Q4 2023 | Q4 2022 | % Change | ||||||||||||||||||
EPS | $ | 1.70 | $ | 1.72 | (1.2) | % | ||||||||||||||
FFO per share (1) | $ | 2.63 | $ | 2.57 | 2.3 | % | ||||||||||||||
Core FFO per share (1) | $ | 2.74 | $ | 2.59 | 5.8 | % | ||||||||||||||
Full Year 2023 | Full Year 2022 | % Change | ||||||||||||||||||
EPS | $ | 6.56 | $ | 8.12 | (19.2) | % | ||||||||||||||
FFO per share (1) | $ | 10.32 | $ | 9.67 | 6.7 | % | ||||||||||||||
Core FFO per share (1) | $ | 10.63 | $ | 9.79 | 8.6 | % | ||||||||||||||
(1) For additional detail on reconciling items between net income attributable to common stockholders, FFO and Core FFO, see Attachment 14, table 2. | ||||||||||||||||||||
Q4 2023 Results Compared to Q4 2022 | |||||||||||
Per Share | |||||||||||
EPS | FFO | Core FFO | |||||||||
Q4 2022 per share reported results | $ | 1.72 | $ | 2.57 | $ | 2.59 | |||||
Same Store Residential NOI (1) | 0.12 | 0.12 | 0.12 | ||||||||
Development and Other Stabilized Residential NOI | 0.06 | 0.06 | 0.06 | ||||||||
Overhead and other | (0.01) | (0.01) | (0.01) | ||||||||
Capital markets and transaction activity | — | (0.01) | (0.01) | ||||||||
Unconsolidated investment income and management fees | (0.01) | (0.01) | (0.01) | ||||||||
Non-core items (2) | (0.09) | (0.09) | — | ||||||||
Real estate gains, depreciation expense and other | (0.09) | — | — | ||||||||
Q4 2023 per share reported results | $ | 1.70 | $ | 2.63 | $ | 2.74 | |||||
(1) Consists of increases of $0.20 in revenue and $0.08 in operating expenses. | |||||||||||
(2) For detail of non-core items, see Attachment 14, table 2. | |||||||||||
Q4 2023 Results Compared to October 2023 Outlook | |||||||||||
Per Share | |||||||||||
EPS | FFO | Core FFO | |||||||||
Projected per share (1) | $ | 1.81 | $ | 2.70 | $ | 2.74 | |||||
Same Store Residential NOI (2) | (0.01) | (0.01) | (0.01) | ||||||||
Development and Other Stabilized Residential NOI | 0.01 | 0.01 | 0.01 | ||||||||
Non-core items (3) | (0.07) | (0.07) | — | ||||||||
Real estate gains, depreciation expense and other | (0.04) | — | — | ||||||||
Q4 2023 per share reported results | $ | 1.70 | $ | 2.63 | $ | 2.74 | |||||
(1) The mid-point of the Company's October 2023 outlook. | |||||||||||
(2) Consists of higher operating expenses of $0.01. | |||||||||||
(3) For detail of non-core items for the three months ended December 31, 2023, see Attachment 14, table 2. | |||||||||||
Full Year 2023 Results Compared to Full Year 2022 | |||||||||||
Per Share | |||||||||||
EPS | FFO | Core FFO | |||||||||
Full Year 2022 per share reported results | $ | 8.12 | $ | 9.67 | $ | 9.79 | |||||
Same Store Residential NOI (1) | 0.72 | 0.72 | 0.72 | ||||||||
Development and Other Stabilized Residential NOI | 0.23 | 0.23 | 0.23 | ||||||||
Commercial NOI | (0.01) | (0.01) | (0.01) | ||||||||
Overhead and other | (0.04) | (0.04) | (0.04) | ||||||||
Capital markets and transaction activity | (0.01) | (0.06) | (0.07) | ||||||||
Unconsolidated investment income and management fees | 0.02 | 0.02 | 0.02 | ||||||||
Non-core items (2) | (0.21) | (0.21) | (0.01) | ||||||||
Real estate gains, depreciation expense and other | (2.26) | — | — | ||||||||
Full Year 2023 per share reported results | $ | 6.56 | $ | 10.32 | $ | 10.63 | |||||
(1) Consists of increases of $1.07 in revenue and $0.35 in operating expenses. | |||||||||||
(2) For detail of non-core items, see Attachment 14, table 2. | |||||||||||
Same Store Residential Rental Revenue Change | |||||
Q4 2023 Compared to Q4 2022 | |||||
Lease rates | 3.4 | % | |||
Concessions and other discounts | (0.1) | % | |||
Economic occupancy | (0.2) | % | |||
Other rental revenue | 0.7 | % | |||
Uncollectible lease revenue (excluding rent relief) (1) | 1.1 | % | |||
Rent relief (2) | (0.4) | % | |||
Residential rental revenue | 4.5 | % | |||
(1) Adjusting to remove the impact of rent relief, uncollectible lease revenue as a percentage of total Residential rental revenue decreased to 2.1% in Q4 2023 from 3.3% in Q4 2022. See Attachment 14, table 10 for further detail of uncollectible lease revenue for the Company’s Same Store portfolio. | |||||
(2) The Company recognized $1,177,000 and $3,546,000 from government rent relief programs during Q4 2023 and Q4 2022, respectively. | |||||
Q4 2023 Compared to Q4 2022 | ||||||||||||||||||||||||||
Same Store Residential | ||||||||||||||||||||||||||
Rental Revenue (1) | Opex (2) | % of Q4 2023 NOI | ||||||||||||||||||||||||
NOI | ||||||||||||||||||||||||||
New England | 4.6 | % | 5.0 | % | 4.3 | % | 14.1 | % | ||||||||||||||||||
Metro NY/NJ | 3.7 | % | 13.1 | % | (0.2) | % | 20.5 | % | ||||||||||||||||||
Mid-Atlantic | 4.5 | % | 6.0 | % | 3.9 | % | 14.7 | % | ||||||||||||||||||
Southeast FL | 3.9 | % | (0.7) | % | 6.6 | % | 2.7 | % | ||||||||||||||||||
Denver, CO | 2.6 | % | 5.9 | % | 1.4 | % | 1.2 | % | ||||||||||||||||||
Pacific NW | 2.0 | % | (1.8) | % | 3.6 | % | 6.8 | % | ||||||||||||||||||
N. California | 2.4 | % | 2.1 | % | 2.7 | % | 17.1 | % | ||||||||||||||||||
S. California | 8.2 | % | 7.1 | % | 8.6 | % | 22.0 | % | ||||||||||||||||||
Other Expansion Regions | 3.2 | % | 15.9 | % | (2.1) | % | 0.9 | % | ||||||||||||||||||
Total | 4.5 | % | 6.2 | % | 3.8 | % | 100.0 | % | ||||||||||||||||||
(1) See Attachment 4, Quarterly Residential Rental Revenue and Occupancy Changes - Same Store, for additional detail. | ||||||||||||||||||||||||||
(2) See Attachment 7, Residential Operating Expenses ("Opex") - Same Store, for discussion of variances. | ||||||||||||||||||||||||||
Same Store Residential Rental Revenue Change | |||||
Full Year 2023 Compared to Full Year 2022 | |||||
Lease rates | 5.4 | % | |||
Concessions and other discounts | 0.4 | % | |||
Economic occupancy | (0.3) | % | |||
Other rental revenue | 0.9 | % | |||
Uncollectible lease revenue (excluding rent relief) (1) | 1.2 | % | |||
Rent relief (2) | (1.3) | % | |||
Residential rental revenue | 6.3 | % | |||
(1) Adjusting to remove the impact of rent relief, uncollectible lease revenue as a percentage of total Residential rental revenue decreased to 2.4% in 2023 from 3.7% in 2022. See Attachment 14, table 10 for further detail of uncollectible lease revenue for the Company’s Same Store portfolio. | |||||
(2) The Company recognized $8,121,000 and $39,887,000 from government rent relief programs during 2023 and 2022, respectively. | |||||
Full Year 2023 Compared to Full Year 2022 | ||||||||||||||||||||||||||
Same Store Residential | ||||||||||||||||||||||||||
Rental Revenue (1) | Opex (2) | % of Full Year 2023 NOI | ||||||||||||||||||||||||
NOI | ||||||||||||||||||||||||||
New England | 7.5 | % | 6.3 | % | 8.1 | % | 14.1 | % | ||||||||||||||||||
Metro NY/NJ | 7.1 | % | 9.5 | % | 5.9 | % | 20.6 | % | ||||||||||||||||||
Mid-Atlantic | 6.2 | % | 3.9 | % | 7.2 | % | 14.7 | % | ||||||||||||||||||
Southeast FL | 9.6 | % | 4.0 | % | 12.8 | % | 2.8 | % | ||||||||||||||||||
Denver, CO | 5.1 | % | 13.8 | % | 1.9 | % | 1.2 | % | ||||||||||||||||||
Pacific NW | 4.4 | % | 4.2 | % | 4.5 | % | 6.8 | % | ||||||||||||||||||
N. California | 5.0 | % | 4.5 | % | 5.3 | % | 17.3 | % | ||||||||||||||||||
S. California | 6.1 | % | 8.0 | % | 5.2 | % | 21.6 | % | ||||||||||||||||||
Other Expansion Regions | 8.5 | % | 14.3 | % | 6.4 | % | 0.9 | % | ||||||||||||||||||
Total | 6.3 | % | 6.6 | % | 6.2 | % | 100.0 | % | ||||||||||||||||||
(1) See Attachment 6, Full Year Residential Rental Revenue and Occupancy Changes - Same Store, for additional detail. | ||||||||||||||||||||||||||
(2) See Attachment 7, Residential Opex - Same Store, for discussion of variances. | ||||||||||||||||||||||||||
Projected EPS, Projected FFO and Projected Core FFO Outlook (1) | ||||||||||||||||||||||||||
Q1 2024 | Full Year 2024 | |||||||||||||||||||||||||
Low | High | Low | High | |||||||||||||||||||||||
Projected EPS | $ | 1.06 | — | $ | 1.16 | $ | 6.27 | — | $ | 6.77 | ||||||||||||||||
Projected FFO per share | $ | 2.54 | — | $ | 2.64 | $ | 10.42 | — | $ | 10.92 | ||||||||||||||||
Projected Core FFO per share | $ | 2.56 | — | $ | 2.66 | $ | 10.53 | — | $ | 11.03 | ||||||||||||||||
(1) See Attachment 14, table 8, for reconciliations of Projected FFO per share and Projected Core FFO per share to Projected EPS. | ||||||||||||||||||||||||||
Full Year Financial Outlook | ||||||||||||||||||||||||||
Full Year 2024 | ||||||||||||||||||||||||||
vs. Full Year 2023 | ||||||||||||||||||||||||||
Low | High | |||||||||||||||||||||||||
Same Store: | ||||||||||||||||||||||||||
Residential revenue change | 1.6% | — | 3.6% | |||||||||||||||||||||||
Residential Opex change | 4.5% | — | 6.7% | |||||||||||||||||||||||
Residential NOI change | 0.0% | — | 2.5% | |||||||||||||||||||||||
Full Year 2023 Results Compared to Full Year 2024 Outlook | |||||||||||
Per Share | |||||||||||
EPS | FFO | Core FFO | |||||||||
2023 per share reported results | $ | 6.56 | $ | 10.32 | $ | 10.63 | |||||
Same Store Residential revenue | 0.48 | 0.48 | 0.48 | ||||||||
Same Store Residential Opex | (0.32) | (0.32) | (0.32) | ||||||||
Development and Other Stabilized Residential NOI | 0.36 | 0.36 | 0.36 | ||||||||
Commercial NOI | (0.01) | (0.01) | (0.01) | ||||||||
Overhead and other | (0.07) | (0.07) | (0.07) | ||||||||
Capital markets and transaction activity | (0.29) | (0.29) | (0.29) | ||||||||
Non-core items (1) | 0.20 | 0.20 | — | ||||||||
Gain on sale of real estate and depreciation expense | (0.39) | — | — | ||||||||
Projected per share - 2024 outlook (2) | $ | 6.52 | $ | 10.67 | $ | 10.78 | |||||
(1) For detail of non-core items, see Attachment 14, table 8. | |||||||||||
(2) Represents the mid-point of the Company's outlook. | |||||||||||
Q4 2023 Results Compared to Q1 2024 Outlook | |||||||||||
Per Share | |||||||||||
EPS | FFO | Core FFO | |||||||||
Q4 2023 per share reported results | $ | 1.70 | $ | 2.63 | $ | 2.74 | |||||
Same Store Residential revenue | — | — | — | ||||||||
Same Store Residential Opex | (0.06) | (0.06) | (0.06) | ||||||||
