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Reportable Segments (Tables) | 3 Months Ended
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Mar. 31, 2024
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 quarters ended March 31, 2024 and 2023, respectively (amounts in thousands):
|  | Quarter Ended March 31, |
|  | 2024 |  |  | 2023 |
Rental income |  | $ | 730,818 |  |  | $ | 705,088 |
Property and maintenance expense |  |  | (134,630 | ) |  |  | (137,579 | )
Real estate taxes and insurance expense |  |  | (108,927 | ) |  |  | (106,669 | )
Total operating expenses |  |  | (243,557 | ) |  |  | (244,248 | )
Net operating income |  | $ | 487,261 |  |  | $ | 460,840 |
Schedule of NOI from Our Rental Real Estate for Each Segment Specific to Continuing Operations | The following tables present NOI from our rental real estate for each segment for the quarters ended March 31, 2024 and 2023, respectively, as well as total assets and capital expenditures at March 31, 2024 (amounts in thousands):
|  | Quarter Ended March 31, 2024 |  |  | Quarter Ended March 31, 2023 |
|  | Rental Income |  |  | Operating Expenses |  |  | NOI |  |  | Rental Income |  |  | Operating Expenses |  |  | NOI |
Same store (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Los Angeles |  | $ | 119,267 |  |  | $ | 37,825 |  |  | $ | 81,442 |  |  | $ | 113,489 |  |  | $ | 37,311 |  |  | $ | 76,178 |
Orange County |  |  | 31,101 |  |  |  | 6,927 |  |  |  | 24,174 |  |  |  | 29,372 |  |  |  | 6,694 |  |  |  | 22,678 |
San Diego |  |  | 25,824 |  |  |  | 5,880 |  |  |  | 19,944 |  |  |  | 24,234 |  |  |  | 5,814 |  |  |  | 18,420 |
Subtotal - Southern California |  |  | 176,192 |  |  |  | 50,632 |  |  |  | 125,560 |  |  |  | 167,095 |  |  |  | 49,819 |  |  |  | 117,276 |
Washington, D.C. |  |  | 116,387 |  |  |  | 36,528 |  |  |  | 79,859 |  |  |  | 110,255 |  |  |  | 37,153 |  |  |  | 73,102 |
San Francisco |  |  | 109,313 |  |  |  | 34,967 |  |  |  | 74,346 |  |  |  | 107,286 |  |  |  | 34,246 |  |  |  | 73,040 |
New York |  |  | 123,964 |  |  |  | 51,275 |  |  |  | 72,689 |  |  |  | 118,045 |  |  |  | 49,488 |  |  |  | 68,557 |
Boston |  |  | 80,451 |  |  |  | 23,738 |  |  |  | 56,713 |  |  |  | 76,878 |  |  |  | 24,163 |  |  |  | 52,715 |
Seattle |  |  | 73,832 |  |  |  | 21,277 |  |  |  | 52,555 |  |  |  | 72,778 |  |  |  | 20,221 |  |  |  | 52,557 |
Denver |  |  | 17,808 |  |  |  | 5,447 |  |  |  | 12,361 |  |  |  | 17,596 |  |  |  | 5,474 |  |  |  | 12,122 |
Other Expansion Markets |  |  | 18,718 |  |  |  | 8,041 |  |  |  | 10,677 |  |  |  | 18,370 |  |  |  | 8,397 |  |  |  | 9,973 |
Total same store |  |  | 716,665 |  |  |  | 231,905 |  |  |  | 484,760 |  |  |  | 688,303 |  |  |  | 228,961 |  |  |  | 459,342 |
Non-same store/other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-same store (2) |  |  | 12,948 |  |  |  | 6,092 |  |  |  | 6,856 |  |  |  | 4,903 |  |  |  | 2,860 |  |  |  | 2,043 |
Other (3) |  |  | 1,205 |  |  |  | 5,560 |  |  |  | (4,355 | ) |  |  | 11,882 |  |  |  | 12,427 |  |  |  | (545 | )
Total non-same store/other |  |  | 14,153 |  |  |  | 11,652 |  |  |  | 2,501 |  |  |  | 16,785 |  |  |  | 15,287 |  |  |  | 1,498 |
Totals |  | $ | 730,818 |  |  | $ | 243,557 |  |  | $ | 487,261 |  |  | $ | 705,088 |  |  | $ | 244,248 |  |  | $ | 460,840 |
(1) For the quarters ended March 31, 2024 and 2023, same store primarily includes all properties acquired or completed that were stabilized prior to January 1, 2023, less properties subsequently sold, which represented 77,373 apartment units. (2) For the quarters ended March 31, 2024 and 2023, non-same store primarily includes properties acquired after January 1, 2023, plus any properties in lease-up and not stabilized as of January 1, 2023, and any properties undergoing major renovations. (3) Other includes development, other corporate operations and operations prior to disposition for properties sold.
|  | Quarter Ended March 31, 2024 |
|  | Total Assets |  |  | Capital Expenditures |
Same store (1) |  |  |  |  |  |
Los Angeles |  | $ | 2,473,271 |  |  | $ | 11,267 |
Orange County |  |  | 335,110 |  |  |  | 2,569 |
San Diego |  |  | 336,081 |  |  |  | 3,167 |
Subtotal - Southern California |  |  | 3,144,462 |  |  |  | 17,003 |
Washington, D.C. |  |  | 3,098,097 |  |  |  | 12,202 |
San Francisco |  |  | 3,043,672 |  |  |  | 13,622 |
New York |  |  | 3,284,640 |  |  |  | 6,085 |
Boston |  |  | 2,068,351 |  |  |  | 6,026 |
Seattle |  |  | 2,061,322 |  |  |  | 8,590 |
Denver |  |  | 816,012 |  |  |  | 1,007 |
Other Expansion Markets |  |  | 888,330 |  |  |  | 1,536 |
Total same store |  |  | 18,404,886 |  |  |  | 66,071 |
Non-same store/other |  |  |  |  |  |
Non-same store (2) |  |  | 665,260 |  |  |  | 7,381 |
Other (3) |  |  | 824,651 |  |  |  | 68 |
Total non-same store/other |  |  | 1,489,911 |  |  |  | 7,449 |
Totals |  | $ | 19,894,797 |  |  | $ | 73,520 |
(1) Same store primarily includes all properties acquired or completed that were stabilized prior to January 1, 2023, less properties subsequently sold, which represented 77,373 apartment units. (2) Non-same store primarily includes properties acquired after January 1, 2023, plus any properties in lease-up and not stabilized as of January 1, 2023, and any properties undergoing major renovations. (3) Other includes development, other corporate operations and capital expenditures for properties sold.

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