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Reportable Segments (Tables)
3 Months Ended
Mar. 31, 2019
Segment Reporting [Abstract]  
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 quarters ended March 31, 2019 and 2018, respectively (amounts in thousands):

 

 

 

Quarter Ended March 31,

 

 

 

 

2019

 

 

2018

 

 

Rental income

 

$

662,302

 

 

$

632,831

 

 

Property and maintenance expense

 

 

(115,070

)

 

 

(108,202

)

 

Real estate taxes and insurance expense

 

 

(91,442

)

 

 

(91,914

)

 

Total operating expenses

 

 

(206,512

)

 

 

(200,116

)

 

Net operating income

 

$

455,790

 

 

$

432,715

 

 

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

The following tables present NOI for each segment from our rental real estate for the quarters ended March 31, 2019 and 2018, respectively, as well as total assets and capital expenditures at March 31, 2019 (amounts in thousands):

 

 

 

Quarter Ended March 31, 2019

 

 

Quarter Ended March 31, 2018

 

 

 

Rental

Income

 

 

Operating

Expenses

 

 

NOI

 

 

Rental

Income

 

 

Operating

Expenses

 

 

NOI

 

Same store (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Los Angeles

 

$

115,399

 

 

$

34,484

 

 

$

80,915

 

 

$

110,996

 

 

$

32,041

 

 

$

78,955

 

Orange County

 

 

25,828

 

 

 

6,205

 

 

 

19,623

 

 

 

24,803

 

 

 

6,091

 

 

 

18,712

 

San Diego

 

 

23,304

 

 

 

6,127

 

 

 

17,177

 

 

 

22,492

 

 

 

5,964

 

 

 

16,528

 

Subtotal - Southern California

 

 

164,531

 

 

 

46,816

 

 

 

117,715

 

 

 

158,291

 

 

 

44,096

 

 

 

114,195

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

San Francisco

 

 

121,761

 

 

 

30,417

 

 

 

91,344

 

 

 

117,352

 

 

 

29,410

 

 

 

87,942

 

Washington D.C.

 

 

110,784

 

 

 

34,674

 

 

 

76,110

 

 

 

108,528

 

 

 

33,910

 

 

 

74,618

 

New York

 

 

116,064

 

 

 

49,089

 

 

 

66,975

 

 

 

113,328

 

 

 

45,549

 

 

 

67,779

 

Boston

 

 

58,320

 

 

 

16,611

 

 

 

41,709

 

 

 

56,294

 

 

 

16,199

 

 

 

40,095

 

Seattle

 

 

50,621

 

 

 

13,531

 

 

 

37,090

 

 

 

49,516

 

 

 

13,853

 

 

 

35,663

 

Other Markets

 

 

522

 

 

 

185

 

 

 

337

 

 

 

488

 

 

 

164

 

 

 

324

 

Total same store

 

 

622,603

 

 

 

191,323

 

 

 

431,280

 

 

 

603,797

 

 

 

183,181

 

 

 

420,616

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-same store/other (2) (3)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-same store

 

 

39,409

 

 

 

13,293

 

 

 

26,116

 

 

 

17,396

 

 

 

7,105

 

 

 

10,291

 

Other (3)

 

 

290

 

 

 

1,896

 

 

 

(1,606

)

 

 

11,638

 

 

 

9,830

 

 

 

1,808

 

Total non-same store/other

 

 

39,699

 

 

 

15,189

 

 

 

24,510

 

 

 

29,034

 

 

 

16,935

 

 

 

12,099

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Totals

 

$

662,302

 

 

$

206,512

 

 

$

455,790

 

 

$

632,831

 

 

$

200,116

 

 

$

432,715

 

 

(1)

For the quarters ended March 31, 2019 and 2018, same store primarily includes all properties acquired or completed that were stabilized prior to January 1, 2018, less properties subsequently sold, which represented 74,166 apartment units.

(2)

For the quarters ended March 31, 2019 and 2018, non-same store primarily includes properties acquired after January 1, 2018, plus any properties in lease-up and not stabilized as of January 1, 2018.

(3)

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

 

 

 

Quarter Ended March 31, 2019

 

 

 

Total Assets

 

 

Capital Expenditures

 

Same store (1)

 

 

 

 

 

 

 

 

Los Angeles

 

$

3,049,292

 

 

$

7,061

 

Orange County

 

 

415,698

 

 

 

1,833

 

San Diego

 

 

401,881

 

 

 

630

 

Subtotal - Southern California

 

 

3,866,871

 

 

 

9,524

 

 

 

 

 

 

 

 

 

 

San Francisco

 

 

3,400,898

 

 

 

6,039

 

Washington D.C.

 

 

3,749,155

 

 

 

3,683

 

New York

 

 

4,144,468

 

 

 

3,754

 

Boston

 

 

1,581,121

 

 

 

5,981

 

Seattle

 

 

1,322,060

 

 

 

2,773

 

Other Markets

 

 

12,852

 

 

 

44

 

Total same store

 

 

18,077,425

 

 

 

31,798

 

 

 

 

 

 

 

 

 

 

Non-same store/other (2) (3)

 

 

 

 

 

 

 

 

Non-same store

 

 

2,192,615

 

 

 

2,220

 

Other (3)

 

 

498,771

 

 

 

 

Total non-same store/other

 

 

2,691,386

 

 

 

2,220

 

 

 

 

 

 

 

 

 

 

Totals

 

$

20,768,811

 

 

$

34,018

 

 

(1)

Same store primarily includes all properties acquired or completed that were stabilized prior to January 1, 2018, less properties subsequently sold, which represented 74,166 apartment units.

(2)

Non-same store primarily includes properties acquired after January 1, 2018, plus any properties in lease-up and not stabilized as of January 1, 2018.

(3)

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