Development and Other Stabilized Residential NOI | 0.01 | 0.01 | 0.01 | ||||||||
Overhead and other | (0.02) | (0.02) | (0.02) | ||||||||
Capital markets and transaction activity | (0.06) | (0.06) | (0.06) | ||||||||
Non-core items (1) | 0.09 | 0.09 | — | ||||||||
Gain on sale of real estate and depreciation expense | (0.55) | — | — | ||||||||
Projected per share - Q1 2024 outlook (2) | $ | 1.11 | $ | 2.59 | $ | 2.61 | |||||
(1) For detail of non-core items, see Attachment 14, table 2 and table 8. | |||||||||||
(2) Represents the mid-point of the Company's outlook. | |||||||||||
Company Profile | ||||||||
Condensed Consolidated Operating Information.......................................................................................................... | Attachment 1 | |||||||
Condensed Consolidated Balance Sheets.................................................................................................................... | Attachment 2 | |||||||
Sequential Operating Information................................................................................................................................. | Attachment 3 | |||||||
Market Profile - Same Store | ||||||||
Quarterly Residential Rental Revenue and Occupancy Changes................................................................................ | Attachment 4 | |||||||
Sequential Quarterly Residential Rental Revenue and Occupancy Changes.............................................................. | Attachment 5 | |||||||
Full Year Residential Rental Revenue and Occupancy Changes........................................................................... | Attachment 6 | |||||||
Residential Operating Expenses ("Opex").................................................................................................................... | Attachment 7 | |||||||
Development, Unconsolidated Real Estate Investments, Debt Profile and Disposition Activity | ||||||||
Expensed Community Maintenance Costs and Capitalized Community Expenditures................................................ | Attachment 8 | |||||||
Development Communities........................................................................................................................................... | Attachment 9 | |||||||
Unconsolidated Real Estate Investments..................................................................................................................... | Attachment 10 | |||||||
Debt Structure and Select Debt Metrics........................................................................................................................ | Attachment 11 | |||||||
Summary of Disposition Activity.................................................................................................................................... | Attachment 12 | |||||||
Financial Outlook | ||||||||
2024 Financial Outlook................................................................................................................................................. | Attachment 13 | |||||||
Definitions and Reconciliations | ||||||||
Definitions and Reconciliations of Non-GAAP Financial Measures and Other Terms................................................... | Attachment 14 |
Q4 | Q4 | Full Year | Full Year | |||||||||||||||||||||||||||||||||||
2023 | 2022 | % Change | 2023 | 2022 | % Change | |||||||||||||||||||||||||||||||||
Revenue: | ||||||||||||||||||||||||||||||||||||||
Rental and other income | $ | 702,695 | $ | 666,394 | 5.4 | % | $ | 2,760,187 | $ | 2,587,113 | 6.7 | % | ||||||||||||||||||||||||||
Management, development and other fees | 2,010 | 3,279 | (38.7) | % | 7,722 | 6,333 | 21.9 | % | ||||||||||||||||||||||||||||||
Total | 704,705 | 669,673 | 5.2 | % | 2,767,909 | 2,593,446 | 6.7 | % | ||||||||||||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||||||||||||||
Direct property operating expenses, excluding property taxes | 137,928 | 127,411 | 8.3 | % | 551,905 | 509,529 | 8.3 | % | ||||||||||||||||||||||||||||||
Property taxes | 78,912 | 72,266 | 9.2 | % | 306,794 | 288,960 | 6.2 | % | ||||||||||||||||||||||||||||||
Total community operating expenses | 216,840 | 199,677 | 8.6 | % | 858,699 | 798,489 | 7.5 | % | ||||||||||||||||||||||||||||||
Property management and other indirect operating expenses | (33,539) | (29,463) | (13.8) | % | (129,433) | (120,625) | (7.3) | % | ||||||||||||||||||||||||||||||
Expensed transaction, development and other pursuit costs, net of recoveries | (10,267) | (6,700) | (53.2) | % | (33,479) | (16,565) | (102.1) | % | ||||||||||||||||||||||||||||||
Interest expense, net (2) | (49,471) | (57,461) | 13.9 | % | (205,992) | (230,074) | 10.5 | % | ||||||||||||||||||||||||||||||
Loss on extinguishment of debt, net | — | — | — | % | (150) | (1,646) | 90.9 | % | ||||||||||||||||||||||||||||||
Depreciation expense | (210,694) | (207,232) | (1.7) | % | (816,965) | (814,978) | (0.2) | % | ||||||||||||||||||||||||||||||
General and administrative expense (3) | (17,992) | (20,741) | 13.3 | % | (76,534) | (74,064) | (3.3) | % | ||||||||||||||||||||||||||||||
Casualty loss | (568) | — | (100.0) | % | (9,118) | — | (100.0) | % | ||||||||||||||||||||||||||||||
Income from unconsolidated investments | 1,709 | 6,820 | (74.9) | % | 13,454 | 53,394 | (74.8) | % | ||||||||||||||||||||||||||||||
Gain on sale of communities | 77,994 | 88,065 | (11.4) | % | 287,424 | 555,558 | (48.3) | % | ||||||||||||||||||||||||||||||
Other real estate activity | (533) | 4,563 | N/A | 174 | 5,127 | (96.6) | % | |||||||||||||||||||||||||||||||
Income before income taxes | 244,504 | 247,847 | (1.3) | % | 938,591 | 1,151,084 | (18.5) | % | ||||||||||||||||||||||||||||||
Income tax expense | (2,438) | (6,683) | 63.5 | % | (10,153) | (14,646) | 30.7 | % | ||||||||||||||||||||||||||||||
Net income | 242,066 | 241,164 | 0.4 | % | 928,438 | 1,136,438 | (18.3) | % | ||||||||||||||||||||||||||||||
Net (income) loss attributable to noncontrolling interests | (97) | 129 | N/A | 387 | 337 | 14.8 | % | |||||||||||||||||||||||||||||||
Net income attributable to common stockholders | $ | 241,969 | $ | 241,293 | 0.3 | % | $ | 928,825 | $ | 1,136,775 | (18.3) | % | ||||||||||||||||||||||||||
Net income attributable to common stockholders per common share - basic | $ | 1.70 | $ | 1.72 | (1.2) | % | $ | 6.56 | $ | 8.13 | (19.3) | % | ||||||||||||||||||||||||||
Net income attributable to common stockholders per common share - diluted | $ | 1.70 | $ | 1.72 | (1.2) | % | $ | 6.56 | $ | 8.12 | (19.2) | % | ||||||||||||||||||||||||||
FFO | $ | 374,237 | $ | 359,135 | 4.2 | % | $ | 1,462,261 | $ | 1,353,732 | 8.0 | % | ||||||||||||||||||||||||||
Per common share - diluted | $ | 2.63 | $ | 2.57 | 2.3 | % | $ | 10.32 | $ | 9.67 | 6.7 | % | ||||||||||||||||||||||||||
Core FFO | $ | 389,712 | $ | 363,087 | 7.3 | % | $ | 1,505,598 | $ | 1,369,999 | 9.9 | % | ||||||||||||||||||||||||||
Per common share - diluted | $ | 2.74 | $ | 2.59 | 5.8 | % | $ | 10.63 | $ | 9.79 | 8.6 | % | ||||||||||||||||||||||||||
Dividends declared - common | $ | 234,797 | $ | 222,911 | 5.3 | % | $ | 935,785 | $ | 891,190 | 5.0 | % | ||||||||||||||||||||||||||
Per common share | $ | 1.65 | $ | 1.59 | 3.8 | % | $ | 6.60 | $ | 6.36 | 3.8 | % | ||||||||||||||||||||||||||
Weighted average common shares and participating securities outstanding - basic | 142,098,397 | 139,956,721 | 1.5 | % | 141,560,642 | 139,891,551 | 1.2 | % | ||||||||||||||||||||||||||||||
Weighted average common shares outstanding - diluted | 142,229,122 | 140,007,823 | 1.6 | % | 141,643,788 | 139,975,087 | 1.2 | % | ||||||||||||||||||||||||||||||
Total outstanding common shares and operating partnership units | 142,025,456 | 139,924,364 | 1.5 | % | 142,025,456 | 139,924,364 | 1.5 | % |
(1) | For detail of non-Core items which are included in this attachment, see Attachment 14 - Definitions and Reconciliations of Non-GAAP Financial Measures and Other Terms, table 2. | ||||
(2) | Amounts include $9,354 and $33,658 of interest income on cash and restricted cash for the three months and year ended December 31, 2023, respectively, and $1,637 and $2,094 of interest income on cash and restricted cash for the three months and year ended December 31, 2022, respectively. | ||||
(3) | Amounts for 2022 include $6,000 of legal settlement proceeds received by the Company as well as severance and other non-Core items. See Attachment 14 - Definitions and Reconciliations of Non-GAAP Financial Measures and Other Terms, table 2. |
December 31, | December 31, | |||||||||||||
2023 | 2022 | |||||||||||||
Real estate | $ | 25,462,485 | $ | 24,619,616 | ||||||||||
Less accumulated depreciation | (7,557,614) | (6,878,556) | ||||||||||||
Net operating real estate | 17,904,871 | 17,741,060 | ||||||||||||
Construction in progress, including land | 1,268,915 | 1,072,543 | ||||||||||||
Land held for development | 199,062 | 179,204 | ||||||||||||
Real estate assets held for sale, net | — | — | ||||||||||||
Total real estate, net | 19,372,848 | 18,992,807 | ||||||||||||
Cash and cash equivalents | 397,890 | 613,189 | ||||||||||||
Restricted cash | 96,045 | 121,056 | ||||||||||||
Resident security deposits | 37,025 | 36,815 | ||||||||||||
Unconsolidated investments | 220,145 | 212,084 | ||||||||||||
Other assets | 554,261 | 481,813 | ||||||||||||
Total assets | $ | 20,678,214 | $ | 20,457,764 | ||||||||||
Unsecured notes, net | $ | 7,256,152 | $ | 7,602,305 | ||||||||||
Unsecured credit facility and commercial paper, net | — | — | ||||||||||||
Notes payable, net | 725,670 | 713,740 | ||||||||||||
Resident security deposits | 63,815 | 63,700 | ||||||||||||
Other liabilities | 847,786 | 821,781 | ||||||||||||
Total liabilities | 8,893,423 | 9,201,526 | ||||||||||||
Redeemable noncontrolling interests | 1,473 | 2,685 | ||||||||||||
Equity | 11,783,318 | 11,253,553 | ||||||||||||
Total liabilities and equity | $ | 20,678,214 | $ | 20,457,764 |
