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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.

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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 + 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 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8721-108599 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 Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599 Reference 5: 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 + Details
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