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Reportable Segments | 6 Months Ended
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Jun. 30, 2014
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] |
Segment Reporting Disclosure [Text Block] |
13. | Reportable Segments
Operating segments are defined as components of an enterprise that engage in business activities from which they may earn revenues and incur expenses and about which discrete financial information is available that is evaluated regularly by the chief operating decision maker. The chief operating decision maker decides how resources are allocated and assesses performance on a recurring basis at least quarterly. The Company’s primary business is the acquisition, development and management of multifamily residential properties, which includes the generation of rental and other related income through the leasing of apartment units to residents. The chief operating decision maker evaluates the Company's operating performance geographically by market and both on a same store and non-same store basis. The Company’s operating segments located in its core markets represent its reportable segments (with the aggregation of Los Angeles, Orange County and San Diego into the Southern California reportable segment). The Company's operating segments located in its non-core markets that are not material have also been aggregated in the tables presented below. The Company’s fee and asset management and development (including its partially owned properties) activities are other business activities that do not constitute an operating segment and as such, have been aggregated in the "Other" category in the tables presented below. All revenues are from external customers and there is no customer who contributed 10% or more of the Company’s total revenues during the six months and quarters ended June 30, 2014 and 2013, respectively. The primary financial measure for the Company’s rental real estate segment is net operating income (“NOI”), which represents rental income less: 1) property and maintenance expense; 2) real estate taxes and insurance expense; and 3) property management expense (all as reflected in the accompanying consolidated statements of operations and comprehensive income). The Company believes that NOI is helpful to investors as a supplemental measure of its operating performance because it is a direct measure of the actual operating results of the Company’s apartment communities. Current year NOI is compared to prior year NOI and current year budgeted NOI as a measure of financial performance. The following tables present NOI for each segment from our rental real estate specific to continuing operations for the six months and quarters ended June 30, 2014 and 2013, respectively, as well as total assets and capital expenditures at June 30, 2014 (amounts in thousands):
|  | Six Months Ended June 30, 2014 |  | Six Months Ended June 30, 2013
|  | Rental Income |  | Operating Expenses |  | NOI |  | Rental Income |  | Operating Expenses |  | NOI
Same store (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Boston |  | $ | 125,024 |  |  | $ | 41,414 |  |  | $ | 83,610 |  |  | $ | 120,455 |  |  | $ | 39,651 |  |  | $ | 80,804 |
Denver |  | 54,123 |  |  | 15,098 |  |  | 39,025 |  |  | 50,494 |  |  | 14,987 |  |  | 35,507 |
New York |  | 225,407 |  |  | 88,102 |  |  | 137,305 |  |  | 217,297 |  |  | 83,745 |  |  | 133,552 |
San Francisco |  | 165,343 |  |  | 52,960 |  |  | 112,383 |  |  | 152,459 |  |  | 54,109 |  |  | 98,350 |
Seattle |  | 76,702 |  |  | 25,805 |  |  | 50,897 |  |  | 71,548 |  |  | 24,553 |  |  | 46,995 |
South Florida |  | 97,893 |  |  | 36,404 |  |  | 61,489 |  |  | 93,289 |  |  | 35,417 |  |  | 57,872 |
Southern California |  | 207,272 |  |  | 69,450 |  |  | 137,822 |  |  | 198,366 |  |  | 69,149 |  |  | 129,217 |
Washington DC |  | 222,135 |  |  | 72,499 |  |  | 149,636 |  |  | 223,807 |  |  | 71,049 |  |  | 152,758 |
Non-core |  | 65,607 |  |  | 24,495 |  |  | 41,112 |  |  | 63,715 |  |  | 23,931 |  |  | 39,784 |
Total same store |  | 1,239,506 |  |  | 426,227 |  |  | 813,279 |  |  | 1,191,430 |  |  | 416,591 |  |  | 774,839 |
Non-same store/other (2) (3) |  |  |  |  |  |  |  |  |  |  |  |
Boston |  | 1,817 |  |  | 413 |  |  | 1,404 |  |  | 1,154 |  |  | 255 |  |  | 899 |
Seattle |  | 4,444 |  |  | 1,779 |  |  | 2,665 |  |  | 1,303 |  |  | 374 |  |  | 929 |
South Florida |  | 2,041 |  |  | 1,301 |  |  | 740 |  |  | 24 |  |  | 146 |  |  | (122 | )
Southern California |  | 15,623 |  |  | 7,452 |  |  | 8,171 |  |  | 5,397 |  |  | 2,593 |  |  | 2,804 |
Washington DC |  | 10,840 |  |  | 3,857 |  |  | 6,983 |  |  | 5,320 |  |  | 1,862 |  |  | 3,458 |
Other (3) |  | 6,220 |  |  | 7,754 |  |  | (1,534 | ) |  | 4,901 |  |  | 13,295 |  |  | (8,394 | )
Total non-same store/other |  | 40,985 |  |  | 22,556 |  |  | 18,429 |  |  | 18,099 |  |  | 18,525 |  |  | (426 | )
Archstone pre-ownership (4) |  | — |  |  | — |  |  | — |  |  | (92,423 | ) |  | (36,729 | ) |  | (55,694 | )
Total |  | $ | 1,280,491 |  |  | $ | 448,783 |  |  | $ | 831,708 |  |  | $ | 1,117,106 |  |  | $ | 398,387 |  |  | $ | 718,719 |
(1) | Same store primarily includes all properties acquired or completed and stabilized prior to January 1, 2013, less properties subsequently sold, which represented 100,648 apartment units. Also includes 18,465 stabilized apartment units acquired in the Archstone Acquisition that are owned and managed by the Company.