Total Apartment Homes | Quarter Ended December 31, 2023 | Quarter Ended September 30, 2023 | Quarter Ended June 30, 2023 | Quarter Ended March 31, 2023 | Quarter Ended December 31, 2022 | |||||||||||||||||||||||||||||||||
Residential Rental Revenue (2) | ||||||||||||||||||||||||||||||||||||||
Same Store | 74,730 | $ | 636,255 | $ | 635,318 | $ | 627,534 | $ | 615,164 | $ | 608,567 | |||||||||||||||||||||||||||
Other Stabilized (3) | 4,874 | 32,936 | 28,663 | 27,833 | 27,401 | 26,621 | ||||||||||||||||||||||||||||||||
Development/Redevelopment (4) | 8,343 | 20,376 | 17,020 | 12,733 | 10,326 | 8,858 | ||||||||||||||||||||||||||||||||
Commercial Rental Revenue (2) | N/A | 10,574 | 9,945 | 10,175 | 10,244 | 10,769 | ||||||||||||||||||||||||||||||||
Total Rental Revenue | 87,947 | $ | 700,141 | $ | 690,946 | $ | 678,275 | $ | 663,135 | $ | 654,815 | |||||||||||||||||||||||||||
Residential Operating Expense | ||||||||||||||||||||||||||||||||||||||
Same Store | $ | 195,934 | $ | 202,828 | $ | 194,574 | $ | 190,366 | $ | 184,442 | ||||||||||||||||||||||||||||
Other Stabilized (3) | 11,616 | 8,521 | 8,764 | 8,210 | 6,752 | |||||||||||||||||||||||||||||||||
Development/Redevelopment | 6,735 | 6,598 | 5,006 | 4,242 | 3,386 | |||||||||||||||||||||||||||||||||
Commercial Operating Expense | 1,855 | 1,847 | 1,646 | 1,679 | 1,611 | |||||||||||||||||||||||||||||||||
Total Operating Expense | $ | 216,140 | $ | 219,794 | $ | 209,990 | $ | 204,497 | $ | 196,191 | ||||||||||||||||||||||||||||
Residential NOI | ||||||||||||||||||||||||||||||||||||||
Same Store | $ | 440,846 | $ | 432,922 | $ | 433,382 | $ | 425,272 | $ | 424,644 | ||||||||||||||||||||||||||||
Other Stabilized (3) | 22,112 | 20,926 | 19,701 | 19,765 | 20,237 | |||||||||||||||||||||||||||||||||
Development/Redevelopment | 13,655 | 10,431 | 7,733 | 6,092 | 5,480 | |||||||||||||||||||||||||||||||||
Commercial NOI | 8,719 | 8,098 | 8,529 | 8,565 | 9,158 | |||||||||||||||||||||||||||||||||
Total NOI | $ | 485,332 | $ | 472,377 | $ | 469,345 | $ | 459,694 | $ | 459,519 | ||||||||||||||||||||||||||||
Same Store Average Rental Revenue per Occupied Home (5) | $ | 2,967 | $ | 2,962 | $ | 2,920 | $ | 2,856 | $ | 2,833 | ||||||||||||||||||||||||||||
Same Store Economic Occupancy | 95.6 | % | 95.7 | % | 95.9 | % | 96.1 | % | 95.8 | % | ||||||||||||||||||||||||||||
Same Store Turnover (6) | ||||||||||||||||||||||||||||||||||||||
Current year period / Prior year period | 37.2% / 39.3% | 57.4% / 55.6% | 49.9% / 47.3% | 37.2% / 35.9% | 39.3% / 37.8% | |||||||||||||||||||||||||||||||||
Current year / Prior year | 45.4% / 44.6% | 44.6% / 46.2% |
SAME STORE LIKE-TERM EFFECTIVE RENT CHANGE | |||||||||||||||||||||||||||||||||||
October 2023 | November 2023 | December 2023 | Q4 2023 | January 2024 (8) | |||||||||||||||||||||||||||||||
New England | 2.8 | % | 5.0 | % | 4.0 | % | 3.9 | % | 3.0 | % | |||||||||||||||||||||||||
Metro NY/NJ | 2.3 | % | 2.3 | % | 2.4 | % | 2.3 | % | 1.9 | % | |||||||||||||||||||||||||
Mid-Atlantic | 2.9 | % | 1.9 | % | 2.1 | % | 2.4 | % | 2.5 | % | |||||||||||||||||||||||||
Southeast FL | (0.3) | % | (1.2) | % | (1.5) | % | (0.9) | % | 0.4 | % | |||||||||||||||||||||||||
Denver, CO | 4.1 | % | 0.5 | % | (1.2) | % | 1.7 | % | 2.2 | % | |||||||||||||||||||||||||
Pacific NW | 2.8 | % | 2.4 | % | 0.4 | % | 1.9 | % | 1.0 | % | |||||||||||||||||||||||||
N. California | (3.5) | % | (3.0) | % | (1.5) | % | (2.8) | % | (1.4) | % | |||||||||||||||||||||||||
S. California | 2.2 | % | 1.5 | % | 0.9 | % | 1.6 | % | 1.5 | % | |||||||||||||||||||||||||
Other Expansion Regions | (2.1) | % | (5.4) | % | (2.8) | % | (3.0) | % | 0.1 | % | |||||||||||||||||||||||||
Total | 1.4 | % | 1.5 | % | 1.2 | % | 1.4 | % | (7) | 1.4 | % | (7) |
(1) | Includes consolidated communities and excludes communities that have been sold or that are classified as held for sale. See Attachment 14 - Definitions and Reconciliations of Non-GAAP Financial Measures and Other Terms for the definition of capitalized terms. | ||||
(2) | Rental revenue excludes non-qualified REIT income. | ||||
(3) | Results for these communities prior to January 1, 2023 may reflect operations prior to stabilization, including lease-up, such that occupancy is not stabilized. | ||||
(4) | For per home rent projections and Economic Occupancy for Development communities currently under construction, see Attachment 9 - Development Communities. | ||||
(5) | Reflects the effect of Residential concessions amortized over the average lease term and includes uncollectible lease revenue and revenue from government rent relief programs. | ||||
(6) | Turnover is the annualized number of units turned over during the period, divided by the total number of Same Store apartment homes for the respective period, and excludes any third-party managed communities. | ||||
(7) | For the three months ended December 31, 2023, New Move-In Like-Term Effective Rent Change was (1.8)% and Renewal Like-Term Effective Rent Change was 4.3%. New Move-In Like-Term Effective Rent Change was (1.9)% and Renewal Like-Term Effective Rent Change was 4.5% for January 1, 2024 to January 26, 2024. | ||||
(8) | Rent change percentage for activity in January 2024 through January 26, 2024. |
Apartment Homes | Average Monthly Rental Revenue Per Occupied Home | Economic Occupancy | Residential Rental Revenue ($000s)(1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
% Change Excluding Rent Relief (2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Q4 23 | Q4 22 | % Change | Q4 23 | Q4 22 | % Change | Q4 23 | Q4 22 | % Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
New England | 9,577 | $ | 3,358 | $ | 3,194 | 5.1 | % | 96.2 | % | 96.7 | % | (0.5) | % | $ | 92,766 | $ | 88,709 | 4.6 | % | 4.9 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Metro NY/NJ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
New York City, NY | 3,788 | 4,122 | 3,936 | 4.7 | % | 96.6 | % | 97.0 | % | (0.4) | % | 45,250 | 43,402 | 4.3 | % | 4.7 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
New York - Suburban | 3,563 | 3,563 | 3,438 | 3.6 | % | 95.0 | % | 95.1 | % | (0.1) | % | 36,159 | 34,941 | 3.5 | % | 5.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
New Jersey | 5,415 | 3,305 | 3,183 | 3.8 | % | 95.7 | % | 96.1 | % | (0.4) | % | 51,369 | 49,687 | 3.4 | % | 4.2 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Metro NY/NJ | 12,766 | 3,619 | 3,477 | 4.1 | % | 95.8 | % | 96.2 | % | (0.4) | % | 132,778 | 128,030 | 3.7 | % | 4.6 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Mid-Atlantic | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Washington DC | 2,626 | 2,572 | 2,489 | 3.3 | % | 92.3 | % | 94.1 | % | (1.8) | % | 18,694 | 18,423 | 1.5 | % | 1.6 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Northern Virginia | 5,763 | 2,563 | 2,463 | 4.1 | % | 95.9 | % | 95.1 | % | 0.8 | % | 42,505 | 40,519 | 4.9 | % | 5.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Suburban Maryland | 2,595 | 2,255 | 2,144 | 5.2 | % | 96.2 | % | 95.2 | % | 1.0 | % | 16,883 | 15,904 | 6.2 | % | 6.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Baltimore, MD | 2,317 | 2,180 | 2,079 | 4.9 | % | 95.6 | % | 94.7 | % | 0.9 | % | 14,485 | 13,696 | 5.8 | % | 6.4 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Mid-Atlantic | 13,301 | 2,438 | 2,340 | 4.2 | % | 95.1 | % | 94.8 | % | 0.3 | % | 92,567 | 88,542 | 4.5 | % | 4.7 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Southeast FL | 2,187 | 2,924 | 2,808 | 4.1 | % | 97.1 | % | 97.3 | % | (0.2) | % | 18,622 | 17,928 | 3.9 | % | 4.6 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Denver, CO | 1,086 | 2,297 | 2,246 | 2.3 | % | 95.7 | % | 95.4 | % | 0.3 | % | 7,161 | 6,979 | 2.6 | % | 3.6 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Pacific Northwest | 5,474 | 2,685 | 2,647 | 1.4 | % | 95.3 | % | 94.7 | % | 0.6 | % | 42,014 | 41,173 | 2.0 | % | 2.5 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Northern California | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
San Jose, CA | 4,723 | 3,014 | 2,918 | 3.3 | % | 95.5 | % | 95.6 | % | (0.1) | % | 40,779 | 39,521 | 3.2 | % | 3.4 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Oakland - East Bay, CA | 4,338 | 2,764 | 2,677 | 3.2 | % | 95.1 | % | 96.0 | % | (0.9) | % | 34,201 | 33,448 | 2.3 | % | 3.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
San Francisco, CA | 3,072 | 3,419 | 3,369 | 1.5 | % | 95.7 | % | 95.7 | % | 0.0 | % | 30,155 | 29,720 | 1.5 | % | 1.7 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Northern California | 12,133 | 3,027 | 2,945 | 2.8 | % | 95.4 | % | 95.8 | % | (0.4) | % | 105,135 | 102,689 | 2.4 | % | 2.8 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Southern California | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Los Angeles, CA | 12,143 | 2,810 | 2,573 | 9.2 | % | 95.4 | % | 96.1 | % | (0.7) | % | 97,647 | 89,957 | 8.5 | % | 8.5 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Orange County, CA | 3,371 | 2,805 | 2,647 | 6.0 | % | 95.9 | % | 94.8 | % | 1.1 | % | 27,202 | 25,390 | 7.1 | % | 7.8 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
San Diego, CA | 1,767 | 2,863 | 2,681 | 6.8 | % | 96.5 | % | 95.8 | % | 0.7 | % | 14,650 | 13,632 | 7.5 | % | 7.7 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Southern California | 17,281 | 2,814 | 2,596 | 8.4 | % | 95.6 | % | 95.8 | % | (0.2) | % | 139,499 | 128,979 | 8.2 | % | 8.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Other Expansion Regions | 925 | 2,162 | 2,106 | 2.7 | % | 95.2 | % | 94.7 | % | 0.5 | % | 5,713 | 5,538 | 3.2 | % | 3.2 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total Same Store | 74,730 | $ | 2,967 | $ | 2,833 | 4.7 | % | 95.6 | % | 95.8 | % | (0.2) | % | $ | 636,255 | $ | 608,567 | 4.5 | % | 5.0 | % |
Apartment Homes | Average Monthly Rental Revenue Per Occupied Home | Economic Occupancy | Residential Rental Revenue ($000s)(1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
