Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2018

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, 2018 and 2017 is as follows (dollars in thousands):

	For the three months ended
	3/31/2018			3/31/2017
Net income	$	141,590		$	235,781
Indirect operating expenses, net of corporate income	18,082			16,297
Investments and investment management expense	1,643			1,321
Expensed acquisition, development and other pursuit costs, net of recoveries	800			728
Interest expense, net	55,113			49,295
Loss on extinguishment of debt, net	397			—
General and administrative expense	13,664			13,206
Equity in income of unconsolidated real estate entities	(1,740		)	(16,672		)
Depreciation expense	159,059			140,621
Income tax expense	—			20
Casualty and impairment loss (gain), net	(58		)	11,688
Gain on sale of communities	—			(87,949		)
Loss (gain) on other real estate transactions	47			(366		)
Net operating income from real estate assets sold or held for sale	(2,144		)	(8,101		)
Net operating income	$	386,453		$	355,869

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 for the periods presented (dollars in thousands):

	For the three months ended
	3/31/2018			3/31/2017
Rental income from real estate assets sold or held for sale	$	3,225		$	12,706
Operating expenses from real estate assets sold or held for sale	(1,081		)	(4,605		)
Net operating income from real estate assets sold or held for sale	$	2,144		$	8,101

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, 2018
Established
New England	$	57,909	$	37,643	1.8	%	$	1,973,203
Metro NY/NJ	104,096		71,921		0.9	%	3,722,387
Mid-Atlantic	59,159		41,067		0.2	%	2,233,711
Pacific Northwest	21,242		14,838		(0.6	)%	725,487
Northern California	92,197		70,494		1.8	%	3,017,863
Southern California	82,941		59,394		1.9	%	2,842,685
Total Established	417,544		295,357		1.2	%	14,515,336
Other Stabilized	71,203		47,265		N/A		3,036,815
Development / Redevelopment	67,934		43,831		N/A		4,321,466
Land Held for Development	N/A		N/A		N/A		136,771
Non-allocated (2)	886		N/A		N/A		98,368
Total	$	557,567	$	386,453	8.6	%	$	22,108,756
For the period ended March 31, 2017
Established
New England	$	56,154	$	36,180	1.0	%	$	1,875,024
Metro NY/NJ	85,760		58,938		2.9	%	2,903,317
Mid-Atlantic	55,755		39,147		3.7	%	2,062,311
Pacific Northwest	20,454		14,815		5.2	%	731,537
Northern California	83,323		63,717		2.0	%	2,815,589
Southern California	81,311		59,223		5.0	%	3,005,810
Total Established	382,757		272,020		3.1	%	13,393,588
Other Stabilized	70,116		48,943		N/A		3,032,689
Development / Redevelopment	55,547		34,906		N/A		4,276,266
Land Held for Development	N/A		N/A		N/A		103,954
Non-allocated (2)	1,200		N/A		N/A		112,987
Total	$	509,620	$	355,869	3.4	%	$	20,919,484

__________________________________

(1) Does not include gross real estate assets held for sale of $153,151 as of March 31, 2018.

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