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Segment Reporting
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
Each of our multifamily properties is considered an operating segment that earns revenues through the leasing of apartment homes and incurs associated expenses. Individual operating results for each of our multifamily properties is reviewed and discrete financial information is available. Our multifamily properties have similar long-term economic characteristics and provide similar products and services to a similar class of residents. All operations are within the United States and no individual multifamily property comprises more than 10% of consolidated revenues or assets. We aggregate our multifamily properties on a same-store and non same-store basis, and as a result, have identified two reportable segments.
•Same-Store includes properties that were owned and not a development property at the beginning of the previous year, and that have not been sold or identified as held for sale.
•Non Same-Store includes properties that did not meet the definition of a same-store property as of the beginning of the previous year.
GAAP guidance requires that segment disclosures present the measures used by the Chief Operating Decision Maker (“CODM”) to decide how to allocate resources and for purposes of assessing segment performance. As a group, our executive officers, including the CEO, President and CFO, CAO, and SVP of Operations act as the CODM. The CODM manages and reviews our operations on both a property-by-property basis and same-store and non same-store basis and uses net operating income (“NOI”) as the primary financial measure to evaluate operating results of our multifamily properties, including analyses compared to prior periods and budgeted operating results. NOI is defined as total property revenues less total property operating expenses, excluding interest expenses, depreciation and amortization, casualty related costs and gains, property management expenses, general and administrative expense, net gains on sale of assets, merger and integration costs, and restructuring costs.
Segment assets consist of real estate held for investment, real estate held for sale and investments in real estate under development. Non-segment assets consist of assets in the Company’s other non-reportable segments and corporate non-segment assets, which are comprised of cash and cash equivalents, restricted cash, investments in unconsolidated real estate entities, other assets, derivative assets and intangible assets. Reportable segment asset information is not provided to the CODM as the CODM does not use segment asset information to evaluate the business and allocate resources.
The following table details NOI for our two reportable segments for the years ended December 31, 2024, 2023 and 2022, and reconciles the reportable segment revenue to consolidated revenue and NOI to Net income (loss) on the consolidated statements of operations. The segments are classified as same-store or non same-store based on the individual property’s status as of December 31, 2024 for the years ended December 31, 2024 and 2023 and at December 31, 2023 for the year ended December 31, 2022.
202420232022
Revenue:
   Same-store rental and other property revenue$602,584 $585,277 $558,203 
   Non same-store rental and other property revenue36,329 74,564 69,211 
      Total reportable segments revenue$638,913 $659,841 $627,414 
Other income1,122 1,142 1,111 
Total consolidated revenue$640,035 $660,983 $628,525 
Operating Expenses:
Same-store
   Real estate taxes69,863 72,518 72,406 
   Property insurance15,698 14,618 11,683 
   Personnel expenses49,504 45,592 45,347 
   Utilities30,210 28,296 28,026 
   Repairs and maintenance19,791 20,122 18,484 
   Contract services21,846 21,584 18,998 
   Advertising expenses7,578 6,342 4,852 
   Other property operating expenses (1)6,510 6,625 6,891 
      Total same-store operating expenses221,000 215,697 206,687 
Non same-store
   Total non same-store operating expenses14,588 28,633 25,588 
   Total reportable segments operating expenses235,588 244,330 232,275 
Net Operating Income:
   Same-store NOI381,584 369,580 351,516 
   Non same-store NOI21,741 45,931 43,623 
      Total reportable segments NOI403,325 415,511 395,139 
Adjustments:
   Other revenue1,122 1,142 1,111 
   Property management expenses(29,923)(27,081)(24,033)
   General and administrative expenses(24,245)(22,766)(26,260)
   Depreciation and amortization(220,854)(218,968)(252,849)
   Casualty (losses) gains, net(3,935)(925)8,866 
   Interest expense(76,141)(89,921)(86,955)
   (Loss on impairment) gain on sale of real estate, net(9,862)(66,547)111,756 
   Gain (loss) on extinguishment of debt200 (124)— 
   Other (loss) income(1)(427)1,558 
   Income (loss) from investments in unconsolidated real estate entities347 (4,488)(2,169)
   Merger and integration costs— — (5,505)
   Restructuring costs— (3,213)— 
Net income (loss)$40,033 $(17,807)$120,659 
(1)Other property operating expenses includes property office, administrative and legal costs.