Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2013

Segment Reporting

Schedule of reconciliation of NOI to net income

A reconciliation of NOI to net income for the three months ended March 31, 2013 and 2012 is as follows (dollars in thousands):

	For the three months ended
	3-31-13			3-31-12
	(unaudited)			(unaudited)
Net income	$	75,469		$	57,609
Indirect operating expenses, net of corporate income	9,041			8,036
Investments and investment management expense	1,015			1,446
Expensed acquisition, development and other pursuit costs	40,059			239
Interest expense, net	38,174			33,626
Loss on extinguishment of debt	—			1,179
General and administrative expense	10,039			9,710
Equity in (income) loss of unconsolidated entities	18,564			(2,175		)
Depreciation expense	109,829			61,571
Gain on sale of real estate assets	(84,491		)	—
Income from discontinued operations	(2,446		)	(3,935		)
Net operating income	$	215,253		$	167,306

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				% NOI change		Gross
	revenue		NOI		from prior year		real estate (1)
For the three months ended March 31, 2013
Established
New England	$	44,655	$	28,577	1.7	%	$	1,387,495
Metro NY/NJ	61,244		42,439		5.5	%	1,915,890
Mid-Atlantic	25,035		18,188		1.6	%	631,207
Pacific Northwest	11,376		7,850		10.5	%	443,564
Northern California	36,603		27,504		11.6	%	1,312,838
Southern California	26,910		18,463		5.9	%	987,209
Total Established	205,823		143,021		5.6	%	6,678,203
Other Stabilized	80,862		56,243		N/A		7,136,065
Development / Redevelopment	23,174		15,989		N/A		1,915,146
Land Held for Future Development	N/A		N/A		N/A		359,029
Non-allocated (2)	2,272		N/A		N/A		69,318
Total	$	312,131	$	215,253	28.7	%	$	16,157,761
For the three months ended March 31, 2012
Established
New England	$	33,881	$	22,065	7.5	%	$	1,100,828
Metro NY/NJ	57,219		39,591		9.8	%	1,962,197
Mid-Atlantic	25,696		18,816		6.4	%	591,140
Pacific Northwest	7,905		5,572		11.9	%	301,793
Northern California	31,112		22,793		15.5	%	1,180,070
Southern California	23,747		16,559		11.9	%	931,512
Total Established	179,560		125,396		10.2	%	6,067,540
Other Stabilized	30,252		19,498		N/A		1,098,074
Development / Redevelopment	33,671		22,412		N/A		1,641,636
Land Held for Future Development	N/A		N/A		N/A		297,127
Non-allocated (2)	2,549		N/A		N/A		104,282
Total	$	246,032	$	167,306	17.4	%	$	9,208,659

(1) Does not include gross real estate assets held for sale of $0 and $255,431 as of March 31, 2013 and 2012, respectively.

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