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Segment Reporting (Tables) | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
Schedule of reconciliation of NOI to net income | A reconciliation of NOI to net income for years ended December 31, 2024, 2023 and 2022 is as follows (dollars in thousands):
| For the year ended December 31,
| 2024 |  | 2023 |  | 2022
Net income | $ | 1,082,175 |  |  | $ | 928,438 |  |  | $ | 1,136,438 |
Property management and other indirect operating expenses, net of corporate income | 162,594 |  |  | 134,312 |  |  | 114,200 |
Expensed transaction, development and other pursuit costs, net of recoveries | 18,341 |  |  | 33,479 |  |  | 16,565 |
Interest expense, net | 226,589 |  |  | 205,992 |  |  | 230,074 |
Loss on extinguishment of debt, net | — |  |  | 150 |  |  | 1,646 |
General and administrative expense | 77,697 |  |  | 76,534 |  |  | 74,064 |
Income from unconsolidated investments | (50,682) |  |  | (13,454) |  |  | (53,394) |
Depreciation expense | 846,853 |  |  | 816,965 |  |  | 814,978 |
Income tax expense | 445 |  |  | 10,153 |  |  | 14,646 |
Casualty and impairment loss | 2,935 |  |  | 9,118 |  |  | — |
Gain on sale of communities | (363,300) |  |  | (287,424) |  |  | (555,558) |
Other real estate activity | (753) |  |  | (174) |  |  | (5,127) |
Net operating income from real estate assets sold or held for sale | (28,463) |  |  | (57,646) |  |  | (87,116) |
Net operating income | $ | 1,974,431 |  |  | $ | 1,856,443 |  |  | $ | 1,701,416 |
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 December 31,
| 2024 |  | 2023 |  | 2022
Rental income from real estate assets sold or held for sale | $ | 42,042 |  |  | $ | 84,676 |  |  | $ | 130,631 |
Operating expenses from real estate assets sold or held for sale | (13,579) |  |  | (27,030) |  |  | (43,515) |
Net operating income from real estate assets sold or held for sale | $ | 28,463 |  |  | $ | 57,646 |  |  | $ | 87,116 |
Summary of segment reporting information, by segment | Segment information for the years ended December 31, 2024, 2023 and 2022 has been adjusted to exclude the real estate assets that were sold from January 1, 2022 through December 31, 2024, or otherwise qualify as held for sale as of December 31, 2024, as described in Note 6, "Real Estate Disposition Activities."
For the year ended December 31, 2024 |  |  |  |
| Same Store |  | Other Stabilized |  | Development / Redevelopment |  | Total (1) (2)
Total Revenue | $ | 2,680,192 |  |  | $ | 118,558 |  |  | $ | 65,884 |  |  | $ | 2,864,634 |
Same Store Operating Expense |  |  |  |  |  |  |
Property Taxes | (301,696) |  |  |  |  |  |  | (301,696) |
Payroll | (152,572) |  |  |  |  |  |  | (152,572) |
Repairs & Maintenance | (147,183) |  |  |  |  |  |  | (147,183) |
Utilities | (109,297) |  |  |  |  |  |  | (109,297) |
Office Operations | (63,480) |  |  |  |  |  |  | (63,480) |
Insurance | (39,591) |  |  |  |  |  |  | (39,591) |
Marketing | (15,202) |  |  |  |  |  |  | (15,202) |
Same Store Operating Expense | (829,021) |  |  | — |  |  | — |  |  | (829,021) |
Non-Same Store Operating Expense | — |  |  | (38,230) |  |  | (22,952) |  |  | (61,182) |
Total Expenses | (829,021) |  |  | (38,230) |  |  | (22,952) |  |  | (890,203) |
Total NOI | $ | 1,851,171 |  |  | $ | 80,328 |  |  | $ | 42,932 |  |  | $ | 1,974,431 |
Gross Real Estate (3) (4) | $ | 23,419,850 |  |  | $ | 1,749,380 |  |  | $ | 2,485,000 |  |  | $ | 27,654,230 |
For the year ended December 31, 2023 |  |  |  |
| Same Store |  | Other Stabilized |  | Development / Redevelopment |  | Total (1) (2)
Total Revenue | $ | 2,591,016 |  |  | $ | 78,325 |  |  | $ | 6,170 |  |  | $ | 2,675,511 |
