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Reportable Segments (Tables) | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
Schedule of Reconciliation of Net Income Per Consolidated Statements of Operations to NOI | The following table presents a reconciliation of net income per the consolidated statements of operations to NOI for the years ended December 31, 2024, 2023 and 2022, respectively (amounts in thousands):
|  | December 31, 2024 |  |  | December 31, 2023 |  |  | December 31, 2022 |
Net income |  | $ | 1,070,975 |  |  | $ | 868,488 |  |  | $ | 806,995 |
Adjustments: |  |  |  |  |  |  |  |  |
Property management |  |  | 132,739 |  |  |  | 119,804 |  |  |  | 110,304 |
General and administrative |  |  | 61,653 |  |  |  | 60,716 |  |  |  | 58,710 |
Depreciation |  |  | 952,191 |  |  |  | 888,709 |  |  |  | 882,168 |
Net (gain) loss on sales of real estate properties |  |  | (546,797 | ) |  |  | (282,539 | ) |  |  | (304,325 | )
Interest and other income |  |  | (30,329 | ) |  |  | (22,345 | ) |  |  | (2,193 | )
Other expenses |  |  | 74,051 |  |  |  | 29,419 |  |  |  | 13,664 |
Interest: |  |  |  |  |  |  |  |  |
Expense incurred, net |  |  | 285,735 |  |  |  | 269,556 |  |  |  | 282,920 |
Amortization of deferred financing costs |  |  | 7,834 |  |  |  | 8,941 |  |  |  | 8,729 |
Income and other tax expense (benefit) |  |  | 1,256 |  |  |  | 1,148 |  |  |  | 900 |
(Income) loss from investments in unconsolidated entities |  |  | 8,974 |  |  |  | 5,378 |  |  |  | 5,031 |
Total NOI |  | $ | 2,018,282 |  |  | $ | 1,947,275 |  |  | $ | 1,862,903 |
Schedule of NOI from Our Rental Real Estate for Continuing Operations | The following table presents NOI from our rental real estate for the years ended December 31, 2024, 2023 and 2022, respectively (amounts in thousands):
|  | December 31, 2024 |  |  | December 31, 2023 |  |  | December 31, 2022 |
|  | Rental Income |  |  | Operating Expenses |  |  | NOI |  |  | Rental Income |  |  | Operating Expenses |  |  | NOI |  |  | Rental Income |  |  | Operating Expenses |  |  | NOI |
Same store (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Los Angeles |  | $ | 479,711 |  |  | $ | 148,030 |  |  | $ | 331,681 |  |  | $ | 466,980 |  |  | $ | 143,983 |  |  | $ | 322,997 |  |  | $ | 450,635 |  |  | $ | 132,858 |  |  | $ | 317,777 |
Orange County |  |  | 125,214 |  |  |  | 28,208 |  |  |  | 97,006 |  |  |  | 121,113 |  |  |  | 26,759 |  |  |  | 94,354 |  |  |  | 122,660 |  |  |  | 26,511 |  |  |  | 96,149 |
San Diego |  |  | 96,969 |  |  |  | 21,127 |  |  |  | 75,842 |  |  |  | 92,847 |  |  |  | 20,794 |  |  |  | 72,053 |  |  |  | 86,728 |  |  |  | 19,506 |  |  |  | 67,222 |
Subtotal - Southern California |  |  | 701,894 |  |  |  | 197,365 |  |  |  | 504,529 |  |  |  | 680,940 |  |  |  | 191,536 |  |  |  | 489,404 |  |  |  | 660,023 |  |  |  | 178,875 |  |  |  | 481,148 |
San Francisco |  |  | 431,323 |  |  |  | 129,084 |  |  |  | 302,239 |  |  |  | 424,547 |  |  |  | 128,742 |  |  |  | 295,805 |  |  |  | 415,173 |  |  |  | 124,192 |  |  |  | 290,981 |
Washington, D.C. |  |  | 438,914 |  |  |  | 137,786 |  |  |  | 301,128 |  |  |  | 419,628 |  |  |  | 132,610 |  |  |  | 287,018 |  |  |  | 417,210 |  |  |  | 138,570 |  |  |  | 278,640 |
New York |  |  | 494,060 |  |  |  | 201,857 |  |  |  | 292,203 |  |  |  | 476,319 |  |  |  | 193,311 |  |  |  | 283,008 |  |  |  | 434,820 |  |  |  | 187,218 |  |  |  | 247,602 |
Boston |  |  | 327,134 |  |  |  | 94,576 |  |  |  | 232,558 |  |  |  | 314,929 |  |  |  | 91,977 |  |  |  | 222,952 |  |  |  | 270,899 |  |  |  | 82,523 |  |  |  | 188,376 |
Seattle |  |  | 285,539 |  |  |  | 81,843 |  |  |  | 203,696 |  |  |  | 278,170 |  |  |  | 78,418 |  |  |  | 199,752 |  |  |  | 281,959 |  |  |  | 79,037 |  |  |  | 202,922 |
Denver |  |  | 71,061 |  |  |  | 21,600 |  |  |  | 49,461 |  |  |  | 71,067 |  |  |  | 21,328 |  |  |  | 49,739 |  |  |  | 67,785 |  |  |  | 19,569 |  |  |  | 48,216 |
Other Expansion Markets |  |  | 73,493 |  |  |  | 30,366 |  |  |  | 43,127 |  |  |  | 74,593 |  |  |  | 31,713 |  |  |  | 42,880 |  |  |  | 61,897 |  |  |  | 27,618 |  |  |  | 34,279 |
