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Reportable Segments | 12 Months Ended
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Dec. 31, 2023
Segment Reporting [Abstract] |
Reportable Segments | 17. 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. While the Company does maintain a non-residential presence, it accounts for less than 4.0% of total revenues for the year ended December 31, 2023 and is designed as an amenity for our residential residents. The chief operating decision maker evaluates the performance of each property on a consolidated residential and non-residential basis. The Company’s geographic consolidated same store operating segments represent its reportable segments. The Company’s development 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 years ended December 31, 2023, 2022 and 2021, 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). 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. Revenues for all leases are reflected on a straight-line basis in accordance with GAAP for the current and comparable periods. The following table presents a reconciliation of NOI from our rental real estate for the years ended December 31, 2023, 2022 and 2021, respectively (amounts in thousands):
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Rental income |  | $ | 2,873,964 |  |  | $ | 2,735,180 |  |  | $ | 2,463,997 |
Property and maintenance expense |  |  | (514,575 | ) |  |  | (483,865 | ) |  |  | (453,532 | )
Real estate taxes and insurance expense |  |  | (412,114 | ) |  |  | (388,412 | ) |  |  | (397,105 | )
Total operating expenses |  |  | (926,689 | ) |  |  | (872,277 | ) |  |  | (850,637 | )
Net operating income |  | $ | 1,947,275 |  |  | $ | 1,862,903 |  |  | $ | 1,613,360 |
The following tables present NOI from our rental real estate for each segment for the years ended December 31, 2023, 2022 and 2021, respectively, as well as total assets and capital expenditures at December 31, 2023 and 2022, respectively (amounts in thousands):
|  | Year Ended December 31, 2023 |  |  | Year Ended December 31, 2022 |  |  | Year Ended December 31, 2021 |
|  | Rental Income |  |  | Operating Expenses |  |  | NOI |  |  | Rental Income |  |  | Operating Expenses |  |  | NOI |  |  | Rental Income |  |  | Operating Expenses |  |  | NOI |
Same store (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Los Angeles |  | $ | 466,980 |  |  | $ | 143,983 |  |  | $ | 322,997 |  |  | $ | 450,635 |  |  | $ | 132,858 |  |  | $ | 317,777 |  |  | $ | 431,954 |  |  | $ | 132,274 |  |  | $ | 299,680 |
Orange County |  |  | 130,343 |  |  |  | 28,699 |  |  |  | 101,644 |  |  |  | 122,660 |  |  |  | 26,511 |  |  |  | 96,149 |  |  |  | 109,427 |  |  |  | 24,986 |  |  |  | 84,441 |
San Diego |  |  | 92,691 |  |  |  | 20,602 |  |  |  | 72,089 |  |  |  | 86,728 |  |  |  | 19,506 |  |  |  | 67,222 |  |  |  | 78,709 |  |  |  | 18,395 |  |  |  | 60,314 |
Subtotal - Southern California |  |  | 690,014 |  |  |  | 193,284 |  |  |  | 496,730 |  |  |  | 660,023 |  |  |  | 178,875 |  |  |  | 481,148 |  |  |  | 620,090 |  |  |  | 175,655 |  |  |  | 444,435 |
Washington, D.C. |  |  | 441,676 |  |  |  | 140,696 |  |  |  | 300,980 |  |  |  | 417,210 |  |  |  | 138,570 |  |  |  | 278,640 |  |  |  | 389,205 |  |  |  | 129,065 |  |  |  | 260,140 |
San Francisco |  |  | 430,390 |  |  |  | 129,480 |  |  |  | 300,910 |  |  |  | 415,173 |  |  |  | 124,192 |  |  |  | 290,981 |  |  |  | 383,817 |  |  |  | 118,795 |  |  |  | 265,022 |
New York |  |  | 476,319 |  |  |  | 193,311 |  |  |  | 283,008 |  |  |  | 434,820 |  |  |  | 187,218 |  |  |  | 247,602 |  |  |  | 367,370 |  |  |  | 182,631 |  |  |  | 184,739 |
Seattle |  |  | 290,894 |  |  |  | 81,787 |  |  |  | 209,107 |  |  |  | 281,959 |  |  |  | 79,037 |  |  |  | 202,922 |  |  |  | 256,988 |  |  |  | 80,775 |  |  |  | 176,213 |
Boston |  |  | 289,423 |  |  |  | 85,579 |  |  |  | 203,844 |  |  |  | 270,899 |  |  |  | 82,523 |  |  |  | 188,376 |  |  |  | 235,050 |  |  |  | 76,374 |  |  |  | 158,676 |
Denver |  |  | 71,067 |  |  |  | 21,328 |  |  |  | 49,739 |  |  |  | 67,785 |  |  |  | 19,569 |  |  |  | 48,216 |  |  |  | 39,084 |  |  |  | 11,209 |  |  |  | 27,875 |
Other Expansion Markets |  |  | 64,928 |  |  |  | 27,983 |  |  |  | 36,945 |  |  |  | 61,897 |  |  |  | 27,618 |  |  |  | 34,279 |  |  |  | — |  |  |  | — |  |  |  | — |
