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Segment Reporting (Tables) | 12 Months Ended
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Dec. 31, 2021
Segment Reporting [Abstract] |
Schedule of reconciliation of NOI to net income | A reconciliation of NOI to net income for years ended December 31, 2021, 2020 and 2019 is as follows (dollars in thousands):
| For the year ended
| 12/31/21 |  | 12/31/20 |  | 12/31/19
Net income | $ | 1,004,356 |  |  | $ | 827,706 |  |  | $ | 786,103 |
Property management and other indirect operating expenses, net of corporate income | 98,665 |  |  | 97,443 |  |  | 83,008 |
Expensed transaction, development and other pursuit costs, net of recoveries | 3,231 |  |  | 12,399 |  |  | 4,991 |
Interest expense, net | 220,415 |  |  | 214,151 |  |  | 203,585 |
Loss on extinguishment of debt, net | 17,787 |  |  | 9,333 |  |  | 602 |
General and administrative expense | 69,611 |  |  | 60,343 |  |  | 58,042 |
Income from investments in unconsolidated entities | (38,585) |  |  | (6,422) |  |  | (8,652) |
Depreciation expense | 758,596 |  |  | 707,331 |  |  | 661,578 |
Income tax expense (benefit) | 5,733 |  |  | (3,247) |  |  | 13,003 |
Casualty and impairment loss | 3,119 |  |  | — |  |  | — |
Gain on sale of communities | (602,235) |  |  | (340,444) |  |  | (166,105) |
Gain on other real estate transactions, net | (2,097) |  |  | (440) |  |  | (439) |
Net for-sale condominium activity | 977 |  |  | (2,551) |  |  | 3,812 |
Net operating income from real estate assets sold or held for sale | (24,895) |  |  | (67,418) |  |  | (87,637) |
Net operating income | $ | 1,514,678 |  |  | $ | 1,508,184 |  |  | $ | 1,551,891 |
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
| 12/31/2021 |  | 12/31/2020 |  | 12/31/2019
Rental income from real estate assets sold or held for sale | $ | 42,857 |  |  | $ | 109,371 |  |  | $ | 139,880 |
Operating expenses from real estate assets sold or held for sale | (17,962) |  |  | (41,953) |  |  | (52,243) |
Net operating income from real estate assets sold or held for sale | $ | 24,895 |  |  | $ | 67,418 |  |  | $ | 87,637 |
Summary of Total Revenue, NOI, and Real Estate by Segment | Segment information for the years ended December 31, 2021, 2020 and 2019 has been adjusted to exclude the real estate assets that were sold from January 1, 2019 through December 31, 2021, or otherwise qualify as held for sale as of December 31, 2021, as described in Note 6, “Real Estate Disposition Activities.”
| Total revenue |  | NOI |  | Gross real estate (1)
For the year ended December 31, 2021 |  |  |  |  |
Same Store |  |  |  |  |
New England | $ | 302,919 |  |  | $ | 193,415 |  |  | $ | 2,787,583 |
Metro NY/NJ | 425,653 |  |  | 289,855 |  |  | 4,112,556 |
Mid-Atlantic | 338,455 |  |  | 227,695 |  |  | 3,583,374 |
Southeast Florida | 31,703 |  |  | 19,689 |  |  | 395,999 |
Denver, CO | 23,742 |  |  | 16,451 |  |  | 320,435 |
Pacific Northwest | 109,907 |  |  | 74,875 |  |  | 1,059,431 |
Northern California | 361,910 |  |  | 256,417 |  |  | 3,469,149 |
Southern California | 451,884 |  |  | 310,048 |  |  | 4,396,416 |
Total Same Store | 2,046,173 |  |  | 1,388,445 |  |  | 20,124,943 |
Other Stabilized | 104,357 |  |  | 71,014 |  |  | 1,796,752 |
Development / Redevelopment | 98,379 |  |  | 55,219 |  |  | 2,574,352 |
Land Held for Development | N/A |  | N/A |  | 147,546 |
Non-allocated (3) | 3,084 |  |  | N/A |  | 257,536 |
Total | $ | 2,251,993 |  |  | $ | 1,514,678 |  |  | $ | 24,901,129 |
For the period ended December 31, 2020 |  |  |  |  |
Same Store |  |  |  |  |
New England | $ | 305,262 |  |  | $ | 200,028 |  |  | $ | 2,761,655 |
Metro NY/NJ | 425,946 |  |  | 294,086 |  |  | 4,083,641 |
Mid-Atlantic | 345,003 |  |  | 239,228 |  |  | 3,557,724 |
Southeast Florida | 29,151 |  |  | 15,730 |  |  | 393,926 |
Denver, CO | 21,293 |  |  | 13,796 |  |  | 319,562 |
Pacific Northwest | 110,976 |  |  | 77,324 |  |  | 1,052,903 |
Northern California | 400,934 |  |  | 298,176 |  |  | 3,438,290 |
Southern California | 443,618 |  |  | 306,344 |  |  | 4,358,217 |
Total Same Store (2) | 2,082,183 |  |  | 1,444,712 |  |  | 19,965,918 |
Other Stabilized | 79,431 |  |  | 52,614 |  |  | 1,081,327 |
Development / Redevelopment | 28,298 |  |  | 10,858 |  |  | 1,917,913 |
Land Held for Development | N/A |  | N/A |  | 110,142 |
Non-allocated (3) | 1,978 |  |  | N/A |  | 367,190 |
Total | $ | 2,191,890 |  |  | $ | 1,508,184 |  |  | $ | 23,442,490 |
For the year ended December 31, 2019 |  |  |  |  |
Same Store |  |  |  |  |
New England | $ | 287,144 |  |  | $ | 193,106 |  |  | $ | 2,475,513 |
Metro NY/NJ | 429,154 |  |  | 303,859 |  |  | 3,946,221 |
Mid-Atlantic | 351,680 |  |  | 250,142 |  |  | 3,484,610 |
Southeast Florida | 17,709 |  |  | 9,861 |  |  | 242,843 |
Denver, CO | 5,694 |  |  | 3,716 |  |  | 77,513 |
Pacific Northwest | 107,417 |  |  | 78,063 |  |  | 956,755 |
Northern California | 397,593 |  |  | 305,450 |  |  | 3,186,075 |
Southern California | 444,184 |  |  | 316,819 |  |  | 4,083,946 |
Total Same Store (2) | 2,040,575 |  |  | 1,461,016 |  |  | 18,453,476 |
Other Stabilized | 110,434 |  |  | 74,814 |  |  | 1,587,397 |
Development / Redevelopment | 28,777 |  |  | 16,061 |  |  | 2,086,519 |
Land Held for Development | N/A |  | N/A |  | — |
Non-allocated (3) | 4,960 |  |  | N/A |  | 559,777 |
Total | $ | 2,184,746 |  |  | $ | 1,551,891 |  |  | $ | 22,687,169 |
_________________________________ (1) Does not include gross real estate assets held for sale of $26,176 as of December 31, 2021 and gross real estate assets either sold or classified as held for sale subsequent to December 31, 2020 and 2019 of $474,792 and $871,291, respectively. (2) Gross real estate for the Company's Same Store includes capitalized additions of approximately $158,991, $126,548 and $128,324 in 2021, 2020 and 2019, respectively. (3) Revenue represents third-party management, accounting, and developer fees and miscellaneous income and other ancillary items which are not allocated to a reportable segment. Gross real estate includes the for-sale residential condominiums at The Park Loggia, as discussed in Note 6, "Real Estate Disposition Activities."

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