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v3.22.2.2

Segment Reporting (Tables) | 9 Months Ended
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Sep. 30, 2022
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, 2022 and 2021 is as follows (dollars in thousands):
| For the three months ended |  | For the nine months ended
| 9/30/2022 |  | 9/30/2021 |  | 9/30/2022 |  | 9/30/2021
Net income | $ | 494,632 |  |  | $ | 78,847 |  |  | $ | 895,274 |  |  | $ | 669,058 |
Property management and other indirect operating expenses, net of corporate income | 29,374 |  |  | 25,322 |  |  | 88,119 |  |  | 74,110 |
Expensed transaction, development and other pursuit costs, net of recoveries | 6,514 |  |  | 417 |  |  | 9,865 |  |  | 1,900 |
Interest expense, net | 57,290 |  |  | 55,987 |  |  | 172,613 |  |  | 164,704 |
Loss on extinguishment of debt, net | 1,646 |  |  | 17,890 |  |  | 1,646 |  |  | 17,768 |
General and administrative expense | 14,611 |  |  | 17,313 |  |  | 53,323 |  |  | 53,130 |
Income from investments in unconsolidated entities | (43,777) |  |  | (6,867) |  |  | (46,574) |  |  | (32,959) |
Depreciation expense | 206,658 |  |  | 193,791 |  |  | 607,746 |  |  | 561,560 |
Income tax expense | 5,651 |  |  | 2,179 |  |  | 7,963 |  |  | 1,434 |
Casualty and impairment loss | — |  |  | 1,940 |  |  | — |  |  | 3,117 |
Gain on sale of communities | (318,289) |  |  | (58) |  |  | (467,493) |  |  | (388,354) |
Gain on other real estate transactions, net | (15) |  |  | (1,543) |  |  | (95) |  |  | (2,002) |
Net for-sale condominium activity | (304) |  |  | (158) |  |  | (469) |  |  | 1,402 |
Net operating income from real estate assets sold or held for sale | (4,839) |  |  | (13,147) |  |  | (21,847) |  |  | (48,913) |
Net operating income | $ | 449,152 |  |  | $ | 371,913 |  |  | $ | 1,300,071 |  |  | $ | 1,075,955 |
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 nine months ended
| 9/30/2022 |  | 9/30/2021 |  | 9/30/2022 |  | 9/30/2021
Rental income from real estate assets sold or held for sale | $ | 7,315 |  |  | $ | 21,636 |  |  | $ | 34,110 |  |  | $ | 79,989 |
Operating expenses from real estate assets sold or held for sale | (2,476) |  |  | (8,489) |  |  | (12,263) |  |  | (31,076) |
Net operating income from real estate assets sold or held for sale | $ | 4,839 |  |  | $ | 13,147 |  |  | $ | 21,847 |  |  | $ | 48,913 |
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 nine months ended September 30, 2022 and 2021 has been adjusted to exclude the real estate assets that were sold from January 1, 2021 through September 30, 2022, or otherwise qualify as held for sale as of September 30, 2022, 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, 2022 |  |  |  |  |  |
Same Store |  |  |  |  |  |  |  |  |
New England | $ | 89,107 |  |  | $ | 59,271 |  |  | $ | 254,661 |  |  | $ | 168,041 |  |  | $ | 2,874,594 |
Metro NY/NJ | 120,111 |  |  | 81,824 |  |  | 344,785 |  |  | 237,804 |  |  | 4,108,778 |
Mid-Atlantic | 85,255 |  |  | 56,583 |  |  | 247,977 |  |  | 167,338 |  |  | 3,196,309 |
Southeast Florida | 9,661 |  |  | 6,374 |  |  | 28,171 |  |  | 18,522 |  |  | 398,306 |
Denver, CO | 6,891 |  |  | 4,905 |  |  | 19,869 |  |  | 14,531 |  |  | 321,354 |
Pacific Northwest | 37,379 |  |  | 26,273 |  |  | 107,987 |  |  | 76,596 |  |  | 1,295,468 |
Northern California | 102,955 |  |  | 73,498 |  |  | 300,171 |  |  | 214,269 |  |  | 3,674,996 |
Southern California | 123,423 |  |  | 85,311 |  |  | 368,299 |  |  | 258,552 |  |  | 4,304,711 |
Total Same Store | 574,782 |  |  | 394,039 |  |  | 1,671,920 |  |  | 1,155,653 |  |  | 20,174,516 |
Other Stabilized | 56,888 |  |  | 38,364 |  |  | 151,198 |  |  | 101,175 |  |  | 2,890,645 |
Development / Redevelopment | 24,904 |  |  | 16,749 |  |  | 63,493 |  |  | 43,243 |  |  | 2,177,648 |
Land Held for Development | N/A |  | N/A |  | N/A |  | N/A |  | 167,277 |
Non-allocated (2) | 1,399 |  |  | N/A |  | 3,054 |  |  | N/A |  | 154,266 |
Total | $ | 657,973 |  |  | $ | 449,152 |  |  | $ | 1,889,665 |  |  | $ | 1,300,071 |  |  | $ | 25,564,352 |
For the period ended September 30, 2021 |  |  |  |  |  |
Same Store |  |  |  |  |  |  |  |  |
New England | $ | 77,754 |  |  | $ | 48,696 |  |  | $ | 226,516 |  |  | $ | 144,116 |  |  | $ | 2,840,108 |
Metro NY/NJ | 104,940 |  |  | 70,459 |  |  | 308,252 |  |  | 209,265 |  |  | 4,079,405 |
Mid-Atlantic | 78,284 |  |  | 51,391 |  |  | 231,341 |  |  | 154,252 |  |  | 3,167,632 |
Southeast Florida | 8,152 |  |  | 5,026 |  |  | 23,099 |  |  | 13,772 |  |  | 395,594 |
Denver, CO | 6,070 |  |  | 4,011 |  |  | 17,576 |  |  | 11,965 |  |  | 320,214 |
Pacific Northwest | 32,344 |  |  | 22,079 |  |  | 93,911 |  |  | 63,493 |  |  | 1,286,674 |
Northern California | 92,636 |  |  | 64,562 |  |  | 277,571 |  |  | 195,136 |  |  | 3,629,269 |
Southern California | 113,601 |  |  | 77,831 |  |  | 324,487 |  |  | 220,527 |  |  | 4,250,958 |
Total Same Store | 513,781 |  |  | 344,055 |  |  | 1,502,753 |  |  | 1,012,526 |  |  | 19,969,854 |
Other Stabilized | 32,601 |  |  | 20,612 |  |  | 80,447 |  |  | 47,909 |  |  | 2,092,971 |
Development / Redevelopment | 12,061 |  |  | 7,246 |  |  | 28,084 |  |  | 15,520 |  |  | 1,411,995 |
Land Held for Development | N/A |  | N/A |  | N/A |  | N/A |  | 66,769 |
Non-allocated (2) | 695 |  |  | N/A |  | 2,380 |  |  | N/A |  | 278,779 |
Total | $ | 559,138 |  |  | $ | 371,913 |  |  | $ | 1,613,664 |  |  | $ | 1,075,955 |  |  | $ | 23,820,368 |
__________________________________ (1)Does not include gross real estate assets held for sale of $78,662 as of September 30, 2022 and gross real estate either sold or classified as held for sale subsequent to September 30, 2021 of $555,942. (2)Revenue represents third-party property management, 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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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8813-108599 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599 + Details
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