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Reportable Segments (Tables) | 6 Months Ended
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Jun. 30, 2024
Segment Reporting [Abstract] |
Schedule of Reconciliation of Net Income Per Consolidated Statements of Operations NOI from Rental Real Estate Specific to Continuing Operations | The following table presents a reconciliation of net income per the consolidated statements of operations to NOI for the six months and quarters ended June 30, 2024 and 2023, respectively (amounts in thousands):
|  | Six Months Ended June 30, | Quarter Ended June 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Net income |  | $ | 488,587 |  |  | $ | 364,933 |  |  | $ | 183,555 |  |  | $ | 144,862 |
Adjustments: |  |  |  |  |  |  |  |  |  |  |  |
Property management |  |  | 68,969 |  |  |  | 62,145 |  |  |  | 33,511 |  |  |  | 30,679 |
General and administrative |  |  | 34,351 |  |  |  | 35,041 |  |  |  | 18,631 |  |  |  | 18,876 |
Depreciation |  |  | 450,093 |  |  |  | 437,185 |  |  |  | 224,398 |  |  |  | 221,355 |
Net (gain) loss on sales of real estate properties |  |  | (227,994 | ) |  |  | (100,122 | ) |  |  | (39,809 | ) |  |  | 87 |
Interest and other income |  |  | (10,657 | ) |  |  | (3,669 | ) |  |  | (1,328 | ) |  |  | (2,131 | )
Other expenses |  |  | 45,123 |  |  |  | 15,559 |  |  |  | 13,385 |  |  |  | 6,564 |
Interest: |  |  |  |  |  |  |  |  |  |  |  |
Expense incurred, net |  |  | 133,040 |  |  |  | 131,991 |  |  |  | 65,828 |  |  |  | 65,590 |
Amortization of deferred financing costs |  |  | 3,836 |  |  |  | 3,996 |  |  |  | 1,918 |  |  |  | 2,017 |
Income and other tax expense (benefit) |  |  | 635 |  |  |  | 634 |  |  |  | 331 |  |  |  | 336 |
(Income) loss from investments in unconsolidated entities |  |  | 3,372 |  |  |  | 2,605 |  |  |  | 1,674 |  |  |  | 1,223 |
Total NOI |  | $ | 989,355 |  |  | $ | 950,298 |  |  | $ | 502,094 |  |  | $ | 489,458 |
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 six months and quarters ended June 30, 2024 and 2023, respectively, as well as total assets and capital expenditures at June 30, 2024 (amounts in thousands):
|  | Six Months Ended June 30, 2024 |  |  | Six Months Ended June 30, 2023 |
|  | Rental Income |  |  | Operating Expenses |  |  | NOI |  |  | Rental Income |  |  | Operating Expenses |  |  | NOI |
Same store (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Los Angeles |  | $ | 239,386 |  |  | $ | 73,603 |  |  | $ | 165,783 |  |  | $ | 229,783 |  |  | $ | 72,575 |  |  | $ | 157,208 |
Orange County |  |  | 62,272 |  |  |  | 13,865 |  |  |  | 48,407 |  |  |  | 59,417 |  |  |  | 13,396 |  |  |  | 46,021 |
San Diego |  |  | 51,815 |  |  |  | 11,659 |  |  |  | 40,156 |  |  |  | 48,925 |  |  |  | 11,550 |  |  |  | 37,375 |
Subtotal - Southern California |  |  | 353,473 |  |  |  | 99,127 |  |  |  | 254,346 |  |  |  | 338,125 |  |  |  | 97,521 |  |  |  | 240,604 |
Washington, D.C. |  |  | 231,584 |  |  |  | 72,407 |  |  |  | 159,177 |  |  |  | 220,318 |  |  |  | 72,109 |  |  |  | 148,209 |
San Francisco |  |  | 217,043 |  |  |  | 65,700 |  |  |  | 151,343 |  |  |  | 213,502 |  |  |  | 65,735 |  |  |  | 147,767 |
New York |  |  | 246,136 |  |  |  | 101,320 |  |  |  | 144,816 |  |  |  | 237,830 |  |  |  | 97,137 |  |  |  | 140,693 |
Boston |  |  | 162,532 |  |  |  | 46,726 |  |  |  | 115,806 |  |  |  | 155,729 |  |  |  | 46,197 |  |  |  | 109,532 |
Seattle |  |  | 148,624 |  |  |  | 43,291 |  |  |  | 105,333 |  |  |  | 145,796 |  |  |  | 41,172 |  |  |  | 104,624 |
Denver |  |  | 35,810 |  |  |  | 10,667 |  |  |  | 25,143 |  |  |  | 35,469 |  |  |  | 10,685 |  |  |  | 24,784 |
Other Expansion Markets |  |  | 37,363 |  |  |  | 16,199 |  |  |  | 21,164 |  |  |  | 37,088 |  |  |  | 16,165 |  |  |  | 20,923 |
Total same store |  |  | 1,432,565 |  |  |  | 455,437 |  |  |  | 977,128 |  |  |  | 1,383,857 |  |  |  | 446,721 |  |  |  | 937,136 |
Non-same store/other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-same store (2) |  |  | 27,547 |  |  |  | 12,418 |  |  |  | 15,129 |  |  |  | 12,400 |  |  |  | 6,509 |  |  |  | 5,891 |
Other (3) |  |  | 4,869 |  |  |  | 7,771 |  |  |  | (2,902 | ) |  |  | 26,140 |  |  |  | 18,869 |  |  |  | 7,271 |
Total non-same store/other |  |  | 32,416 |  |  |  | 20,189 |  |  |  | 12,227 |  |  |  | 38,540 |  |  |  | 25,378 |  |  |  | 13,162 |
