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Reportable Segments (Tables)

6 Months Ended

Jun. 30, 2024

Schedule of Reconciliation of Net Income Per Consolidated Statements of Operations NOI from Rental Real Estate Specific to Continuing Operations

The following table presents a reconciliation of net income per the consolidated statements of operations to NOI for the six months and quarters ended June 30, 2024 and 2023, respectively (amounts in thousands):


	Six Months Ended June 30,						Quarter Ended June 30,
	2024			2023			2024			2023
Net income	$	488,587		$	364,933		$	183,555		$	144,862
Adjustments:
Property management		68,969			62,145			33,511			30,679
General and administrative		34,351			35,041			18,631			18,876
Depreciation		450,093			437,185			224,398			221,355
Net (gain) loss on sales of real estate properties		(227,994	)		(100,122	)		(39,809	)		87
Interest and other income		(10,657	)		(3,669	)		(1,328	)		(2,131	)
Other expenses		45,123			15,559			13,385			6,564
Interest:
Expense incurred, net		133,040			131,991			65,828			65,590
Amortization of deferred financing costs		3,836			3,996			1,918			2,017
Income and other tax expense (benefit)		635			634			331			336
(Income) loss from investments in unconsolidated entities		3,372			2,605			1,674			1,223
Total NOI	$	989,355		$	950,298		$	502,094		$	489,458

Schedule of NOI from Our 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 six months and quarters ended June 30, 2024 and 2023, respectively, as well as total assets and capital expenditures at June 30, 2024 (amounts in thousands):


	Six Months Ended June 30, 2024							Six Months Ended June 30, 2023
	Rental Income		Operating Expenses		NOI			Rental Income		Operating Expenses		NOI
Same store (1)
Los Angeles	$	239,386	$	73,603	$	165,783		$	229,783	$	72,575	$	157,208
Orange County		62,272		13,865		48,407			59,417		13,396		46,021
San Diego		51,815		11,659		40,156			48,925		11,550		37,375
Subtotal - Southern California		353,473		99,127		254,346			338,125		97,521		240,604

Washington, D.C.		231,584		72,407		159,177			220,318		72,109		148,209
San Francisco		217,043		65,700		151,343			213,502		65,735		147,767
New York		246,136		101,320		144,816			237,830		97,137		140,693
Boston		162,532		46,726		115,806			155,729		46,197		109,532
Seattle		148,624		43,291		105,333			145,796		41,172		104,624
Denver		35,810		10,667		25,143			35,469		10,685		24,784
Other Expansion Markets		37,363		16,199		21,164			37,088		16,165		20,923
Total same store		1,432,565		455,437		977,128			1,383,857		446,721		937,136

Non-same store/other
Non-same store (2)		27,547		12,418		15,129			12,400		6,509		5,891
Other (3)		4,869		7,771		(2,902	)		26,140		18,869		7,271
Total non-same store/other		32,416		20,189		12,227			38,540		25,378		13,162

Totals	$	1,464,981	$	475,626	$	989,355		$	1,422,397	$	472,099	$	950,298

(1)

For the six months ended June 30, 2024 and 2023, same store primarily includes all properties acquired or completed that were stabilized prior to January 1, 2023, less properties subsequently sold, which represented 77,054 apartment units.

(2)

For the six months ended June 30, 2024 and 2023, non-same store primarily includes properties acquired after January 1, 2023, plus any properties in lease-up and not stabilized as of January 1, 2023, and any properties undergoing major renovations.

(3)

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


	Quarter Ended June 30, 2024						Quarter Ended June 30, 2023
	Rental Income		Operating Expenses		NOI		Rental Income		Operating Expenses		NOI
Same store (1)
Los Angeles	$	120,119	$	35,778	$	84,341	$	116,295	$	35,264	$	81,031
Orange County		31,171		6,937		24,234		30,045		6,703		23,342
San Diego		25,991		5,780		20,211		24,691		5,736		18,955
Subtotal - Southern California		177,281		48,495		128,786		171,031		47,703		123,328

Washington, D.C.		116,465		36,342		80,123		111,220		35,472		75,748
San Francisco		108,731		31,263		77,468		107,288		31,893		75,395
New York		122,172		50,045		72,127		119,785		47,649		72,136
Boston		82,081		22,988		59,093		78,851		22,034		56,817
Seattle		74,792		22,013		52,779		73,018		20,951		52,067
Denver		18,002		5,221		12,781		17,873		5,211		12,662
Other Expansion Markets		18,645		8,158		10,487		18,718		7,768		10,950
Total same store		718,169		224,525		493,644		697,784		218,681		479,103

Non-same store/other
Non-same store (2)		14,599		6,297		8,302		7,497		3,744		3,753
Other (3)		1,395		1,247		148		12,028		5,426		6,602
Total non-same store/other		15,994		7,544		8,450		19,525		9,170		10,355

Totals	$	734,163	$	232,069	$	502,094	$	717,309	$	227,851	$	489,458

(1)

For the quarters ended June 30, 2024 and 2023, same store primarily includes all properties acquired or completed that were stabilized prior to April 1, 2023, less properties subsequently sold, which represented 77,054 apartment units.

(2)

For the quarters ended June 30, 2024 and 2023, non-same store primarily includes properties acquired after April 1, 2023, plus any properties in lease-up and not stabilized as of April 1, 2023, and any properties undergoing major renovations.

(3)

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


	Six Months Ended June 30, 2024
	Total Assets		Capital Expenditures
Same store (1)
Los Angeles	$	2,455,957	$	24,700
Orange County		335,826		8,702
San Diego		336,372		8,283
Subtotal - Southern California		3,128,155		41,685

Washington, D.C.		3,029,979		22,162
San Francisco		3,018,760		28,267
New York		3,240,380		12,363
Boston		2,051,119		12,924
Seattle		2,043,317		16,325
Denver		807,719		2,156
Other Expansion Markets		880,531		3,805
Total same store		18,199,960		139,687

Non-same store/other
Non-same store (2)		756,305		13,153
Other (3)		823,303		464
Total non-same store/other		1,579,608		13,617

Totals	$	19,779,568	$	153,304

(1)

Same store primarily includes all properties acquired or completed that were stabilized prior to January 1, 2023, less properties subsequently sold, which represented 77,054 apartment units.

(2)

Non-same store primarily includes properties acquired after January 1, 2023, plus any properties in lease-up and not stabilized as of January 1, 2023, and any properties undergoing major renovations.

(3)

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