% Change Excluding Rent Relief (2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Q4 23 | Q3 23 | % Change | Q4 23 | Q3 23 | % Change | Q4 23 | Q3 23 | % Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
New England | 9,577 | $ | 3,358 | $ | 3,347 | 0.3 | % | 96.2 | % | 96.5 | % | (0.3) | % | $ | 92,766 | $ | 92,745 | 0.0 | % | 0.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Metro NY/NJ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
New York City, NY | 3,788 | 4,122 | 4,083 | 1.0 | % | 96.6 | % | 95.7 | % | 0.9 | % | 45,250 | 44,412 | 1.9 | % | 2.2 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
New York - Suburban | 3,563 | 3,563 | 3,576 | (0.4) | % | 95.0 | % | 95.2 | % | (0.2) | % | 36,159 | 36,380 | (0.6) | % | (0.3) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
New Jersey | 5,415 | 3,305 | 3,330 | (0.8) | % | 95.7 | % | 95.5 | % | 0.2 | % | 51,369 | 51,656 | (0.6) | % | (0.5) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Metro NY/NJ | 12,766 | 3,619 | 3,623 | (0.1) | % | 95.8 | % | 95.5 | % | 0.3 | % | 132,778 | 132,448 | 0.2 | % | 0.5 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Mid-Atlantic | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Washington DC | 2,626 | 2,572 | 2,644 | (2.7) | % | 92.3 | % | 91.8 | % | 0.5 | % | 18,694 | 19,124 | (2.2) | % | (2.2) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Northern Virginia | 5,763 | 2,563 | 2,580 | (0.7) | % | 95.9 | % | 95.8 | % | 0.1 | % | 42,505 | 42,747 | (0.6) | % | (0.5) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Suburban Maryland | 2,595 | 2,255 | 2,219 | 1.6 | % | 96.2 | % | 96.0 | % | 0.2 | % | 16,883 | 16,584 | 1.8 | % | 1.6 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Baltimore, MD | 2,317 | 2,180 | 2,169 | 0.5 | % | 95.6 | % | 96.0 | % | (0.4) | % | 14,485 | 14,471 | 0.1 | % | 0.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Mid-Atlantic | 13,301 | 2,438 | 2,451 | (0.5) | % | 95.1 | % | 95.0 | % | 0.1 | % | 92,567 | 92,926 | (0.4) | % | (0.4) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Southeast FL | 2,187 | 2,924 | 2,893 | 1.1 | % | 97.1 | % | 96.5 | % | 0.6 | % | 18,622 | 18,319 | 1.7 | % | 1.6 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Denver, CO | 1,086 | 2,297 | 2,285 | 0.5 | % | 95.7 | % | 96.3 | % | (0.6) | % | 7,161 | 7,166 | (0.1) | % | (0.1) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Pacific Northwest | 5,474 | 2,685 | 2,684 | 0.0 | % | 95.3 | % | 95.0 | % | 0.3 | % | 42,014 | 41,878 | 0.3 | % | 0.5 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Northern California | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
San Jose, CA | 4,723 | 3,014 | 3,017 | (0.1) | % | 95.5 | % | 96.1 | % | (0.6) | % | 40,779 | 41,069 | (0.7) | % | (0.6) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Oakland - East Bay, CA | 4,338 | 2,764 | 2,769 | (0.2) | % | 95.1 | % | 95.6 | % | (0.5) | % | 34,201 | 34,436 | (0.7) | % | (0.6) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
San Francisco, CA | 3,072 | 3,419 | 3,441 | (0.6) | % | 95.7 | % | 95.4 | % | 0.3 | % | 30,155 | 30,244 | (0.3) | % | (0.3) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Northern California | 12,133 | 3,027 | 3,035 | (0.3) | % | 95.4 | % | 95.7 | % | (0.3) | % | 105,135 | 105,749 | (0.6) | % | (0.5) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Southern California | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Los Angeles, CA | 12,143 | 2,810 | 2,783 | 1.0 | % | 95.4 | % | 95.6 | % | (0.2) | % | 97,647 | 96,880 | 0.8 | % | 0.6 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Orange County, CA | 3,371 | 2,805 | 2,764 | 1.5 | % | 95.9 | % | 96.1 | % | (0.2) | % | 27,202 | 26,864 | 1.3 | % | 1.5 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
San Diego, CA | 1,767 | 2,863 | 2,836 | 1.0 | % | 96.5 | % | 96.7 | % | (0.2) | % | 14,650 | 14,540 | 0.8 | % | 1.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Southern California | 17,281 | 2,814 | 2,784 | 1.1 | % | 95.6 | % | 95.8 | % | (0.2) | % | 139,499 | 138,284 | 0.9 | % | 0.8 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Other Expansion Regions | 925 | 2,162 | 2,194 | (1.5) | % | 95.2 | % | 95.3 | % | (0.1) | % | 5,713 | 5,803 | (1.6) | % | (1.6) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total Same Store | 74,730 | $ | 2,967 | $ | 2,962 | 0.2 | % | 95.6 | % | 95.7 | % | (0.1) | % | $ | 636,255 | $ | 635,318 | 0.1 | % | 0.2 | % |
Apartment Homes | Average Monthly Rental Revenue Per Occupied Home | Economic Occupancy | Residential Rental Revenue ($000s)(1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
% Change Excluding Rent Relief (2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Full Year 2023 | Full Year 2022 | % Change | Full Year 2023 | Full Year 2022 | % Change | Full Year 2023 | Full Year 2022 | % Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
New England | 9,577 | $ | 3,303 | $ | 3,053 | 8.2 | % | 96.4 | % | 97.1 | % | (0.7) | % | $ | 366,070 | $ | 340,566 | 7.5 | % | 8.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Metro NY/NJ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
New York City, NY | 3,788 | 4,043 | 3,718 | 8.7 | % | 96.4 | % | 97.2 | % | (0.8) | % | 177,160 | 164,170 | 7.9 | % | 8.5 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
New York - Suburban | 3,563 | 3,526 | 3,348 | 5.3 | % | 94.8 | % | 95.1 | % | (0.3) | % | 142,933 | 136,098 | 5.0 | % | 5.9 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
New Jersey | 5,415 | 3,270 | 3,025 | 8.1 | % | 95.9 | % | 96.2 | % | (0.3) | % | 203,761 | 189,068 | 7.8 | % | 8.2 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Metro NY/NJ | 12,766 | 3,571 | 3,321 | 7.5 | % | 95.8 | % | 96.2 | % | (0.4) | % | 523,854 | 489,336 | 7.1 | % | 7.7 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Mid-Atlantic | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Washington DC | 2,626 | 2,593 | 2,434 | 6.5 | % | 92.8 | % | 93.9 | % | (1.1) | % | 75,820 | 71,948 | 5.4 | % | 5.7 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Northern Virginia | 5,763 | 2,530 | 2,383 | 6.2 | % | 95.9 | % | 95.5 | % | 0.4 | % | 167,842 | 157,477 | 6.6 | % | 7.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Suburban Maryland | 2,595 | 2,208 | 2,095 | 5.4 | % | 96.1 | % | 95.6 | % | 0.5 | % | 66,073 | 62,401 | 5.9 | % | 6.2 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Baltimore, MD | 2,317 | 2,143 | 2,030 | 5.6 | % | 95.9 | % | 95.3 | % | 0.6 | % | 57,153 | 53,792 | 6.2 | % | 6.7 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Mid-Atlantic | 13,301 | 2,412 | 2,276 | 6.0 | % | 95.3 | % | 95.1 | % | 0.2 | % | 366,888 | 345,618 | 6.2 | % | 6.5 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Southeast FL | 2,187 | 2,903 | 2,666 | 8.9 | % | 96.8 | % | 96.1 | % | 0.7 | % | 73,733 | 67,269 | 9.6 | % | 11.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Denver, CO | 1,086 | 2,259 | 2,150 | 5.1 | % | 95.8 | % | 95.8 | % | 0.0 | % | 28,209 | 26,845 | 5.1 | % | 5.8 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Pacific Northwest | 5,474 | 2,676 | 2,558 | 4.6 | % | 95.2 | % | 95.4 | % | (0.2) | % | 167,292 | 160,194 | 4.4 | % | 4.8 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Northern California | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
San Jose, CA | 4,723 | 2,992 | 2,826 | 5.9 | % | 96.2 | % | 96.0 | % | 0.2 | % | 163,205 | 153,886 | 6.1 | % | 6.9 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Oakland - East Bay, CA | 4,338 | 2,745 | 2,630 | 4.4 | % | 95.7 | % | 96.1 | % | (0.4) | % | 136,785 | 131,493 | 4.0 | % | 5.8 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
San Francisco, CA | 3,072 | 3,425 | 3,277 | 4.5 | % | 95.8 | % | 95.5 | % | 0.3 | % | 120,889 | 115,306 | 4.8 | % | 6.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Northern California | 12,133 | 3,013 | 2,870 | 5.0 | % | 95.9 | % | 95.9 | % | 0.0 | % | 420,879 | 400,685 | 5.0 | % | 6.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Southern California | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Los Angeles, CA | 12,143 | 2,730 | 2,571 | 6.2 | % | 95.7 | % | 96.3 | % | (0.6) | % | 380,885 | 360,825 | 5.6 | % | 10.6 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Orange County, CA | 3,371 | 2,734 | 2,551 | 7.2 | % | 96.0 | % | 96.0 | % | 0.0 | % | 106,183 | 99,077 | 7.2 | % | 9.6 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
San Diego, CA | 1,767 | 2,798 | 2,592 | 7.9 | % | 96.7 | % | 96.9 | % | (0.2) | % | 57,346 | 53,234 | 7.7 | % | 9.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Southern California | 17,281 | 2,738 | 2,570 | 6.5 | % | 95.9 | % | 96.3 | % | (0.4) | % | 544,414 | 513,136 | 6.1 | % | 10.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Other Expansion Regions | 925 | 2,169 | 2,003 | 8.3 | % | 95.2 | % | 95.0 | % | 0.2 | % | 22,933 | 21,127 | 8.5 | % | 8.5 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total Same Store | 74,730 | $ | 2,926 | $ | 2,745 | 6.6 | % | 95.8 | % | 96.1 | % | (0.3) | % | $ | 2,514,272 | $ | 2,364,776 | 6.3 | % | 7.8 | % |
Q4 2023 | Q4 2022 | % Change | Q4 2023 % of Total Opex | Full Year 2023 | Full Year 2022 | % Change | Full Year 2023 % of Total Opex | |||||||||||||||||||||||||||||||||||||||||||
Property taxes (2) | $ | 70,485 | $ | 66,931 | 5.3 | % | 36.0 | % | $ | 278,473 | $ | 265,402 | 4.9 | % | 35.5 | % | ||||||||||||||||||||||||||||||||||
Payroll (3) | 37,250 | 37,461 | (0.6) | % | 19.0 | % | 149,827 | 152,415 | (1.7) | % | 19.1 | % | ||||||||||||||||||||||||||||||||||||||
Repairs & maintenance (4) | 34,114 | 31,851 | 7.1 | % | 17.4 | % | 138,536 | 128,767 | 7.6 | % | 17.7 | % | ||||||||||||||||||||||||||||||||||||||
Utilities (5) | 22,601 | 21,198 | 6.6 | % | 11.5 | % | 92,728 | 78,540 | 18.1 | % | 11.8 | % | ||||||||||||||||||||||||||||||||||||||
Office operations (6) | 18,842 | 17,191 | 9.6 | % | 9.6 | % | 73,370 | 65,322 | 12.3 | % | 9.4 | % | ||||||||||||||||||||||||||||||||||||||