Totals |  | $ | 1,464,981 |  |  | $ | 475,626 |  |  | $ | 989,355 |  |  | $ | 1,422,397 |  |  | $ | 472,099 |  |  | $ | 950,298 |
(1) For the six months ended June 30, 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 77,054 apartment units. (2) For the six months ended June 30, 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 June 30, 2024 |  |  | Quarter Ended June 30, 2023 |
|  | Rental Income |  |  | Operating Expenses |  |  | NOI |  |  | Rental Income |  |  | Operating Expenses |  |  | NOI |
Same store (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Los Angeles |  | $ | 120,119 |  |  | $ | 35,778 |  |  | $ | 84,341 |  |  | $ | 116,295 |  |  | $ | 35,264 |  |  | $ | 81,031 |
Orange County |  |  | 31,171 |  |  |  | 6,937 |  |  |  | 24,234 |  |  |  | 30,045 |  |  |  | 6,703 |  |  |  | 23,342 |
San Diego |  |  | 25,991 |  |  |  | 5,780 |  |  |  | 20,211 |  |  |  | 24,691 |  |  |  | 5,736 |  |  |  | 18,955 |
Subtotal - Southern California |  |  | 177,281 |  |  |  | 48,495 |  |  |  | 128,786 |  |  |  | 171,031 |  |  |  | 47,703 |  |  |  | 123,328 |
Washington, D.C. |  |  | 116,465 |  |  |  | 36,342 |  |  |  | 80,123 |  |  |  | 111,220 |  |  |  | 35,472 |  |  |  | 75,748 |
San Francisco |  |  | 108,731 |  |  |  | 31,263 |  |  |  | 77,468 |  |  |  | 107,288 |  |  |  | 31,893 |  |  |  | 75,395 |
New York |  |  | 122,172 |  |  |  | 50,045 |  |  |  | 72,127 |  |  |  | 119,785 |  |  |  | 47,649 |  |  |  | 72,136 |
Boston |  |  | 82,081 |  |  |  | 22,988 |  |  |  | 59,093 |  |  |  | 78,851 |  |  |  | 22,034 |  |  |  | 56,817 |
Seattle |  |  | 74,792 |  |  |  | 22,013 |  |  |  | 52,779 |  |  |  | 73,018 |  |  |  | 20,951 |  |  |  | 52,067 |
Denver |  |  | 18,002 |  |  |  | 5,221 |  |  |  | 12,781 |  |  |  | 17,873 |  |  |  | 5,211 |  |  |  | 12,662 |
Other Expansion Markets |  |  | 18,645 |  |  |  | 8,158 |  |  |  | 10,487 |  |  |  | 18,718 |  |  |  | 7,768 |  |  |  | 10,950 |
Total same store |  |  | 718,169 |  |  |  | 224,525 |  |  |  | 493,644 |  |  |  | 697,784 |  |  |  | 218,681 |  |  |  | 479,103 |
Non-same store/other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-same store (2) |  |  | 14,599 |  |  |  | 6,297 |  |  |  | 8,302 |  |  |  | 7,497 |  |  |  | 3,744 |  |  |  | 3,753 |
Other (3) |  |  | 1,395 |  |  |  | 1,247 |  |  |  | 148 |  |  |  | 12,028 |  |  |  | 5,426 |  |  |  | 6,602 |
Total non-same store/other |  |  | 15,994 |  |  |  | 7,544 |  |  |  | 8,450 |  |  |  | 19,525 |  |  |  | 9,170 |  |  |  | 10,355 |
Totals |  | $ | 734,163 |  |  | $ | 232,069 |  |  | $ | 502,094 |  |  | $ | 717,309 |  |  | $ | 227,851 |  |  | $ | 489,458 |
(1) For the quarters ended June 30, 2024 and 2023, same store primarily includes all properties acquired or completed that were stabilized prior to April 1, 2023, less properties subsequently sold, which represented 77,054 apartment units. (2) For the quarters ended June 30, 2024 and 2023, non-same store primarily includes properties acquired after April 1, 2023, plus any properties in lease-up and not stabilized as of April 1, 2023, and any properties undergoing major renovations. (3) Other includes development, other corporate operations and operations prior to disposition for properties sold.
|  | Six Months Ended June 30, 2024 |
|  | Total Assets |  |  | Capital Expenditures |
Same store (1) |  |  |  |  |  |
Los Angeles |  | $ | 2,455,957 |  |  | $ | 24,700 |
Orange County |  |  | 335,826 |  |  |  | 8,702 |
San Diego |  |  | 336,372 |  |  |  | 8,283 |
Subtotal - Southern California |  |  | 3,128,155 |  |  |  | 41,685 |
Washington, D.C. |  |  | 3,029,979 |  |  |  | 22,162 |
San Francisco |  |  | 3,018,760 |  |  |  | 28,267 |
New York |  |  | 3,240,380 |  |  |  | 12,363 |
Boston |  |  | 2,051,119 |  |  |  | 12,924 |
Seattle |  |  | 2,043,317 |  |  |  | 16,325 |
Denver |  |  | 807,719 |  |  |  | 2,156 |
Other Expansion Markets |  |  | 880,531 |  |  |  | 3,805 |
Total same store |  |  | 18,199,960 |  |  |  | 139,687 |
Non-same store/other |  |  |  |  |  |
Non-same store (2) |  |  | 756,305 |  |  |  | 13,153 |
Other (3) |  |  | 823,303 |  |  |  | 464 |
Total non-same store/other |  |  | 1,579,608 |  |  |  | 13,617 |
Totals |  | $ | 19,779,568 |  |  | $ | 153,304 |
(1) Same store primarily includes all properties acquired or completed that were stabilized prior to January 1, 2023, less properties subsequently sold, which represente d 77,054 a partment 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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