(2) | Non-same store primarily includes properties acquired after January 1, 2013, plus any properties in lease-up and not stabilized as of January 1, 2013, but excludes 18,465 stabilized apartment units acquired in the Archstone Acquisition that are owned and managed by the Company.
(3) | Other includes development, other corporate operations and operations prior to sale for properties sold in 2014 that do not meet the new discontinued operations criteria.
(4) | Represents pro forma Archstone pre-ownership results for the period January 1, 2013 to February 27, 2013 that is included in 2013 same store results.
|  | Quarter Ended June 30, 2014 |  | Quarter Ended June 30, 2013
|  | Rental Income |  | Operating Expenses |  | NOI |  | Rental Income |  | Operating Expenses |  | NOI
Same store (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Boston |  | $ | 63,117 |  |  | $ | 19,259 |  |  | $ | 43,858 |  |  | $ | 61,401 |  |  | $ | 19,444 |  |  | $ | 41,957 |
Denver |  | 27,511 |  |  | 7,648 |  |  | 19,863 |  |  | 25,524 |  |  | 7,770 |  |  | 17,754 |
New York |  | 114,221 |  |  | 41,898 |  |  | 72,323 |  |  | 109,299 |  |  | 40,634 |  |  | 68,665 |
San Francisco |  | 84,082 |  |  | 26,305 |  |  | 57,777 |  |  | 77,514 |  |  | 25,955 |  |  | 51,559 |
Seattle |  | 38,977 |  |  | 13,037 |  |  | 25,940 |  |  | 36,176 |  |  | 12,316 |  |  | 23,860 |
South Florida |  | 49,456 |  |  | 18,220 |  |  | 31,236 |  |  | 47,051 |  |  | 17,774 |  |  | 29,277 |
Southern California |  | 104,608 |  |  | 34,811 |  |  | 69,797 |  |  | 100,156 |  |  | 34,275 |  |  | 65,881 |
Washington DC |  | 111,739 |  |  | 35,102 |  |  | 76,637 |  |  | 112,815 |  |  | 35,165 |  |  | 77,650 |
Non-core |  | 33,035 |  |  | 11,806 |  |  | 21,229 |  |  | 32,110 |  |  | 11,880 |  |  | 20,230 |
Total same store |  | 626,746 |  |  | 208,086 |  |  | 418,660 |  |  | 602,046 |  |  | 205,213 |  |  | 396,833 |
Non-same store/other (2) (3) |  |  |  |  |  |  |  |  |  |  |  |
Boston |  | 790 |  |  | 202 |  |  | 588 |  |  | 898 |  |  | 201 |  |  | 697 |
Seattle |  | 2,756 |  |  | 1,042 |  |  | 1,714 |  |  | 1,271 |  |  | 373 |  |  | 898 |
South Florida |  | 1,241 |  |  | 760 |  |  | 481 |  |  | 14 |  |  | 68 |  |  | (54 | )
Southern California |  | 8,446 |  |  | 4,261 |  |  | 4,185 |  |  | 4,106 |  |  | 1,976 |  |  | 2,130 |
Washington DC |  | 5,906 |  |  | 1,954 |  |  | 3,952 |  |  | 3,512 |  |  | 1,209 |  |  | 2,303 |
Other (3) |  | 3,881 |  |  | 2,693 |  |  | 1,188 |  |  | 2,697 |  |  | 3,234 |  |  | (537 | )
Total non-same store/other | 23,020 |  |  | 10,912 |  |  | 12,108 |  |  | 12,498 |  |  | 7,061 |  |  | 5,437 |
Total |  | $ | 649,766 |  |  | $ | 218,998 |  |  | $ | 430,768 |  |  | $ | 614,544 |  |  | $ | 212,274 |  |  | $ | 402,270 |
(1) | Same store primarily includes all properties acquired or completed and stabilized prior to April 1, 2013, less properties subsequently sold, which represented 100,648 apartment units. Also includes 18,465 stabilized apartment units acquired in the Archstone Acquisition that are owned and managed by the Company.
