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Segment Reporting
 9 Months Ended
Sep. 30, 2022
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 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 on extinguishment of debt, net, general and administrative expense, income from investments in unconsolidated entities, depreciation expense, income tax expense, 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. The commercial results attributable to the non-apartment components of the Company's mixed-use communities and other nonresidential operations represent 2.5% and 1.8% of total NOI for the three months ended September 30, 2022 and 2021, respectively, and 2.1% and 1.6% for the nine months ended September 30, 2022 and 2021, 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, 2022 and 2021 is as follows (dollars in thousands):
 For the three months endedFor the nine months ended
 9/30/20229/30/20219/30/20229/30/2021
Net income $494,632 $78,847 $895,274 $669,058 
Property management and other indirect operating expenses, net of corporate income29,374 25,322 88,119 74,110 
Expensed transaction, development and other pursuit costs, net of recoveries6,514 417 9,865 1,900 
Interest expense, net 57,290 55,987 172,613 164,704 
Loss on extinguishment of debt, net1,646 17,890 1,646 17,768 
General and administrative expense14,611 17,313 53,323 53,130 
Income from investments in unconsolidated entities(43,777)(6,867)(46,574)(32,959)
Depreciation expense206,658 193,791 607,746 561,560 
Income tax expense5,651 2,179 7,963 1,434 
Casualty and impairment loss— 1,940 — 3,117 
Gain on sale of communities(318,289)(58)(467,493)(388,354)
Gain on other real estate transactions, net(15)(1,543)(95)(2,002)
Net for-sale condominium activity(304)(158)(469)1,402 
Net operating income from real estate assets sold or held for sale (4,839)(13,147)(21,847)(48,913)
        Net operating income$449,152 $371,913 $1,300,071 $1,075,955 

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
9/30/20229/30/20219/30/20229/30/2021
Rental income from real estate assets sold or held for sale$7,315 $21,636 $34,110 $79,989 
Operating expenses from real estate assets sold or held for sale(2,476)(8,489)(12,263)(31,076)
Net operating income from real estate assets sold or held for sale$4,839 $13,147 $21,847 $48,913 

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 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 and nine months ended September 30, 2022 and 2021 has been adjusted to exclude the real estate assets that were sold from January 1, 2021 through September 30, 2022, or otherwise qualify as held for sale as of September 30, 2022, 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, 2022 
Same Store   
New England$89,107 $59,271 $254,661 $168,041 $2,874,594 
Metro NY/NJ120,111 81,824 344,785 237,804 4,108,778 
Mid-Atlantic85,255 56,583 247,977 167,338 3,196,309 
Southeast Florida9,661 6,374 28,171 18,522 398,306 
Denver, CO6,891 4,905 19,869 14,531 321,354 
Pacific Northwest37,379 26,273 107,987 76,596 1,295,468 
Northern California102,955 73,498 300,171 214,269 3,674,996 
Southern California123,423 85,311 368,299 258,552 4,304,711 
Total Same Store574,782 394,039 1,671,920 1,155,653 20,174,516 
Other Stabilized56,888 38,364 151,198 101,175 2,890,645 
Development / Redevelopment24,904 16,749 63,493 43,243 2,177,648 
Land Held for DevelopmentN/AN/AN/AN/A167,277 
Non-allocated (2)1,399 N/A3,054 N/A154,266 
Total$657,973 $449,152 $1,889,665 $1,300,071 $25,564,352 
For the period ended September 30, 2021 
Same Store   
New England$77,754 $48,696 $226,516 $144,116 $2,840,108 
Metro NY/NJ104,940 70,459 308,252 209,265 4,079,405 
Mid-Atlantic78,284 51,391 231,341 154,252 3,167,632 
Southeast Florida8,152 5,026 23,099 13,772 395,594 
Denver, CO6,070 4,011 17,576 11,965 320,214 
Pacific Northwest32,344 22,079 93,911 63,493 1,286,674 
Northern California92,636 64,562 277,571 195,136 3,629,269 
Southern California113,601 77,831 324,487 220,527 4,250,958 
Total Same Store513,781 344,055 1,502,753 1,012,526 19,969,854 
Other Stabilized32,601 20,612 80,447 47,909 2,092,971 
Development / Redevelopment12,061 7,246 28,084 15,520 1,411,995 
Land Held for DevelopmentN/AN/AN/AN/A66,769 
Non-allocated (2)695 N/A2,380 N/A278,779 
Total$559,138 $371,913 $1,613,664 $1,075,955 $23,820,368 
__________________________________
(1)Does not include gross real estate assets held for sale of $78,662 as of September 30, 2022 and gross real estate either sold or classified as held for sale subsequent to September 30, 2021 of $555,942.
(2)Revenue represents third-party property management, 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."