Same Store Operating Expense |  |  |  |  |  |  |
Property Taxes | (287,648) |  |  |  |  |  |  | (287,648) |
Payroll | (152,645) |  |  |  |  |  |  | (152,645) |
Repairs & Maintenance | (141,110) |  |  |  |  |  |  | (141,110) |
Utilities | (93,716) |  |  |  |  |  |  | (93,716) |
Office Operations | (63,823) |  |  |  |  |  |  | (63,823) |
Insurance | (35,919) |  |  |  |  |  |  | (35,919) |
Marketing | (14,781) |  |  |  |  |  |  | (14,781) |
Same Store Operating Expense | (789,642) |  |  | — |  |  | — |  |  | (789,642) |
Non-Same Store Operating Expense | — |  |  | (24,585) |  |  | (4,841) |  |  | (29,426) |
Total Expenses | (789,642) |  |  | (24,585) |  |  | (4,841) |  |  | (819,068) |
Total NOI | $ | 1,801,374 |  |  | $ | 53,740 |  |  | $ | 1,329 |  |  | $ | 1,856,443 |
Gross Real Estate (3) (4) | $ | 23,182,172 |  |  | $ | 1,269,463 |  |  | $ | 1,600,314 |  |  | $ | 26,051,949 |
For the year ended December 31, 2022 |  |  |  |
| Same Store |  | Other Stabilized |  | Development / Redevelopment |  | Total (1) (2)
Total Revenue | $ | 2,333,443 |  |  | $ | 93,305 |  |  | $ | 29,734 |  |  | $ | 2,456,482 |
Same Store Operating Expense |  |  |  |  |  |  |
Property Taxes | (260,505) |  |  |  |  |  |  | (260,505) |
Payroll | (148,462) |  |  |  |  |  |  | (148,462) |
Repairs & Maintenance | (126,137) |  |  |  |  |  |  | (126,137) |
Utilities | (76,227) |  |  |  |  |  |  | (76,227) |
Office Operations | (63,188) |  |  |  |  |  |  | (63,188) |
Insurance | (29,910) |  |  |  |  |  |  | (29,910) |
Marketing | (13,747) |  |  |  |  |  |  | (13,747) |
Same Store Operating Expense | (718,176) |  |  | — |  |  | — |  |  | (718,176) |
Non-Same Store Operating Expense | — |  |  | (25,750) |  |  | (11,047) |  |  | (36,797) |
Total Expenses | (718,176) |  |  | (25,750) |  |  | (11,047) |  |  | (754,973) |
Total NOI | $ | 1,615,267 |  |  | $ | 67,462 |  |  | $ | 18,687 |  |  | $ | 1,701,416 |
Gross Real Estate (3) (4) | $ | 22,197,772 |  |  | $ | 1,515,963 |  |  | $ | 1,574,649 |  |  | $ | 25,288,384 |
________________________ (1) Does not include non-allocated revenue and non-allocated gross real estate. Non-allocated revenue represents third-party property management, developer fees and miscellaneous income and other ancillary items which are not allocated to a reportable segment. Non-allocated revenue is $7,081, $7,722 a nd $6,333 for the years ended December 31, 2024, 2023 and 2022, respectively. (2) Does not include non-allocated gross real estate including the for-sale residential condominiums at The Park Loggia, as discussed in Note 6, "Real Estate Disposition Activities," and land held for development. Non-allocated gross real estate is $118,342, $70,822 and $122,886 for the years ended December 31, 2024, 2023 and 2022, respectively. Land held for development gross real estate is $151,922, $199,062 and $179,204 for the years ended December 31, 2024, 2023 and 2022, respectively. (3) Does not include gross real estate either sold or classified as held for sale subsequent to December 31, 2024, 2023 and 2022 of $25,288, $543,000 and $280,889, respectively. (4) Gross real estate for the Company's Same Store includes capitalized additions of approximately $236,592, $188,507 and $209,607 in 2024, 2023 and 2022, respectively.

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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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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 -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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