v2.4.0.6

Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2012

Segment Reporting

Schedule of reconciliation of NOI to net income

		For the three months ended						For the six months ended
		6-30-12			6-30-11			6-30-12			6-30-11
Net income		$	156,821		$	43,192		$	214,430		$	73,728
Indirect operating expenses, net of corporate income		8,617			7,701			16,653			14,729
Investments and investment management expense		1,499			1,341			2,945			2,532
Expensed development and other pursuit costs		901			1,353			1,141			2,003
Interest expense, net		33,193			44,544			66,819			87,515
Loss on extinguishment of debt, net		—			—			1,179			—
General and administrative expense		8,316			8,145			18,026			15,437
Equity in income of unconsolidated entities		(2,073		)	(395		)	(4,248		)	(898		)
Depreciation expense		64,875			60,836			127,436			120,059
Gain on sale of real estate assets		(95,329		)	(7,675		)	(95,329		)	(7,675		)
Income from discontinued operations		(1,152		)	(283		)	(2,870		)	(303		)
Net operating income		$	175,668		$	158,759		$	346,182		$	307,127

Schedule of details of segment information

		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, 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			80,228			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		31,918			23,235			12.8	%	63,030			46,028			14.1	%	1,180,167
Southern California		24,508			17,023			8.5	%	48,869			34,002			10.2	%	946,376
Total Established		190,279			132,531			7.1	%	377,648			262,913			8.7	%	6,269,438
Other Stabilized		36,194			23,244			N/A		70,979			45,949			N/A		1,274,461
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		$	258,805		$	175,668		10.7	%	$	509,371		$	346,182		12.7	%	$	9,553,603
For the period ended June 30, 2011
Established
New England		$	42,083		$	27,006		10.5	%	$	83,110		$	52,488		8.6	%	$	1,297,280
Metro NY/NJ		48,501			33,153			6.4	%	96,191			64,712			5.9	%	1,530,426
Mid-Atlantic		25,600			18,711			6.3	%	50,645			36,821			7.3	%	601,967
Pacific Northwest		9,346			6,349			6.4	%	18,475			12,489			3.6	%	360,995
Northern California		23,451			16,993			10.0	%	46,277			33,201			7.7	%	867,520
Southern California		18,568			12,393			8.7	%	36,962			24,348			5.2	%	695,220
Total Established		167,549			114,605			8.1	%	331,660			224,059			6.8	%	5,353,408
Other Stabilized		34,461			22,272			N/A		66,032			42,296			N/A		1,578,605
Development / Redevelopment		31,239			21,882			N/A		59,960			40,772			N/A		1,459,969
Land Held for Future Development		N/A			N/A			N/A		N/A			N/A			N/A		225,896
Non-allocated (2)		2,332			N/A			N/A		4,652			N/A			N/A		68,827
Total		$	235,581		$	158,759		15.4	%	$	462,304		$	307,127		13.4	%	$	8,686,705

(1) Does not include gross real estate assets held for sale of $0 and $269,542 as of June 30, 2012 and 2011, respectively.

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

X

- Definition

Tabular disclosure of all significant reconciling items in the reconciliation of total profit or loss from reportable segments, to the entity's consolidated income before income taxes, extraordinary items, and discontinued operations.

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Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

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