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v3.20.2

Reportable Segments (Tables) | 6 Months Ended
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Jun. 30, 2020
Segment Reporting [Abstract] |
Schedule of Reconciliation of NOI from Rental Real Estate Specific to Continuing Operations | The following table presents a reconciliation of NOI from our rental real estate for the six months and quarters ended June 30, 2020 and 2019, respectively (amounts in thousands):
|  | Six Months Ended June 30, |  |  | Quarter Ended June 30, |
|  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Rental income |  | $ | 1,335,837 |  |  | $ | 1,331,676 |  |  | $ | 653,532 |  |  | $ | 669,374 |
Property and maintenance expense |  |  | (220,268 | ) |  |  | (223,531 | ) |  |  | (104,452 | ) |  |  | (108,461 | )
Real estate taxes and insurance expense |  |  | (192,770 | ) |  |  | (182,888 | ) |  |  | (95,038 | ) |  |  | (91,446 | )
Total operating expenses |  |  | (413,038 | ) |  |  | (406,419 | ) |  |  | (199,490 | ) |  |  | (199,907 | )
Net operating income |  | $ | 922,799 |  |  | $ | 925,257 |  |  | $ | 454,042 |  |  | $ | 469,467 |
Schedule of NOI for Each Segment from Rental Real Estate Specific to Continuing Operations | The following tables present NOI for each segment from our rental real estate for the six months and quarters ended June 30, 2020 and 2019, respectively, as well as total assets and capital expenditures at June 30, 2020 (amounts in thousands):
|  | Six Months Ended June 30, 2020 |  |  | Six Months Ended June 30, 2019 |
|  | Rental Income |  |  | Operating Expenses |  |  | NOI |  |  | Rental Income |  |  | Operating Expenses |  |  | NOI |
Same store (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Los Angeles |  | $ | 239,914 |  |  | $ | 71,930 |  |  | $ | 167,984 |  |  | $ | 240,751 |  |  | $ | 72,145 |  |  | $ | 168,606 |
Orange County |  |  | 53,013 |  |  |  | 12,167 |  |  |  | 40,846 |  |  |  | 51,887 |  |  |  | 12,142 |  |  |  | 39,745 |
San Diego |  |  | 47,848 |  |  |  | 12,417 |  |  |  | 35,431 |  |  |  | 47,023 |  |  |  | 12,126 |  |  |  | 34,897 |
Subtotal - Southern California |  |  | 340,775 |  |  |  | 96,514 |  |  |  | 244,261 |  |  |  | 339,661 |  |  |  | 96,413 |  |  |  | 243,248 |
San Francisco |  |  | 236,580 |  |  |  | 59,313 |  |  |  | 177,267 |  |  |  | 234,514 |  |  |  | 57,629 |  |  |  | 176,885 |
Washington D.C. |  |  | 196,601 |  |  |  | 59,331 |  |  |  | 137,270 |  |  |  | 195,453 |  |  |  | 59,389 |  |  |  | 136,064 |
New York |  |  | 227,179 |  |  |  | 98,581 |  |  |  | 128,598 |  |  |  | 230,808 |  |  |  | 96,067 |  |  |  | 134,741 |
Seattle |  |  | 127,073 |  |  |  | 35,440 |  |  |  | 91,633 |  |  |  | 124,029 |  |  |  | 34,634 |  |  |  | 89,395 |
Boston |  |  | 123,673 |  |  |  | 35,144 |  |  |  | 88,529 |  |  |  | 124,671 |  |  |  | 35,639 |  |  |  | 89,032 |
Denver |  |  | 8,944 |  |  |  | 2,419 |  |  |  | 6,525 |  |  |  | 9,125 |  |  |  | 2,417 |  |  |  | 6,708 |
Total same store |  |  | 1,260,825 |  |  |  | 386,742 |  |  |  | 874,083 |  |  |  | 1,258,261 |  |  |  | 382,188 |  |  |  | 876,073 |
Non-same store/other (2) (3) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-same store |  |  | 58,629 |  |  |  | 17,748 |  |  |  | 40,881 |  |  |  | 14,374 |  |  |  | 4,423 |  |  |  | 9,951 |
Other (3) |  |  | 16,383 |  |  |  | 8,548 |  |  |  | 7,835 |  |  |  | 59,041 |  |  |  | 19,808 |  |  |  | 39,233 |
Total non-same store/other |  |  | 75,012 |  |  |  | 26,296 |  |  |  | 48,716 |  |  |  | 73,415 |  |  |  | 24,231 |  |  |  | 49,184 |
Totals |  | $ | 1,335,837 |  |  | $ | 413,038 |  |  | $ | 922,799 |  |  | $ | 1,331,676 |  |  | $ | 406,419 |  |  | $ | 925,257 |
(1) | For the six months ended June 30, 2020 and 2019, same store primarily includes all properties acquired or completed that were stabilized prior to January 1, 2019, less properties subsequently sold, which represented 74,264 apartment units.
(2) | For the six months ended June 30, 2020 and 2019, non-same store primarily includes properties acquired after January 1, 2019, plus any properties in lease-up and not stabilized as of January 1, 2019.
