Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2013

Segment Reporting

Schedule of reconciliation of NOI to net income

A reconciliation of NOI to net income for years ended December 31, 2013, 2012 and 2011 is as follows (dollars in thousands):

	For the year ended
	12-31-13			12-31-12			12-31-11
Net income	$	352,771		$	423,562		$	441,370
Indirect operating expenses, net of corporate income		41,554			31,911			30,550
Investments and investment management expense		3,990			6,071			5,126
Expensed acquisition, development and other pursuit costs		45,050			11,350			2,967
Interest expense, net		172,402			136,920			167,814
Loss on interest rate contract		51,000			—			—
Loss on extinguishment of debt, net		14,921			1,179			1,940
General and administrative expense		39,573			34,101			29,371
Equity in loss (income) of unconsolidated entities		11,154			(20,914	)		(5,120	)
Depreciation expense		560,215			243,680			226,728
Casualty and impairment loss		—			1,449			14,052
Gain on sale of real estate assets		(278,471	)		(146,591	)		(294,806	)
Income from discontinued operations		(16,713	)		(26,820	)		(20,065	)
Gain on acquisition of unconsolidated real estate entity		—			(14,194	)		—
Net operating income	$	997,446		$	681,704		$	599,927

Schedule of details of segment information

The following table provides details of the Company's segment information as of the dates specified (dollars in thousands).

	Total revenue		NOI		% NOI change from prior year			Gross real estate(1)
For the period ended December 31, 2013
Established
New England	$	177,474	$	114,966		1.8	%	$	1,375,961
Metro NY/NJ		249,742		172,912		4.4	%		1,921,307
Mid-Atlantic		100,548		71,851		0.1	%		633,598
Pacific Northwest		46,564		31,283		5.3	%		444,825
Northern California		141,038		106,745		11.7	%		1,233,851
Southern California		119,024		81,182		5.1	%		1,058,883
Total Established(2)		834,390		578,939		4.7	%		6,668,425
Other Stabilized		499,843		339,159		n/a			6,770,517
Development / Redevelopment		117,186		79,348		n/a			3,024,035
Land Held for Future Development		n/a		n/a		n/a			300,364
Non-allocated(3)		11,502		n/a		n/a			10,279
Total	$	1,462,921	$	997,446		46.3	%	$	16,773,620
For the period ended December 31, 2012
Established
New England	$	163,110	$	106,039		5.0	%	$	1,262,987
Metro NY/NJ		213,360		148,441		7.4	%		1,760,429
Mid-Atlantic		103,784		75,313		3.2	%		591,669
Pacific Northwest		32,942		23,433		15.0	%		306,289
Northern California		112,875		83,091		14.1	%		1,015,947
Southern California		99,302		68,880		7.0	%		947,723
Total Established(2)		725,373		505,197		7.5	%		5,885,044
Other Stabilized		135,230		86,722		n/a			1,314,690
Development / Redevelopment		129,767		89,785		n/a			2,032,277
Land Held for Future Development		n/a		n/a		n/a			316,037
Non-allocated(3)		10,257		n/a		n/a			73,724
Total	$	1,000,627	$	681,704		14.5	%	$	9,621,772
For the period ended December 31, 2011
Established
New England	$	164,929	$	105,848		9.8	%	$	1,275,866
Metro NY/NJ		180,003		120,714		6.8	%		1,347,796
Mid-Atlantic		102,834		74,754		6.6	%		603,349
Pacific Northwest		30,057		20,374		6.0	%		301,661
Northern California		79,868		57,749		10.8	%		704,066
Southern California		75,120		50,391		9.8	%		697,705
Total Established(2)		632,811		429,830		8.3	%		4,930,443
Other Stabilized		137,779		89,949		n/a			1,567,875
Development / Redevelopment		119,841		80,148		n/a			1,752,006
Land Held for Future Development		n/a		n/a		n/a			325,918
Non-allocated(3)		9,656		n/a		n/a			78,161
Total	$	900,087	$	599,927		14.8	%	$	8,654,403

(1)

Does not include gross real estate assets held for sale of $26,701, $449,570 and $634,089 as of December 31, 2013, 2012 and 2011, respectively.

(2)

Gross real estate for the Company's established communities includes capitalized additions of approximately $33,553, $25,448 and $34,359 in 2013, 2012 and 2011, respectively.

(3)

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