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v3.25.3

Reportable Segments (Tables) | 9 Months Ended
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Sep. 30, 2025
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 nine months and quarters ended September 30, 2025 and 2024, respectively (amounts in thousands):
|  | Nine Months Ended September 30, |  |  | Quarter Ended September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Net income |  | $ | 760,451 |  |  | $ | 637,104 |  |  | $ | 296,868 |  |  | $ | 148,517 |
Adjustments: |  |  |  |  |  |  |  |  |  |  |  |
Property management |  |  | 100,691 |  |  |  | 100,381 |  |  |  | 30,089 |  |  |  | 31,412 |
General and administrative |  |  | 51,450 |  |  |  | 48,902 |  |  |  | 14,664 |  |  |  | 14,551 |
Depreciation |  |  | 752,292 |  |  |  | 688,041 |  |  |  | 254,657 |  |  |  | 237,948 |
Net (gain) loss on sales of real estate properties |  |  | (355,117 | ) |  |  | (227,829 | ) |  |  | (142,685 | ) |  |  | 165 |
Interest and other income |  |  | (49,040 | ) |  |  | (26,501 | ) |  |  | (45,219 | ) |  |  | (15,844 | )
Other expenses |  |  | 39,903 |  |  |  | 59,094 |  |  |  | 30,942 |  |  |  | 13,971 |
Interest: |  |  |  |  |  |  |  |  |  |  |  |
Expense incurred, net |  |  | 227,572 |  |  |  | 205,762 |  |  |  | 80,141 |  |  |  | 72,722 |
Amortization of deferred financing costs |  |  | 6,369 |  |  |  | 5,784 |  |  |  | 2,122 |  |  |  | 1,948 |
Income and other tax expense (benefit) |  |  | 1,224 |  |  |  | 925 |  |  |  | 395 |  |  |  | 290 |
(Income) loss from investments in unconsolidated entities |  |  | 15,388 |  |  |  | 4,865 |  |  |  | 3,981 |  |  |  | 1,493 |
Net (gain) loss on sales of land parcels |  |  | 80 |  |  |  | — |  |  |  | 2 |  |  |  | — |
Total NOI |  | $ | 1,551,263 |  |  | $ | 1,496,528 |  |  | $ | 525,957 |  |  | $ | 507,173 |
Schedule of NOI from Our Rental Real Estate for Continuing Operations | The following tables present NOI from our rental real estate for the nine months and quarters ended September 30, 2025 and 2024, respectively (amounts in thousands):
|  | Nine Months Ended September 30, 2025 |  |  | Nine Months Ended September 30, 2024 |
|  | Rental Income |  |  | Operating Expenses |  |  | NOI |  |  | Rental Income |  |  | Operating Expenses |  |  | NOI |
Same store (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Los Angeles |  | $ | 364,899 |  |  | $ | 115,456 |  |  | $ | 249,443 |  |  | $ | 359,596 |  |  | $ | 111,101 |  |  | $ | 248,495 |
Orange County |  |  | 96,026 |  |  |  | 21,707 |  |  |  | 74,319 |  |  |  | 93,760 |  |  |  | 21,111 |  |  |  | 72,649 |
San Diego |  |  | 63,874 |  |  |  | 14,055 |  |  |  | 49,819 |  |  |  | 62,172 |  |  |  | 13,121 |  |  |  | 49,051 |
Subtotal - Southern California |  |  | 524,799 |  |  |  | 151,218 |  |  |  | 373,581 |  |  |  | 515,528 |  |  |  | 145,333 |  |  |  | 370,195 |
San Francisco |  |  | 337,075 |  |  |  | 101,315 |  |  |  | 235,760 |  |  |  | 322,643 |  |  |  | 97,285 |  |  |  | 225,358 |
New York |  |  | 384,057 |  |  |  | 156,931 |  |  |  | 227,126 |  |  |  | 369,642 |  |  |  | 151,404 |  |  |  | 218,238 |
Washington, D.C. |  |  | 332,425 |  |  |  | 107,042 |  |  |  | 225,383 |  |  |  | 319,579 |  |  |  | 101,973 |  |  |  | 217,606 |
Boston |  |  | 240,793 |  |  |  | 72,807 |  |  |  | 167,986 |  |  |  | 238,308 |  |  |  | 68,678 |  |  |  | 169,630 |
