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Reportable Segments (Tables)

9 Months Ended

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 represented 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 following 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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