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Pay vs Performance Disclosure | 12 Months Ended | 24 Months Ended | 36 Months Ended | 48 Months Ended | 60 Months Ended
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Dec. 31, 2024 USD ($) $ / shares | Dec. 31, 2023 USD ($) $ / shares | Dec. 31, 2022 USD ($) $ / shares | Dec. 31, 2021 USD ($) $ / shares | Dec. 31, 2020 USD ($) $ / shares | Dec. 31, 2021 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2024 USD ($)
Pay vs Performance Disclosure |  |  |  |  |  |  |  |  |
Pay vs Performance Disclosure, Table | ## Pay Versus Performance As required by Item 402(v) of Regulation S-K, we are providing certain information regarding the Company, including compensation actually paid, as determined in accordance with SEC rules ("CAP"), to our principal executive officer ("PEO"), the average CAP paid to our non-PEO NEOs, certain financial performance measures of the Company, including Normalized FFO per share (the Company-selected measure ("CSM")), and the relationship between CAP and each of Company TSR, peer group TSR, net income and the CSM.
|  |  |  |  |  |  |  |  |  |  |  |  |  | Value of Initial Fixed $100 Investment Based On: |  |  |  |  |  |
Year |  | Summary Compensation Table ("SCT") Total for PEO (1) |  | Compensation Actually Paid to PEO (2) |  | Average Summary Compensation Table Total for Non-PEO NEOs (1) |  | Average Compensation Actually Paid to Non-PEO NEOs (3) |  | Company TSR (4) |  | Peer Group TSR (4)(5) |  | Net Income |  | Normalized FFO Per Share (6)
2024 |  | $11,359,954 |  |  | $19,067,282 |  |  | $3,948,316 |  |  | $5,861,714 |  |  | $106.37 |  |  | $123.25 |  |  | $1,070,975,000 |  |  | $3.89 |
2023 |  | 11,361,059 |  |  | 11,892,000 |  |  | 3,839,888 |  |  | 3,953,117 |  |  | 88.01 |  |  | 113.35 |  |  | 868,488,000 |  |  | 3.78 |
2022 |  | 11,235,084 |  |  | 836,944 |  |  | 3,644,462 |  |  | 1,238,534 |  |  | 81.23 |  |  | 99.67 |  |  | 806,995,000 |  |  | 3.52 |
2021 |  | 8,490,527 |  |  | 16,989,674 |  |  | 2,740,081 |  |  | 4,801,355 |  |  | 120.28 |  |  | 131.78 |  |  | 1,396,714,000 |  |  | 2.99 |
2020 |  | 7,600,658 |  |  | 795,215 |  |  | 3,040,774 |  |  | 928,247 |  |  | 76.47 |  |  | 92.00 |  |  | 962,501,000 |  |  | 3.26 |
(1) See the SCT on page 51 for detail on the SCT total compensation for our PEO and the average SCT total compensation for the non-PEO NEOs for 2024, 2023 and 2022. The SCT total compensation for our PEO and the average SCT total compensation for the non-PEO NEOs for 2021 and 2020 were calculated from the SCT as disclosed in our Proxy Statement filed with the SEC in calendar year 2022. (2) Our PEO for all years reported is Mr. Parrell. In accordance with the requirements of Item 402(v) of Regulation S-K, the following adjustments were made to Mr. Parrell's SCT total compensation for 2024 to determine the CAP. Dividends paid are already reflected in the fair value of equity awards presented below. Assumptions made in the calculation of the valuations presented below do not differ materially from the assumptions made as of the grant date of such awards.
PEO SCT Total to CAP Reconciliation
|  |  |  |  |  |  | Deductions from SCT Total |  |  |
Year |  | Total Compensation from SCT |  | Amounts Reported in "Share Awards" Column in SCT |  | Amounts Reported in "Option Awards" Column in SCT |  | Equity Award Adjustments to SCT Total |  | CAP
2024 |  |  | $11,359,954 |  |  |  | ($7,101,749) |  |  |  | ($642,268) |  |  |  | $15,451,345 |  |  |  | $19,067,282 |
PEO Equity Award Adjustments to SCT Total
Year |  |  | Year-End Fair Value of Outstanding and Unvested Equity Granted During the Year |  | Year-over-Year Change in Fair Value of Outstanding and Unvested Equity Awards Granted in Prior Years |  |  | Vesting Date Fair Value of Equity Awards Granted and Vested in the Year |  |  | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year |  | Total Equity Award Adjustments to SCT Total
2024 |  |  | $10,485,266 |  |  |  | $5,013,519 |  |  |  | $0 |  |  |  | ($47,440) |  |  |  | $15,451,345 |
(3) The non-PEO NEOs for 2024, 2023, 2022 and 2021 are Messrs. Garechana, Manelis, Brackenridge and Fenster. The non-PEO NEOs for 2020 are Messrs. Garechana, Manelis and Brackenridge and Mr. Alan George, a former executive. In accordance with the requirements of Item 402(v) of Regulation S-K, the following adjustments were made to the non-PEO NEOs' average SCT total compensation for 2024 to determine the average CAP. Dividends paid are already reflected in the fair value of equity awards presented below. Assumptions made in the calculation of the valuations presented below do not differ materially from the assumptions made as of the grant date of such awards.
