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Segment Reporting
 9 Months Ended
Sep. 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 1.6% and 1.7% of total NOI for the three months ended September 30, 2024 and 2023, respectively, and 1.7% and 1.8% of total NOI for the nine months ended September 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 nine months ended September 30, 2023 as presented in the following table includes $3,133,000 and $9,429,000, respectively, of shared services costs for this change.

A reconciliation of NOI to net income for the three and nine months ended September 30, 2024 and 2023 is as follows (dollars in thousands):
 For the three months ended September 30,For the nine months ended September 30,
 2024202320242023
Net income$372,519 $171,790 $800,083 $686,372 
Property management and other indirect operating expenses, net of corporate income40,149 33,554 112,906 99,606 
Expensed transaction, development and other pursuit costs, net of recoveries1,573 18,959 7,235 23,212 
Interest expense, net55,769 48,115 167,613 156,521 
Loss on extinguishment of debt, net— 150 — 150 
General and administrative expense20,089 20,466 60,006 58,542 
Income from unconsolidated investments(30,720)(1,930)(46,389)(11,745)
Depreciation expense212,122 200,982 631,314 606,271 
Income tax expense782 4,372 698 7,715 
Casualty and impairment loss— 3,499 2,935 8,550 
Gain on sale of communities(172,973)(22,121)(241,459)(209,430)
Other real estate activity(314)(237)(636)(707)
Net operating income from real estate assets sold or held for sale(2,036)(10,537)(18,501)(39,005)
        Net operating income$496,960 $467,062 $1,475,805 $1,386,052 
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,
2024202320242023
Rental income from real estate assets sold or held for sale$3,258 $15,787 $28,300 $58,154 
Operating expenses from real estate assets sold or held for sale(1,222)(5,250)(9,799)(19,149)
Net operating income from real estate assets sold or held for sale$2,036 $10,537 $18,501 $39,005 

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 nine months ended September 30, 2024 and 2023 has been adjusted to exclude the real estate assets that were sold from January 1, 2023 through September 30, 2024, or otherwise qualify as held for sale as of September 30, 2024, as described in Note 6, "Real Estate Disposition Activities."
 For the three months endedFor the nine months ended
 Total
revenue		NOITotal
revenue		NOIGross real estate (1)
For the period ended September 30, 2024 
Same Store   
New England$91,982 $61,758 $271,263 $184,215 $2,798,805 
Metro NY/NJ135,374 90,689 403,462 275,337 4,382,578 
Mid-Atlantic105,465 70,905 310,762 213,005 3,767,527 
Southeast Florida24,292 15,150 73,271 46,902 1,101,440 
Denver, CO10,369 7,315 30,738 22,049 505,910 
Pacific Northwest44,155 31,315 131,188 93,702 1,532,051 
Northern California107,860 76,293 321,132 227,486 3,788,817 
Southern California149,491 103,050 446,020 311,576 5,085,618 
Other Expansion Regions8,591 5,287 25,535 16,512 478,552 
Total Same Store677,579 461,762 2,013,371 1,390,784 23,441,298 
Other Stabilized31,646 21,171 84,278 57,447 1,557,340 
Development / Redevelopment20,108 14,027 41,917 27,574 2,249,625 
Land Held for DevelopmentN/AN/AN/AN/A154,906 
Non-allocated (2)1,716 N/A5,342 N/A119,576 
Total$731,049 $496,960 $2,144,908 $1,475,805 $27,522,745 
For the period ended September 30, 2023 
Same Store   
New England$88,256 $58,585 $259,673 $174,156 $2,768,023 
Metro NY/NJ131,701 89,294 389,250 268,536 4,365,736 
Mid-Atlantic101,888 70,578 300,865 210,835 3,725,935 
Southeast Florida23,831 15,426 72,198 47,358 1,097,837 
Denver, CO10,272 7,231 30,176 21,337 504,590 
Pacific Northwest42,308 29,800 126,710 90,376 1,521,311 
Northern California105,974 75,927 316,533 227,469 3,748,596 
Southern California144,695 100,468 424,147 294,637 5,019,118 
Other Expansion Regions8,648 5,475 25,437 16,404 475,223 
Total Same Store657,573 452,784 1,944,989 1,351,108 23,226,369 
Other Stabilized20,753 14,288 52,507 35,809 1,077,588 
Development / Redevelopment1,588 (10)1,842 (865)1,397,887 
Land Held for DevelopmentN/AN/AN/AN/A183,158 
Non-allocated (2)1,934 N/A5,712 N/A69,520 
Total$681,848 $467,062 $2,005,050 $1,386,052 $25,954,522 
__________________________________
(1)Does not include gross real estate assets held for sale of $68,263 as of September 30, 2024 and gross real estate either sold or classified as held for sale subsequent to September 30, 2023 of $451,795.
(2)Revenue represents third-party property management, developer fees and miscellaneous income and other ancillary items which are not allocated to a reportable segment.