Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2014

Segment Reporting

Schedule of reconciliation of NOI to net income

A reconciliation of NOI to net income for the three months ended March 31, 2014 and 2013 is as follows (dollars in thousands):

	For the three months ended
	3-31-14			3-31-13
Net income	$	141,599		$	75,469
Indirect operating expenses, net of corporate income	10,818			9,041
Investments and investment management expense	979			1,015
Expensed acquisition, development and other pursuit costs	715			40,059
Interest expense, net	42,533			38,174
General and administrative expense	9,236			10,039
Equity in loss (income) of unconsolidated entities	(5,223		)	18,564
Depreciation expense	106,367			105,559
Gain on sale of real estate assets	(37,869		)	(84,491		)
Income from discontinued operations	(310		)	(5,746		)
Net operating income	$	268,845		$	207,683

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
	Total				% NOI change		Gross
	revenue		NOI		from prior year		real estate (1)
For the period ended March 31, 2014
Established
New England	$	48,630	$	29,904	(2.0	)%	$	1,489,948
Metro NY/NJ	72,354		50,019		1.3	%	2,187,554
Mid-Atlantic	24,647		17,455		(3.0	)%	644,657
Pacific Northwest	13,129		9,134		3.2	%	498,710
Northern California	42,219		32,834		11.4	%	1,400,087
Southern California	34,149		23,352		4.2	%	1,217,764
Total Established	235,128		162,698		2.6	%	7,438,720
Other Stabilized	132,320		90,071		N/A		6,543,948
Development / Redevelopment	29,550		16,076		N/A		2,786,334
Land Held for Future Development	N/A		N/A		N/A		250,204
Non-allocated (2)	3,077		N/A		N/A		41,327
Total	$	400,075	$	268,845	29.3	%	$	17,060,533
For the period ended March 31, 2013
Established
New England	$	43,350	$	27,712	1.7	%	$	1,360,858
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	34,064		25,609		11.4	%	1,231,893
Southern California	26,910		18,463		5.9	%	987,209
Total Established	201,979		140,261		5.5	%	6,570,621
Other Stabilized	73,932		51,433		N/A		6,733,024
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	$	301,357	$	207,683	29.1	%	$	15,647,138

(1) Does not include gross real estate assets held for sale of $510,623 as of March 31, 2013.

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