Average Non-PEO NEOs SCT Total to CAP Reconciliation
|  |  |  |  |  | Deductions from SCT Total |  |  |
Year |  | Average Total Compensation from SCT |  | Average Amounts Reported in "Share Awards" Column in SCT |  | Average Amounts Reported in "Option Awards" Column in SCT |  | Average Equity Award Adjustments to SCT Total |  | Average CAP
2024 |  |  | $3,948,316 |  |  |  | ($2,005,166) |  |  |  | ($223,240) |  |  |  | $4,141,804 |  |  |  | $5,861,714 |
Average Non-PEO NEOs Equity Award Adjustments to SCT Total
Year |  | Average Year-End Fair Value of Outstanding and Unvested Equity Granted During the Year |  | Average Year-over-Year Change in Fair Value of Outstanding and Unvested Equity Awards Granted in Prior Years |  | Average Vesting Date Fair Value of Equity Awards Granted and Vested in the Year |  | Average Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year |  | Average Total Equity Award Adjustments to SCT Total
2024 |  |  | $3,033,564 |  |  |  | $1,125,002 |  |  |  | $0 |  |  |  | ($16,762) |  |  |  | $4,141,804 |
(4) For purposes of the Pay Versus Performance Table (the "PVP Table"), Company TSR and "Peer Group TSR" are calculated using the measurement period beginning on the last trading day of 2019, through and including the end of the fiscal year for which cumulative Company TSR or cumulative Peer Group TSR is being calculated. (5) The Company has selected the Nareit Equity Index for purposes of calculating Peer Group TSR for the PVP Table. The Nareit Equity Index is one of the indices used in the Company's LTI Plan and is the same Peer Group TSR reported in the performance graph found in the back cover of our 2024 Annual Report to Shareholders for the fiscal year ending December 31, 2024. (6) Normalized FFO is a non-GAAP measure. For additional details/definitions of Normalized FFO, including reconciliations of EPS to FFO per share and Normalized FFO per share, see the Supplemental Appendix beginning on page 80. |  |  |  |  |  |  |  |
Company Selected Measure Name | Normalized FFO per share |  |  |  |  |  |  |  |
Named Executive Officers, Footnote | Our PEO for all years reported is Mr. Parrell.The non-PEO NEOs for 2024, 2023, 2022 and 2021 are Messrs. Garechana, Manelis, Brackenridge and Fenster. The non-PEO NEOs for 2020 are Messrs. Garechana, Manelis and Brackenridge and Mr. Alan George, a former executive. |  |  |  |  |  |  |  |
Peer Group Issuers, Footnote | (4) For purposes of the Pay Versus Performance Table (the "PVP Table"), Company TSR and "Peer Group TSR" are calculated using the measurement period beginning on the last trading day of 2019, through and including the end of the fiscal year for which cumulative Company TSR or cumulative Peer Group TSR is being calculated. (5) The Company has selected the Nareit Equity Index for purposes of calculating Peer Group TSR for the PVP Table. The Nareit Equity Index is one of the indices used in the Company's LTI Plan and is the same Peer Group TSR reported in the performance graph found in the back cover of our 2024 Annual Report to Shareholders for the fiscal year ending December 31, 2024. |  |  |  |  |  |  |  |
PEO Total Compensation Amount | $ 11,359,954 | $ 11,361,059 | $ 11,235,084 | $ 8,490,527 | $ 7,600,658 |  |  |  |
PEO Actually Paid Compensation Amount | $ 19,067,282 | 11,892,000 | 836,944 | 16,989,674 | 795,215 |  |  |  |
Adjustment To PEO Compensation, Footnote | (2) Our PEO for all years reported is Mr. Parrell. In accordance with the requirements of Item 402(v) of Regulation S-K, the following adjustments were made to Mr. Parrell's SCT total compensation for 2024 to determine the CAP. Dividends paid are already reflected in the fair value of equity awards presented below. Assumptions made in the calculation of the valuations presented below do not differ materially from the assumptions made as of the grant date of such awards.