Insurance (7) | 8,898 | 6,520 | 36.5 | % | 4.6 | % | 35,109 | 30,474 | 15.2 | % | 4.5 | % | ||||||||||||||||||||||||||||||||||||||
Marketing (8) | 3,744 | 3,290 | 13.8 | % | 1.9 | % | 15,659 | 14,030 | 11.6 | % | 2.0 | % | ||||||||||||||||||||||||||||||||||||||
Total Same Store Residential Operating Expenses | $ | 195,934 | $ | 184,442 | 6.2 | % | 100.0 | % | $ | 783,702 | $ | 734,950 | 6.6 | % | 100.0 | % |
(1) | Same Store operating expenses exclude indirect costs for corporate-level property management and other support-related expenses. | ||||
(2) | Property taxes increased for the three months and year ended December 31, 2023 over the prior year periods due to (i) increased assessments across the portfolio and (ii) the expiration of property tax incentive programs primarily at certain of our properties in New York City. The expiration of property tax incentive programs represents $1,959 or 55% of the 5.3% increase in property taxes for the three months ended December 31, 2023 and $6,810 or 52% of the 4.9% increase in property taxes for the year ended December 31, 2023. | ||||
(3) | Payroll costs decreased for the three months and year ended December 31, 2023 from the prior year periods primarily due to a reduction in on-site leasing and administrative personnel and decreased incentive compensation. | ||||
(4) | Repairs and maintenance increased for the three months and year ended December 31, 2023 over the prior year periods due to increased contract labor and turnover costs as well as planned and unexpected maintenance, partially offset by increased damage receipts and maintenance rebates as compared to the prior year periods. | ||||
(5) | Utilities costs are net of resident reimbursements. Increases for the three months and year ended December 31, 2023 over the prior year periods are primarily due to the Company’s bulk internet offering introduced at its communities, which is more than offset by bulk internet revenue, as well as increases in trash and sewer fees. The increase for the three months ended December 31, 2023 is partially offset by a decrease in electricity consumption. The increase for the year ended December 31, 2023 is also due to increases in electricity and gas rates. The bulk internet offering is $8,929 or 63% of the 18.1% increase in utilities for the year ended December 31, 2023. | ||||
(6) | Office operations includes administrative, legal and eviction costs, land and furniture lease expense and association and license fees. The increases for the three months and year ended December 31, 2023 over the prior year periods are primarily due to (i) bad debt expense associated with resident expense reimbursements and damage receipts, (ii) legal costs and (iii) furnished housing furniture rental costs which are more than offset by furnished housing rental premiums. Bad debt expense and legal costs are $1,401 or 85% of the 9.6% increase in office operations for the three months ended December 31, 2023 and $5,092 or 63% of the 12.3% increase in office operations for the year ended December 31, 2023. | ||||
(7) | Insurance is comprised of third-party insurance premiums and self-insured claims activity, net of subrogation recoveries received. Insurance costs can be volatile, varying based on the volume, frequency and amount of losses incurred under the Company’s property and casualty insurance program. The three months and year ended December 31, 2023 reflect a significant increase in recognized claims as compared to the prior year periods. The increases for three months and year ended December 31, 2023 over the prior year periods were also due in part to an increase in third-party insurance premiums and a decrease in recoveries. | ||||
(8) | Marketing costs increased for the three months and year ended December 31, 2023 over the prior year periods due to increased internet advertising costs and customer service incentives granted to existing residents for unforeseen events that resulted in the loss of use of all or a material portion of an apartment. |
Full Year 2023 Maintenance Expensed Per Home | Categorization of Full Year 2023 Additional Capitalized Value (1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current Communities | Apartment Homes (2) | Carpet Replacement | Other Maintenance (3) | Total | Acquisitions, Construction, Redevelopment & Dispositions (4) | NOI Enhancing (5) | Asset Preservation | Full Year 2023 Additional Capitalized Value | NOI Enhancing Per Home | Asset Preservation Per Home | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Same Store | 74,730 | $ | 129 | $ | 2,794 | $ | 2,923 | $ | 15,261 | (6) | $ | 49,397 | $ | 123,849 | $ | 188,507 | $ | 661 | $ | 1,657 | ||||||||||||||||||||||||||||||||||||||||||
Other Stabilized | 4,874 | 41 | 1,854 | 1,895 | 279,667 | (7) | 336 | 830 | 280,833 | $ | 69 | $ | 170 | |||||||||||||||||||||||||||||||||||||||||||||||||
Development/Redevelopment (8) | 8,343 | 10 | 624 | 634 | 853,828 | — | — | 853,828 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Dispositions (9) | — | — | — | — | (305,017) | — | — | (305,017) | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | 87,947 | $ | 113 | $ | 2,536 | $ | 2,649 | $ | 843,739 | $ | 49,733 | $ | 124,679 | $ | 1,018,151 | N/A | N/A |
(1) | Expenditures are capitalized for the acquisition or development of new assets or for expenditures that extend the life of existing assets and benefit the Company for periods greater than a year. | |||||||
(2) | Includes consolidated communities and excludes communities that have been sold or that are classified as held for sale. | |||||||
(3) | Other maintenance includes maintenance, landscaping and redecorating costs, as well as maintenance related payroll expense. | |||||||
(4) | Includes the write-off of impaired assets and additional capitalized expenditures related to recognized casualty losses, if applicable. | |||||||
(5) | This Attachment excludes capitalized expenditures for the commercial component of communities, which the Company classifies as NOI Enhancing. Same Store and Other Stabilized exclude $3,277 and $2,216, respectively, related to commercial space. | |||||||
(6) | Consists primarily of expenditures for communities under redevelopment that have remained in Same Store with stabilized occupancy. | |||||||
(7) | Represents acquired communities coupled with commitment close-outs and construction true-ups on recently constructed communities. | |||||||
(8) | Includes communities under construction/reconstruction during the period, including communities where construction/reconstruction is complete. | |||||||
(9) | Includes The Park Loggia condominium sales. |
Other Capitalized Costs | ||||||||
Interest | Overhead | |||||||
Q4 2023 | $ | 12,339 | $ | 11,526 | ||||
Q3 2023 | $ | 12,170 | $ | 12,460 | ||||
Q2 2023 | $ | 11,606 | $ | 13,458 | ||||
Q1 2023 | $ | 11,018 | $ | 13,552 |
Community Information | Number | Total | Actual/Projected Schedule | Avg | % | % | % | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
of | Capital | Full Qtr | Monthly | Complete | Leased | Occupied | Economic | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Apt | Cost | Initial | Stabilized | Rental Rev | Occ. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Development Name | Location | Homes | (millions) | Start | Occupancy | Complete | Ops | Per Home | As of January 17, 2024 | Q4 '23 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Communities Under Construction: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1. | Avalon Amityville | Amityville, NY | 338 | $ | 134 | Q2 2021 | Q3 2023 | Q2 2024 | Q4 2024 | $ | 3,520 | 66 | % | 39 | % | 38 | % | 26 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2. | Avalon Bothell Commons I | Bothell, WA | 467 | 236 | Q2 2021 | Q3 2023 | Q2 2024 | Q1 2025 | 2,955 | 45 | % | 24 | % | 22 | % | 16 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3. | Avalon Westminster Promenade | Westminster, CO | 312 | 112 | Q3 2021 | Q2 2024 | Q3 2024 | Q2 2025 | 2,130 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4. | Avalon West Dublin | Dublin, CA | 499 | 267 | Q3 2021 | Q4 2023 | Q4 2024 | Q2 2025 | 3,290 | 35 | % | 22 | % | 16 | % | 7 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
5. | Avalon Montville | Montville, NJ | 349 | 127 | Q4 2021 | Q4 2023 | Q3 2024 | Q4 2024 | 2,895 | 48 | % | 13 | % | 10 | % | 4 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6. | Avalon Redmond Campus (1) | Redmond, WA | 214 | 89 | Q4 2021 | Q1 2024 | Q2 2024 | Q4 2024 | 2,795 | 24 | % | 16 | % | 6 | % | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
7. | Avalon Governor's Park | Denver, CO | 304 | 135 | Q1 2022 | Q3 2024 | Q4 2024 | Q2 2025 | 2,690 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
8. | Avalon West Windsor (2) | West Windsor, NJ | 535 | 201 | Q2 2022 | Q2 2025 | Q3 2026 | Q1 2027 | 2,995 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
9. | Avalon Durham (3) | Durham, NC | 336 | 125 | Q2 2022 | Q2 2024 | Q3 2024 | Q2 2025 | 2,270 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10. | Avalon Annapolis | Annapolis, MD | 508 | 200 | Q3 2022 | Q3 2024 | Q3 2025 | Q2 2026 | 2,700 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11. | Kanso Milford | Milford, MA | 162 | 65 | Q4 2022 | Q1 2024 | Q3 2024 | Q1 2025 | 2,600 | — | 1 | % | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12. | Avalon Lake Norman (3) | Mooresville, NC | 345 | 101 | Q1 2023 | Q1 2025 | Q1 2026 | Q3 2026 | 1,945 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
13. | Avalon Hunt Valley West | Hunt Valley, MD | 322 | 109 | Q2 2023 | Q1 2025 | Q1 2026 | Q3 2026 | 2,485 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
14. | Avalon South Miami (2) | South Miami, FL | 290 | 186 | Q3 2023 | Q3 2025 | Q1 2026 | Q3 2026 | 4,535 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
