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Reportable Segments | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Reportable Segments | 12. Reportable Segments Operating segments are defined as components of an enterprise that engage in business activities from which they may earn revenues and incur expenses and about which discrete financial information is available that is evaluated regularly by the chief operating decision maker. The chief operating decision maker, who is the Company’s chief executive officer, decides how resources are allocated and assesses performance on a recurring basis at least quarterly. The Company’s primary business is the acquisition, development and management of multifamily residential properties, which includes the generation of rental and other related income through the leasing of apartment units to residents. The chief operating decision maker evaluates the Company’s operating performance of our apartment communities geographically by market on a same store basis and in total on a non-same store basis, which represent our operating segments. The Company has aggregated its geographic same store operating segments into one reportable segment called same store. Management believes the properties in the same store reportable segment have similar economic characteristics, facilities, services and residents, which is in alignment with the required aggregation criteria. The following reflects the two reportable segments for the Company: • Same store primarily includes all properties acquired or completed that were stabilized (defined as having achieved 90% physical occupancy for three consecutive months) for all of the current and comparable periods presented. • Non-same store primarily includes all properties acquired during the current and prior year, any properties in lease-up and not stabilized for all of the current and comparable periods presented and any properties undergoing major renovations. The Company has non-residential activities included in each of its reportable segments, which account for less than 4.0% of total revenues for the nine months ended September 30, 2025 and 2024, respectively, and serve as an amenity for our residential residents. All revenues are from external customers and there is no customer who contributed 10% or more of the Company’s total revenues during the nine months and quarters ended September 30, 2025 and 2024, respectively. The primary financial measure for the Company’s reportable segments is net operating income (“NOI”), which represents rental income less: 1) property and maintenance expense and 2) real estate taxes and insurance expense (all as reflected in the accompanying consolidated statements of operations and comprehensive income). The Company believes that NOI is helpful to investors as a supplemental measure of its operating performance because it is a direct measure of the actual operating results of the Company’s apartment properties. Revenues for all leases are reflected on a straight-line basis in accordance with GAAP for the current and comparable periods. 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 |
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. 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. 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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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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