Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2015

Segment Reporting [Abstract]

Schedule of reconciliation of NOI to net income

A reconciliation of NOI to net income for the three months ended March 31, 2015 and 2014 is as follows (dollars in thousands):

	For the three months ended
	3/31/2015			3/31/2014
Net income	$	208,053		$	141,599
Indirect operating expenses, net of corporate income	15,271			10,818
Investments and investment management expense	1,034			979
Expensed acquisition, development and other pursuit costs, net of recoveries	1,187			715
Interest expense, net (1)	45,573			42,533
General and administrative expense	10,598			9,236
Equity in income of unconsolidated real estate entities	(34,566		)	(5,223		)
Depreciation expense (1)	116,853			106,367
Casualty and impairment loss	5,788			—
Gain on sale of real estate assets	(70,958		)	—
Gain on sale of discontinued operations	—			(37,869		)
Income from discontinued operations	—			(310		)
Net operating income from real estate assets sold or held for sale, not classified as discontinued operations	(836		)	(4,971		)
Net operating income	$	297,997		$	263,874

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(1) Includes amounts associated with assets sold or held for sale, not classified as discontinued operations.

Schedule of net operating income from real estate assets sold or held for sale, not classified as discontinued operations

The following is a summary of NOI from real estate assets sold or held for sale, not classified as discontinued operations, for the periods presented (dollars in thousands):

	For the three months ended
	3/31/2015			3/31/2014
Rental income from real estate assets sold or held for sale, not classified as discontinued operations	$	1,709		$	8,266
Operating expenses from real estate assets sold or held for sale, not classified as discontinued operations	(873		)	(3,295		)
Net operating income from real estate assets sold or held for sale, not classified as discontinued operations	$	836		$	4,971

Schedule of details of segment information

	For the three months ended
	Total revenue		NOI		% NOI  change from  prior year		Gross real estate (1)
For the period ended March 31, 2015
Established
New England	$	47,760	$	27,839	(3.8	)%	$	1,469,071
Metro NY/NJ	96,533		66,507		3.0	%	3,268,669
Mid-Atlantic	51,704		36,031		(0.8	)%	2,170,104
Pacific Northwest	18,489		13,373		9.0	%	718,884
Northern California	65,515		49,734		11.5	%	2,405,670
Southern California	62,324		43,517		13.1	%	2,501,165
Total Established	342,325		237,001		5.3	%	12,533,563
Other Stabilized	52,696		34,008		N/A		2,053,692
Development / Redevelopment	43,026		26,988		N/A		3,147,624
Land Held for Future Development	N/A		N/A		N/A		536,538
Non-allocated (2)	2,611		N/A		N/A		43,238
Total	$	440,658	$	297,997	12.9	%	$	18,314,655
For the period ended March 31, 2014
Established
New England	$	46,290	$	28,513	(1.6	)%	$	1,426,168
Metro NY/NJ	72,354		50,019		1.3	%	2,187,554
Mid-Atlantic	24,647		17,455		(3.0	)%	644,657
Pacific Northwest	13,129		9,134		3.2	%	498,710
Northern California	42,219		32,834		11.4	%	1,400,087
Southern California	34,149		23,353		4.2	%	1,217,764
Total Established	232,788		161,308		2.7	%	7,374,940
Other Stabilized	128,565		86,332		N/A		6,315,469
Development / Redevelopment	27,379		16,234		N/A		2,743,725
Land Held for Future Development	N/A		N/A		N/A		250,204
Non-allocated (2)	3,077		N/A		N/A		32,127
Total	$	391,809	$	263,874	29.5	%	$	16,716,465

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(1) Does not include gross real estate assets held for sale of $60,686 and $344,068 as of March 31, 2015 and 2014, respectively.

(2) Revenue represents third-party management, asset management and developer fees and miscellaneous income which are not allocated to a reportable segment.