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Reportable Segments (Tables)

12 Months Ended

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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