| 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 six months and quarters ended June 30, 2026 and 2025, respectively (amounts in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, |
|
|
Quarter Ended June 30, |
|
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
Net income |
|
$ |
210,841 |
|
|
$ |
463,583 |
|
|
$ |
117,740 |
|
|
$ |
198,785 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
Property management |
|
|
73,290 |
|
|
|
70,602 |
|
|
|
38,149 |
|
|
|
34,786 |
|
General and administrative |
|
|
33,505 |
|
|
|
36,786 |
|
|
|
16,640 |
|
|
|
18,531 |
|
Depreciation |
|
|
493,875 |
|
|
|
497,635 |
|
|
|
246,379 |
|
|
|
240,889 |
|
Net (gain) loss on sales of real estate properties |
|
|
16,776 |
|
|
|
(212,432 |
) |
|
|
16,744 |
|
|
|
(58,280 |
) |
Interest and other income |
|
|
(15,192 |
) |
|
|
(3,821 |
) |
|
|
(12,954 |
) |
|
|
(2,129 |
) |
Other expenses |
|
|
50,792 |
|
|
|
8,961 |
|
|
|
10,004 |
|
|
|
4,805 |
|
Interest: |
|
|
|
|
|
|
|
|
|
|
|
|
Expense incurred, net |
|
|
159,832 |
|
|
|
147,431 |
|
|
|
82,462 |
|
|
|
75,317 |
|
Amortization of deferred financing costs |
|
|
4,290 |
|
|
|
4,247 |
|
|
|
2,145 |
|
|
|
2,103 |
|
Income and other tax expense (benefit) |
|
|
833 |
|
|
|
829 |
|
|
|
411 |
|
|
|
407 |
|
(Income) loss from investments in
unconsolidated entities |
|
|
4,360 |
|
|
|
11,407 |
|
|
|
2,318 |
|
|
|
4,996 |
|
Net (gain) loss on sales of land parcels |
|
|
— |
|
|
|
78 |
|
|
|
— |
|
|
|
11 |
|
Total NOI |
|
$ |
1,033,202 |
|
|
$ |
1,025,306 |
|
|
$ |
520,038 |
|
|
$ |
520,221 |
|
|
| Schedule of NOI from Our Rental Real Estate for Continuing Operations |
The following tables present NOI from our rental real estate for the six months and quarters ended June 30, 2026 and 2025, respectively (amounts in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2026 |
|
|
Six Months Ended June 30, 2025 |
|
|
|
Rental
Income |
|
|
Operating
Expenses |
|
|
NOI |
|
|
Rental
Income |
|
|
Operating
Expenses |
|
|
NOI |
|
Same store (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Los Angeles |
|
$ |
232,920 |
|
|
$ |
75,760 |
|
|
$ |
157,160 |
|
|
$ |
230,831 |
|
|
$ |
72,267 |
|
|
$ |
158,564 |
|
Orange County |
|
|
65,230 |
|
|
|
14,743 |
|
|
|
50,487 |
|
|
|
63,811 |
|
|
|
14,174 |
|
|
|
49,637 |
|
San Diego |
|
|
42,953 |
|
|
|
9,747 |
|
|
|
33,206 |
|
|
|
42,392 |
|
|
|
9,275 |
|
|
|
33,117 |
|
Subtotal - Southern California |
|
|
341,103 |
|
|
|
100,250 |
|
|
|
240,853 |
|
|
|
337,034 |
|
|
|
95,716 |
|
|
|
241,318 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
San Francisco |
|
|
241,171 |
|
|
|
67,020 |
|
|
|
174,151 |
|
|
|
226,105 |
|
|
|
67,347 |
|
|
|
158,758 |
|
New York |
|
|
255,095 |
|
|
|
104,994 |
|
|
|
150,101 |
|
|
|
245,386 |
|
|
|
101,945 |
|
|
|
143,441 |
|
Washington, D.C. |
|
|
219,603 |
|
|
|
71,567 |
|
|
|
148,036 |
|
|
|
217,225 |
|
|
|
68,689 |
|
|
|
148,536 |
|
Boston |
|
|
162,902 |
|
|
|
52,073 |
|
|
|
110,829 |
|
|
|
160,645 |
|
|
|
48,863 |
|
|
|
111,782 |
|
Seattle |
|
|
134,186 |
|
|
|
40,027 |
|
|
|
94,159 |
|
|
|
