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Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2022

Segment Reporting [Abstract]

Schedule of reconciliation of NOI to net income

A reconciliation of NOI to net income for the three and six months ended June 30, 2022 and 2021 is as follows (dollars in thousands):

			For the three months ended												For the six months ended
			6/30/2022						6/30/2021						6/30/2022						6/30/2021
Net income			$	138,566					$	447,977					$	400,642					$	590,211
Property management and other indirect operating expenses, net of corporate income			30,632						24,318						58,745						48,788
Expensed transaction, development and other pursuit costs, net of recoveries			2,364						1,653						3,351						1,483
Interest expense, net			58,797						56,104						115,323						108,717
Gain on extinguishment of debt, net			—						—						—						(122)
General and administrative expense			21,291						18,465						38,712						35,817
Income from investments in unconsolidated entities			(2,480)						(26,559)						(2,797)						(26,092)
Depreciation expense			199,302						184,472						401,088						367,769
Income tax (benefit) expense			(159)						10						2,312						(745)
Casualty and impairment loss			—						1,177						—						1,177
Gain on sale of communities			(404)						(334,569)						(149,204)						(388,296)
Gain on other real estate transactions, net			(43)						(32)						(80)						(459)
Net for-sale condominium activity			71						647						(165)						1,560
Net operating income from real estate assets sold or held for sale			(3,650)						(13,893)						(8,916)						(28,472)
Net operating income			$	444,287					$	359,770					$	859,011					$	711,336

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												For the six months ended
			6/30/2022						6/30/2021						6/30/2022						6/30/2021
Rental income from real estate assets sold or held for sale			$	5,699					$	22,887					$	14,510					$	47,165
Operating expenses from real estate assets sold or held for sale			(2,049)						(8,994)						(5,594)						(18,693)
Net operating income from real estate assets sold or held for sale			$	3,650					$	13,893					$	8,916					$	28,472

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, 2022. Segment information for the three and six months ended June 30, 2022 and 2021 has been adjusted to exclude the real estate assets that were sold from January 1, 2021 through June 30, 2022, or otherwise qualify as held for sale as of June 30, 2022, as described in Note 6, "Real Estate Disposition Activities."

			For the three months ended												For the six months ended
			Total revenue						NOI						Total revenue						NOI						Gross real estate (1)
For the period ended June 30, 2022
Same Store
New England			$	85,966					$	57,413					$	167,783					$	110,000					$	2,897,758
Metro NY/NJ			114,791						80,041						224,674						155,980						4,099,129
Mid-Atlantic			85,191						57,944						167,284						113,936						3,264,662
Southeast Florida			9,439						6,171						18,510						12,148						397,445
Denver, CO			6,663						4,900						12,978						9,627						321,043
Pacific Northwest			36,310						26,101						70,608						50,323						1,292,648
Northern California			100,487						72,072						197,216						140,771						3,661,197
Southern California			129,329						92,204						250,370						176,921						4,421,423
Total Same Store			568,176						396,846						1,109,423						769,706						20,355,305
Other Stabilized			48,708						33,269						94,308						62,811						2,583,348
Development / Redevelopment			21,072						14,172						38,589						26,494						1,910,921
Land Held for Development			N/A						N/A						N/A						N/A						194,458
Non-allocated (2)			904						N/A						1,656						N/A						190,301
Total			$	638,860					$	444,287					$	1,243,976					$	859,011					$	25,234,333
For the period ended June 30, 2021
Same Store
New England			$	76,028					$	49,292					$	150,899					$	96,738					$	2,866,866
Metro NY/NJ			101,709						68,865						203,312						138,806						4,064,542
Mid-Atlantic			79,090						52,583						157,194						105,634						3,237,943
Southeast Florida			7,706						4,557						14,948						8,746						395,009
Denver, CO			5,853						3,935						11,505						7,954						319,994
Pacific Northwest			31,035						21,024						61,567						41,414						1,284,135
Northern California			92,080						65,022						184,935						130,574						3,620,936
Southern California			108,710						73,364						215,801						145,899						4,373,247
Total Same Store			502,211						338,642						1,000,161						675,765						20,162,672
Other Stabilized			26,886						16,326						47,844						27,298						1,806,053
Development / Redevelopment			8,951						4,802						16,024						8,273						1,261,434
Land Held for Development			N/A						N/A						N/A						N/A						100,106
Non-allocated (2)			808						N/A						1,685						N/A						322,576
Total			$	538,856					$	359,770					$	1,065,714					$	711,336					$	23,652,841

__________________________________

(1)Does not include gross real estate assets held for sale of $152,391 as of June 30, 2022 and gross real estate either sold or classified as held for sale subsequent to June 30, 2021 of $398,960.

(2)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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Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment.

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