Total same store |  |  | 2,754,711 |  |  |  | 873,448 |  |  |  | 1,881,263 |  |  |  | 2,609,766 |  |  |  | 837,602 |  |  |  | 1,772,164 |  |  |  | 2,291,604 |  |  |  | 774,504 |  |  |  | 1,517,100 |
Non-same store/other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-same store (2) |  |  | 100,970 |  |  |  | 36,836 |  |  |  | 64,134 |  |  |  | 74,379 |  |  |  | 29,758 |  |  |  | 44,621 |  |  |  | 59,629 |  |  |  | 27,691 |  |  |  | 31,938 |
Other (3) |  |  | 18,283 |  |  |  | 16,405 |  |  |  | 1,878 |  |  |  | 51,035 |  |  |  | 4,917 |  |  |  | 46,118 |  |  |  | 112,764 |  |  |  | 48,442 |  |  |  | 64,322 |
Total non-same store/other |  |  | 119,253 |  |  |  | 53,241 |  |  |  | 66,012 |  |  |  | 125,414 |  |  |  | 34,675 |  |  |  | 90,739 |  |  |  | 172,393 |  |  |  | 76,133 |  |  |  | 96,260 |
Totals |  | $ | 2,873,964 |  |  | $ | 926,689 |  |  | $ | 1,947,275 |  |  | $ | 2,735,180 |  |  | $ | 872,277 |  |  | $ | 1,862,903 |  |  | $ | 2,463,997 |  |  | $ | 850,637 |  |  | $ | 1,613,360 |
(1) For the years ended December 31, 2023 and 2022, same store primarily includes all properties acquired or completed that were stabilized prior to January 1, 2022, less properties subsequently sold, which represented 76,297 apartment units. For the year ended December 31, 2021, same store primarily includes all properties acquired or completed that were stabilized prior to January 1, 2021, less properties subsequently sold, which represented 72,872 apartment units. (2) For the years ended December 31, 2023 and 2022, non-same store primarily includes properties acquired after January 1, 2022, plus any properties in lease-up and not stabilized as of January 1, 2022, and any properties undergoing major renovations. For the year ended December 31, 2021, non-same store primarily includes properties acquired after January 1, 2021, plus any properties in lease-up and not stabilized as of January 1, 2021, and any properties undergoing major renovations. (3) Other includes development, other corporate operations and operations prior to disposition for properties sold.
|  | Year Ended December 31, 2023 |  |  | Year Ended December 31, 2022 |
|  | Total Assets |  |  | Capital Expenditures |  |  | Total Assets |  |  | Capital Expenditures |
Same store (1) |  |  |  |  |  |  |  |  |  |  |  |
Los Angeles |  | $ | 2,489,180 |  |  | $ | 54,688 |  |  | $ | 2,549,606 |  |  | $ | 35,057 |
Orange County |  |  | 343,219 |  |  |  | 9,888 |  |  |  | 356,396 |  |  |  | 7,885 |
San Diego |  |  | 231,549 |  |  |  | 17,137 |  |  |  | 228,471 |  |  |  | 8,798 |
Subtotal - Southern California |  |  | 3,063,948 |  |  |  | 81,713 |  |  |  | 3,134,473 |  |  |  | 51,740 |
Washington, D.C. |  |  | 2,995,509 |  |  |  | 50,504 |  |  |  | 3,091,996 |  |  |  | 34,640 |
San Francisco |  |  | 2,972,476 |  |  |  | 53,963 |  |  |  | 3,049,771 |  |  |  | 33,497 |
New York |  |  | 3,326,831 |  |  |  | 21,908 |  |  |  | 3,421,373 |  |  |  | 21,636 |
Seattle |  |  | 2,075,966 |  |  |  | 34,011 |  |  |  | 2,141,346 |  |  |  | 27,935 |
Boston |  |  | 1,748,887 |  |  |  | 30,852 |  |  |  | 1,807,629 |  |  |  | 23,951 |
Denver |  |  | 824,264 |  |  |  | 4,220 |  |  |  | 857,021 |  |  |  | 8,561 |
Other Expansion Markets |  |  | 782,977 |  |  |  | 5,674 |  |  |  | 811,130 |  |  |  | 2,175 |
Total same store |  |  | 17,790,858 |  |  |  | 282,845 |  |  |  | 18,314,739 |  |  |  | 204,135 |
Non-same store/other |  |  |  |  |  |  |  |  |  |  |  |
Non-same store (2) |  |  | 1,493,139 |  |  |  | 35,615 |  |  |  | 1,134,000 |  |  |  | 15,277 |
Other (3) |  |  | 750,567 |  |  |  | 882 |  |  |  | 769,523 |  |  |  | 1,674 |
Total non-same store/other |  |  | 2,243,706 |  |  |  | 36,497 |  |  |  | 1,903,523 |  |  |  | 16,951 |
Totals |  | $ | 20,034,564 |  |  | $ | 319,342 |  |  | $ | 20,218,262 |  |  | $ | 221,086 |
(1) Same store primarily includes all properties acquired or completed that were stabilized prior to January 1, 2022, less properties subsequently sold, which represented 76,297 apartment units. (2) Non-same store primarily includes properties acquired after January 1, 2022, plus any properties in lease-up and not stabilized as of January 1, 2022, and any properties undergoing major renovations. (3) Other includes development, other corporate operations and capital expenditures for properties sold.

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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/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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