Seattle |  |  | 209,873 |  |  |  | 59,936 |  |  |  | 149,937 |  |  |  | 204,493 |  |  |  | 58,647 |  |  |  | 145,846 |
Denver |  |  | 57,246 |  |  |  | 17,702 |  |  |  | 39,544 |  |  |  | 59,339 |  |  |  | 17,952 |  |  |  | 41,387 |
Other Expansion Markets |  |  | 58,787 |  |  |  | 24,761 |  |  |  | 34,026 |  |  |  | 60,906 |  |  |  | 24,459 |  |  |  | 36,447 |
Total same store |  |  | 2,145,055 |  |  |  | 691,712 |  |  |  | 1,453,343 |  |  |  | 2,090,438 |  |  |  | 665,731 |  |  |  | 1,424,707 |
Non-same store |  |  | 149,440 |  |  |  | 54,171 |  |  |  | 95,269 |  |  |  | 43,763 |  |  |  | 18,623 |  |  |  | 25,140 |
Total reportable segments |  |  | 2,294,495 |  |  |  | 745,883 |  |  |  | 1,548,612 |  |  |  | 2,134,201 |  |  |  | 684,354 |  |  |  | 1,449,847 |
Other (2) |  |  | 17,553 |  |  |  | 14,902 |  |  |  | 2,651 |  |  |  | 79,128 |  |  |  | 32,447 |  |  |  | 46,681 |
Totals |  | $ | 2,312,048 |  |  | $ | 760,785 |  |  | $ | 1,551,263 |  |  | $ | 2,213,329 |  |  | $ | 716,801 |  |  | $ | 1,496,528 |
(1) For the nine months ended September 30, 2025 and 2024, same store represented 74,595 apartment units. (2) Other includes development, other corporate operations and operations prior to disposition for properties sold.
|  | Quarter Ended September 30, 2025 |  |  | Quarter Ended September 30, 2024 |
|  | Rental Income |  |  | Operating Expenses |  |  | NOI |  |  | Rental Income |  |  | Operating Expenses |  |  | NOI |
Same store (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Los Angeles |  | $ | 122,414 |  |  | $ | 38,867 |  |  | $ | 83,547 |  |  | $ | 120,210 |  |  | $ | 37,415 |  |  | $ | 82,795 |
Orange County |  |  | 32,216 |  |  |  | 7,486 |  |  |  | 24,730 |  |  |  | 31,487 |  |  |  | 7,306 |  |  |  | 24,181 |
San Diego |  |  | 21,482 |  |  |  | 4,748 |  |  |  | 16,734 |  |  |  | 20,802 |  |  |  | 4,518 |  |  |  | 16,284 |
Subtotal - Southern California |  |  | 176,112 |  |  |  | 51,101 |  |  |  | 125,011 |  |  |  | 172,499 |  |  |  | 49,239 |  |  |  | 123,260 |
San Francisco |  |  | 116,271 |  |  |  | 34,509 |  |  |  | 81,762 |  |  |  | 109,811 |  |  |  | 33,550 |  |  |  | 76,261 |
New York |  |  | 129,940 |  |  |  | 52,099 |  |  |  | 77,841 |  |  |  | 123,506 |  |  |  | 49,949 |  |  |  | 73,557 |
Washington, D.C. |  |  | 113,992 |  |  |  | 37,791 |  |  |  | 76,201 |  |  |  | 110,288 |  |  |  | 36,122 |  |  |  | 74,166 |
Boston |  |  | 80,416 |  |  |  | 24,599 |  |  |  | 55,817 |  |  |  | 79,872 |  |  |  | 22,732 |  |  |  | 57,140 |
Seattle |  |  | 70,742 |  |  |  | 20,279 |  |  |  | 50,463 |  |  |  | 68,519 |  |  |  | 19,784 |  |  |  | 48,735 |
Denver |  |  | 18,878 |  |  |  | 5,893 |  |  |  | 12,985 |  |  |  | 19,649 |  |  |  | 6,117 |  |  |  | 13,532 |
Other Expansion Markets |  |  | 21,204 |  |  |  | 8,301 |  |  |  | 12,903 |  |  |  | 21,991 |  |  |  | 9,001 |  |  |  | 12,990 |
Total same store |  |  | 727,555 |  |  |  | 234,572 |  |  |  | 492,983 |  |  |  | 706,135 |  |  |  | 226,494 |  |  |  | 479,641 |
Non-same store |  |  | 51,872 |  |  |  | 18,962 |  |  |  | 32,910 |  |  |  | 17,287 |  |  |  | 6,160 |  |  |  | 11,127 |
Total reportable segments |  |  | 779,427 |  |  |  | 253,534 |  |  |  | 525,893 |  |  |  | 723,422 |  |  |  | 232,654 |  |  |  | 490,768 |
Other (2) |  |  | 2,984 |  |  |  | 2,920 |  |  |  | 64 |  |  |  | 24,926 |  |  |  | 8,521 |  |  |  | 16,405 |
Totals |  | $ | 782,411 |  |  | $ | 256,454 |  |  | $ | 525,957 |  |  | $ | 748,348 |  |  | $ | 241,175 |  |  | $ | 507,173 |
