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Reportable Segments | 3 Months Ended
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Mar. 31, 2016
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 coastal markets represent its reportable segments. As of March 31, 2016, the Company has revised the presentation of Southern California to show separate results for Los Angeles, San Diego and Orange County, along with a subtotal of the three markets combined, for both the current and comparable periods. The Company's operating segments located in its other markets that are not material have been included in the tables presented below. See also Note 4 for further discussion of the Starwood Transaction and the operating segments/locations in which properties were sold. The Company’s fee and asset management and development activities are other business activities that do not constitute an operating segment and as such, have been included 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 quarters ended March 31, 2016 and 2015, 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 and 2) real estate taxes and insurance expense (all as reflected in the accompanying consolidated statements of operations and comprehensive income). As of March 31, 2016, NOI no longer includes an allocation of property management expenses either in the current or comparable periods. 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 properties. Current year NOI is compared to prior year NOI and current year budgeted NOI as a measure of financial performance. The following table presents a reconciliation of NOI from our rental real estate specific to continuing operations for the quarters ended March 31, 2016 and 2015, respectively (amounts in thousands):
|  | Quarter Ended March 31,
|  | 2016 |  | 2015
Rental income |  | $ | 616,165 |  |  | $ | 664,606 |
Property and maintenance expense |  | (109,165 | ) |  | (124,560 | )
Real estate taxes and insurance expense |  | (80,196 | ) |  | (86,432 | )
Total operating expenses |  | (189,361 | ) |  | (210,992 | )
Net operating income |  | $ | 426,804 |  |  | $ | 453,614 |
The following tables present NOI for each segment from our rental real estate specific to continuing operations for the quarters ended March 31, 2016 and 2015, respectively, as well as total assets and capital expenditures at March 31, 2016 (amounts in thousands):
|  | Quarter Ended March 31, 2016 |  | Quarter Ended March 31, 2015
|  | Rental Income |  | Operating Expenses |  | NOI |  | Rental Income |  | Operating Expenses |  | NOI
Same store (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Los Angeles |  | $ | 90,150 |  |  | $ | 26,359 |  |  | $ | 63,791 |  |  | $ | 84,654 |  |  | $ | 26,189 |  |  | $ | 58,465 |
San Diego |  | 21,428 |  |  | 5,835 |  |  | 15,593 |  |  | 20,231 |  |  | 5,661 |  |  | 14,570 |
Orange County |  | 19,314 |  |  | 4,733 |  |  | 14,581 |  |  | 18,321 |  |  | 4,688 |  |  | 13,633 |
Subtotal – Southern California |  | 130,892 |  |  | 36,927 |  |  | 93,965 |  |  | 123,206 |  |  | 36,538 |  |  | 86,668 |
New York |  | 113,204 |  |  | 40,141 |  |  | 73,063 |  |  | 110,123 |  |  | 39,507 |  |  | 70,616 |
Washington D.C. |  | 104,268 |  |  | 31,425 |  |  | 72,843 |  |  | 103,340 |  |  | 32,037 |  |  | 71,303 |
San Francisco |  | 90,674 |  |  | 22,198 |  |  | 68,476 |  |  | 82,784 |  |  | 21,519 |  |  | 61,265 |
Boston |  | 62,325 |  |  | 17,648 |  |  | 44,677 |  |  | 60,512 |  |  | 19,124 |  |  | 41,388 |
Seattle |  | 37,243 |  |  | 10,572 |  |  | 26,671 |  |  | 35,131 |  |  | 9,807 |  |  | 25,324 |
All Other Markets |  | 9,070 |  |  | 3,765 |  |  | 5,305 |  |  | 8,643 |  |  | 4,131 |  |  | 4,512 |
Total same store |  | 547,676 |  |  | 162,676 |  |  | 385,000 |  |  | 523,739 |  |  | 162,663 |  |  | 361,076 |
Non-same store/other (2) (3) |  |  |  |  |  |  |  |  |  |  |  |
Los Angeles |  | 7,264 |  |  | 2,573 |  |  | 4,691 |  |  | 7,339 |  |  | 2,384 |  |  | 4,955 |
Orange County |  | 1,158 |  |  | 334 |  |  | 824 |  |  | — |  |  | — |  |  | — |
Subtotal – Southern California |  | 8,422 |  |  | 2,907 |  |  | 5,515 |  |  | 7,339 |  |  | 2,384 |  |  | 4,955 |
New York |  | 7,086 |  |  | 3,625 |  |  | 3,461 |  |  | 292 |  |  | 432 |  |  | (140 | )
Washington D.C. |  | 959 |  |  | 170 |  |  | 789 |  |  | 1,047 |  |  | 197 |  |  | 850 |
