Reportable Segments (Tables)

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Schedule of Reconciliation of Net Income Per Consolidated Statements of Operations to NOI

The following table presents a reconciliation of net income per the consolidated statements of operations to NOI for the quarters ended March 31, 2025 and 2024, respectively (amounts in thousands):

	March 31, 2025			March 31, 2024
Net income	$	264,798		$	305,032
Adjustments:
Property management		35,816			35,458
General and administrative		18,255			15,720
Depreciation		256,746			225,695
Net (gain) loss on sales of real estate properties		(154,152	)		(188,185	)
Interest and other income		(1,692	)		(9,329	)
Other expenses		4,156			31,738
Interest:
Expense incurred, net		72,114			67,212
Amortization of deferred financing costs		2,144			1,918
Income and other tax expense (benefit)		422			304
(Income) loss from investments in    unconsolidated entities		6,411			1,698
Net (gain) loss on sales of land parcels		67			—
Total NOI	$	505,085		$	487,261

Schedule of NOI from Our Rental Real Estate for Continuing Operations

The following table presents NOI from our rental real estate for the quarters ended March 31, 2025 and 2024, respectively (amounts in thousands):

	March 31, 2025							March 31, 2024
	Rental Income		Operating Expenses		NOI			Rental Income		Operating Expenses		NOI
Same store (1)
Los Angeles	$	120,939	$	38,807	$	82,132		$	119,267	$	37,830	$	81,437
Orange County		31,846		7,256		24,590			31,101		6,897		24,204
San Diego		21,106		4,686		16,420			20,624		4,346		16,278
Subtotal - Southern California		173,891		50,749		123,142			170,992		49,073		121,919
San Francisco		110,832		34,542		76,290			107,190		33,446		73,744
Washington, D.C.		112,437		36,545		75,892			107,868		33,840		74,028
New York		126,156		52,999		73,157			123,964		51,377		72,587
Boston		81,697		25,479		56,218			80,451		24,089		56,362
Seattle		71,775		20,512		51,263			69,770		19,973		49,797
Denver		19,168		6,056		13,112			19,753		6,033		13,720
Other Expansion Markets		19,844		8,359		11,485			20,455		8,127		12,328
Total same store		715,800		235,241		480,559			700,443		225,958		474,485
Non-same store		43,596		15,996		27,600			9,266		4,708		4,558
Total reportable segments		759,396		251,237		508,159			709,709		230,666		479,043
Other (2)		1,414		4,488		(3,074	)		21,109		12,891		8,218
Totals	$	760,810	$	255,725	$	505,085		$	730,818	$	243,557	$	487,261

(1)For the quarters ended March 31, 2025 and 2024, same store represented 75,362 apartment units.

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

Schedule of Reconciliation of Operating Expenses

The following table presents a reconciliation of operating expenses for each reportable segment for the quarters ended March 31, 2025 and 2024, respectively (amounts in thousands):

	March 31, 2025						March 31, 2024
	Same Store (1)		Non-Same Store		Total		Same Store (1)		Non-Same Store		Total
Operating expenses:
Real estate taxes	$	94,556	$	5,625	$	100,181	$	91,907	$	1,691	$	93,598
On-site payroll		43,444		3,223		46,667		42,019		848		42,867
Utilities		39,479		2,548		42,027		36,145		814		36,959
Repairs and maintenance		29,437		2,476		31,913		29,091		529		29,620
Other (2)		28,325		2,124		30,449		26,796		826		27,622
Total	$	235,241	$	15,996	$	251,237	$	225,958	$	4,708	$	230,666

(1)For the quarters ended March 31, 2025 and 2024, same store represented 75,362 apartment units.

Schedule of Reconciliation of Total Assets and Capital Expenditures

The following table presents a reconciliation of total assets and capital expenditures as of and for the quarter ended March 31, 2025 (amounts in thousands):

	March 31, 2025
	Same Store (1)		Non-Same Store		Other (2)		Total
Total assets	$	17,583,318	$	2,339,611	$	639,256	$	20,562,185
Capital expenditures	$	54,944	$	6,950	$	56	$	61,950

(1)For the quarter ended March 31, 2025, same store represented 75,362 apartment units.

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