(1) For the quarters ended September 30, 2025 and 2024, same store represented 75,473 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 tables present reconciliations of operating expenses for each reportable segment for the nine months and quarters ended September 30, 2025 and 2024, respectively (amounts in thousands):
|  | Nine Months Ended September 30, 2025 |  |  | Nine Months Ended September 30, 2024 |
|  | Same Store (1) |  |  | Non-Same Store |  |  | Total |  |  | Same Store (1) |  |  | Non-Same Store |  |  | Total |
Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate taxes |  | $ | 279,841 |  |  | $ | 19,028 |  |  | $ | 298,869 |  |  | $ | 273,035 |  |  | $ | 7,091 |  |  | $ | 280,126 |
On-site payroll |  |  | 126,836 |  |  |  | 10,660 |  |  |  | 137,496 |  |  |  | 125,189 |  |  |  | 3,256 |  |  |  | 128,445 |
Utilities |  |  | 111,015 |  |  |  | 8,353 |  |  |  | 119,368 |  |  |  | 102,389 |  |  |  | 2,756 |  |  |  | 105,145 |
Repairs and maintenance |  |  | 95,097 |  |  |  | 9,443 |  |  |  | 104,540 |  |  |  | 90,064 |  |  |  | 2,237 |  |  |  | 92,301 |
Other (2) |  |  | 78,923 |  |  |  | 6,687 |  |  |  | 85,610 |  |  |  | 75,054 |  |  |  | 3,283 |  |  |  | 78,337 |
Total |  | $ | 691,712 |  |  | $ | 54,171 |  |  | $ | 745,883 |  |  | $ | 665,731 |  |  | $ | 18,623 |  |  | $ | 684,354 |
(1) For the nine months ended September 30, 2025 and 2024, same store represente d 74,595 apartment units. (2) Other operating expenses for each reportable segment includes insurance, leasing and advertising and other on-site operating expenses.
|  | Quarter Ended September 30, 2025 |  |  | Quarter Ended September 30, 2024 |
|  | Same Store (1) |  |  | Non-Same Store |  |  | Total |  |  | Same Store (1) |  |  | Non-Same Store |  |  | Total |
Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate taxes |  | $ | 93,747 |  |  | $ | 6,665 |  |  | $ | 100,412 |  |  | $ | 91,782 |  |  | $ | 2,597 |  |  | $ | 94,379 |
On-site payroll |  |  | 42,078 |  |  |  | 3,774 |  |  |  | 45,852 |  |  |  | 42,854 |  |  |  | 1,088 |  |  |  | 43,942 |
Utilities |  |  | 38,692 |  |  |  | 2,896 |  |  |  | 41,588 |  |  |  | 35,918 |  |  |  | 926 |  |  |  | 36,844 |
Repairs and maintenance |  |  | 34,220 |  |  |  | 3,579 |  |  |  | 37,799 |  |  |  | 31,230 |  |  |  | 787 |  |  |  | 32,017 |
Other (2) |  |  | 25,835 |  |  |  | 2,048 |  |  |  | 27,883 |  |  |  | 24,710 |  |  |  | 762 |  |  |  | 25,472 |
Total |  | $ | 234,572 |  |  | $ | 18,962 |  |  | $ | 253,534 |  |  | $ | 226,494 |  |  | $ | 6,160 |  |  | $ | 232,654 |
(1) For the quarters ended September 30, 2025 and 2024, same store represented 75,473 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 f ollowing table presents a reconciliation of total assets and capital expenditures as of and for the nine months ended September 30, 2025 (amounts in thousands):
|  | September 30, 2025 |
|  | Same Store (1) |  |  | Non-Same Store |  |  | Other (2) |  |  | Total |
Total assets |  | $ | 17,159,953 |  |  | $ | 2,984,407 |  |  | $ | 920,703 |  |  | $ | 21,065,063 |
Capital expenditures |  | $ | 209,488 |  |  | $ | 32,149 |  |  | $ | 1,932 |  |  | $ | 243,569 |
(1) For the nine months ended September 30, 2025, same store represented 74,595 apartment units. (2) Other includes development, other corporate operations and capital expenditures for properties sold.

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