Total same store |  |  | 2,823,418 |  |  |  | 894,477 |  |  |  | 1,928,941 |  |  |  | 2,740,193 |  |  |  | 869,635 |  |  |  | 1,870,558 |  |  |  | 2,609,766 |  |  |  | 837,602 |  |  |  | 1,772,164 |
Non-same store |  |  | 100,419 |  |  |  | 36,350 |  |  |  | 64,069 |  |  |  | 35,474 |  |  |  | 15,117 |  |  |  | 20,357 |  |  |  | 74,379 |  |  |  | 29,758 |  |  |  | 44,621 |
Total reportable segments |  |  | 2,923,837 |  |  |  | 930,827 |  |  |  | 1,993,010 |  |  |  | 2,775,667 |  |  |  | 884,752 |  |  |  | 1,890,915 |  |  |  | 2,684,145 |  |  |  | 867,360 |  |  |  | 1,816,785 |
Other (2) |  |  | 56,271 |  |  |  | 30,999 |  |  |  | 25,272 |  |  |  | 98,297 |  |  |  | 41,937 |  |  |  | 56,360 |  |  |  | 51,035 |  |  |  | 4,917 |  |  |  | 46,118 |
Totals |  | $ | 2,980,108 |  |  | $ | 961,826 |  |  | $ | 2,018,282 |  |  | $ | 2,873,964 |  |  | $ | 926,689 |  |  | $ | 1,947,275 |  |  | $ | 2,735,180 |  |  | $ | 872,277 |  |  | $ | 1,862,903 |
(1) For the years ended December 31, 2024 and 2023, same store represented 75,299 apartment units. For the year ended December 31, 2022, same store represented 76,297 apartment units. (2) Other includes development, other corporate operations and operations prior to disposition for properties sold.
Schedule of Reconciliation of Operating Expenses | The following table presents a reconciliation of operating expenses for each reportable segment for the years ended December 31, 2024, 2023 and 2022, respectively (amounts in thousands):
|  | December 31, 2024 |  |  | December 31, 2023 |  |  | December 31, 2022 |
|  | Same Store (1) |  |  | Non-Same Store |  |  | Total |  |  | Same Store (1) |  |  | Non-Same Store |  |  | Total |  |  | Same Store (1) |  |  | Non-Same Store |  |  | Total |
Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate taxes |  | $ | 368,087 |  |  | $ | 12,050 |  |  | $ | 380,137 |  |  | $ | 356,847 |  |  | $ | 3,929 |  |  | $ | 360,776 |  |  | $ | 350,928 |  |  | $ | 9,822 |  |  | $ | 360,750 |
On-site payroll |  |  | 168,006 |  |  |  | 7,335 |  |  |  | 175,341 |  |  |  | 167,486 |  |  |  | 3,189 |  |  |  | 170,675 |  |  |  | 161,297 |  |  |  | 5,156 |  |  |  | 166,453 |
Utilities |  |  | 139,116 |  |  |  | 5,860 |  |  |  | 144,976 |  |  |  | 135,721 |  |  |  | 2,664 |  |  |  | 138,385 |  |  |  | 133,579 |  |  |  | 5,443 |  |  |  | 139,022 |
Repairs and maintenance |  |  | 118,829 |  |  |  | 5,583 |  |  |  | 124,412 |  |  |  | 116,529 |  |  |  | 1,961 |  |  |  | 118,490 |  |  |  | 107,702 |  |  |  | 3,538 |  |  |  | 111,240 |
Other (2) |  |  | 100,439 |  |  |  | 5,522 |  |  |  | 105,961 |  |  |  | 93,052 |  |  |  | 3,374 |  |  |  | 96,426 |  |  |  | 84,096 |  |  |  | 5,799 |  |  |  | 89,895 |
Total |  | $ | 894,477 |  |  | $ | 36,350 |  |  | $ | 930,827 |  |  | $ | 869,635 |  |  | $ | 15,117 |  |  | $ | 884,752 |  |  | $ | 837,602 |  |  | $ | 29,758 |  |  | $ | 867,360 |
(1) For the years ended December 31, 2024 and 2023, same store represented 75,299 apartment units. For the year ended December 31, 2022, same store represented 76,297 apartment units. (2) Other operating expenses for each reportable segment includes insurance, leasing and advertising and other on-site operating expenses.
Schedule of Reconciliation of Total Assets and Capital Expenditures | The following table presents a reconciliation of total assets and capital expenditures as of and for the years ended December 31, 2024 and 2023, respectively (amounts in thousands):
|  | December 31, 2024 |  |  | December 31, 2023 |
|  | Same Store (1) |  |  | Non-Same Store |  |  | Other (2) |  |  | Total |  |  | Same Store (1) |  |  | Non-Same Store |  |  | Other (2) |  |  | Total |
Total assets |  | $ | 17,638,845 |  |  | $ | 2,322,642 |  |  | $ | 872,689 |  |  | $ | 20,834,176 |  |  | $ | 18,190,640 |  |  | $ | 782,516 |  |  | $ | 1,061,408 |  |  | $ | 20,034,564 |
Capital expenditures |  | $ | 273,997 |  |  | $ | 22,028 |  |  | $ | 5,409 |  |  | $ | 301,434 |  |  | $ | 278,149 |  |  | $ | 32,023 |  |  | $ | 9,170 |  |  | $ | 319,342 |
(1) For the years ended December 31, 2024 and 2023, same store represented 75,299 apartment units. (2) Other includes development, other corporate operations and capital expenditures for properties sold.

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