Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of reconciliation of NOI to net income

A reconciliation of NOI to net income for years ended December 31, 2024, 2023 and 2022 is as follows (dollars in thousands):


	For the year ended December 31,
	2024		2023		2022
Net income	$	1,082,175	$	928,438	$	1,136,438
Property management and other indirect operating expenses, net of corporate income	162,594		134,312		114,200
Expensed transaction, development and other pursuit costs, net of recoveries	18,341		33,479		16,565
Interest expense, net	226,589		205,992		230,074
Loss on extinguishment of debt, net	—		150		1,646
General and administrative expense	77,697		76,534		74,064
Income from unconsolidated investments	(50,682)		(13,454)		(53,394)
Depreciation expense	846,853		816,965		814,978
Income tax expense	445		10,153		14,646
Casualty and impairment loss	2,935		9,118		—
Gain on sale of communities	(363,300)		(287,424)		(555,558)
Other real estate activity	(753)		(174)		(5,127)
Net operating income from real estate assets sold or held for sale	(28,463)		(57,646)		(87,116)
Net operating income	$	1,974,431	$	1,856,443	$	1,701,416

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,
	2024		2023		2022

Rental income from real estate assets sold or held for sale	$	42,042	$	84,676	$	130,631
Operating expenses from real estate assets sold or held for sale	(13,579)		(27,030)		(43,515)
Net operating income from real estate assets sold or held for sale	$	28,463	$	57,646	$	87,116

Summary of segment reporting information, by segment

Segment information for the years ended December 31, 2024, 2023 and 2022 has been adjusted to exclude the real estate assets that were sold from January 1, 2022 through December 31, 2024, or otherwise qualify as held for sale as of December 31, 2024, as described in Note 6, "Real Estate Disposition Activities."


For the year ended December 31, 2024
	Same Store		Other Stabilized		Development / Redevelopment		Total (1) (2)
Total Revenue	$	2,680,192	$	118,558	$	65,884	$	2,864,634
Same Store Operating Expense
Property Taxes	(301,696)						(301,696)
Payroll	(152,572)						(152,572)
Repairs & Maintenance	(147,183)						(147,183)
Utilities	(109,297)						(109,297)
Office Operations	(63,480)						(63,480)
Insurance	(39,591)						(39,591)
Marketing	(15,202)						(15,202)
Same Store Operating Expense	(829,021)		—		—		(829,021)
Non-Same Store Operating Expense	—		(38,230)		(22,952)		(61,182)
Total Expenses	(829,021)		(38,230)		(22,952)		(890,203)
Total NOI	$	1,851,171	$	80,328	$	42,932	$	1,974,431
Gross Real Estate (3) (4)	$	23,419,850	$	1,749,380	$	2,485,000	$	27,654,230

For the year ended December 31, 2023
	Same Store		Other Stabilized		Development / Redevelopment		Total (1) (2)
Total Revenue	$	2,591,016	$	78,325	$	6,170	$	2,675,511
Same Store Operating Expense
Property Taxes	(287,648)						(287,648)
Payroll	(152,645)						(152,645)
Repairs & Maintenance	(141,110)						(141,110)
Utilities	(93,716)						(93,716)
Office Operations	(63,823)						(63,823)
Insurance	(35,919)						(35,919)
Marketing	(14,781)						(14,781)
Same Store Operating Expense	(789,642)		—		—		(789,642)
Non-Same Store Operating Expense	—		(24,585)		(4,841)		(29,426)
Total Expenses	(789,642)		(24,585)		(4,841)		(819,068)
Total NOI	$	1,801,374	$	53,740	$	1,329	$	1,856,443
Gross Real Estate (3) (4)	$	23,182,172	$	1,269,463	$	1,600,314	$	26,051,949

For the year ended December 31, 2022
	Same Store		Other Stabilized		Development / Redevelopment		Total (1) (2)
Total Revenue	$	2,333,443	$	93,305	$	29,734	$	2,456,482
Same Store Operating Expense
Property Taxes	(260,505)						(260,505)
Payroll	(148,462)						(148,462)
Repairs & Maintenance	(126,137)						(126,137)
Utilities	(76,227)						(76,227)
Office Operations	(63,188)						(63,188)
Insurance	(29,910)						(29,910)
Marketing	(13,747)						(13,747)
Same Store Operating Expense	(718,176)		—		—		(718,176)
Non-Same Store Operating Expense	—		(25,750)		(11,047)		(36,797)
Total Expenses	(718,176)		(25,750)		(11,047)		(754,973)
Total NOI	$	1,615,267	$	67,462	$	18,687	$	1,701,416
Gross Real Estate (3) (4)	$	22,197,772	$	1,515,963	$	1,574,649	$	25,288,384

________________________

(1) Does not include non-allocated revenue and non-allocated gross real estate. Non-allocated revenue represents third-party property management, developer fees and miscellaneous income and other ancillary items which are not allocated to a reportable segment. Non-allocated revenue is $7,081, $7,722 and $6,333 for the years ended December 31, 2024, 2023 and 2022, respectively.

(2) Does not include non-allocated gross real estate including the for-sale residential condominiums at The Park Loggia, as discussed in Note 6, "Real Estate Disposition Activities," and land held for development. Non-allocated gross real estate is $118,342, $70,822 and $122,886 for the years ended December 31, 2024, 2023 and 2022, respectively. Land held for development gross real estate is $151,922, $199,062 and $179,204 for the years ended December 31, 2024, 2023 and 2022, respectively.

(3) Does not include gross real estate either sold or classified as held for sale subsequent to December 31, 2024, 2023 and 2022 of $25,288, $543,000 and $280,889, respectively.

(4) Gross real estate for the Company's Same Store includes capitalized additions of approximately $236,592, $188,507 and $209,607 in 2024, 2023 and 2022, respectively.