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Segment Reporting
 9 Months Ended
Sep. 30, 2021
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
The Company's reportable operating segments include Same Store, Other Stabilized, and Development/Redevelopment. Annually as of January 1, the Company determines which of its communities fall into each of these categories and generally maintains that classification throughout the year for the purpose of reporting segment operations, unless disposition or redevelopment plans regarding a community change. In addition, the Company owns land for future development and has other corporate assets that are not allocated to an operating segment.

The Company's segment disclosures present the measure(s) used by the chief operating decision maker ("CODM") for purposes of assessing each segment's performance. The Company's CODM is comprised of several members of its executive management team who use net operating income ("NOI") as the primary financial measure for Same Store communities and Other Stabilized communities. NOI is defined by the Company as total property revenue less direct property operating expenses (including property taxes), and excluding corporate-level income (including management, development and other fees), corporate-level property management and other indirect operating expenses, expensed transaction, development and other pursuit costs, net of recoveries, interest expense, net, loss (gain) on extinguishment of debt, net, general and administrative expense, income from investments in unconsolidated entities, depreciation expense, corporate income tax expense (benefit), casualty and impairment loss, gain on sale of communities, gain on other real estate transactions, net, net for-sale condominium activity and net operating income from real estate assets sold or held for sale. The CODM evaluates the Company's financial performance on a consolidated residential and commercial basis, as the Company's commercial results attributable to the non-apartment components of the Company's mixed-use communities and other nonresidential operations represents 1.8% and 1.2% of total NOI for the three months ended September 30, 2021 and 2020, respectively, and 1.6% and 1.1% for the nine months ended September 30, 2021 and 2020, respectively. Although the Company considers NOI a useful measure of a community's or communities' operating performance, NOI should not be considered an alternative to net income or net cash flow from operating activities, as determined in accordance with GAAP. NOI excludes a number of income and expense categories as detailed in the reconciliation of NOI to net income.

A reconciliation of NOI to net income for the three and nine months ended September 30, 2021 and 2020 is as follows (dollars in thousands):
 For the three months endedFor the nine months ended
 9/30/20219/30/20209/30/20219/30/2020
Net income $78,847 $147,717 $669,058 $486,592 
Property management and other indirect operating expenses, net of corporate income25,322 23,837 74,110 70,043 
Expensed transaction, development and other pursuit costs, net of recoveries417 567 1,900 4,289 
Interest expense, net 55,987 53,249 164,704 162,562 
Loss (gain) on extinguishment of debt, net17,890 (105)17,768 9,333 
General and administrative expense17,313 13,985 53,130 46,878 
Income from investments in unconsolidated entities(6,867)(5,083)(32,959)(6,770)
Depreciation expense193,791 175,348 561,560 529,508 
Income tax expense (benefit)2,179 (27)1,434 (1,069)
Casualty and impairment loss1,940 — 3,117 — 
Gain on sale of communities(58)(31,607)(388,354)(91,338)
Gain on other real estate transactions, net(1,543)(129)(2,002)(328)
Net for-sale condominium activity(158)646 1,402 (4,162)
Net operating income from real estate assets sold or held for sale (2,373)(14,686)(17,393)(47,798)
        Net operating income$382,687 $363,712 $1,107,475 $1,157,740 

The following is a summary of NOI from real estate assets sold or held for sale for the periods presented (dollars in thousands):
For the three months endedFor the nine months ended
9/30/20219/30/20209/30/20219/30/2020
Rental income from real estate assets sold or held for sale$3,831 $24,308 $28,276 $75,864 
Operating expenses from real estate assets sold or held for sale(1,458)(9,622)(10,883)(28,066)
Net operating income from real estate assets sold or held for sale$2,373 $14,686 $17,393 $47,798 

The primary performance measure for communities under development or redevelopment depends on the stage of completion.  While under development, management monitors actual construction costs against budgeted costs as well as lease-up pace and rent levels compared to budget.

The following table provides details of the Company's segment information as of the dates specified (dollars in thousands). The segments are classified based on the individual community's status at January 1, 2021. Segment information for the three and nine months ended September 30, 2021 and 2020 has been adjusted to exclude the real estate assets that were sold from January 1, 2020 through September 30, 2021, or otherwise qualify as held for sale as of September 30, 2021, as described in Note 6, "Real Estate Disposition Activities."
 For the three months endedFor the nine months ended
 Total
revenue		NOITotal
revenue		NOIGross real estate (1)
For the period ended September 30, 2021 
Same Store   
New England$77,037 $48,115 $224,614 $142,278 $2,781,806 
Metro NY/NJ108,776 72,564 319,079 215,147 4,129,121 
Mid-Atlantic85,328 56,103 252,271 168,359 3,575,978 
Southeast Florida8,152 5,026 23,099 13,772 395,594 
Denver, CO6,070 4,011 17,576 11,965 320,214 
Pacific Northwest28,092 19,197 81,640 55,389 1,057,166 
Northern California90,127 63,088 270,124 190,658 3,458,280 
Southern California116,215 79,590 332,017 225,489 4,382,656 
Total Same Store519,797 347,694 1,520,420 1,023,057 20,100,815 
Other Stabilized27,908 18,217 77,034 49,796 1,528,196 
Development / Redevelopment28,543 16,776 65,543 34,622 2,401,751 
Land Held for DevelopmentN/AN/AN/AN/A66,769 
Non-allocated (2)695 N/A2,380 N/A278,779 
Total$576,943 $382,687 $1,665,377 $1,107,475 $24,376,310 
For the period ended September 30, 2020 
Same Store   
New England$75,394 $48,290 $231,478 $152,589 $2,756,835 
Metro NY/NJ106,542 72,283 325,807 225,793 4,102,402 
Mid-Atlantic84,974 56,721 261,932 182,503 3,550,373 
Southeast Florida6,950 3,331 21,818 11,755 393,594 
Denver, CO5,422 3,418 15,758 10,084 319,038 
Pacific Northwest27,545 18,913 84,808 59,977 1,051,451 
Northern California97,777 71,207 308,522 232,470 3,430,831 
Southern California108,814 72,995 336,282 233,666 4,349,770 
Total Same Store513,418 347,158 1,586,405 1,108,837 19,954,294 
Other Stabilized22,316 14,238 64,962 42,251 1,125,829 
Development / Redevelopment6,943 2,316 17,119 6,652 1,698,823 
Land Held for DevelopmentN/AN/AN/AN/A43,494 
Non-allocated (2)419 N/A1,109 N/A399,048 
Total$543,096 $363,712 $1,669,595 $1,157,740 $23,221,488 
__________________________________
(1)Does not include gross real estate assets held for sale of $89,529 as of September 30, 2021 and gross real estate assets either sold or classified as held for sale subsequent to September 30, 2020 of $720,432.
(2)Revenue represents third-party management, accounting, and developer fees and miscellaneous income and other ancillary items which are not allocated to a reportable segment. Gross real estate includes the for-sale residential condominiums at The Park Loggia, as discussed in Note 6, "Real Estate Disposition Activities."