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Segment Reporting
 12 Months Ended
Dec. 31, 2023
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.

•Same Store is composed of consolidated communities where a comparison of operating results from the prior year to the current year is meaningful as these communities were owned and had stabilized occupancy as of the beginning of the respective prior year. For the year ended December 31, 2023, Same Store communities are consolidated for financial reporting purposes, had stabilized occupancy as of January 1, 2022, are not conducting or are not probable to conduct substantial redevelopment activities and are not held for sale as of December 31, 2023 or probable for disposition to unrelated third parties within the fiscal year. A community is considered to have stabilized occupancy at the earlier of (i) attainment of 90% physical occupancy or (ii) the one year anniversary of completion of development or redevelopment.

•Other Stabilized is composed of completed consolidated communities that the Company owns and that are not Same Store but that had stabilized occupancy, as defined above, as of January 1, 2023, or which were acquired during the years ended December 31, 2023 or 2022. Other Stabilized excludes communities that are conducting or are probable to conduct substantial redevelopment activities within the fiscal year.

•Development/Redevelopment is composed of (i) consolidated communities that are either currently under construction, or were under construction during the fiscal year, which may be partially or fully complete and operating, (ii) consolidated communities where substantial redevelopment is in progress or is probable to begin during the fiscal year and (iii) communities that have been complete for less than one year and did not have stabilized occupancy, as defined above, as of January 1, 2023.

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 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 unconsolidated investments, depreciation expense, income tax expense, casualty loss, gain on sale of communities, other real estate 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 1.8%, 2.0% and 1.7% of total NOI for the years ended December 31, 2023, 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 years ended December 31, 2023, 2022 and 2021 is as follows (dollars in thousands):
 For the year ended December 31,
 202320222021
Net income$928,438 $1,136,438 $1,004,356 
Property management and other indirect operating expenses, net of corporate income121,704 114,200 98,665 
Expensed transaction, development and other pursuit costs, net of recoveries33,479 16,565 3,231 
Interest expense, net205,992 230,074 220,415 
Loss on extinguishment of debt, net150 1,646 17,787 
General and administrative expense76,534 74,064 69,611 
Income from unconsolidated investments(13,454)(53,394)(38,585)
Depreciation expense816,965 814,978 758,596 
Income tax expense10,153 14,646 5,733 
Casualty loss9,118 — 3,119 
Gain on sale of communities(287,424)(555,558)(602,235)
Other real estate activity(174)(5,127)(1,120)
Net operating income from real estate assets sold or held for sale(14,733)(46,678)(82,698)
        Net operating income$1,886,748 $1,741,854 $1,456,875 

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 year ended December 31,
202320222021
Rental income from real estate assets sold or held for sale$21,197 $69,782 $131,506 
Operating expenses from real estate assets sold or held for sale(6,464)(23,104)(48,808)
Net operating income from real estate assets sold or held for sale$14,733 $46,678 $82,698 

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 December 31, 2023 for the years ended December 31, 2023 and 2022 and at December 31, 2022, for the year ended December 31, 2021. Segment information for the years ended December 31, 2023, 2022 and 2021 has been adjusted to exclude the real estate assets that were sold from January 1, 2021 through December 31, 2023, or otherwise qualify as held for sale as of December 31, 2023, as described in Note 6, “Real Estate Disposition Activities.”
 Total
revenue		NOIGross
real estate (1)
For the year ended December 31, 2023   
Same Store   
New England$366,777 $244,700 $2,925,841 
Metro NY/NJ529,684 362,599 4,417,603 
Mid-Atlantic369,027 255,741 3,439,654 
Southeast Florida76,301 50,315 801,617 
Denver, CO28,209 20,020 322,419 
Pacific Northwest171,740 121,783 1,546,038 
Northern California425,165 303,526 3,789,965 
Southern California551,743 380,262 4,816,245 
Other Expansion Regions23,988 16,166 328,082 
Total Same Store (2)2,542,634 1,755,112 22,387,464 
Other Stabilized134,804 92,808 1,799,035 
Development / Redevelopment61,552 38,828 2,408,450 
Land Held for DevelopmentN/AN/A199,062 
Non-allocated (3)7,722 N/A136,451 
Total$2,746,712 $1,886,748 $26,930,462 
For the year ended December 31, 2022   
Same Store   
New England$341,769 $226,987 $2,893,843 
Metro NY/NJ495,107 342,511 4,401,146 
Mid-Atlantic348,096 238,970 3,396,654 
Southeast Florida69,685 44,696 798,437 
Denver, CO26,848 19,652 321,685 
Pacific Northwest165,186 117,211 1,534,208 
Northern California405,184 288,772 3,765,490 
Southern California520,483 361,809 4,762,736 
Other Expansion Regions21,934 15,098 323,573 
Total Same Store (2)2,394,292 1,655,706 22,197,772 
Other Stabilized93,305 67,462 1,515,963 
Development / Redevelopment29,734 18,686 1,574,649 
Land Held for DevelopmentN/AN/A179,204 
Non-allocated (3)6,333 N/A122,886 
Total$2,523,664 $1,741,854 $25,590,474 
For the year ended December 31, 2021   
Same Store   
New England$295,505 $189,571 $2,771,067 
Metro NY/NJ407,621 279,078 4,025,983 
Mid-Atlantic302,652 203,502 3,068,575 
Southeast Florida31,703 19,689 395,999 
Denver, CO23,742 16,451 320,435 
Pacific Northwest126,513 85,980 1,288,975 
Northern California366,215 258,756 3,605,284 
Southern California441,765 303,336 4,264,695 
Total Same Store (2)(4)1,995,716 1,356,363 19,741,013 
Other Stabilized 121,659 75,422 2,413,391 
Development / Redevelopment42,885 25,090 1,580,653 
Land Held for DevelopmentN/AN/A147,546 
Non-allocated (3)3,084 N/A257,536 
Total$2,163,344 $1,456,875 $24,140,139 
_________________________________
(1)     Does not include gross real estate either sold or classified as held for sale subsequent to December 31, 2022 and 2021 of $280,889 and $760,990, respectively.
(2)     Gross real estate for the Company's Same Store includes capitalized additions of approximately $188,507, $209,607 and $158,991 in 2023, 2022 and 2021, respectively.
(3)     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.”
(4) Communities in Same Store Other Expansion Regions were included in Other Stabilized for the year ended December 31, 2021.