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Segment Reporting
 9 Months Ended
Sep. 30, 2020
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
The Company's reportable operating segments include Established Communities, Other Stabilized Communities, and Development/Redevelopment Communities. Annually as of January 1, the Company determines which of its communities fall into each of these categories and generally maintains that classification throughout the year for the purpose of reporting segment operations, unless disposition or redevelopment plans regarding a community change. In addition, the Company owns land for future development and has other corporate assets that are not allocated to an operating segment.

The Company's segment disclosures present the measure(s) used by the chief operating decision maker for purposes of assessing each segment's performance. The Company's chief operating decision maker ("CODM") is comprised of several members of its executive management team who use net operating income ("NOI") as the primary financial measure for Established Communities and Other Stabilized Communities. NOI is defined by the Company as total property revenue less direct property operating expenses (including property taxes), and excluding corporate-level income (including management, development and other fees), corporate-level property management and other indirect operating expenses, expensed transaction, development and other pursuit costs, net of recoveries, interest expense, net, (gain) loss on extinguishment of debt, net, general and administrative expense, equity in income of unconsolidated real estate entities, depreciation expense, corporate income tax expense, casualty and impairment (gain) loss, net, gain on sale of communities, (gain) loss on other real estate transactions, net, gain on for-sale condominiums, net of marketing and administrative costs and net operating income from real estate assets sold or held for sale. Although the Company considers NOI a useful measure of a community's or communities' operating performance, NOI should not be considered an alternative to net income or net cash flow from operating activities, as determined in accordance with GAAP. NOI excludes a number of income and expense categories as detailed in the reconciliation of NOI to net income.

A reconciliation of NOI to net income for the three and nine months ended September 30, 2020 and 2019 is as follows (dollars in thousands):
 For the three months endedFor the nine months ended
 9/30/20209/30/20199/30/20209/30/2019
Net income $147,717 $279,709 $486,592 $618,432 
Indirect operating expenses, net of corporate income23,837 20,195 70,043 62,935 
Expensed transaction, development and other pursuit costs, net of recoveries567 175 4,289 2,562 
Interest expense, net 53,249 51,493 162,562 149,395 
(Gain) loss on extinguishment of debt, net(105)93 9,333 602 
General and administrative expense13,985 12,769 46,878 45,440 
Equity in income of unconsolidated real estate entities(5,083)(1,643)(6,770)(780)
Depreciation expense175,348 165,463 529,508 490,213 
Income tax (benefit) expense(27)11,184 (1,069)11,178 
Gain on sale of communities(31,607)(130,484)(91,338)(165,849)
Gain on other real estate transactions, net(129)(73)(328)(374)
Gain on for-sale condominiums, net of marketing and administrative costs646 1,108 (4,162)2,526 
Net operating income from real estate assets sold or held for sale (720)(3,404)(3,572)(16,161)
        Net operating income$377,678 $406,585 $1,201,966 $1,200,119 

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 endedFor the nine months ended
9/30/20209/30/20199/30/20209/30/2019
Rental income from real estate assets sold or held for sale$1,449 $6,094 $6,159 $28,116 
Operating expenses from real estate assets sold or held for sale(729)(2,690)(2,587)(11,955)
Net operating income from real estate assets sold or held for sale$720 $3,404 $3,572 $16,161 

The primary performance measure for communities under development or redevelopment depends on the stage of completion.  While under development, management monitors actual construction costs against budgeted costs as well as lease-up pace and rent levels compared to budget.
The following table provides details of the Company's segment information as of the dates specified (dollars in thousands). The segments are classified based on the individual community's status at January 1, 2020. Segment information for the three and nine months ended September 30, 2020 and 2019 has been adjusted to exclude the real estate assets that were sold from January 1, 2019 through September 30, 2020, or otherwise qualify as held for sale as of September 30, 2020, as described in Note 6, "Real Estate Disposition Activities."
 For the three months endedFor the nine months ended
 Total
revenue		NOITotal
revenue		NOIGross real estate (1)
For the period ended September 30, 2020 
Established   
New England$78,057 $49,089 $239,456 $155,604 $2,774,519 
Metro NY/NJ112,507 75,193 344,475 236,138 4,303,971 
Mid-Atlantic84,038 56,190 259,086 180,886 3,505,272 
Pacific Northwest27,125 18,578 83,539 59,042 994,486 
Northern California95,234 69,752 300,856 228,047 3,274,052 
Southern California105,964 71,125 327,865 228,181 4,152,209 
Expansion Markets5,633 3,015 17,424 10,004 320,944 
Total Established508,558 342,942 1,572,701 1,097,902 19,325,453 
Other Stabilized35,080 22,834 105,246 69,438 1,595,739 
Development / Redevelopment21,300 11,902 58,403 34,626 2,569,413 
Land Held for DevelopmentN/AN/AN/AN/A43,494 
Non-allocated (2)1,017 N/A2,950 N/A407,821 
Total$565,955 $377,678 $1,739,300 $1,201,966 $23,941,920 
For the period ended September 30, 2019 
Established   
New England$81,924 $54,244 $240,178 $158,801 $2,742,940 
Metro NY/NJ119,857 82,602 355,990 248,530 4,284,077 
Mid-Atlantic88,829 62,430 262,806 185,431 3,475,939 
Pacific Northwest28,589 20,684 84,615 61,498 988,952 
Northern California103,511 79,076 307,207 235,884 3,258,942 
Southern California113,202 79,357 337,488 239,452 4,119,312 
Expansion Markets5,825 3,261 17,607 10,177 320,114 
Total Established541,737 381,654 1,605,891 1,139,773 19,190,276 
Other Stabilized30,199 20,125 77,749 52,091 1,404,506 
Development / Redevelopment8,352 4,806 15,820 8,255 1,824,012 
Land Held for DevelopmentN/AN/AN/AN/A20,095 
Non-allocated (2)1,231 N/A3,484 N/A552,179 
Total$581,519 $406,585 $1,702,944 $1,200,119 $22,991,068 
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(1)Does not include gross real estate either sold or classified as held for sale subsequent to September 30, 2019 of $131,790.
(2)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."