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v3.23.2

Segment Reporting - Reconciliation of NOI to Net Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended
--- | --- | ---
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022
Reconciliation of NOI to net income |  |  |  |
Net income | $ 367,807 | $ 138,566 | $ 514,582 | $ 400,642
Property management and other indirect operating expenses, net of corporate income | 28,972 | 30,632 | 59,756 | 58,745
Expensed transaction, development and other pursuit costs, net of recoveries | 1,261 | 2,364 | 4,253 | 3,351
Interest expense, net | 51,585 | 58,797 | 108,406 | 115,323
General and administrative expense | 17,676 | 21,291 | 38,076 | 38,712
Income from unconsolidated investments | (4,970) | (2,480) | (9,815) | (2,797)
Depreciation expense | 200,546 | 199,302 | 405,289 | 401,088
Income tax (benefit) expense | (217) | (159) | 3,343 | 2,312
Casualty loss | 0 | 0 | 5,051 | 0
Gain on sale of communities | (187,322) | (404) | (187,309) | (149,204)
Other real estate activity | (341) | 28 | (470) | (245)
Net operating income from real estate assets sold or held for sale | (3,977) | (12,252) | (8,781) | (25,521)
Net operating income | $ 471,020 | $ 435,685 | $ 932,381 | $ 842,406
Non-Apartment Components Of Mixed-Use Communities And Other Nonresidential Operations | Operating Income (Loss) | Product Concentration Risk |  |  |  |
Segment Reporting Information [Line Items] |  |  |  |
Concentration risk (as a percent) | 1.80% | 1.70% | 1.80% | 1.90%

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