PEO SCT Total to CAP Reconciliation
|  |  |  |  |  |  | Deductions from SCT Total |  |  |
Year |  | Total Compensation from SCT |  | Amounts Reported in "Share Awards" Column in SCT |  | Amounts Reported in "Option Awards" Column in SCT |  | Equity Award Adjustments to SCT Total |  | CAP
2024 |  |  | $11,359,954 |  |  |  | ($7,101,749) |  |  |  | ($642,268) |  |  |  | $15,451,345 |  |  |  | $19,067,282 |
PEO Equity Award Adjustments to SCT Total
Year |  |  | Year-End Fair Value of Outstanding and Unvested Equity Granted During the Year |  | Year-over-Year Change in Fair Value of Outstanding and Unvested Equity Awards Granted in Prior Years |  |  | Vesting Date Fair Value of Equity Awards Granted and Vested in the Year |  |  | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year |  | Total Equity Award Adjustments to SCT Total
2024 |  |  | $10,485,266 |  |  |  | $5,013,519 |  |  |  | $0 |  |  |  | ($47,440) |  |  |  | $15,451,345 |
Non-PEO NEO Average Total Compensation Amount | $ 3,948,316 | 3,839,888 | 3,644,462 | 2,740,081 | 3,040,774 |  |  |  |
Non-PEO NEO Average Compensation Actually Paid Amount | $ 5,861,714 | 3,953,117 | 1,238,534 | 4,801,355 | 928,247 |  |  |  |
Adjustment to Non-PEO NEO Compensation Footnote | (3) The non-PEO NEOs for 2024, 2023, 2022 and 2021 are Messrs. Garechana, Manelis, Brackenridge and Fenster. The non-PEO NEOs for 2020 are Messrs. Garechana, Manelis and Brackenridge and Mr. Alan George, a former executive. In accordance with the requirements of Item 402(v) of Regulation S-K, the following adjustments were made to the non-PEO NEOs' average SCT total compensation for 2024 to determine the average CAP. Dividends paid are already reflected in the fair value of equity awards presented below. Assumptions made in the calculation of the valuations presented below do not differ materially from the assumptions made as of the grant date of such awards.
Average Non-PEO NEOs SCT Total to CAP Reconciliation
|  |  |  |  |  | Deductions from SCT Total |  |  |
Year |  | Average Total Compensation from SCT |  | Average Amounts Reported in "Share Awards" Column in SCT |  | Average Amounts Reported in "Option Awards" Column in SCT |  | Average Equity Award Adjustments to SCT Total |  | Average CAP
2024 |  |  | $3,948,316 |  |  |  | ($2,005,166) |  |  |  | ($223,240) |  |  |  | $4,141,804 |  |  |  | $5,861,714 |
Average Non-PEO NEOs Equity Award Adjustments to SCT Total
Year |  | Average Year-End Fair Value of Outstanding and Unvested Equity Granted During the Year |  | Average Year-over-Year Change in Fair Value of Outstanding and Unvested Equity Awards Granted in Prior Years |  | Average Vesting Date Fair Value of Equity Awards Granted and Vested in the Year |  | Average Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year |  | Average Total Equity Award Adjustments to SCT Total
2024 |  |  | $3,033,564 |  |  |  | $1,125,002 |  |  |  | $0 |  |  |  | ($16,762) |  |  |  | $4,141,804 |
Equity Valuation Assumption Difference, Footnote | Assumptions made in the calculation of the valuations presented below do not differ materially from the assumptions made as of the grant date of such awards.Assumptions made in the calculation of the valuations presented below do not differ materially from the assumptions made as of the grant date of such awards. |  |  |  |  |  |  |  |
Compensation Actually Paid vs. Total Shareholder Return |  |  |  |  |  |  |  |  | CAP is determined to a large extent by reference to our share price on the particular day of the valuation of Share Awards and Option Awards per SEC rules. Company TSR and Peer Group TSR illustrated in the graph above are calculated using the measurement period beginning on the last trading day of 2019, through and including the end of the fiscal year for which cumulative Company TSR or cumulative Peer Group TSR is being calculated.
Compensation Actually Paid vs. Net Income |  |  |  |  |  |  |  |  | Net income is impacted by depreciation and gains or losses from sales of real estate, among other items. While dispositions of real estate are part of the Company's overall strategy, the Company believes the operating performance of its real estate from period to period is a more appropriate measure of its value creation. Accordingly, the Company does not consider net income as an appropriate indicator of the Company's performance and thus does not use the measure in determining executive compensation.