132,887 |
|
|
|
38,026 |
|
|
|
94,861 |
|
Denver |
|
|
51,406 |
|
|
|
17,284 |
|
|
|
34,122 |
|
|
|
54,594 |
|
|
|
16,963 |
|
|
|
37,631 |
|
Atlanta |
|
|
47,522 |
|
|
|
17,019 |
|
|
|
30,503 |
|
|
|
48,535 |
|
|
|
16,153 |
|
|
|
32,382 |
|
Dallas/Austin |
|
|
37,287 |
|
|
|
15,912 |
|
|
|
21,375 |
|
|
|
38,022 |
|
|
|
16,499 |
|
|
|
21,523 |
|
Total same store |
|
|
1,490,275 |
|
|
|
486,146 |
|
|
|
1,004,129 |
|
|
|
1,460,433 |
|
|
|
470,201 |
|
|
|
990,232 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-same store |
|
|
67,564 |
|
|
|
27,708 |
|
|
|
39,856 |
|
|
|
24,395 |
|
|
|
11,057 |
|
|
|
13,338 |
|
Total reportable segments |
|
|
1,557,839 |
|
|
|
513,854 |
|
|
|
1,043,985 |
|
|
|
1,484,828 |
|
|
|
481,258 |
|
|
|
1,003,570 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other (2) |
|
|
7,056 |
|
|
|
17,839 |
|
|
|
(10,783 |
) |
|
|
44,809 |
|
|
|
23,073 |
|
|
|
21,736 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Totals |
|
$ |
1,564,895 |
|
|
$ |
531,693 |
|
|
$ |
1,033,202 |
|
|
$ |
1,529,637 |
|
|
$ |
504,331 |
|
|
$ |
1,025,306 |
|
(1)For the six months ended June 30, 2026 and 2025, same store represented 78,385 apartment units. (2)Other includes development, other corporate operations and operations prior to disposition for properties sold.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended June 30, 2026 |
|
|
Quarter Ended June 30, 2025 |
|
|
|
Rental
Income |
|
|
Operating
Expenses |
|
|
NOI |
|
|
Rental
Income |
|
|
Operating
Expenses |
|
|
NOI |
|
Same store (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Los Angeles |
|
$ |
116,796 |
|
|
$ |
37,427 |
|
|
$ |
79,369 |
|
|
$ |
115,731 |
|
|
$ |
35,725 |
|
|
$ |
80,006 |
|
Orange County |
|
|
32,724 |
|
|
|
7,389 |
|
|
|
25,335 |
|
|
|
31,964 |
|
|
|
6,940 |
|
|
|
25,024 |
|
San Diego |
|
|
21,576 |
|
|
|
4,963 |
|
|
|
16,613 |
|
|
|
21,287 |
|
|
|
4,605 |
|
|
|
16,682 |
|
Subtotal - Southern California |
|
|
171,096 |
|
|
|
49,779 |
|
|
|
121,317 |
|
|
|
168,982 |
|
|
|
47,270 |
|
|
|
121,712 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
San Francisco |
|
|
121,811 |
|
|
|
32,076 |
|
|
|
89,735 |
|
|
|
113,781 |
|
|
|
32,930 |
|
|
|
80,851 |
|
New York |
|
|
127,934 |
|
|
|
52,167 |
|
|
|
75,767 |
|
|
|
123,589 |
|
|
|
50,293 |
|
|
|
73,296 |
|
Washington, D.C. |
|
|
109,975 |
|
|
|
35,147 |
|
|
|
74,828 |
|
|
|
109,392 |
|
|
|
33,949 |
|
|
|
75,443 |
|
Boston |
|
|
81,827 |
|
|
|
25,076 |
|
|
|
56,751 |
|
|
|
80,924 |
|
|
|
23,708 |
|
|
|
57,216 |
|
Seattle |
|
|
67,134 |
|
|
|
20,046 |
|
|
|
47,088 |
|
|
|
66,642 |
|
|
|
19,263 |
|
|
|
47,379 |
|
Denver |
|
|
27,215 |
|
|
|
9,145 |
|
|
|
18,070 |
|
|
|
29,092 |
|
|
|
9,072 |
|
|
|
20,020 |
|
Atlanta |
|
|
23,767 |
|
|
|
8,482 |
|
|
|
15,285 |
|
|
|
23,989 |
|
|
|
8,138 |
|
|
|
15,851 |
|
Dallas/Austin |
|
|
18,658 |
|
|
|
8,010 |
|
|
|
10,648 |
|
|
|
19,135 |
|
|
|
8,320 |
|
|
|
10,815 |
|
Total same store |
|
|
749,417 |
|
|
|
239,928 |
|
|
|
509,489 |
|
|
|
735,526 |
|
|
|
232,943 |
|
|
|
502,583 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-same store |