(3) | Other includes development, other corporate operations and operations prior to disposition for properties sold.
|  | Quarter Ended June 30, 2020 |  |  | Quarter Ended June 30, 2019 |
|  | Rental Income |  |  | Operating Expenses |  |  | NOI |  |  | Rental Income |  |  | Operating Expenses |  |  | NOI |
Same store (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Los Angeles |  | $ | 117,994 |  |  | $ | 35,013 |  |  | $ | 82,981 |  |  | $ | 121,216 |  |  | $ | 35,688 |  |  | $ | 85,528 |
Orange County |  |  | 26,318 |  |  |  | 5,953 |  |  |  | 20,365 |  |  |  | 26,058 |  |  |  | 5,966 |  |  |  | 20,092 |
San Diego |  |  | 23,706 |  |  |  | 6,100 |  |  |  | 17,606 |  |  |  | 23,720 |  |  |  | 5,978 |  |  |  | 17,742 |
Subtotal - Southern California |  |  | 168,018 |  |  |  | 47,066 |  |  |  | 120,952 |  |  |  | 170,994 |  |  |  | 47,632 |  |  |  | 123,362 |
San Francisco |  |  | 116,303 |  |  |  | 29,045 |  |  |  | 87,258 |  |  |  | 118,044 |  |  |  | 28,528 |  |  |  | 89,516 |
Washington D.C. |  |  | 97,527 |  |  |  | 28,680 |  |  |  | 68,847 |  |  |  | 98,571 |  |  |  | 29,409 |  |  |  | 69,162 |
New York |  |  | 111,949 |  |  |  | 48,130 |  |  |  | 63,819 |  |  |  | 117,457 |  |  |  | 47,626 |  |  |  | 69,831 |
Seattle |  |  | 63,378 |  |  |  | 18,383 |  |  |  | 44,995 |  |  |  | 63,695 |  |  |  | 17,853 |  |  |  | 45,842 |
Boston |  |  | 59,990 |  |  |  | 16,984 |  |  |  | 43,006 |  |  |  | 62,751 |  |  |  | 17,398 |  |  |  | 45,353 |
Denver |  |  | 6,110 |  |  |  | 1,733 |  |  |  | 4,377 |  |  |  | 6,403 |  |  |  | 1,831 |  |  |  | 4,572 |
Total same store |  |  | 623,275 |  |  |  | 190,021 |  |  |  | 433,254 |  |  |  | 637,915 |  |  |  | 190,277 |  |  |  | 447,638 |
Non-same store/other (2) (3) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-same store |  |  | 24,631 |  |  |  | 7,212 |  |  |  | 17,419 |  |  |  | 4,000 |  |  |  | 1,124 |  |  |  | 2,876 |
Other (3) |  |  | 5,626 |  |  |  | 2,257 |  |  |  | 3,369 |  |  |  | 27,459 |  |  |  | 8,506 |  |  |  | 18,953 |
Total non-same store/other |  |  | 30,257 |  |  |  | 9,469 |  |  |  | 20,788 |  |  |  | 31,459 |  |  |  | 9,630 |  |  |  | 21,829 |
Totals |  | $ | 653,532 |  |  | $ | 199,490 |  |  | $ | 454,042 |  |  | $ | 669,374 |  |  | $ | 199,907 |  |  | $ | 469,467 |
(1) | For the quarters ended June 30, 2020 and 2019, same store primarily includes all properties acquired or completed that were stabilized prior to April 1, 2019, less properties subsequently sold, which represented 74,843 apartment units.
(2) | For the quarters ended June 30, 2020 and 2019, non-same store primarily includes properties acquired after April 1, 2019, plus any properties in lease-up and not stabilized as of April 1, 2019.
(3) | Other includes development, other corporate operations and operations prior to disposition for properties sold.
|  | Six Months Ended June 30, 2020 |
|  | Total Assets |  |  | Capital Expenditures |
Same store (1) |  |  |  |  |  |  |  |
Los Angeles |  | $ | 3,064,404 |  |  | $ | 13,070 |
Orange County |  |  | 397,148 |  |  |  | 3,458 |
San Diego |  |  | 382,082 |  |  |  | 1,993 |
Subtotal - Southern California |  |  | 3,843,634 |  |  |  | 18,521 |
San Francisco |  |  | 3,288,932 |  |  |  | 6,940 |
Washington D.C. |  |  | 3,120,074 |  |  |  | 10,534 |
New York |  |  | 4,001,050 |  |  |  | 10,429 |
Seattle |  |  | 1,838,484 |  |  |  | 4,334 |
Boston |  |  | 1,790,996 |  |  |  | 8,631 |
Denver |  |  | 251,427 |  |  |  | 245 |
Total same store |  |  | 18,134,597 |  |  |  | 59,634 |
Non-same store/other (2) (3) |  |  |  |  |  |  |  |
Non-same store |  |  | 1,642,289 |  |  |  | 1,129 |
Other (3) |  |  | 938,065 |  |  |  | 502 |
Total non-same store/other |  |  | 2,580,354 |  |  |  | 1,631 |
Totals |  | $ | 20,714,951 |  |  | $ | 61,265 |
(1) | Same store primarily includes all properties acquired or completed that were stabilized prior to January 1, 2019, less properties subsequently sold, which represented 74,264 apartment units.
(2) | Non-same store primarily includes properties acquired after January 1, 2019, plus any properties in lease-up and not stabilized as of January 1, 2019.
(3) | Other includes development, other corporate operations and capital expenditures for properties sold.

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