Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of 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,
	2023		2022		2021
Net income	$	928,438	$	1,136,438	$	1,004,356
Property management and other indirect operating expenses, net of corporate income	121,704		114,200		98,665
Expensed transaction, development and other pursuit costs, net of recoveries	33,479		16,565		3,231
Interest expense, net	205,992		230,074		220,415
Loss on extinguishment of debt, net	150		1,646		17,787
General and administrative expense	76,534		74,064		69,611
Income from unconsolidated investments	(13,454)		(53,394)		(38,585)
Depreciation expense	816,965		814,978		758,596
Income tax expense	10,153		14,646		5,733
Casualty loss	9,118		—		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

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 year ended December 31,
	2023		2022		2021

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

Summary of Total Revenue, NOI, and Real Estate by Segment

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		NOI		Gross real estate (1)
For the year ended December 31, 2023
Same Store
New England	$	366,777	$	244,700	$	2,925,841
Metro NY/NJ	529,684		362,599		4,417,603
Mid-Atlantic	369,027		255,741		3,439,654
Southeast Florida	76,301		50,315		801,617
Denver, CO	28,209		20,020		322,419
Pacific Northwest	171,740		121,783		1,546,038
Northern California	425,165		303,526		3,789,965
Southern California	551,743		380,262		4,816,245
Other Expansion Regions	23,988		16,166		328,082
Total Same Store (2)	2,542,634		1,755,112		22,387,464

Other Stabilized	134,804		92,808		1,799,035
Development / Redevelopment	61,552		38,828		2,408,450
Land Held for Development	N/A		N/A		199,062
Non-allocated (3)	7,722		N/A		136,451
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/NJ	495,107		342,511		4,401,146
Mid-Atlantic	348,096		238,970		3,396,654
Southeast Florida	69,685		44,696		798,437
Denver, CO	26,848		19,652		321,685
Pacific Northwest	165,186		117,211		1,534,208
Northern California	405,184		288,772		3,765,490
Southern California	520,483		361,809		4,762,736
Other Expansion Regions	21,934		15,098		323,573
Total Same Store (2)	2,394,292		1,655,706		22,197,772

Other Stabilized	93,305		67,462		1,515,963
Development / Redevelopment	29,734		18,686		1,574,649
Land Held for Development	N/A		N/A		179,204
Non-allocated (3)	6,333		N/A		122,886
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/NJ	407,621		279,078		4,025,983
Mid-Atlantic	302,652		203,502		3,068,575
Southeast Florida	31,703		19,689		395,999
Denver, CO	23,742		16,451		320,435
Pacific Northwest	126,513		85,980		1,288,975
Northern California	366,215		258,756		3,605,284
Southern California	441,765		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 / Redevelopment	42,885		25,090		1,580,653
Land Held for Development	N/A		N/A		147,546
Non-allocated (3)	3,084		N/A		257,536
Total	$	2,163,344	$	1,456,875	$	24,140,139

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(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.