|
|
32,947 |
|
|
|
13,417 |
|
|
|
19,530 |
|
|
|
12,301 |
|
|
|
5,230 |
|
|
|
7,071 |
|
Total reportable segments |
|
|
782,364 |
|
|
|
253,345 |
|
|
|
529,019 |
|
|
|
747,827 |
|
|
|
238,173 |
|
|
|
509,654 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other (2) |
|
|
2,685 |
|
|
|
11,666 |
|
|
|
(8,981 |
) |
|
|
21,000 |
|
|
|
10,433 |
|
|
|
10,567 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Totals |
|
$ |
785,049 |
|
|
$ |
265,011 |
|
|
$ |
520,038 |
|
|
$ |
768,827 |
|
|
$ |
248,606 |
|
|
$ |
520,221 |
|
(1)For the quarters ended June 30, 2026 and 2025, same store represented 78,612 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 six months and quarters ended June 30, 2026 and 2025, respectively (amounts in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2026 |
|
|
Six Months Ended June 30, 2025 |
|
|
|
Same Store (1) |
|
|
Non-Same Store |
|
|
Total |
|
|
Same Store (1) |
|
|
Non-Same Store |
|
|
Total |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate taxes |
|
$ |
194,352 |
|
|
$ |
10,290 |
|
|
$ |
204,642 |
|
|
$ |
190,359 |
|
|
$ |
3,068 |
|
|
$ |
193,427 |
|
On-site payroll |
|
|
89,279 |
|
|
|
5,318 |
|
|
|
94,597 |
|
|
|
87,801 |
|
|
|
2,112 |
|
|
|
89,913 |
|
Utilities |
|
|
80,328 |
|
|
|
3,839 |
|
|
|
84,167 |
|
|
|
74,349 |
|
|
|
1,870 |
|
|
|
76,219 |
|
Repairs and maintenance |
|
|
66,105 |
|
|
|
4,315 |
|
|
|
70,420 |
|
|
|
63,361 |
|
|
|
1,760 |
|
|
|
65,121 |
|
Other (2) |
|
|
56,082 |
|
|
|
3,946 |
|
|
|
60,028 |
|
|
|
54,331 |
|
|
|
2,247 |
|
|
|
56,578 |
|
Total |
|
$ |
486,146 |
|
|
$ |
27,708 |
|
|
$ |
513,854 |
|
|
$ |
470,201 |
|
|
$ |
11,057 |
|
|
$ |
481,258 |
|
(1)For the six months ended June 30, 2026 and 2025, same store represented 78,385 apartment units. (2)Other operating expenses for each reportable segment includes insurance, leasing and advertising and other on-site operating expenses.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended June 30, 2026 |
|
|
Quarter Ended June 30, 2025 |
|
|
|
Same Store (1) |
|
|
Non-Same Store |
|
|
Total |
|
|
Same Store (1) |
|
|
Non-Same Store |
|
|
Total |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate taxes |
|
$ |
96,632 |
|
|
$ |
5,037 |
|
|
$ |
101,669 |
|
|
$ |
95,437 |
|
|
$ |
1,477 |
|
|
$ |
96,914 |
|
On-site payroll |
|
|
45,024 |
|
|
|
2,579 |
|
|
|
47,603 |
|
|
|
43,655 |
|
|
|
953 |
|
|
|
44,608 |
|
Utilities |
|
|
37,911 |
|
|
|
1,678 |
|
|
|
39,589 |
|
|
|
34,577 |
|
|
|
858 |
|
|
|
35,435 |
|
Repairs and maintenance |
|
|
34,056 |
|
|
|
2,190 |
|
|
|
36,246 |
|
|
|
33,505 |
|
|
|
841 |
|
|
|
34,346 |
|
Other (2) |
|
|
26,305 |
|
|
|
1,933 |
|
|
|
28,238 |
|
|
|
25,769 |
|
|
|
1,101 |
|
|
|
26,870 |
|
Total |
|
$ |
239,928 |
|
|
$ |
13,417 |
|
|
$ |
253,345 |
|
|
$ |
232,943 |
|
|
$ |
5,230 |
|
|
$ |
238,173 |
|
(1)For the quarters ended June 30, 2026 and 2025, same store represented 78,612 apartment units. (2)Other operating expenses for each reportable segment includes insurance, leasing and advertising and other on-site operating expenses.
|