15. | Avalon Princeton Shopping Center | Princeton, NJ | 200 | 82 | Q3 2023 | Q1 2025 | Q2 2025 | Q4 2025 | 3,275 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
16. | Avalon Wayne | Wayne, NJ | 473 | 174 | Q4 2023 | Q2 2025 | Q2 2026 | Q4 2026 | 3,210 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
17. | Avalon Parsippany | Parsippany, NJ | 410 | 148 | Q4 2023 | Q3 2025 | Q2 2026 | Q3 2026 | 2,990 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total / Weighted Average Under Construction | 6,064 | $ | 2,491 | $ | 2,910 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Communities Completed this Quarter: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1. | Avalon Princeton Circle | Princeton, NJ | 221 | $ | 89 | Q4 2021 | Q2 2023 | Q4 2023 | Q3 2024 | $ | 3,990 | 100 | % | 50 | % | 47 | % | 34 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Communities Completed Subtotal/Weighted Average | 221 | $ | 89 | $ | 3,990 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total/Weighted Average Under Construction and Completed this quarter | 6,285 | $ | 2,580 | $ | 2,950 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Weighted Average Projected NOI as a % of Total Capital Cost | 6.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset Cost Basis (millions) (4): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Capital Cost, under construction and completed | $ | 2,684 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Capital Cost, disbursed to date | (1,524) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Capital Cost, remaining to invest | $ | 1,160 |
(1) | Avalon Redmond Campus is a densification of the Company's existing eaves Redmond Campus wholly-owned community, where 48 existing older apartment homes were demolished and are being replaced by Avalon Redmond Campus. As a densification, this community is excluded from the weighted average Projected NOI as a % of Total Capital Cost. | ||||
(2) | Developments containing at least 10,000 square feet of commercial space include Avalon West Windsor (19,000 sf) and Avalon South Miami (32,000 sf). | ||||
(3) | Communities being developed through the Developer Funding Program ("DFP"). The DFP utilizes third-party multifamily developers to source and construct communities which the Company owns and operates. | ||||
(4) | Includes the communities presented and one additional community with 254 apartment homes representing $104 million in Total Capital Costs which had completed construction but not yet achieved Stabilized Operations for the full quarter. Q4 2023 NOI for these 19 communities was $2 million. | ||||
Operating Communities | ||||||||||||||||||||||||||||||||||||||||||||
NOI (1)(2) | Debt | |||||||||||||||||||||||||||||||||||||||||||
AVB | Apartment | Q4 | Full Year | Principal | Interest | |||||||||||||||||||||||||||||||||||||||
Venture | Communities | Ownership | Homes | 2023 | 2023 | Amount (1) | Rate (3) | |||||||||||||||||||||||||||||||||||||
NYTA MF Investors, LLC | 5 | 20.0 | % | 1,301 | $ | 10,460 | $ | 41,336 | $ | 394,734 | 3.88 | % | ||||||||||||||||||||||||||||||||
MVP I, LLC | 1 | 25.0 | % | 313 | 2,014 | 8,382 | 103,000 | 3.24 | % | |||||||||||||||||||||||||||||||||||
Brandywine Apartments of Maryland, LLC | 1 | 28.7 | % | 305 | 1,165 | 3,851 | 19,062 | 3.40 | % | |||||||||||||||||||||||||||||||||||
Avalon Alderwood MF, LLC | 1 | 50.0 | % | 328 | 1,817 | 7,151 | — | — | % | |||||||||||||||||||||||||||||||||||
Total Unconsolidated Real Estate Investments | 8 | 2,247 | $ | 15,456 | $ | 60,720 | $ | 516,796 | 3.73 | % |
Development Communities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Projected | Projected | Avg | % Economic Occ. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Capital | Full Qtr | Monthly | % | % | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AVB | Apartment | Cost | Initial | Stabilized | Rental Rev | Complete | Leased | Occupied | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Venture | Location | Ownership | Homes | (millions) (1) | Start | Occupancy | Complete | Ops | Per Home | As of January 17, 2024 | Q4 '23 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Arts District Joint Venture (4) | Los Angeles, CA | 25.0 | % | 475 | $ | 291 | Q3 2020 | Q3 2023 | Q1 2024 | Q4 2024 | $ | 3,670 | 76 | % | 28 | % | 22 | % | 12 | % |
DEBT COMPOSITION AND MATURITIES | |||||||||||||||||||||||||||||||||||
Average Interest Rate (1) | Principal Amortization Payments and Maturities (2) | ||||||||||||||||||||||||||||||||||
Debt Composition | Amount | Year | Secured notes amortization and maturities | Unsecured notes maturities | Total | ||||||||||||||||||||||||||||||
Secured notes | 2024 | $ | 9,593 | $ | 300,000 | $ | 309,593 | ||||||||||||||||||||||||||||
Fixed rate | $ | 333,892 | 3.9 | % | 2025 | 10,765 | 825,000 | 835,765 | |||||||||||||||||||||||||||
Variable rate | 410,150 | 5.5 | % | 2026 | 11,811 | 775,000 | 786,811 | ||||||||||||||||||||||||||||
Subtotal, secured notes | 744,042 | 4.8 | % | 2027 | 250,159 | 400,000 | 650,159 | ||||||||||||||||||||||||||||
2028 | 18,902 | 850,000 | 868,902 | ||||||||||||||||||||||||||||||||
Unsecured notes | 2029 | 132,661 | 450,000 | 582,661 | |||||||||||||||||||||||||||||||
Fixed rate | 7,300,000 | 3.3 | % | 2030 | 9,100 | 700,000 | 709,100 | ||||||||||||||||||||||||||||
Subtotal, unsecured notes | 7,300,000 | 3.3 | % | 2031 | 9,700 | 600,000 | 609,700 | ||||||||||||||||||||||||||||
2032 | 10,400 | 700,000 | 710,400 | ||||||||||||||||||||||||||||||||
Variable rate facility (3) | — | — | % | 2033 | 12,000 | 750,000 | 762,000 | ||||||||||||||||||||||||||||
Commercial paper (3) | — | — | % | Thereafter | 268,951 | 950,000 | 1,218,951 | ||||||||||||||||||||||||||||
Total Debt | $ | 8,044,042 | 3.5 | % | $ | 744,042 | $ | 7,300,000 | $ | 8,044,042 | |||||||||||||||||||||||||
SELECT DEBT METRICS | ||||||||||||||||||||||||||||||||
Q4 2023 Net Debt-to-Core EBITDAre (4) | 4.2x | Q4 2023 Interest Coverage (4) | 7.7x | Full Year 2023 Unencumbered NOI (4) | 95% | Weighted avg years to maturity of total debt (2) | 7.7 |
DEBT COVENANT COMPLIANCE | |||||||||||||||||||||||||||||
Unsecured Line of Credit Covenants | December 31, 2023 | Requirement | |||||||||||||||||||||||||||
Total Outstanding Indebtedness to Capitalization Value (5) | 24.5 | % | < | 65% | |||||||||||||||||||||||||
Combined EBITDA to Combined Debt Service | 6.43x | > | 1.50x | ||||||||||||||||||||||||||
Unsecured Indebtedness to Unencumbered Asset Value | 22.6 | % | < | 65% | |||||||||||||||||||||||||
Secured Indebtedness to Capitalization Value (5) | 2.6 | % | < | 40% | |||||||||||||||||||||||||
Unsecured Senior Notes Covenants (6) | December 31, 2023 | Requirement | |||||||||||||||||||||||||||
Total Outstanding Indebtedness to Total Assets (7) | 29.7 | % | < | 65% | |||||||||||||||||||||||||
Secured Indebtedness to Total Assets (7) | 2.7 | % | < | 40% | |||||||||||||||||||||||||
Unencumbered Assets to Unsecured Indebtedness | 351.0 | % | > | 150% | |||||||||||||||||||||||||
Consolidated Income Available for Debt Service to the Annual Service Charge | 7.12x | > | 1.50x |
(1) | Rates are as of December 31, 2023 and, for secured and unsecured notes, include costs of financing such as credit enhancement fees, trustees' fees, the impact of interest rate hedges and mark-to-market adjustments. | ||||
(2) | Excludes the Company's (i) Credit Facility, (ii) commercial paper and (iii) any associated issuance discount, mark-to-market discounts and deferred financing costs, if applicable. | ||||
(3) | Represents amounts outstanding at December 31, 2023 under the Company's (i) $2.25 billion Credit Facility and (ii) $500 million unsecured commercial paper program, which is backstopped by, and reduces the borrowing capacity of, the Credit Facility. | ||||
(4) | See Attachment 14 - Definitions and Reconciliations of Non-GAAP Financial Measures and Other Terms. | ||||
(5) | Capitalization Value represents the Company’s Combined EBITDA for operating communities that the Company has owned for at least 12 months as of December 31, 2023, capitalized at a rate of 5.75% per annum, plus the book value of Development communities and real estate communities acquired. For discussion of other defined terms, see "Debt Covenant Compliance" in Attachment 14 - Definitions and Reconciliations of Non-GAAP Financial Measures and Other Terms. | ||||
(6) | The information about the Company’s unsecured senior notes covenants shows compliance with selected covenants under the Company’s 1998 Indenture, under which debt securities are outstanding with maturity dates through 2047, subject to prepayment or redemption at the Company’s election. See “Debt Covenant Compliance” in Attachment 14 - Definitions and Reconciliations of Non-GAAP Financial Measures and Other Terms. Different covenants apply to debt securities outstanding under the Company’s 2018 Indenture. | ||||
(7) | Total Assets represents the sum of the Company's undepreciated real estate assets and other assets, excluding accounts receivable. See "Debt Covenant Compliance" in Attachment 14 - Definitions and Reconciliations of Non-GAAP Financial Measures and Other Terms. |
Weighted Average | Accumulated | Weighted Average | Weighted Average | |||||||||||||||||||||||||||||||||||||||||
Number of Consolidated | Investment Period | Gross Sales | Depreciation | Economic | Market | Unlevered | ||||||||||||||||||||||||||||||||||||||
Communities Sold | (Years) | Price | GAAP Gain | and Other | Gain (1) | Cap Rate | IRR | |||||||||||||||||||||||||||||||||||||
2014 - 2018: | ||||||||||||||||||||||||||||||||||||||||||||
28 Communities (2) | 10.5 | $ | 2,178,800 | $ | 1,038,342 | $ | 388,562 | $ | 649,780 | 5.0% | 11.3% | |||||||||||||||||||||||||||||||||
2019: | ||||||||||||||||||||||||||||||||||||||||||||
6 Communities | 9.8 | $ | 427,600 | $ | 166,105 | $ | 95,233 | $ | 70,872 | 4.6% | 8.2% | |||||||||||||||||||||||||||||||||