Compensation Actually Paid vs. Company Selected Measure |  |  |  |  |  |  |  |  | The Company believes Normalized FFO per share is an important measure of the Company's performance and thus has included it as a performance metric in determining executive compensation under both its Annual Incentive Plan and LTI Plan. See page 37 for more information on Normalized FFO per share and its significance to the Company. Under the Company's LTI Plan, the results of Normalized FFO per share are determined for each calendar year of the three-year performance period and the average of the three years is used in the final determination of the LTI Award. Thus, a portion of the CAP to the PEO and non-PEO NEOs reflected in the graph above is based on the results of Normalized FFO per share over a three-year period, in addition to the portion based on the Normalized FFO per share reported for each respective calendar year. Even though Normalized FFO per share is an important measure for the Company, it may not always show a direct relationship to CAP for at least the following reasons, in addition to the timing considerations discussed in the previous paragraph: • This measure is only one component of executive compensation and works in conjunction with the other performance measures comprising the Annual Incentive Plan and LTI Plan (most of which appear in the tabular list below). • A portion of the amount of the Share Awards and Option Awards granted to the NEOs depends on the difference between the target amount or range of Normalized FFO per share set by the Compensation Committee for the year and actual results for the year. For example: o In 2020, target Normalized FFO per share was determined prior to the COVID-19 pandemic and was not changed, resulting in 0% of target being achieved. o In 2021, Normalized FFO per share far exceeded the Company's initial expectations because the Company's business did not decline as much as anticipated at the beginning of 2021 when the Company's public guidance (and executive compensation targets) were determined. This was due to management's aggressive efforts to stabilize the business and unexpectedly rapid improvement in some of our business metrics, resulting in 200% of target being achieved. • CAP is determined to a large extent by reference to our share price on the particular day of the valuation of Share Awards and Option Awards per SEC rules, as can be seen by the Company TSR reflected in the PVP Table. In addition, Normalized FFO per share is a measure based on historical performance, whereas TSR measures are based on share prices, which are forward-looking. Our NEOs' compensation includes both types of measures of value creation, which do not always move in sync, especially over a calendar year period.
Total Shareholder Return Vs Peer Group |  |  |  |  |  |  |  |  | CAP is determined to a large extent by reference to our share price on the particular day of the valuation of Share Awards and Option Awards per SEC rules. Company TSR and Peer Group TSR illustrated in the graph above are calculated using the measurement period beginning on the last trading day of 2019, through and including the end of the fiscal year for which cumulative Company TSR or cumulative Peer Group TSR is being calculated.
Tabular List, Table | The below list sets forth the most important financial performance measures used by the Company to link compensation paid to the NEOs in 2024. For additional information regarding the impact these measures have on executive compensation, please see the CD&A.
Most Important Financial Performance Measures
Normalized FFO per Share
Annual Growth in Same Store NOI
Normalized G&A and Property Management Costs
Net Debt to Normalized EBITDAre
TSR Relative to Nareit Apartment Index
TSR Relative to Nareit Equity Index
Total Shareholder Return Amount |  |  |  |  | 76.47 | $ 120.28 | $ 81.23 | $ 88.01 | $ 106.37
Peer Group Total Shareholder Return Amount |  |  |  |  | 92 | $ 131.78 | $ 99.67 | $ 113.35 | $ 123.25
Net Income (Loss) | $ 1,070,975,000 | $ 868,488,000 | $ 806,995,000 | $ 1,396,714,000 | $ 962,501,000 |  |  |  |
Company Selected Measure Amount | $ / shares | 3.89 | 3.78 | 3.52 | 2.99 | 3.26 |  |  |  |
PEO Name | Mr. Parrell | Mr. Parrell | Mr. Parrell | Mr. Parrell | Mr. Parrell |  |  |  |
Measure:: 1 |  |  |  |  |  |  |  |  |
