Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2022

Schedule of 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 ended				For the nine months ended
	9/30/2022		9/30/2021		9/30/2022		9/30/2021
Net income	$	494,632	$	78,847	$	895,274	$	669,058
Property management and other indirect operating expenses, net of corporate income	29,374		25,322		88,119		74,110
Expensed transaction, development and other pursuit costs, net of recoveries	6,514		417		9,865		1,900
Interest expense, net	57,290		55,987		172,613		164,704
Loss on extinguishment of debt, net	1,646		17,890		1,646		17,768
General and administrative expense	14,611		17,313		53,323		53,130
Income from investments in unconsolidated entities	(43,777)		(6,867)		(46,574)		(32,959)
Depreciation expense	206,658		193,791		607,746		561,560
Income tax expense	5,651		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

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				For the nine months ended
	9/30/2022		9/30/2021		9/30/2022		9/30/2021
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

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 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 ended				For the nine months ended
	Total revenue		NOI		Total revenue		NOI		Gross 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/NJ	120,111		81,824		344,785		237,804		4,108,778
Mid-Atlantic	85,255		56,583		247,977		167,338		3,196,309
Southeast Florida	9,661		6,374		28,171		18,522		398,306
Denver, CO	6,891		4,905		19,869		14,531		321,354
Pacific Northwest	37,379		26,273		107,987		76,596		1,295,468
Northern California	102,955		73,498		300,171		214,269		3,674,996
Southern California	123,423		85,311		368,299		258,552		4,304,711
Total Same Store	574,782		394,039		1,671,920		1,155,653		20,174,516

Other Stabilized	56,888		38,364		151,198		101,175		2,890,645
Development / Redevelopment	24,904		16,749		63,493		43,243		2,177,648
Land Held for Development	N/A		N/A		N/A		N/A		167,277
Non-allocated (2)	1,399		N/A		3,054		N/A		154,266

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/NJ	104,940		70,459		308,252		209,265		4,079,405
Mid-Atlantic	78,284		51,391		231,341		154,252		3,167,632
Southeast Florida	8,152		5,026		23,099		13,772		395,594
Denver, CO	6,070		4,011		17,576		11,965		320,214
Pacific Northwest	32,344		22,079		93,911		63,493		1,286,674
Northern California	92,636		64,562		277,571		195,136		3,629,269
Southern California	113,601		77,831		324,487		220,527		4,250,958
Total Same Store	513,781		344,055		1,502,753		1,012,526		19,969,854

Other Stabilized	32,601		20,612		80,447		47,909		2,092,971
Development / Redevelopment	12,061		7,246		28,084		15,520		1,411,995
Land Held for Development	N/A		N/A		N/A		N/A		66,769
Non-allocated (2)	695		N/A		2,380		N/A		278,779

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."