| 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).
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|
|
|
|
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.
|