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Segment Reporting (Tables) | 3 Months Ended
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Mar. 31, 2015
Segment Reporting [Abstract] |
Schedule of reconciliation of NOI to net income | A reconciliation of NOI to net income for the three months ended March 31, 2015 and 2014 is as follows (dollars in thousands):
| For the three months ended
| 3/31/2015 |  | 3/31/2014
Net income | $ | 208,053 |  |  | $ | 141,599 |
Indirect operating expenses, net of corporate income | 15,271 |  |  | 10,818 |
Investments and investment management expense | 1,034 |  |  | 979 |
Expensed acquisition, development and other pursuit costs, net of recoveries | 1,187 |  |  | 715 |
Interest expense, net (1) | 45,573 |  |  | 42,533 |
General and administrative expense | 10,598 |  |  | 9,236 |
Equity in income of unconsolidated real estate entities | (34,566 | ) |  | (5,223 | )
Depreciation expense (1) | 116,853 |  |  | 106,367 |
Casualty and impairment loss | 5,788 |  |  | — |
Gain on sale of real estate assets | (70,958 | ) |  | — |
Gain on sale of discontinued operations | — |  |  | (37,869 | )
Income from discontinued operations | — |  |  | (310 | )
Net operating income from real estate assets sold or held for sale, not classified as discontinued operations | (836 | ) |  | (4,971 | )
Net operating income | $ | 297,997 |  |  | $ | 263,874 |
__________________________________ (1) Includes amounts associated with assets sold or held for sale, not classified as discontinued operations.
Schedule of net operating income from real estate assets sold or held for sale, not classified as discontinued operations | The following is a summary of NOI from real estate assets sold or held for sale, not classified as discontinued operations, for the periods presented (dollars in thousands):
| For the three months ended
| 3/31/2015 |  | 3/31/2014
Rental income from real estate assets sold or held for sale, not classified as discontinued operations | $ | 1,709 |  |  | $ | 8,266 |
Operating expenses from real estate assets sold or held for sale, not classified as discontinued operations | (873 | ) |  | (3,295 | )
Net operating income from real estate assets sold or held for sale, not classified as discontinued operations | $ | 836 |  |  | $ | 4,971 |
Schedule of details of segment information |
| For the three months ended
| Total revenue |  | NOI |  | % NOI change from prior year |  | Gross real estate (1)
For the period ended March 31, 2015 |  |  |  |  |  |
Established |  |  |  |  |  |  |  |  |  |  |
New England | $ | 47,760 |  |  | $ | 27,839 |  |  | (3.8 | )% |  | $ | 1,469,071 |
Metro NY/NJ | 96,533 |  |  | 66,507 |  |  | 3.0 | % |  | 3,268,669 |
Mid-Atlantic | 51,704 |  |  | 36,031 |  |  | (0.8 | )% |  | 2,170,104 |
Pacific Northwest | 18,489 |  |  | 13,373 |  |  | 9.0 | % |  | 718,884 |
Northern California | 65,515 |  |  | 49,734 |  |  | 11.5 | % |  | 2,405,670 |
Southern California | 62,324 |  |  | 43,517 |  |  | 13.1 | % |  | 2,501,165 |
Total Established | 342,325 |  |  | 237,001 |  |  | 5.3 | % |  | 12,533,563 |
Other Stabilized | 52,696 |  |  | 34,008 |  |  | N/A |  |  | 2,053,692 |
Development / Redevelopment | 43,026 |  |  | 26,988 |  |  | N/A |  |  | 3,147,624 |
Land Held for Future Development | N/A |  |  | N/A |  |  | N/A |  |  | 536,538 |
Non-allocated (2) | 2,611 |  |  | N/A |  |  | N/A |  |  | 43,238 |
Total | $ | 440,658 |  |  | $ | 297,997 |  |  | 12.9 | % |  | $ | 18,314,655 |
For the period ended March 31, 2014 |  |  |  |  |  |
Established |  |  |  |  |  |  |  |  |  |  |
New England | $ | 46,290 |  |  | $ | 28,513 |  |  | (1.6 | )% |  | $ | 1,426,168 |
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 |  |  | 23,353 |  |  | 4.2 | % |  | 1,217,764 |
Total Established | 232,788 |  |  | 161,308 |  |  | 2.7 | % |  | 7,374,940 |
Other Stabilized | 128,565 |  |  | 86,332 |  |  | N/A |  |  | 6,315,469 |
Development / Redevelopment | 27,379 |  |  | 16,234 |  |  | N/A |  |  | 2,743,725 |
Land Held for Future Development | N/A |  |  | N/A |  |  | N/A |  |  | 250,204 |
Non-allocated (2) | 3,077 |  |  | N/A |  |  | N/A |  |  | 32,127 |
Total | $ | 391,809 |  |  | $ | 263,874 |  |  | 29.5 | % |  | $ | 16,716,465 |
__________________________________
(1) | Does not include gross real estate assets held for sale of $60,686 and $344,068 as of March 31, 2015 and 2014, respectively.
(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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