San Francisco |  | 4,298 |  |  | 1,550 |  |  | 2,748 |  |  | 83 |  |  | 221 |  |  | (138 | )
Boston |  | 2,634 |  |  | 710 |  |  | 1,924 |  |  | 946 |  |  | 202 |  |  | 744 |
Seattle |  | 5,679 |  |  | 1,259 |  |  | 4,420 |  |  | 1,941 |  |  | 496 |  |  | 1,445 |
Other (3) |  | 39,411 |  |  | 16,464 |  |  | 22,947 |  |  | 129,219 |  |  | 44,397 |  |  | 84,822 |
Total non-same store/other |  | 68,489 |  |  | 26,685 |  |  | 41,804 |  |  | 140,867 |  |  | 48,329 |  |  | 92,538 |
Total |  | $ | 616,165 |  |  | $ | 189,361 |  |  | $ | 426,804 |  |  | $ | 664,606 |  |  | $ | 210,992 |  |  | $ | 453,614 |
(1) | Same store primarily includes all properties acquired or completed that are stabilized prior to January 1, 2015, less properties subsequently sold, which represented 73,222 apartment units.
(2) | Non-same store primarily includes properties acquired after January 1, 2015, plus any properties in lease-up and not stabilized as of January 1, 2015.
(3) | Other includes development, other corporate operations and operations prior to sale for properties sold from 2014 through 2016 that do not meet the new discontinued operations criteria.
|  | Quarter Ended March 31, 2016
|  | Total Assets |  | Capital Expenditures
Same store (1) |  |  |  |  |  |
Los Angeles |  | $ | 2,567,837 |  |  | $ | 5,031 |
San Diego |  | 483,643 |  |  | 673 |
Orange County |  | 266,770 |  |  | 1,738 |
Subtotal – Southern California |  | 3,318,250 |  |  | 7,442 |
New York |  | 4,348,318 |  |  | 3,994 |
Washington D.C. |  | 3,993,480 |  |  | 5,556 |
San Francisco |  | 2,518,610 |  |  | 4,891 |
Boston |  | 1,811,047 |  |  | 3,626 |
Seattle |  | 1,053,316 |  |  | 2,345 |
All Other Markets |  | 126,515 |  |  | 254 |
Total same store |  | 17,169,536 |  |  | 28,108 |
Non-same store/other (2) (3) |  |  |  |
Los Angeles |  | 459,013 |  |  | 3,164 |
Orange County |  | 77,324 |  |  | 12 |
Subtotal – Southern California |  | 536,337 |  |  | 3,176 |
New York |  | 440,315 |  |  | 19 |
Washington D.C. |  | 45,975 |  |  | — |
San Francisco |  | 262,882 |  |  | — |
Boston |  | 170,841 |  |  | 294 |
Seattle |  | 334,233 |  |  | 258 |
Other (3) |  | 2,341,173 |  |  | 2,047 |
Total non-same store/other |  | 4,131,756 |  |  | 5,794 |
Total |  | $ | 21,301,292 |  |  | $ | 33,902 |
(1) | Same store primarily includes all properties acquired or completed that are stabilized prior to January 1, 2015, less properties subsequently sold, which represented 73,222 apartment units.
(2) | Non-same store primarily includes properties acquired after January 1, 2015, plus any properties in lease-up and not stabilized as of January 1, 2015.
(3) | Other includes development, other corporate operations and capital expenditures for properties sold.
Note: Markets/Metro Areas included in the above All Other Markets segment are as follows: (a) New England (excluding Boston) and Phoenix.

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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 34 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8981-108599 Reference 2: 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=51669610&loc=d3e9038-108599 Reference 3: 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=51669610&loc=d3e8971-108599 Reference 4: 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=51669610&loc=d3e8595-108599 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=51669610&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 32 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8933-108599 Reference 7: 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=51669610&loc=d3e8844-108599 Reference 8: 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=51669610&loc=d3e8984-108599 Reference 9: 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=51669610&loc=d3e9031-108599 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=51669610&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 10 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8538-108599 Reference 12: 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=51669610&loc=d3e8864-108599 Reference 13: 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=51669610&loc=d3e8924-108599 Reference 14: 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=51669610&loc=d3e8906-108599 + Details
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