Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2023

Schedule of reconciliation of NOI to net income

A reconciliation of NOI to net income for the three and nine months ended September 30, 2023 and 2022 is as follows (dollars in thousands):


	For the three months ended September 30,				For the nine months ended September 30,
	2023		2022		2023		2022
Net income	$	171,790	$	494,632	$	686,372	$	895,274
Property management and other indirect operating expenses, net of corporate income	30,421		29,374		90,177		88,119
Expensed transaction, development and other pursuit costs, net of recoveries	18,959		6,514		23,212		9,865
Interest expense, net	48,115		57,290		156,521		172,613
Loss on extinguishment of debt, net	150		1,646		150		1,646
General and administrative expense	20,466		14,611		58,542		53,323
Income from unconsolidated investments	(1,930)		(43,777)		(11,745)		(46,574)
Depreciation expense	200,982		206,658		606,271		607,746
Income tax expense	4,372		5,651		7,715		7,963
Casualty loss	3,499		—		8,550		—
Gain on sale of communities	(22,121)		(318,289)		(209,430)		(467,493)
Other real estate activity	(237)		(319)		(707)		(564)
Net operating income from real estate assets sold or held for sale	(2,089)		(10,994)		(14,212)		(39,583)
Net operating income	$	472,377	$	442,997	$	1,401,416	$	1,282,335

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 September 30,				For the nine months ended September 30,
	2023		2022		2023		2022
Rental income from real estate assets sold or held for sale	$	3,058	$	16,242	$	20,402	$	59,663
Operating expenses from real estate assets sold or held for sale	(969)		(5,248)		(6,190)		(20,080)
Net operating income from real estate assets sold or held for sale	$	2,089	$	10,994	$	14,212	$	39,583

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, 2023. Segment information for the three and nine months ended September 30, 2023 and 2022 has been adjusted to exclude the real estate assets that were sold from January 1, 2022 through September 30, 2023, or otherwise qualify as held for sale as of September 30, 2023, 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, 2023
Same Store
New England	$	92,967	$	61,146	$	273,699	$	182,121	$	2,915,561
Metro NY/NJ	133,727		90,056		395,319		270,617		4,422,604
Mid-Atlantic	93,507		63,573		275,873		190,587		3,429,203
Southeast Florida	18,789		12,260		56,908		37,535		801,062
Denver, CO	7,167		5,061		21,049		14,827		322,024
Pacific Northwest	42,969		29,998		128,758		91,028		1,542,199
Northern California	106,728		75,921		318,833		227,387		3,781,910
Southern California	140,117		96,248		410,657		282,195		4,799,299
Other Expansion Regions	6,122		4,004		17,945		12,107		327,635
Total Same Store	642,093		438,267		1,899,041		1,308,404		22,341,497

Other Stabilized	33,241		23,437		97,210		68,104		1,608,094
Development / Redevelopment	17,309		10,673		40,839		24,908		2,204,049
Land Held for Development	N/A		N/A		N/A		N/A		183,158
Non-allocated (2)	1,934		N/A		5,712		N/A		130,698

Total	$	694,577	$	472,377	$	2,042,802	$	1,401,416	$	26,467,496

For the period ended September 30, 2022
Same Store
New England	$	88,399	$	58,953	$	252,814	$	167,090	$	2,886,605
Metro NY/NJ	127,713		86,387		365,811		250,687		4,392,552
Mid-Atlantic	88,964		59,554		258,952		176,267		3,389,133
Southeast Florida	17,798		11,683		51,292		32,964		796,120
Denver, CO	6,891		4,905		19,869		14,531		321,354
Pacific Northwest	42,628		30,077		122,668		87,147		1,531,682
Northern California	103,374		73,607		301,367		214,527		3,752,632
Southern California	130,453		88,886		389,341		270,804		4,746,147
Other Expansion Regions	5,568		3,703		16,194		11,069		323,333
Total Same Store	611,788		417,755		1,778,308		1,225,086		22,139,558

Other Stabilized	28,146		20,515		62,479		44,622		1,435,965
Development / Redevelopment	7,713		4,727		20,271		12,627		1,386,757
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		115,757

Total	$	649,046	$	442,997	$	1,864,112	$	1,282,335	$	25,245,314

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(1)Does not include gross real estate assets held for sale of $63,754 as of September 30, 2023 and gross real estate either sold or classified as held for sale subsequent to September 30, 2022 of $280,529.

(2)Revenue represents third-party property management, developer fees and miscellaneous income and other ancillary items which are not allocated to a reportable segment.