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Reportable Segments (Tables) | 3 Months Ended
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Mar. 31, 2015
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] |
Reportable Segments Schedule | The following tables present NOI for each segment from our rental real estate specific to continuing operations for the quarters ended March 31, 2015 and 2014, respectively, as well as total assets and capital expenditures at March 31, 2015 (amounts in thousands):
|  | Quarter Ended March 31, 2015 |  | Quarter Ended March 31, 2014
|  | Rental Income |  | Operating Expenses |  | NOI |  | Rental Income |  | Operating Expenses |  | NOI
Same store (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Boston |  | $ | 64,033 |  |  | $ | 22,541 |  |  | $ | 41,492 |  |  | $ | 61,907 |  |  | $ | 22,129 |  |  | $ | 39,778 |
Denver |  | 28,997 |  |  | 7,460 |  |  | 21,537 |  |  | 26,612 |  |  | 7,461 |  |  | 19,151 |
New York |  | 116,070 |  |  | 46,113 |  |  | 69,957 |  |  | 111,186 |  |  | 45,834 |  |  | 65,352 |
San Francisco |  | 89,850 |  |  | 27,103 |  |  | 62,747 |  |  | 81,261 |  |  | 26,609 |  |  | 54,652 |
Seattle |  | 40,390 |  |  | 12,667 |  |  | 27,723 |  |  | 37,621 |  |  | 12,734 |  |  | 24,887 |
South Florida |  | 49,302 |  |  | 17,968 |  |  | 31,334 |  |  | 46,896 |  |  | 17,525 |  |  | 29,371 |
Southern California |  | 105,193 |  |  | 34,126 |  |  | 71,067 |  |  | 99,776 |  |  | 33,545 |  |  | 66,231 |
Washington D.C. |  | 112,627 |  |  | 38,539 |  |  | 74,088 |  |  | 111,804 |  |  | 37,809 |  |  | 73,995 |
Non-core |  | 25,572 |  |  | 10,027 |  |  | 15,545 |  |  | 24,731 |  |  | 9,814 |  |  | 14,917 |
Total same store |  | 632,034 |  |  | 216,544 |  |  | 415,490 |  |  | 601,794 |  |  | 213,460 |  |  | 388,334 |
Non-same store/other (2) (3) |  |  |  |  |  |  |  |  |  |  |  |
Boston |  | 922 |  |  | 229 |  |  | 693 |  |  | 1,028 |  |  | 210 |  |  | 818 |
Seattle |  | 4,579 |  |  | 1,298 |  |  | 3,281 |  |  | 107 |  |  | 146 |  |  | (39 | )
South Florida |  | 1,932 |  |  | 675 |  |  | 1,257 |  |  | 803 |  |  | 454 |  |  | 349 |
Southern California |  | 17,777 |  |  | 6,528 |  |  | 11,249 |  |  | 8,905 |  |  | 3,690 |  |  | 5,215 |
Washington D.C. |  | 5,408 |  |  | 1,653 |  |  | 3,755 |  |  | 3,507 |  |  | 1,441 |  |  | 2,066 |
Other (3) |  | 1,954 |  |  | 5,509 |  |  | (3,555 | ) |  | 14,581 |  |  | 10,377 |  |  | 4,204 |
Total non-same store/other |  | 32,572 |  |  | 15,892 |  |  | 16,680 |  |  | 28,931 |  |  | 16,318 |  |  | 12,613 |
Total |  | $ | 664,606 |  |  | $ | 232,436 |  |  | $ | 432,170 |  |  | $ | 630,725 |  |  | $ | 229,778 |  |  | $ | 400,947 |
(1) | Same store primarily includes all properties acquired or completed and stabilized prior to January 1, 2014, less properties subsequently sold, which represented 97,586 apartment units.
(2) | Non-same store primarily includes properties acquired after January 1, 2014, plus any properties in lease-up and not stabilized as of January 1, 2014.
(3) | Other includes development, other corporate operations and operations prior to sale for properties sold in 2014 and 2015 that do not meet the new discontinued operations criteria.
|  | Quarter Ended March 31, 2015
|  | Total Assets |  | Capital Expenditures
Same store (1) |  |  |  |  |  |
Boston |  | $ | 1,908,859 |  |  | $ | 3,505 |
Denver |  | 514,958 |  |  | 1,120 |
New York |  | 4,637,217 |  |  | 3,797 |
San Francisco |  | 2,700,366 |  |  | 5,638 |
Seattle |  | 1,088,728 |  |  | 3,524 |
South Florida |  | 1,126,085 |  |  | 2,942 |
Southern California |  | 2,787,871 |  |  | 6,020 |
Washington D.C. |  | 4,250,738 |  |  | 7,113 |
Non-core |  | 405,017 |  |  | 1,649 |
Total same store |  | 19,419,839 |  |  | 35,308 |
Non-same store/other (2) (3) |  |  |  |
Boston |  | 47,996 |  |  | 34 |
Seattle |  | 231,258 |  |  | 466 |
South Florida |  | 66,906 |  |  | 14 |
Southern California |  | 845,902 |  |  | 1,163 |
Washington D.C. |  | 242,360 |  |  | 1,143 |
Other (3) |  | 2,174,787 |  |  | 42 |
Total non-same store/other |  | 3,609,209 |  |  | 2,862 |
Total |  | $ | 23,029,048 |  |  | $ | 38,170 |
(1) | Same store primarily includes all properties acquired or completed and stabilized prior to January 1, 2014, less properties subsequently sold, which represented 97,586 apartment units.
(2) | Non-same store primarily includes properties acquired after January 1, 2014, plus any properties in lease-up and not stabilized as of January 1, 2014.
(3) | Other includes development, other corporate operations and capital expenditures for properties sold.
Reconciliation of NOI | The following table presents a reconciliation of NOI from our rental real estate specific to continuing operations for the quarters ended March 31, 2015 and 2014, respectively (amounts in thousands):
|  | Quarter Ended March 31,
|  | 2015 |  | 2014
Rental income |  | $ | 664,606 |  |  | $ | 630,725 |
Property and maintenance expense |  | (124,560 | ) |  | (125,566 | )
Real estate taxes and insurance expense |  | (86,432 | ) |  | (82,094 | )
Property management expense |  | (21,444 | ) |  | (22,118 | )
Total operating expenses |  | (232,436 | ) |  | (229,778 | )
Net operating income |  | $ | 432,170 |  |  | $ | 400,947 |

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