Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2022

Schedule of reconciliation of NOI to net income

A reconciliation of NOI to net income for the three months ended March 31, 2022 and 2021 is as follows (dollars in thousands):


	For the three months ended
	3/31/2022		3/31/2021
Net income	$	262,076	$	142,234
Property management and other indirect operating expenses, net of corporate income	28,113		24,470
Expensed transaction, development and other pursuit costs, net of recoveries	987		(170)
Interest expense, net	56,526		52,613
Gain on extinguishment of debt, net	—		(122)
General and administrative expense	17,421		17,352
(Income) loss from investments in unconsolidated entities	(317)		467
Depreciation expense	201,786		183,297
Income tax expense (benefit)	2,471		(755)
Gain on sale of communities	(148,800)		(53,727)
Gain on other real estate transactions, net	(37)		(427)
Net for-sale condominium activity	(236)		913
Net operating income from real estate assets sold or held for sale	(1,699)		(11,247)
Net operating income	$	418,291	$	354,898

Schedule of net operating income from real estate assets sold or held for sale, not classified as discontinued operations

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 ended
	3/31/2022		3/31/2021
Rental income from real estate assets sold or held for sale	$	3,219	$	19,034
Operating expenses from real estate assets sold or held for sale	(1,520)		(7,787)
Net operating income from real estate assets sold or held for sale	$	1,699	$	11,247

Schedule of details of segment information

The following table details 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, 2022. Segment information for the three months ended March 31, 2022 and 2021 has been adjusted to exclude the real estate assets that were sold from January 1, 2021 through March 31, 2022, or otherwise qualify as held for sale as of March 31, 2022, as described in Note 6, "Real Estate Disposition Activities."


	For the three months ended
	Total revenue		NOI		Gross real estate (1)
For the period ended March 31, 2022
Same Store
New England	$	81,818	$	52,587	$	2,888,176
Metro NY/NJ	115,476		79,506		4,244,572
Mid-Atlantic	82,093		55,992		3,257,920
Southeast Florida	9,071		5,977		396,555
Denver, CO	6,315		4,727		320,803
Pacific Northwest	34,298		24,222		1,290,332
Northern California	96,729		68,699		3,651,325
Southern California	121,039		84,717		4,409,369
Total Same Store	546,839		376,427		20,459,052

Other Stabilized	45,599		29,542		2,511,859
Development / Redevelopment	17,518		12,322		1,721,164
Land Held for Development	N/A		N/A		218,852
Non-allocated (2)	752		N/A		224,257

Total	$	610,708	$	418,291	$	25,135,184



For the period ended March 31, 2021
Same Store
New England	$	74,871	$	47,445	$	2,862,749
Metro NY/NJ	106,846		73,273		4,215,804
Mid-Atlantic	78,105		53,051		3,233,446
Southeast Florida	7,241		4,189		394,451
Denver, CO	5,652		4,019		319,667
Pacific Northwest	30,532		20,391		1,283,372
Northern California	92,855		65,552		3,614,708
Southern California	107,091		72,535		4,363,142
Total Same Store	503,193		340,455		20,287,339

Other Stabilized	20,958		10,971		1,665,418
Development / Redevelopment	7,073		3,472		1,081,493
Land Held for Development	N/A		N/A		184,058
Non-allocated (2)	877		N/A		356,064

Total	$	532,101	$	354,898	$	23,574,372

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(1)Does not include gross real estate assets held for sale or classified as held for sale subsequent to March 31, 2021 of $485,631.

(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."