v2.4.0.6

Segment Reporting (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2012
Segment Reporting |
Schedule of reconciliation of NOI to net income | A reconciliation of NOI to net income for years ended December 31, 2012, 2011 and 2010 is as follows (dollars in thousands):
|  | For the year ended |
--- | --- | --- | ---
|  | 12-31-12 |  | 12-31-11 |  | 12-31-10 |
Net income |  | $ | 423,562 |  | $ | 441,370 |  | $ | 174,079 |
Indirect operating expenses, net of corporate income |  |  | 31,911 |  |  | 30,550 |  |  | 30,246 |
Investments and investment management expense |  |  | 6,071 |  |  | 5,126 |  |  | 3,824 |
Expensed acquisition, development and other pursuit costs |  |  | 11,350 |  |  | 2,967 |  |  | 2,741 |
Interest expense, net |  |  | 136,920 |  |  | 167,814 |  |  | 169,997 |
(Gain) loss on extinguishment of debt, net |  |  | 1,179 |  |  | 1,940 |  |  | — |
General and administrative expense |  |  | 34,101 |  |  | 29,371 |  |  | 26,846 |
Equity in income of unconsolidated entities |  |  | (20,914 | ) |  | (5,120 | ) |  | (762 | )
Depreciation expense |  |  | 256,026 |  |  | 239,060 |  |  | 220,563 |
Casualty and impairment loss |  |  | 1,449 |  |  | 14,052 |  |  | — |
Gain on sale of real estate assets |  |  | (146,591 | ) |  | (294,806 | ) |  | (74,074 | )
Income from discontinued operations |  |  | (12,495 | ) |  | (7,880 | ) |  | (7,950 | )
Gain on acquisition of unconsolidated real estate entity |  |  | (14,194 | ) |  | — |  |  | — |
Net operating income |  | $ | 708,375 |  | $ | 624,444 |  | $ | 545,510 |
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, 2012 |  |  |  |  |  |  |  |  |  |  |  |  |
Established |  |  |  |  |  |  |  |  |  |  |  |  |
New England |  | $ | 168,260 |  | $ | 109,301 |  |  | 4.9 | % | $ | 1,289,604 |
Metro NY/NJ |  |  | 229,624 |  |  | 160,026 |  |  | 7.3 | % |  | 1,947,668 |
Mid-Atlantic |  |  | 103,784 |  |  | 75,313 |  |  | 6.9 | % |  | 591,669 |
Pacific Northwest |  |  | 32,942 |  |  | 23,433 |  |  | 15.0 | % |  | 306,289 |
Northern California |  |  | 129,493 |  |  | 94,915 |  |  | 14.0 | % |  | 1,181,395 |
Southern California |  |  | 99,302 |  |  | 68,880 |  |  | 7.0 | % |  | 947,743 |
Total Established(2) |  |  | 763,405 |  |  | 531,868 |  |  | 7.6 | % |  | 6,264,368 |
Other Stabilized |  |  | 135,231 |  |  | 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 |  | $ | 1,038,660 |  | $ | 708,375 |  |  | 14.2 | % | $ | 10,001,096 |
For the period ended December 31, 2011 |  |  |  |  |  |  |  |  |  |  |  |  |
Established |  |  |  |  |  |  |  |  |  |  |  |  |
New England |  | $ | 169,939 |  | $ | 109,048 |  |  | 9.6 | % | $ | 1,302,368 |
Metro NY/NJ |  |  | 195,652 |  |  | 131,605 |  |  | 6.6 | % |  | 1,534,923 |
Mid-Atlantic |  |  | 102,834 |  |  | 74,756 |  |  | 6.6 | % |  | 603,345 |
Pacific Northwest |  |  | 30,057 |  |  | 20,374 |  |  | 6.0 | % |  | 301,662 |
Northern California |  |  | 95,209 |  |  | 68,173 |  |  | 10.9 | % |  | 869,254 |
Southern California |  |  | 75,120 |  |  | 50,391 |  |  | 9.8 | % |  | 697,705 |
Total Established(2) |  |  | 668,811 |  |  | 454,347 |  |  | 8.3 | % |  | 5,309,257 |
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 |  | $ | 936,087 |  | $ | 624,444 |  |  | 14.5 | % | $ | 9,033,217 |
For the period ended December 31, 2010 |  |  |  |  |  |  |  |  |  |  |  |  |
Established |  |  |  |  |  |  |  |  |  |  |  |  |
New England |  | $ | 143,564 |  | $ | 89,712 |  |  | (0.3 | )% | $ | 1,109,016 |
Metro NY/NJ |  |  | 181,639 |  |  | 121,033 |  |  | (1.5 | )% |  | 1,386,850 |
Mid-Atlantic |  |  | 91,927 |  |  | 65,737 |  |  | 1.0 | % |  | 545,190 |
Pacific Northwest |  |  | 19,045 |  |  | 12,426 |  |  | (10.7 | )% |  | 176,940 |
Northern California |  |  | 111,474 |  |  | 76,362 |  |  | (6.4 | )% |  | 1,056,111 |
Southern California |  |  | 58,888 |  |  | 37,703 |  |  | (6.7 | )% |  | 470,162 |
Total Established(2) |  |  | 606,537 |  |  | 402,973 |  |  | (2.6 | )% |  | 4,744,269 |
Other Stabilized |  |  | 122,403 |  |  | 74,609 |  |  | n/a |  |  | 1,580,910 |
Development / Redevelopment |  |  | 106,526 |  |  | 67,928 |  |  | n/a |  |  | 1,670,398 |
Land Held for Future Development |  |  | n/a |  |  | n/a |  |  | n/a |  |  | 184,150 |
Non-allocated(3) |  |  | 7,354 |  |  | n/a |  |  | n/a |  |  | 82,806 |
Total |  | $ | 842,820 |  | $ | 545,510 |  |  | 4.6 | % | $ | 8,262,533 |
(1) Does not include gross real estate assets held for sale of $70,246, $255,274 and $398,679 as of December 31, 2012, December 31, 2011 and December 31, 2010 respectively. (2) Gross real estate for the Company's established communities includes capitalized additions of approximately $25,448, $34,359 and $38,670 in 2012, 2011 and 2010, respectively. (3) Revenue represents third-party management, accounting, and developer fees and miscellaneous income which are not allocated to a reportable segment.

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- 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 131 -Paragraph 32 -Subparagraph b -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8736-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8813-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=14024403&loc=d3e13816-109267 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 131 -Paragraph 27, 28 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8721-108599 + Details
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