Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2019

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, 2019 and 2018 is as follows (dollars in thousands):

	For the three months ended
	3/31/2019			3/31/2018
Net income	$	170,418		$	141,590
Indirect operating expenses, net of corporate income	19,722			18,958
Expensed transaction, development and other pursuit costs, net of recoveries	1,095			800
Interest expense, net	47,892			55,113
Loss on extinguishment of debt, net	280			397
General and administrative expense	13,688			14,431
Equity in loss (income) of unconsolidated real estate entities	1,060			(1,740		)
Depreciation expense	162,057			159,059
Income tax expense	12			—
Casualty and impairment gain, net	—			(58		)
Gain on sale of communities	(14,835		)	—
(Gain) loss on other real estate transactions, net	(267		)	47
Net operating income from real estate assets sold or held for sale	(1,238		)	(19,311		)
Net operating income	$	399,884		$	369,286

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
	3/31/2019			3/31/2018
Rental income from real estate assets sold or held for sale	$	2,394		$	29,647
Operating expenses from real estate assets sold or held for sale	(1,156		)	(10,336		)
Net operating income from real estate assets sold or held for sale	$	1,238		$	19,311

Schedule of details of segment information

	For the three months ended
	Total revenue		NOI		Gross real estate (1)
For the period ended March 31, 2019
Established
New England	$	65,481	$	43,152	$	2,188,523
Metro NY/NJ	101,202		71,843		3,527,401
Mid-Atlantic	72,008		51,052		2,671,426
Pacific Northwest	27,802		20,210		986,190
Northern California	93,239		72,501		3,007,739
Southern California	100,541		72,695		3,580,160
Total Established	460,273		331,453		15,961,439
Other Stabilized	66,798		44,948		3,026,411
Development / Redevelopment	35,580		23,483		3,360,656
Land Held for Development	N/A		N/A		104,963
Non-allocated (2)	1,139		N/A		94,837
Total	$	563,790	$	399,884	$	22,548,306
For the period ended March 31, 2018
Established
New England	$	63,395	$	41,077	$	2,181,597
Metro NY/NJ	98,029		69,017		3,513,387
Mid-Atlantic	69,769		48,855		2,659,288
Pacific Northwest	26,488		18,623		981,609
Northern California	90,086		68,916		2,994,116
Southern California	96,914		69,600		3,556,516
Total Established	444,681		316,088		15,886,513
Other Stabilized	50,097		32,121		2,476,331
Development / Redevelopment	31,446		21,077		2,365,808
Land Held for Development	N/A		N/A		136,771
Non-allocated (2)	886		N/A		80,011
Total	$	527,110	$	369,286	$	20,945,434

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(1) Does not include gross real estate assets held for sale of $90,153 as of March 31, 2019 and gross real estate sold or classified as held for sale subsequent to March 31, 2018 of $1,316,472.

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