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Segment Reporting
 6 Months Ended
Jun. 30, 2024
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 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), property management and other indirect operating expenses, net of corporate income, 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 (benefit) expense, casualty and impairment 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% of total NOI for both the three months ended June 30, 2024 and 2023 and 1.7% and 1.8% of total NOI for the six months ended June 30, 2024 and 2023, 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 and consistent with how the Company's CODM evaluates total NOI.

In conjunction with the Company’s continued centralization of operating activities into a shared services model, the Company changed its presentation for centralized shared service costs to reflect these platform costs in property management and other indirect operating expenses, net of corporate income for all periods presented. Total property management and other indirect operating expenses, net of corporate income for the three and six months ended June 30, 2023 as presented in the following table includes $3,143,000 and $6,295,000, respectively, of shared services costs for this change.

A reconciliation of NOI to net income for the three and six months ended June 30, 2024 and 2023 is as follows (dollars in thousands):
 For the three months ended June 30,For the six months ended June 30,
 2024202320242023
Net income$254,007 $367,807 $427,564 $514,582 
Property management and other indirect operating expenses, net of corporate income37,553 32,115 72,757 66,051 
Expensed transaction, development and other pursuit costs, net of recoveries1,417 1,261 5,662 4,253 
Interest expense, net57,078 51,585 111,844 108,406 
General and administrative expense19,586 17,676 39,917 38,076 
Income from unconsolidated investments(4,822)(4,970)(15,669)(9,815)
Depreciation expense206,923 200,546 419,192 405,289 
Income tax (benefit) expense(62)(217)(84)3,343 
Casualty and impairment loss— — 2,935 5,051 
Gain on sale of communities(68,556)(187,322)(68,486)(187,309)
Other real estate activity(181)(341)(322)(470)
Net operating income from real estate assets sold or held for sale(6,511)(12,467)(13,571)(25,755)
        Net operating income$496,432 $465,673 $981,739 $921,702 
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 June 30,For the six months ended June 30,
2024202320242023
Rental income from real estate assets sold or held for sale$9,959 $18,818 $20,705 $38,262 
Operating expenses from real estate assets sold or held for sale(3,448)(6,351)(7,134)(12,507)
Net operating income from real estate assets sold or held for sale$6,511 $12,467 $13,571 $25,755 

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, 2024. Segment information for the three and six months ended June 30, 2024 and 2023 has been adjusted to exclude the real estate assets that were sold from January 1, 2023 through June 30, 2024, or otherwise qualify as held for sale as of June 30, 2024, as described in Note 6, "Real Estate Disposition Activities."
 For the three months endedFor the six months ended
 Total
revenue		NOITotal
revenue		NOIGross real estate (1)
For the period ended June 30, 2024 
Same Store   
New England$91,816 $63,444 $182,112 $124,532 $2,826,523 
Metro NY/NJ134,396 92,735 268,088 184,648 4,365,817 
Mid-Atlantic103,458 70,888 205,297 142,100 3,754,148 
Southeast Florida24,540 15,886 48,979 31,753 1,099,906 
Denver, CO10,240 7,336 20,369 14,734 505,650 
Pacific Northwest43,817 31,403 87,034 62,386 1,529,151 
Northern California107,553 75,969 214,779 152,011 3,808,982 
Southern California148,654 104,483 296,529 208,526 5,069,842 
Other Expansion Regions8,468 5,678 16,943 11,225 477,609 
Total Same Store672,942 467,822 1,340,130 931,915 23,437,628 
Other Stabilized27,562 19,458 52,631 36,277 1,337,993 
Development / Redevelopment13,748 9,152 21,809 13,547 2,001,561 
Land Held for DevelopmentN/AN/AN/AN/A174,997 
Non-allocated (2)1,830 N/A3,625 N/A117,172 
Total$716,082 $496,432 $1,418,195 $981,739 $27,069,351 
For the period ended June 30, 2023 
Same Store   
New England$87,810 $59,703 $173,974 $117,429 $2,793,327 
Metro NY/NJ129,444 89,585 257,548 179,242 4,357,275 
Mid-Atlantic100,866 70,559 198,977 140,257 3,713,303 
Southeast Florida23,954 15,659 48,367 31,932 1,095,712 
Denver, CO10,060 6,824 19,904 14,106 504,407 
Pacific Northwest42,448 30,369 84,403 60,576 1,517,793 
Northern California106,960 77,141 212,104 152,395 3,777,500 
Southern California142,002 99,188 279,453 194,170 5,004,623 
Other Expansion Regions8,470 5,367 16,789 10,929 474,666 
Total Same Store652,014 454,395 1,291,519 901,036 23,238,606 
Other Stabilized17,065 11,843 31,755 21,521 985,053 
Development / Redevelopment251 (565)255 (855)1,176,529 
Land Held for DevelopmentN/AN/AN/AN/A195,115 
Non-allocated (2)2,712 N/A3,778 N/A70,212 
Total$672,042 $465,673 $1,327,307 $921,702 $25,665,515 
__________________________________
(1)Does not include gross real estate assets held for sale of $233,212 as of June 30, 2024 and gross real estate either sold or classified as held for sale subsequent to June 30, 2023 of $447,160.
(2)Revenue represents third-party property management, developer fees and miscellaneous income and other ancillary items which are not allocated to a reportable segment.