2020: | ||||||||||||||||||||||||||||||||||||||||||||
9 Communities | 14.0 | $ | 627,750 | $ | 340,444 | $ | 129,743 | $ | 210,701 | 4.4% | 10.8% | |||||||||||||||||||||||||||||||||
2021: | ||||||||||||||||||||||||||||||||||||||||||||
9 Communities | 21.9 | $ | 867,200 | $ | 602,235 | $ | 257,542 | $ | 344,693 | 3.7% | 10.5% | |||||||||||||||||||||||||||||||||
2022: | ||||||||||||||||||||||||||||||||||||||||||||
9 Communities | 11.7 | $ | 924,450 | $ | 555,558 | $ | 150,377 | $ | 405,181 | 4.0% | 12.0% | |||||||||||||||||||||||||||||||||
2023: | ||||||||||||||||||||||||||||||||||||||||||||
4 Communities | 18.4 | $ | 446,000 | $ | 287,424 | $ | 127,840 | $ | 159,584 | 4.9% | 9.7% | |||||||||||||||||||||||||||||||||
2014 - 2023 Total: | ||||||||||||||||||||||||||||||||||||||||||||
65 Communities | 13.6 | $ | 5,471,800 | $ | 2,990,108 | $ | 1,149,297 | $ | 1,840,811 | 4.5% | 10.8% |
Financial Outlook (1) | ||||||||||||||||||||||||||||||||
2023 Actual | Full Year 2024 Projected | 2024 Midpoint | Change | |||||||||||||||||||||||||||||
EPS | $6.56 | $6.27 | to | $6.77 | $6.52 | (0.6)% | ||||||||||||||||||||||||||
FFO per share | $10.32 | $10.42 | to | $10.92 | $10.67 | 3.4% | ||||||||||||||||||||||||||
Core FFO per share | $10.63 | $10.53 | to | $11.03 | $10.78 | 1.4% |
Assumptions | Key Capital Items | ||||||||||||||||||||||||||||||||||||||||
US | AVB Established Regions | AVB Expansion Regions | New capital sourced from capital markets activity | $850 | |||||||||||||||||||||||||||||||||||||
Capital used for debt redemptions and amortization | $300 | ||||||||||||||||||||||||||||||||||||||||
2024 Growth assumptions (2): | |||||||||||||||||||||||||||||||||||||||||
Expected job growth | 0.5% | 0.5% | 0.9% | Capital used for investment activities (4) | $1,115 | ||||||||||||||||||||||||||||||||||||
Expected total personal income growth | 5.0% | 4.9% | 5.3% | Projected cash and cash equivalents, 12/31/2024 | $225 | ||||||||||||||||||||||||||||||||||||
Expected new supply | 2.3% | 1.6% | 4.2% | ||||||||||||||||||||||||||||||||||||||
Same Store assumptions: | Additional Information | ||||||||||||||||||||||||||||||||||||||||
Residential revenue change | 1.6% - 3.6% | ||||||||||||||||||||||||||||||||||||||||
Residential Opex change | 4.5% - 6.7% | Apartment | Q4 2023 | ||||||||||||||||||||||||||||||||||||||
Residential NOI change | 0.0% - 2.5% | Homes | NOI (1) | ||||||||||||||||||||||||||||||||||||||
Q4 2023 NOI - recast for 2024 segments | |||||||||||||||||||||||||||||||||||||||||
Capitalized interest | $37 to $47 | Residential NOI | |||||||||||||||||||||||||||||||||||||||
Same Store | 78,473 | $ | 459,432 | ||||||||||||||||||||||||||||||||||||||
Expected capital cost for Development started in 2024 | $870 | Other Stabilized | 2,935 | 15,052 | |||||||||||||||||||||||||||||||||||||
Development | 6,539 | 2,129 | |||||||||||||||||||||||||||||||||||||||
Redevelopment | — | — | |||||||||||||||||||||||||||||||||||||||
Development homes completed and delivered in 2024 | 2,625 | Commercial NOI | N/A | 8,719 | |||||||||||||||||||||||||||||||||||||
Total | 87,947 | $ | 485,332 | ||||||||||||||||||||||||||||||||||||||
Development homes occupied in 2024 | 3,100 | ||||||||||||||||||||||||||||||||||||||||
2024 Projected Residential NOI - Development | $38 to $44 | ||||||||||||||||||||||||||||||||||||||||
Structured Investment Program (SIP) | |||||||||||||||||||||||||||||||||||||||||
New commitments in 2024 | $75 | ||||||||||||||||||||||||||||||||||||||||
Total amount funded in 2024 | $90 | ||||||||||||||||||||||||||||||||||||||||
Expensed overhead growth (3) | 2.75% - 5.25% | ||||||||||||||||||||||||||||||||||||||||
Expensed overhead growth, included in Core FFO (3) | 1.5% - 4.0% |
TABLE 1 | ||||||||
Q4 | ||||||||
2023 | ||||||||
Net income | $ | 242,066 | ||||||
Interest expense and loss on extinguishment of debt | 58,515 | |||||||
Income tax expense | 2,438 | |||||||
Depreciation expense | 210,694 | |||||||
EBITDA | $ | 513,713 | ||||||
Casualty loss | 568 | |||||||
Gain on sale of communities | (77,994) | |||||||
Unconsolidated entity EBITDAre adjustments (1) | 3,468 | |||||||
EBITDAre | $ | 439,755 | ||||||
Unconsolidated entity gains, net | (137) | |||||||
Joint venture promote | (23) | |||||||
Structured Investment Program loan reserve | 771 | |||||||
Advocacy contributions | 1,425 | |||||||
Hedge accounting activity | 310 | |||||||
Executive transition compensation costs | 300 | |||||||
Severance related costs | 132 | |||||||
Expensed transaction, development and other pursuit costs, net of recoveries | 9,265 | |||||||
Other real estate activity | 533 | |||||||
Legal settlements and costs | 393 | |||||||
Core EBITDAre | $ | 452,724 | ||||||
(1) Includes joint venture interest, taxes, depreciation, gain on dispositions of depreciated real estate and impairment losses, if applicable, included in net income. | ||||||||
TABLE 2 | ||||||||||||||||||||||||||
Q4 | Q4 | Full Year | Full Year | |||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Net income attributable to common stockholders | $ | 241,969 | $ | 241,293 | $ | 928,825 | $ | 1,136,775 | ||||||||||||||||||
Depreciation - real estate assets, including joint venture adjustments | 209,694 | 205,977 | 811,717 | 810,611 | ||||||||||||||||||||||
Distributions to noncontrolling interests | — | 12 | 25 | 48 | ||||||||||||||||||||||
Gain on sale of unconsolidated entities holding previously depreciated real estate | — | (82) | — | (38,144) | ||||||||||||||||||||||
Gain on sale of previously depreciated real estate | (77,994) | (88,065) | (287,424) | (555,558) | ||||||||||||||||||||||
Casualty loss on real estate | 568 | — | 9,118 | — | ||||||||||||||||||||||
FFO attributable to common stockholders | 374,237 | 359,135 | 1,462,261 | 1,353,732 | ||||||||||||||||||||||
Adjusting items: | ||||||||||||||||||||||||||
Unconsolidated entity gains, net (1) | (137) | (6,367) | (4,161) | (8,355) | ||||||||||||||||||||||
Joint venture promote (2) | (23) | — | (1,519) | (4,690) | ||||||||||||||||||||||
Structured Investment Program loan reserve (3) | 771 | (21) | 1,186 | 1,632 | ||||||||||||||||||||||
Loss on extinguishment of consolidated debt | — | — | 150 | 1,646 | ||||||||||||||||||||||
Hedge accounting activity | 310 | 267 | 566 | (229) | ||||||||||||||||||||||
Advocacy contributions | 1,425 | 100 | 1,625 | 634 | ||||||||||||||||||||||
Executive transition compensation costs | 300 | 411 | 1,244 | 1,631 | ||||||||||||||||||||||
Severance related costs | 132 | 458 | 2,625 | 1,097 | ||||||||||||||||||||||
Expensed transaction, development and other pursuit costs, net of recoveries (4) | 9,265 | 5,507 | 30,583 | 13,288 | ||||||||||||||||||||||
Other real estate activity | 533 | (4,563) | (174) | (5,127) | ||||||||||||||||||||||
For-sale condominium imputed carry cost (5) | 68 | 271 | 602 | 2,306 | ||||||||||||||||||||||
Legal settlements and costs (6) | 393 | 1,206 | 457 | (2,212) | ||||||||||||||||||||||
Income tax expense (7) | 2,438 | 6,683 | 10,153 | 14,646 | ||||||||||||||||||||||
Core FFO attributable to common stockholders | $ | 389,712 | $ | 363,087 | $ | 1,505,598 | $ | 1,369,999 | ||||||||||||||||||
Weighted average common shares outstanding - diluted | 142,229,122 | 140,007,823 | 141,643,788 | 139,975,087 | ||||||||||||||||||||||
Earnings per common share - diluted | $ | 1.70 | $ | 1.72 | $ | 6.56 | $ | 8.12 | ||||||||||||||||||
FFO per common share - diluted | $ | 2.63 | $ | 2.57 | $ | 10.32 | $ | 9.67 | ||||||||||||||||||
Core FFO per common share - diluted | $ | 2.74 | $ | 2.59 | $ | 10.63 | $ | 9.79 | ||||||||||||||||||
(1) Amounts consist primarily of net unrealized gains on technology investments. | ||||||||||||||||||||||||||
(2) Amounts for 2023 and 2022 are for the Company's recognition of its promoted interest in the Archstone Multifamily Partners AC LP. | ||||||||||||||||||||||||||
(3) Amounts are the expected credit losses associated with the Company's lending commitments primarily under its SIP. The timing and amount of any actual losses that will be incurred, if any, is to be determined. | ||||||||||||||||||||||||||
(4) Amounts for 2023 include the write-offs of $27,455 for seven development opportunities that the Company determined are no longer probable. Amounts for 2022 include the write-offs of $10,073 for three development opportunities that the Company determined are no longer probable. | ||||||||||||||||||||||||||
(5) Represents the imputed carry cost of the for-sale residential condominiums at The Park Loggia. The Company computes this adjustment by multiplying the Total Capital Cost of completed and unsold for-sale residential condominiums by the Company's weighted average unsecured debt effective interest rate. | ||||||||||||||||||||||||||
(6) In 2022, the Company received $6,000 of legal settlement proceeds, of which $3,684 is adjusted for Core FFO. | ||||||||||||||||||||||||||
(7) Amounts are primarily for the recognition of taxes associated with The Park Loggia. | ||||||||||||||||||||||||||
TABLE 3 | |||||
Core EBITDAre (1) | $ | 452,724 | |||
Interest expense (2) | $ | 58,515 | |||
Interest Coverage | 7.7 times | ||||
(1) For additional detail, see Attachment 14 - Definitions and Reconciliations of Non-GAAP Financial Measures and Other Terms, table 1. | |||||
(2) Excludes the impact of non-core hedge accounting activity. | |||||
TABLE 4 | |||||
Total debt principal (1) | $ | 8,044,042 | |||
Cash and cash equivalents and restricted cash | (493,935) | ||||
Net debt | $ | 7,550,107 | |||
Core EBITDAre (2) | $ | 452,724 | |||
Core EBITDAre, annualized | $ | 1,810,896 | |||
Net Debt-to-Core EBITDAre | 4.2 times | ||||
(1) Balance at December 31, 2023 excludes $43,848 of debt discount and deferred financing costs as reflected in unsecured notes, net, and $18,372 of debt discount and deferred financing costs as reflected in notes payable, net, on the Condensed Consolidated Balance Sheets. | |||||
