Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2019

Segment Reporting [Abstract]

Schedule of reconciliation of NOI to net income

A reconciliation of NOI to net income for years ended December 31, 2019, 2018 and 2017 is as follows (dollars in thousands):

	For the year ended
	12/31/19			12/31/18			12/31/17
Net income	$	786,103		$	974,175		$	876,660
Indirect operating expenses, net of corporate income	83,008			80,227			68,312
Expensed acquisition, development and other pursuit costs, net of recoveries	4,991			3,265			2,736
Interest expense, net	203,585			220,974			199,661
Loss on extinguishment of debt, net	602			17,492			25,472
General and administrative expense	58,042			60,369			53,695
Equity in income of unconsolidated real estate entities	(8,652		)	(15,270		)	(70,744		)
Depreciation expense	661,578			631,196			584,150
Income tax expense (benefit)	13,003			(160		)	141
Casualty and impairment loss, net	—			215			6,250
Gain on sale of communities	(166,105		)	(374,976		)	(252,599		)
(Gain) loss on other real estate transactions	(439		)	(345		)	10,907
For-sale condominium marketing and administrative costs	3,812			1,044			—
Net operating income from real estate assets sold or held for sale	(12,318		)	(79,372		)	(105,663		)
Net operating income	$	1,627,210		$	1,518,834		$	1,398,978

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 year ended
	12/31/2019			12/31/2018			12/31/2017
Rental income from real estate assets sold or held for sale	$	21,441		$	124,373		$	170,172
Operating expenses from real estate assets sold or held for sale	(9,123		)	(45,001		)	(64,509		)
Net operating income from real estate assets sold or held for sale	$	12,318		$	79,372		$	105,663

Schedule of details of segment information

	Total revenue		NOI		Gross real estate (1)
For the year ended December 31, 2019
Established
New England	$	249,301	$	164,977	$	2,065,954
Metro NY/NJ	411,115		291,662		3,545,753
Mid-Atlantic	292,943		207,091		2,685,052
Pacific Northwest	113,021		82,186		990,563
Northern California	363,910		280,216		2,850,491
Southern California	406,049		291,340		3,609,595
Total Established (2)	1,836,339		1,317,472		15,747,408
Other Stabilized	298,415		202,445		3,551,512
Development / Redevelopment	163,471		107,293		3,702,194
Land Held for Future Development	N/A		N/A		—
Non-allocated (3)	4,960		N/A		557,346
Total	$	2,303,185	$	1,627,210	$	23,558,460
For the year ended December 31, 2018
Established
New England	$	241,793	$	159,394	$	2,050,131
Metro NY/NJ	400,422		284,344		3,527,098
Mid-Atlantic	284,381		200,381		2,669,040
Pacific Northwest	108,861		78,313		985,102
Northern California	353,136		272,096		2,832,026
Southern California	394,519		283,795		3,573,953
Total Established (2)	1,783,112		1,278,323		15,637,350
Other Stabilized	238,584		159,745		3,063,669
Development / Redevelopment	120,822		80,766		2,652,967
Land Held for Future Development	N/A		N/A		84,712
Non-allocated (3)	3,572		N/A		504,229
Total	$	2,146,090	$	1,518,834	$	21,942,927
For the year ended December 31, 2017
Established
New England	$	215,133	$	141,342	$	1,845,692
Metro NY/NJ	354,444		251,760		3,071,563
Mid-Atlantic	232,987		161,546		2,216,292
Pacific Northwest	84,313		61,705		724,751
Northern California	357,209		273,940		2,972,311
Southern California	330,024		237,796		2,905,512
Total Established (2)	1,574,110		1,128,089		13,736,121
Other Stabilized	174,933		117,837		2,392,244
Development / Redevelopment (4)	235,266		153,052		4,104,956
Land Held for Future Development	N/A		N/A		68,364
Non-allocated (3)	4,147		N/A		78,864
Total	$	1,988,456	$	1,398,978	$	20,380,549

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(1) Does not include gross real estate assets held for sale of $48,412 as of December 31, 2019 and gross real estate either sold or classified as held for sale subsequent to December 31, 2018 and 2017 of $334,242 and $1,555,387, respectively.

(2) Gross real estate for the Company's Established Communities includes capitalized additions of approximately $128,324, $78,469 and $78,241 in 2019, 2018 and 2017, respectively.

(3) Revenue represents third-party management, accounting, and developer fees and miscellaneous income which are not allocated to a reportable segment. Gross real estate includes the for-sale residential condominiums at The Park Loggia, as discussed in Note 6, "Real Estate Disposition Activities."

(4)

Total revenue and NOI for the year ended December 31, 2017 includes $3,495 in business interruption insurance proceeds related to the Maplewood casualty loss.