Reportable Segments (Tables)

6 Months Ended

Jun. 30, 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 six months and quarters ended June 30, 2025 and 2024, respectively (amounts in thousands):

	Six Months Ended June 30,						Quarter Ended June 30,
	2025			2024			2025			2024
Net income	$	463,583		$	488,587		$	198,785		$	183,555
Adjustments:
Property management		70,602			68,969			34,786			33,511
General and administrative		36,786			34,351			18,531			18,631
Depreciation		497,635			450,093			240,889			224,398
Net (gain) loss on sales of real estate properties		(212,432	)		(227,994	)		(58,280	)		(39,809	)
Interest and other income		(3,821	)		(10,657	)		(2,129	)		(1,328	)
Other expenses		8,961			45,123			4,805			13,385
Interest:
Expense incurred, net		147,431			133,040			75,317			65,828
Amortization of deferred financing costs		4,247			3,836			2,103			1,918
Income and other tax expense (benefit)		829			635			407			331
(Income) loss from investments in    unconsolidated entities		11,407			3,372			4,996			1,674
Net (gain) loss on sales of land parcels		78			—			11			—
Total NOI	$	1,025,306		$	989,355		$	520,221		$	502,094

Schedule of NOI from Our Rental Real Estate for Continuing Operations

The following tables present NOI from our rental real estate for the six months and quarters ended June 30, 2025 and 2024, respectively (amounts in thousands):

	Six Months Ended June 30, 2025							Six Months Ended June 30, 2024
	Rental Income		Operating Expenses		NOI			Rental Income		Operating Expenses		NOI
Same store (1)
Los Angeles	$	242,484	$	76,589	$	165,895		$	239,386	$	73,686	$	165,700
Orange County		63,811		14,221		49,590			62,272		13,805		48,467
San Diego		42,392		9,307		33,085			41,370		8,604		32,766
Subtotal - Southern California		348,687		100,117		248,570			343,028		96,095		246,933
San Francisco		223,067		67,254		155,813			214,833		64,258		150,575
Washington, D.C.		226,463		71,768		154,695			216,933		68,319		148,614
New York		254,116		104,832		149,284			246,136		101,455		144,681
Boston		164,613		49,663		114,950			162,532		47,354		115,178
Seattle		139,131		39,657		99,474			135,974		38,863		97,111
Denver		38,367		11,808		26,559			39,690		11,835		27,855
Other Expansion Markets		39,391		16,952		22,439			40,868		16,219		24,649
Total same store		1,433,835		462,051		971,784			1,399,994		444,398		955,596
Non-same store		91,124		33,292		57,832			20,162		9,509		10,653
Total reportable segments		1,524,959		495,343		1,029,616			1,420,156		453,907		966,249
Other (2)		4,678		8,988		(4,310	)		44,825		21,719		23,106
Totals	$	1,529,637	$	504,331	$	1,025,306		$	1,464,981	$	475,626	$	989,355

(1)For the six months ended June 30, 2025 and 2024, same store represented 75,072 apartment units.

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

	Quarter Ended June 30, 2025							Quarter Ended June 30, 2024
	Rental Income		Operating Expenses		NOI			Rental Income		Operating Expenses		NOI
Same store (1)
Los Angeles	$	121,545	$	37,782	$	83,763		$	120,118	$	35,856	$	84,262
Orange County		31,964		6,964		25,000			31,171		6,908		24,263
San Diego		21,287		4,622		16,665			20,746		4,257		16,489
Subtotal - Southern California		174,796		49,368		125,428			172,035		47,021		125,014
San Francisco		114,497		33,201		81,296			109,549		31,330		78,219
Washington, D.C.		116,496		36,016		80,480			111,280		35,360		75,920
New York		127,960		51,832		76,128			122,172		50,077		72,095
Boston		82,917		24,184		58,733			82,081		23,266		58,815
Seattle		69,769		19,912		49,857			68,427		19,632		48,795
Denver		19,199		5,753		13,446			19,937		5,801		14,136
Other Expansion Markets		21,409		9,168		12,241			22,269		8,831		13,438
Total same store		727,043		229,434		497,609			707,750		221,318		486,432
Non-same store		40,934		15,376		25,558			4,920		2,477		2,443
Total reportable segments		767,977		244,810		523,167			712,670		223,795		488,875
Other (2)		850		3,796		(2,946	)		21,493		8,274		13,219
Totals	$	768,827	$	248,606	$	520,221		$	734,163	$	232,069	$	502,094

(1)For the quarters ended June 30, 2025 and 2024, same store represented 75,950 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 tables present reconciliations of operating expenses for each reportable segment for the six months and quarters ended June 30, 2025 and 2024, respectively (amounts in thousands):

	Six Months Ended June 30, 2025						Six Months Ended June 30, 2024
	Same Store (1)		Non-Same Store		Total		Same Store (1)		Non-Same Store		Total
Operating expenses:
Real estate taxes	$	187,733	$	11,837	$	199,570	$	183,209	$	3,488	$	186,697
On-site payroll		85,786		6,481		92,267		83,418		1,697		85,115
Utilities		73,270		5,042		78,312		67,350		1,470		68,820
Repairs and maintenance		61,688		5,562		67,250		59,582		1,165		60,747
Other (2)		53,574		4,370		57,944		50,839		1,689		52,528
Total	$	462,051	$	33,292	$	495,343	$	444,398	$	9,509	$	453,907

(1)For the six months ended June 30, 2025 and 2024, same store represented 75,072 apartment units.

(2)Other operating expenses for each reportable segment includes insurance, leasing and advertising and other on-site operating expenses.

	Quarter Ended June 30, 2025						Quarter Ended June 30, 2024
	Same Store (1)		Non-Same Store		Total		Same Store (1)		Non-Same Store		Total
Operating expenses:
Real estate taxes	$	93,975	$	5,647	$	99,622	$	92,375	$	833	$	93,208
On-site payroll		42,937		2,844		45,781		41,962		411		42,373
Utilities		34,344		2,057		36,401		31,711		295		32,006
Repairs and maintenance		32,620		2,842		35,462		30,859		381		31,240
Other (2)		25,558		1,986		27,544		24,411		557		24,968
Total	$	229,434	$	15,376	$	244,810	$	221,318	$	2,477	$	223,795

(1)For the quarters ended June 30, 2025 and 2024, same store represented 75,950 apartment units.

(2)Other operating expenses for each reportable segment includes insurance, leasing and advertising and other on-site operating expenses.

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 six months ended June 30, 2025 (amounts in thousands):

	June 30, 2025
	Same Store (1)		Non-Same Store		Other (2)		Total
Total assets	$	17,409,992	$	2,907,037	$	710,485	$	21,027,514
Capital expenditures	$	128,559	$	15,239	$	570	$	144,368

(1)For the six months ended June 30, 2025, same store represented 75,072 apartment units.

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