Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2013

Segment Reporting

Schedule of reconciliation of NOI to net income

A reconciliation of NOI to net income for the three and six months ended June 30, 2013 and 2012 is as follows (dollars in thousands):

	For the three months ended						For the six months ended
	6-30-13			6-30-12			6-30-13			6-30-12
Net income	$	36,097		$	156,821		$	111,570		$	214,430
Indirect operating expenses, net of corporate income	10,890			8,617			19,932			16,653
Investments and investment management expense	1,096			1,499			2,110			2,945
Expensed acquisition, development and other pursuit costs	3,768			901			43,827			1,141
Interest expense, net	43,169			33,191			81,342			66,814
Loss on extinguishment of debt, net	—			—			—			1,179
General and administrative expense	11,345			8,316			21,384			18,026
Equity in (income) loss of unconsolidated entities	940			(2,073		)	19,503			(4,248		)
Depreciation expense	196,106			63,224			305,280			124,137
Gain on sale of real estate assets	(33,922		)	(95,329		)	(118,413		)	(95,329		)
Income from discontinued operations	(363		)	(3,885		)	(3,394		)	(8,289		)
Net operating income	$	269,126		$	171,282		$	483,141		$	337,459

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).

	For the three months ended						For the six months ended
	Total				% NOI change		Total				% NOI change		Gross
	revenue		NOI		from prior year		revenue		NOI		from prior year		real estate (1)
For the period ended June 30, 2013
Established
New England	$	45,555	$	30,320	4.9	%	$	90,209	$	58,897	3.3	%	$	1,391,807
Metro NY/NJ	62,549		43,449		5.1	%	123,794		85,888		5.3	%	1,917,740
Mid-Atlantic	25,312		18,330		2.8	%	50,346		36,518		2.2	%	631,578
Pacific Northwest	11,603		7,937		10.5	%	22,979		15,787		10.5	%	443,641
Northern California	37,476		28,218		12.4	%	74,078		55,722		12.0	%	1,313,242
Southern California	29,542		20,375		6.9	%	58,872		40,475		6.2	%	1,055,368
Total Established	212,037		148,629		6.6	%	420,278		293,287		6.1	%	6,753,376
Other Stabilized	147,704		102,161		N/A		226,802		157,166		N/A		7,045,024
Development / Redevelopment	26,580		18,336		N/A		47,335		32,688		N/A		2,183,928
Land Held for Future Development	N/A		N/A		N/A		N/A		N/A		N/A		409,930
Non-allocated (2)	2,913		N/A		N/A		5,185		N/A		N/A		50,120
Total	$	389,234	$	269,126	57.1	%	$	699,600	$	483,141	43.2	%	$	16,442,378
For the period ended June 30, 2012
Established
New England	$	41,736	$	27,263	5.7	%	$	82,812	$	53,894	7.2	%	$	1,285,318
Metro NY/NJ	58,169		40,637		6.3	%	115,388		80,229		8.0	%	1,962,950
Mid-Atlantic	25,829		18,722		2.4	%	51,525		37,538		4.4	%	591,284
Pacific Northwest	8,119		5,651		9.5	%	16,024		11,223		10.7	%	303,343
Northern California	30,191		22,051		13.0	%	59,645		43,715		14.2	%	1,095,715
Southern California	24,508		17,023		8.5	%	48,869		34,002		10.2	%	946,376
Total Established	188,552		131,347		7.1	%	374,263		260,601		8.7	%	6,184,986
Other Stabilized	31,561		20,042		N/A		61,813		39,538		N/A		1,140,536
Development / Redevelopment	29,562		19,893		N/A		55,425		37,320		N/A		1,656,545
Land Held for Future Development	N/A		N/A		N/A		N/A		N/A		N/A		294,116
Non-allocated (2)	2,770		N/A		N/A		5,319		N/A		N/A		59,043
Total	$	252,445	$	171,282	10.8	%	$	496,820	$	337,459	13.0	%	$	9,335,226

(1) Does not include gross real estate assets held for sale of $0 and $218,377 as of June 30, 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.