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Segment Reporting | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
Segment Reporting | Segment Reporting The Company's reportable operating segments include Same Store, Other Stabilized and Development/Redevelopment. Annually as of January 1, the Company determines which of its communities fall into each of these categories and generally maintains that classification throughout the year for the purpose of reporting segment operations, unless disposition or redevelopment plans regarding a community change. •Same Store is composed of consolidated communities where a comparison of operating results from the prior year to the current year is meaningful as these communities were owned and had stabilized occupancy as of the beginning of the respective prior year. For the year ended December 31, 2024, Same Store communities are consolidated for financial reporting purposes, had stabilized occupancy as of January 1, 2023, are not conducting or are not probable to conduct substantial redevelopment activities and are not held for sale as of December 31, 2024 or probable for disposition to unrelated third parties within the fiscal year. A community is considered to have stabilized occupancy at the earlier of (i) attainment of 90% physical occupancy or (ii) the one year anniversary of completion of development or redevelopment. •Other Stabilized is composed of completed consolidated communities that the Company owns and that are not Same Store but that had stabilized occupancy, as defined above, as of January 1, 2024, or which were acquired during the years ended December 31, 2024 or 2023. Other Stabilized excludes communities that are conducting or are probable to conduct substantial redevelopment activities within the fiscal year. •Development/Redevelopment is composed of (i) consolidated communities that are either currently under construction, or were under construction during the fiscal year, which may be partially or fully complete and operating, (ii) consolidated communities where substantial redevelopment is in progress or is probable to begin during the fiscal year and (iii) communities that have been complete for less than one year and did not have stabilized occupancy, as defined above, as of January 1, 2024. In addition, the Company owns land for future development and has other corporate assets that are not allocated to an operating segment. The Company's segment disclosures present the measure(s) used by the CODM for assessing each segment's performance. The Company's CODM is comprised of several members of its executive management team, including its Chief Executive Officer and President, Chief Financial Officer, Chief Investment Officer, Chief Operating Officer, and Executive Vice President- Portfolio and Asset Management. The CODM uses net operating income ("NOI") as the primary financial measure for Same Store communities and Other Stabilized communities. NOI is defined by the Company as total property revenue less direct property operating expenses (including property taxes), and excluding corporate-level income (including management, development and other fees), property management and other indirect operating expenses, net of corporate income, expensed transaction, development and other pursuit costs, net of recoveries, interest expense, net, loss on extinguishment of debt, net, general and administrative expense, income from unconsolidated investments, depreciation expense, income tax expense (benefit), casualty and impairment loss, gain on sale of communities, other real estate activity, and net operating income from real estate assets sold or held for sale. The CODM evaluates the Company's financial performance on a consolidated residential and commercial basis. The commercial results attributable to the non-apartment components of the Company's mixed-use communities and other nonresidential operations represent 1.7%, 1.8% and 2.1% of total NOI for the years ended December 31, 2024, 2023 and 2022, respectively. Although the Company considers NOI a useful measure of a community's or communities' operating performance, NOI should not be considered an alternative to net income or net cash flow from operating activities, as determined in accordance with GAAP. NOI excludes a number of income and expense categories as detailed in the reconciliation of NOI to net income and consistent with how the Company's CODM evaluates total NOI. 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 |
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 |
The primary performance measure for communities under development or redevelopment depends on the stage of completion. While under development, management monitors actual construction costs against budgeted costs as well as lease-up pace and rent levels compared to budget. 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 December 31, 2024 for the years ended December 31, 2024 and 2023 and at December 31, 2023, for the year ended December 31, 2022. 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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