Pay vs Performance Disclosure |  |  |  |  |  |  |  |  |
Name | Normalized FFO per Share |  |  |  |  |  |  |  |
Non-GAAP Measure Description | (6) Normalized FFO is a non-GAAP measure. For additional details/definitions of Normalized FFO, including reconciliations of EPS to FFO per share and Normalized FFO per share, see the Supplemental Appendix beginning on page 80. |  |  |  |  |  |  |  |
Measure:: 2 |  |  |  |  |  |  |  |  |
Pay vs Performance Disclosure |  |  |  |  |  |  |  |  |
Name | Annual Growth in Same Store NOI |  |  |  |  |  |  |  |
Measure:: 3 |  |  |  |  |  |  |  |  |
Pay vs Performance Disclosure |  |  |  |  |  |  |  |  |
Name | Normalized G&A and Property Management Costs |  |  |  |  |  |  |  |
Measure:: 4 |  |  |  |  |  |  |  |  |
Pay vs Performance Disclosure |  |  |  |  |  |  |  |  |
Name | Net Debt to Normalized EBITDAre |  |  |  |  |  |  |  |
Measure:: 5 |  |  |  |  |  |  |  |  |
Pay vs Performance Disclosure |  |  |  |  |  |  |  |  |
Name | TSR Relative to Nareit Apartment Index |  |  |  |  |  |  |  |
Measure:: 6 |  |  |  |  |  |  |  |  |
Pay vs Performance Disclosure |  |  |  |  |  |  |  |  |
Name | TSR Relative to Nareit Equity Index |  |  |  |  |  |  |  |
PEO | Equity Awards Adjustments, Excluding Value Reported in Compensation Table |  |  |  |  |  |  |  |  |
Pay vs Performance Disclosure |  |  |  |  |  |  |  |  |
Adjustment to Compensation, Amount | $ 15,451,345 |  |  |  |  |  |  |  |
PEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested |  |  |  |  |  |  |  |  |
Pay vs Performance Disclosure |  |  |  |  |  |  |  |  |
Adjustment to Compensation, Amount | 10,485,266 |  |  |  |  |  |  |  |
PEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested |  |  |  |  |  |  |  |  |
Pay vs Performance Disclosure |  |  |  |  |  |  |  |  |
Adjustment to Compensation, Amount | 5,013,519 |  |  |  |  |  |  |  |
PEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year |  |  |  |  |  |  |  |  |
Pay vs Performance Disclosure |  |  |  |  |  |  |  |  |
Adjustment to Compensation, Amount | 0 |  |  |  |  |  |  |  |
PEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year |  |  |  |  |  |  |  |  |
Pay vs Performance Disclosure |  |  |  |  |  |  |  |  |
Adjustment to Compensation, Amount | (47,440) |  |  |  |  |  |  |  |
PEO | Deductions From S C T Total Reported In Option Awards [Member] |  |  |  |  |  |  |  |  |
Pay vs Performance Disclosure |  |  |  |  |  |  |  |  |
Adjustment to Compensation, Amount | (642,268) |  |  |  |  |  |  |  |
PEO | Deductions from S C T Total Reported in Share Awards [Member] |  |  |  |  |  |  |  |  |
Pay vs Performance Disclosure |  |  |  |  |  |  |  |  |
Adjustment to Compensation, Amount | (7,101,749) |  |  |  |  |  |  |  |
Non-PEO NEO | Equity Awards Adjustments, Excluding Value Reported in Compensation Table |  |  |  |  |  |  |  |  |
Pay vs Performance Disclosure |  |  |  |  |  |  |  |  |
Adjustment to Compensation, Amount | 4,141,804 |  |  |  |  |  |  |  |
Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested |  |  |  |  |  |  |  |  |
Pay vs Performance Disclosure |  |  |  |  |  |  |  |  |
Adjustment to Compensation, Amount | 3,033,564 |  |  |  |  |  |  |  |
Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested |  |  |  |  |  |  |  |  |
Pay vs Performance Disclosure |  |  |  |  |  |  |  |  |
Adjustment to Compensation, Amount | 1,125,002 |  |  |  |  |  |  |  |
Non-PEO NEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year |  |  |  |  |  |  |  |  |
Pay vs Performance Disclosure |  |  |  |  |  |  |  |  |
Adjustment to Compensation, Amount | 0 |  |  |  |  |  |  |  |
Non-PEO NEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year |  |  |  |  |  |  |  |  |
Pay vs Performance Disclosure |  |  |  |  |  |  |  |  |
Adjustment to Compensation, Amount | (16,762) |  |  |  |  |  |  |  |
Non-PEO NEO | Deductions From S C T Total Reported In Option Awards [Member] |  |  |  |  |  |  |  |  |
Pay vs Performance Disclosure |  |  |  |  |  |  |  |  |
Adjustment to Compensation, Amount | (223,240) |  |  |  |  |  |  |  |
Non-PEO NEO | Deductions from S C T Total Reported in Share Awards [Member] |  |  |  |  |  |  |  |  |
Pay vs Performance Disclosure |  |  |  |  |  |  |  |  |
Adjustment to Compensation, Amount | $ (2,005,166) |  |  |  |  |  |  |  |

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