Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Schedule of reconciliation of NOI to net income

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,
	2024		2023		2024		2023
Net income	$	372,519	$	171,790	$	800,083	$	686,372
Property management and other indirect operating expenses, net of corporate income	40,149		33,554		112,906		99,606
Expensed transaction, development and other pursuit costs, net of recoveries	1,573		18,959		7,235		23,212
Interest expense, net	55,769		48,115		167,613		156,521
Loss on extinguishment of debt, net	—		150		—		150
General and administrative expense	20,089		20,466		60,006		58,542
Income from unconsolidated investments	(30,720)		(1,930)		(46,389)		(11,745)
Depreciation expense	212,122		200,982		631,314		606,271
Income tax expense	782		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

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,
	2024		2023		2024		2023
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

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, 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 ended				For the nine months ended
	Total revenue		NOI		Total revenue		NOI		Gross 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/NJ	135,374		90,689		403,462		275,337		4,382,578
Mid-Atlantic	105,465		70,905		310,762		213,005		3,767,527
Southeast Florida	24,292		15,150		73,271		46,902		1,101,440
Denver, CO	10,369		7,315		30,738		22,049		505,910
Pacific Northwest	44,155		31,315		131,188		93,702		1,532,051
Northern California	107,860		76,293		321,132		227,486		3,788,817
Southern California	149,491		103,050		446,020		311,576		5,085,618
Other Expansion Regions	8,591		5,287		25,535		16,512		478,552
Total Same Store	677,579		461,762		2,013,371		1,390,784		23,441,298
Other Stabilized	31,646		21,171		84,278		57,447		1,557,340
Development / Redevelopment	20,108		14,027		41,917		27,574		2,249,625
Land Held for Development	N/A		N/A		N/A		N/A		154,906
Non-allocated (2)	1,716		N/A		5,342		N/A		119,576
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/NJ	131,701		89,294		389,250		268,536		4,365,736
Mid-Atlantic	101,888		70,578		300,865		210,835		3,725,935
Southeast Florida	23,831		15,426		72,198		47,358		1,097,837
Denver, CO	10,272		7,231		30,176		21,337		504,590
Pacific Northwest	42,308		29,800		126,710		90,376		1,521,311
Northern California	105,974		75,927		316,533		227,469		3,748,596
Southern California	144,695		100,468		424,147		294,637		5,019,118
Other Expansion Regions	8,648		5,475		25,437		16,404		475,223
Total Same Store	657,573		452,784		1,944,989		1,351,108		23,226,369
Other Stabilized	20,753		14,288		52,507		35,809		1,077,588
Development / Redevelopment	1,588		(10)		1,842		(865)		1,397,887
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		69,520
Total	$	681,848	$	467,062	$	2,005,050	$	1,386,052	$	25,954,522

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(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.