Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2021

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, 2021 and 2020 is as follows (dollars in thousands):

	For the three months ended
	3/31/2021		3/31/2020
Net income	$	142,234	$	168,006
Indirect operating expenses, net of corporate income	24,470		22,799
Expensed transaction, development and other pursuit costs, net of recoveries	(170)		3,334
Interest expense, net	52,613		55,914
(Gain) loss on extinguishment of debt, net	(122)		9,170
General and administrative expense	17,352		17,320
Equity in loss (income) of unconsolidated real estate entities	467		(1,175)
Depreciation expense	183,297		177,911
Income tax (benefit) expense	(755)		91
Gain on sale of communities	(53,727)		(24,436)
Gain on other real estate transactions, net	(427)		(43)
Net for-sale condominium activity	913		(3,460)
Net operating income from real estate assets sold or held for sale	(1,490)		(9,918)
Net operating income	$	364,655	$	415,513

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
	3/31/2021		3/31/2020
Rental income from real estate assets sold or held for sale	$	2,303	$	15,253
Operating expenses from real estate assets sold or held for sale	(813)		(5,335)
Net operating income from real estate assets sold or held for sale	$	1,490	$	9,918

Schedule of details of segment information

	For the three months ended
	Total revenue		NOI		Gross real estate (1)
For the period ended March 31, 2021
Established
New England	$	73,318	$	46,267	$	2,768,546
Metro NY/NJ	104,949		71,640		4,113,854
Mid-Atlantic	82,931		56,291		3,562,330
Southeast Florida	7,241		4,189		394,451
Denver, CO	5,653		4,019		319,667
Pacific Northwest	30,669		20,666		1,232,975
Northern California	90,406		64,063		3,443,896
Southern California	107,091		72,535		4,363,141
Total Established	502,258		339,670		20,198,860
Other Stabilized	29,993		18,464		1,279,134
Development / Redevelopment	15,704		6,521		2,041,887
Land Held for Development	N/A		N/A		184,058
Non-allocated (2)	877		N/A		356,064
Total	$	548,832	$	364,655	$	24,060,003
For the period ended March 31, 2020
Established
New England	$	78,845	$	52,269	$	2,748,893
Metro NY/NJ	112,813		79,653		4,100,221
Mid-Atlantic	90,345		65,210		3,537,207
Southeast Florida	7,504		4,126		393,025
Denver, CO	5,170		3,340		318,624
Pacific Northwest	33,480		24,306		1,225,511
Northern California	106,877		81,879		3,425,170
Southern California	117,599		84,237		4,339,176
Total Established	552,633		395,020		20,087,827
Other Stabilized	28,585		18,396		1,260,482
Development / Redevelopment	4,789		2,097		1,413,772
Land Held for Development	N/A		N/A		38,115
Non-allocated (2)	1,007		N/A		472,311
Total	$	587,014	$	415,513	$	23,272,507

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(1)Does not include gross real estate assets held for sale of $75,814 as of March 31, 2021 and gross real estate either sold or classified as held for sale subsequent to March 31, 2020 of $435,561.

(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."