(2) For additional detail, see Attachment 14 - Definitions and Reconciliations of Non-GAAP Financial Measures and Other Terms, table 1. | |||||
TABLE 5 | ||||||||||||||||||||||||||||||||||||||||||||
Q4 | Q4 | Q3 | Q2 | Q1 | Full Year | Full Year | ||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2023 | 2023 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||
Net income | $ | 242,066 | $ | 241,164 | $ | 171,790 | $ | 367,807 | $ | 146,775 | $ | 928,438 | $ | 1,136,438 | ||||||||||||||||||||||||||||||
Property management and other indirect operating expenses, net of corporate income | 31,527 | 26,081 | 30,421 | 28,972 | 30,784 | 121,704 | 114,200 | |||||||||||||||||||||||||||||||||||||
Expensed transaction, development and other pursuit costs, net of recoveries | 10,267 | 6,700 | 18,959 | 1,261 | 2,992 | 33,479 | 16,565 | |||||||||||||||||||||||||||||||||||||
Interest expense, net | 49,471 | 57,461 | 48,115 | 51,585 | 56,821 | 205,992 | 230,074 | |||||||||||||||||||||||||||||||||||||
Loss on extinguishment of debt, net | — | — | 150 | — | — | 150 | 1,646 | |||||||||||||||||||||||||||||||||||||
General and administrative expense | 17,992 | 20,741 | 20,466 | 17,676 | 20,400 | 76,534 | 74,064 | |||||||||||||||||||||||||||||||||||||
Income from unconsolidated investments | (1,709) | (6,820) | (1,930) | (4,970) | (4,845) | (13,454) | (53,394) | |||||||||||||||||||||||||||||||||||||
Depreciation expense | 210,694 | 207,232 | 200,982 | 200,546 | 204,743 | 816,965 | 814,978 | |||||||||||||||||||||||||||||||||||||
Income tax expense (benefit) | 2,438 | 6,683 | 4,372 | (217) | 3,560 | 10,153 | 14,646 | |||||||||||||||||||||||||||||||||||||
Casualty loss | 568 | — | 3,499 | — | 5,051 | 9,118 | — | |||||||||||||||||||||||||||||||||||||
(Gain) loss on sale of communities | (77,994) | (88,065) | (22,121) | (187,322) | 13 | (287,424) | (555,558) | |||||||||||||||||||||||||||||||||||||
Other real estate activity | 533 | (4,563) | (237) | (341) | (129) | (174) | (5,127) | |||||||||||||||||||||||||||||||||||||
NOI from real estate assets sold or held for sale | (521) | (7,095) | (2,089) | (5,652) | (6,471) | (14,733) | (46,678) | |||||||||||||||||||||||||||||||||||||
NOI | 485,332 | 459,519 | 472,377 | 469,345 | 459,694 | 1,886,748 | 1,741,854 | |||||||||||||||||||||||||||||||||||||
Commercial NOI | (8,719) | (9,158) | (8,098) | (8,529) | (8,565) | (33,911) | (35,652) | |||||||||||||||||||||||||||||||||||||
Residential NOI | $ | 476,613 | $ | 450,361 | $ | 464,279 | $ | 460,816 | $ | 451,129 | $ | 1,852,837 | $ | 1,706,202 | ||||||||||||||||||||||||||||||
Residential NOI | ||||||||||||||||||||||||||||||||||||||||||||
Same Store: | ||||||||||||||||||||||||||||||||||||||||||||
New England | $ | 62,268 | $ | 59,677 | $ | 60,944 | $ | 61,567 | $ | 59,241 | $ | 244,020 | $ | 225,825 | ||||||||||||||||||||||||||||||
Metro NY/NJ | 90,643 | 90,837 | 89,084 | 89,090 | 88,989 | 357,806 | 337,774 | |||||||||||||||||||||||||||||||||||||
Mid-Atlantic | 64,717 | 62,304 | 63,158 | 63,437 | 62,950 | 254,262 | 237,256 | |||||||||||||||||||||||||||||||||||||
Southeast FL | 12,107 | 11,359 | 11,889 | 11,984 | 12,172 | 48,152 | 42,695 | |||||||||||||||||||||||||||||||||||||
Denver, CO | 5,193 | 5,121 | 5,061 | 4,821 | 4,945 | 20,020 | 19,652 | |||||||||||||||||||||||||||||||||||||
Pacific NW | 29,984 | 28,929 | 29,069 | 29,657 | 29,411 | 118,121 | 113,058 | |||||||||||||||||||||||||||||||||||||
N. California | 75,341 | 73,386 | 75,209 | 75,767 | 74,123 | 300,440 | 285,319 | |||||||||||||||||||||||||||||||||||||
S. California | 96,822 | 89,178 | 94,739 | 93,195 | 89,507 | 374,263 | 355,687 | |||||||||||||||||||||||||||||||||||||
Other Expansion Regions | 3,771 | 3,853 | 3,769 | 3,864 | 3,934 | 15,338 | 14,418 | |||||||||||||||||||||||||||||||||||||
Total Same Store | 440,846 | 424,644 | 432,922 | 433,382 | 425,272 | 1,732,422 | 1,631,684 | |||||||||||||||||||||||||||||||||||||
Other Stabilized | 22,112 | 20,237 | 20,926 | 19,701 | 19,765 | 82,504 | 57,269 | |||||||||||||||||||||||||||||||||||||
Development/Redevelopment | 13,655 | 5,480 | 10,431 | 7,733 | 6,092 | 37,911 | 17,249 | |||||||||||||||||||||||||||||||||||||
Residential NOI | $ | 476,613 | $ | 450,361 | $ | 464,279 | $ | 460,816 | $ | 451,129 | $ | 1,852,837 | $ | 1,706,202 | ||||||||||||||||||||||||||||||
TABLE 6 | ||||||||||||||||||||||||||||||||||||||||||||
Q4 | Q4 | Q3 | Q2 | Q1 | Full Year | Full Year | ||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2023 | 2023 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||
Revenue from real estate assets sold or held for sale | $ | 796 | $ | 10,119 | $ | 3,058 | $ | 8,339 | $ | 9,003 | $ | 21,197 | $ | 69,782 | ||||||||||||||||||||||||||||||
Operating expenses from real estate assets sold or held for sale | (275) | (3,024) | (969) | (2,687) | (2,532) | (6,464) | (23,104) | |||||||||||||||||||||||||||||||||||||
NOI from real estate assets sold or held for sale | $ | 521 | $ | 7,095 | $ | 2,089 | $ | 5,652 | $ | 6,471 | $ | 14,733 | $ | 46,678 | ||||||||||||||||||||||||||||||
TABLE 7 | ||||||||||||||||||||||||||||||||||||||||||||
Q4 | Q4 | Q3 | Q2 | Q1 | Full Year | Full Year | ||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2023 | 2023 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||
Commercial Revenue | $ | 10,574 | $ | 10,769 | $ | 9,945 | $ | 10,175 | $ | 10,244 | $ | 40,938 | $ | 41,980 | ||||||||||||||||||||||||||||||
Commercial Operating Expenses | (1,855) | (1,611) | (1,847) | (1,646) | (1,679) | (7,027) | (6,328) | |||||||||||||||||||||||||||||||||||||
Commercial NOI | $ | 8,719 | $ | 9,158 | $ | 8,098 | $ | 8,529 | $ | 8,565 | $ | 33,911 | $ | 35,652 | ||||||||||||||||||||||||||||||
TABLE 8 | ||||||||||||||
Low Range | High Range | |||||||||||||
Projected EPS (diluted) - Q1 2024 | $ | 1.06 | $ | 1.16 | ||||||||||
Depreciation (real estate related) | 1.48 | 1.48 | ||||||||||||
Projected FFO per share (diluted) - Q1 2024 | 2.54 | 2.64 | ||||||||||||
Expensed transaction, development and other pursuit costs, net of recoveries | 0.01 | 0.01 | ||||||||||||
Advocacy contributions | 0.01 | 0.01 | ||||||||||||
Projected Core FFO per share (diluted) - Q1 2024 | $ | 2.56 | $ | 2.66 | ||||||||||
Projected EPS (diluted) - Full Year 2024 | $ | 6.27 | $ | 6.77 | ||||||||||
Depreciation (real estate related) | 5.97 | 5.97 | ||||||||||||
Gain on sale of communities | (1.82) | (1.82) | ||||||||||||
Projected FFO per share (diluted) - Full Year 2024 | 10.42 | 10.92 | ||||||||||||
Unconsolidated entity gains, net | 0.01 | 0.01 | ||||||||||||
Expensed transaction, development and other pursuit costs, net of recoveries | 0.04 | 0.04 | ||||||||||||
Legal settlements and costs | 0.01 | 0.01 | ||||||||||||
Advocacy contributions | 0.05 | 0.05 | ||||||||||||
Projected Core FFO per share (diluted) - Full Year 2024 | $ | 10.53 | $ | 11.03 | ||||||||||
TABLE 9 | ||||||||||||||||||||||||||||||||
Q4 | Q4 | Q3 | Full Year | Full Year | ||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2023 | 2022 | ||||||||||||||||||||||||||||
Residential rental revenue (GAAP basis) | $ | 636,255 | $ | 608,567 | $ | 635,318 | $ | 2,514,272 | $ | 2,364,776 | ||||||||||||||||||||||
Residential concessions amortized | 4,356 | 2,950 | 4,066 | 14,789 | 22,008 | |||||||||||||||||||||||||||
Residential concessions granted | (4,501) | (4,935) | (6,194) | (17,040) | (11,699) | |||||||||||||||||||||||||||
Residential Rental Revenue with Concessions on a Cash Basis | $ | 636,110 | $ | 606,582 | $ | 633,190 | $ | 2,512,021 | $ | 2,375,085 | ||||||||||||||||||||||
Q4 2023 vs. Q4 2022 | Q4 2023 vs. Q3 2023 | Full Year 2023 vs. Full Year 2022 | ||||||||||||||||||||||||||||||
% change -- GAAP revenue | 4.5 | % | 0.1 | % | 6.3 | % | ||||||||||||||||||||||||||
% change -- cash revenue | 4.9 | % | 0.5 | % | 5.8 | % | ||||||||||||||||||||||||||
TABLE 10 | ||||||||||||||||||||||||||||||||||||||
Same Store Uncollectible Residential Lease Revenue | ||||||||||||||||||||||||||||||||||||||
Q4 | Q4 | Q3 | Q2 | |||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2023 | |||||||||||||||||||||||||||||||||||
Total | Excluding Rent Relief | Total | Excluding Rent Relief | Total | Excluding Rent Relief | Total | Excluding Rent Relief | |||||||||||||||||||||||||||||||
New England | 0.9 | % | 1.1 | % | 1.2 | % | 1.7 | % | 0.9 | % | 1.2 | % | 0.6 | % | 1.1 | % | ||||||||||||||||||||||
Metro NY/NJ | 2.9 | % | 3.1 | % | 2.6 | % | 3.7 | % | 2.3 | % | 2.7 | % | 2.3 | % | 3.2 | % | ||||||||||||||||||||||
Mid-Atlantic | 2.5 | % | 2.7 | % | 2.3 | % | 2.7 | % | 2.2 | % | 2.4 | % | 1.9 | % | 2.3 | % | ||||||||||||||||||||||
Southeast FL | 2.0 | % | 2.0 | % | 2.6 | % | 3.3 | % | 3.0 | % | 3.0 | % | 2.6 | % | 3.1 | % | ||||||||||||||||||||||
Denver, CO | 1.0 | % | 1.0 | % | 0.6 | % | 1.6 | % | 1.5 | % | 1.5 | % | 1.0 | % | 1.0 | % | ||||||||||||||||||||||
Pacific NW | 1.1 | % | 1.2 | % | 0.7 | % | 1.2 | % | 1.6 | % | 1.8 | % | 0.8 | % | 1.0 | % | ||||||||||||||||||||||
N. California | 1.2 | % | 1.3 | % | 1.8 | % | 2.2 | % | 1.2 | % | 1.4 | % | 1.2 | % | 1.3 | % | ||||||||||||||||||||||
S. California | 2.3 | % | 2.5 | % | 5.6 | % | 5.9 | % | 2.5 | % | 2.7 | % | 3.4 | % | 3.5 | % | ||||||||||||||||||||||
Other Expansion Regions | 1.0 | % | 1.0 | % | 0.8 | % | 0.8 | % | 0.5 | % | 0.5 | % | 0.3 | % | 0.3 | % | ||||||||||||||||||||||
Total Same Store | 1.9 | % | 2.1 | % | 2.7 | % | 3.3 | % | 1.9 | % | 2.1 | % | 1.9 | % | 2.3 | % | ||||||||||||||||||||||
TABLE 11 | ||||||||
Full Year 2023 | ||||||||
NOI | ||||||||
Residential NOI: | ||||||||
Same Store | $ | 1,732,422 | ||||||
Other Stabilized | 82,504 | |||||||
Development/Redevelopment | 37,911 | |||||||
Total Residential NOI | 1,852,837 | |||||||
Commercial NOI | 33,911 | |||||||
NOI from real estate assets sold or held for sale | 14,733 | |||||||
Total NOI generated by real estate assets | 1,901,481 | |||||||
Less NOI on encumbered assets | (90,593) | |||||||
NOI on unencumbered assets | $ | 1,810,888 | ||||||
Unencumbered NOI | 95 | % | ||||||