Segment Reporting

12 Months Ended

Dec. 31, 2011

Segment Reporting [Abstract]

Segment Reporting

13 SEGMENT REPORTING

The Company is engaged in the ownership and management of market rate apartment communities. Each apartment community is considered a separate operating segment. Each segment on a standalone basis is less than 10% of the revenues, net operating income and assets of the combined reported operating segment and meets a majority of the aggregation criteria under authoritative guidance. There is no resident who has one or more leases which, in the aggregate, account for more than 10% of the aggregate gross revenues for the years ended December 31, 2011, 2010 or 2009. The operating segments are aggregated as Core and Non-core properties.

Non-segment revenue to reconcile to total revenue consists of other income. Non-segment assets to reconcile to total assets include cash and cash equivalents, cash in escrows, accounts receivable, prepaid expenses, deferred charges and other assets.

Core properties consist of all apartment communities which have been owned more than one full calendar year. Therefore, the Core properties represent communities owned as of January 1, 2010. Non-core properties consist of apartment communities acquired, developed or redeveloped during 2010 and 2011, such that full year comparable operating results are not available. Beginning in the third quarter of 2011, the Company reclassified the operating results and assets of one property formerly included in Core properties to Non-core properties for 2011 and 2010. This property is undergoing significant renovations beginning in 2011 such that the operating results are not comparable to 2010 due to units being taken out of service during the redevelopment period.

The Company assesses and measures segment operating results based on a performance measure referred to as net operating income. Net operating income is defined as total revenues less operating and maintenance expenses. The accounting policies of the segments are the same as those described in Notes 1, 2 and 3.

The revenues and net operating income for each of the reportable segments are summarized as follows for the years ended December 31, 2011, 2010 and 2009:

	2011			2010			2009
Revenues
Apartments owned
Core properties	$	505,966		$	485,422		$	498,417
Non-core properties		73,853			31,051			—
Reconciling items		154			106			759
Total revenues	$	579,973		$	516,579		$	499,176
Net operating income
Apartments owned
Core properties	$	309,111		$	287,162		$	291,124
Non-core properties		46,171			18,273			—
Reconciling items		154			106			759
Net operating income, including reconciling items		355,436			305,541			291,883
General and administrative expenses		(29,145	)		(25,138	)		(24,476	)
Interest expense		(130,583	)		(124,126	)		(121,765	)
Depreciation and amortization		(144,819	)		(126,668	)		(118,573	)
Other expenses		(3,225	)		(2,871	)		—
Income from continuing operations	$	47,664		$	26,738		$	27,069

The assets for each of the reportable segments are summarized as follows as of December 31, 2011 and 2010:

Assets	2011		2010
Apartments owned
Core properties	$	2,851,848	$	2,870,247
Non-core properties		1,206,717		665,682
Reconciling items		94,641		98,774
Total assets	$	4,153,206	$	3,634,703