(2) | Non-same store primarily includes properties acquired after April 1, 2013, plus any properties in lease-up and not stabilized as of April 1, 2013, but excludes 18,465 stabilized apartment units acquired in the Archstone Acquisition that are owned and managed by the Company.
(3) | Other includes development, other corporate operations and operations prior to sale for properties sold in 2014 that do not meet the new discontinued operations criteria.
|  | Six Months Ended June 30, 2014
|  | Total Assets |  | Capital Expenditures
Same store (1) |  |  |  |  |  |
Boston |  | $ | 1,953,627 |  |  | $ | 8,814 |
Denver |  | 530,832 |  |  | 1,904 |
New York |  | 4,720,592 |  |  | 8,202 |
San Francisco |  | 2,753,902 |  |  | 12,704 |
Seattle |  | 1,046,051 |  |  | 5,264 |
South Florida |  | 1,170,295 |  |  | 7,600 |
Southern California |  | 2,978,750 |  |  | 11,953 |
Washington DC |  | 4,270,418 |  |  | 14,834 |
Non-core |  | 605,225 |  |  | 3,123 |
Total same store |  | 20,029,692 |  |  | 74,398 |
Non-same store/other (2) (3) |  |  |  |
Boston |  | 48,830 |  |  | 630 |
Seattle |  | 226,604 |  |  | 281 |
South Florida |  | 70,896 |  |  | 16 |
Southern California |  | 511,343 |  |  | 645 |
Washington DC |  | 306,594 |  |  | 852 |
Other (3) |  | 1,797,443 |  |  | 90 |
Total non-same store/other |  | 2,961,710 |  |  | 2,514 |
Total |  | $ | 22,991,402 |  |  | $ | 76,912 |
(1) | Same store primarily includes all properties acquired or completed and stabilized prior to January 1, 2013, less properties subsequently sold, which represented 100,648 apartment units. Also includes 18,465 stabilized apartment units acquired in the Archstone Acquisition that are owned and managed by the Company.
(2) | Non-same store primarily includes properties acquired after January 1, 2013, plus any properties in lease-up and not stabilized as of January 1, 2013, but excludes 18,465 stabilized apartment units acquired in the Archstone Acquisition that are owned and managed by the Company.
(3) | Other includes development, other corporate operations and capital expenditures for properties sold.
Note: Markets/Metro Areas aggregated in the above Southern California and Non-core segments are as follows: (a) Southern California – Los Angeles, Orange County and San Diego. (b) Non-core – Inland Empire, CA, New England (excluding Boston), Orlando and Phoenix. The following table presents a reconciliation of NOI from our rental real estate specific to continuing operations for the six months and quarters ended June 30, 2014 and 2013, respectively (amounts in thousands):
|  | Six Months Ended June 30, |  | Quarter Ended June 30,
|  | 2014 |  | 2013 |  | 2014 |  | 2013
Rental income |  | $ | 1,280,491 |  |  | $ | 1,117,106 |  |  | $ | 649,766 |  |  | $ | 614,544 |
Property and maintenance expense |  | (240,961 | ) |  | (212,030 | ) |  | (115,388 | ) |  | (113,501 | )
Real estate taxes and insurance expense |  | (165,149 | ) |  | (141,837 | ) |  | (83,055 | ) |  | (76,742 | )
Property management expense |  | (42,673 | ) |  | (44,520 | ) |  | (20,555 | ) |  | (22,031 | )
Total operating expenses |  | (448,783 | ) |  | (398,387 | ) |  | (218,998 | ) |  | (212,274 | )
Net operating income |  | $ | 831,708 |  |  | $ | 718,719 |  |  | $ | 430,768 |  |  | $ | 402,270 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599 + Details
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