store (1)
Los Angeles	$	2,489,180	$	54,688	$	2,549,606	$	35,057
Orange County		343,219		9,888		356,396		7,885
San Diego		231,549		17,137		228,471		8,798
Subtotal - Southern California		3,063,948		81,713		3,134,473		51,740

Washington, D.C.		2,995,509		50,504		3,091,996		34,640
San Francisco		2,972,476		53,963		3,049,771		33,497
New York		3,326,831		21,908		3,421,373		21,636
Seattle		2,075,966		34,011		2,141,346		27,935
Boston		1,748,887		30,852		1,807,629		23,951
Denver		824,264		4,220		857,021		8,561
Other Expansion Markets		782,977		5,674		811,130		2,175
Total same store		17,790,858		282,845		18,314,739		204,135

Non-same store/other
Non-same store (2)		1,493,139		35,615		1,134,000		15,277
Other (3)		750,567		882		769,523		1,674
Total non-same store/other		2,243,706		36,497		1,903,523		16,951

Totals	$	20,034,564	$	319,342	$	20,218,262	$	221,086

(1)

Same store primarily includes all properties acquired or completed that were stabilized prior to January 1, 2022, less properties subsequently sold, which represented 76,297 apartment units.

(2)

Non-same store primarily includes properties acquired after January 1, 2022, plus any properties in lease-up and not stabilized as of January 1, 2022, and any properties undergoing major renovations.

(3)

Other includes development, other corporate operations and capital expenditures for properties sold.