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Segment Reporting (Tables) | 3 Months Ended
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Mar. 31, 2017
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, 2017 and 2016 is as follows (dollars in thousands):
| For the three months ended
| 3/31/2017 |  | 3/31/2016
Net income | $ | 235,781 |  |  | $ | 237,877 |
Indirect operating expenses, net of corporate income | 16,297 |  |  | 16,537 |
Investments and investment management expense | 1,321 |  |  | 1,145 |
Expensed acquisition, development and other pursuit costs, net of recoveries | 728 |  |  | 3,462 |
Interest expense, net | 49,295 |  |  | 43,410 |
General and administrative expense | 13,206 |  |  | 11,404 |
Equity in income of unconsolidated real estate entities | (16,672 | ) |  | (27,969 | )
Depreciation expense | 140,621 |  |  | 127,216 |
Income tax expense | 20 |  |  | 37 |
Casualty and impairment loss (gain), net | 11,688 |  |  | (2,202 | )
Gain on sale of real estate | (88,315 | ) |  | (51,430 | )
Net operating income from real estate assets sold or held for sale | (1,387 | ) |  | (8,606 | )
Net operating income | $ | 362,583 |  |  | $ | 350,881 |
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 for the periods presented (dollars in thousands):
| For the three months ended
| 3/31/2017 |  | 3/31/2016
Rental income from real estate assets sold or held for sale | $ | 2,650 |  |  | $ | 13,916 |
Operating expenses from real estate assets sold or held for sale | (1,263 | ) |  | (5,310 | )
Net operating income from real estate assets sold or held for sale | $ | 1,387 |  |  | $ | 8,606 |
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 three months ended March 31, 2017 |  |  |  |  |  |
Established |  |  |  |  |  |  |  |  |  |  |
New England | $ | 58,607 |  |  | $ | 37,816 |  |  | 3.3 | % |  | $ | 1,875,024 |
Metro NY/NJ | 87,544 |  |  | 60,060 |  |  | 3.8 | % |  | 2,903,317 |
Mid-Atlantic | 55,755 |  |  | 39,147 |  |  | 3.7 | % |  | 2,062,311 |
Pacific Northwest | 20,454 |  |  | 14,815 |  |  | 5.2 | % |  | 731,537 |
Northern California | 83,323 |  |  | 63,717 |  |  | 2.0 | % |  | 2,815,589 |
Southern California | 83,225 |  |  | 60,551 |  |  | 6.2 | % |  | 3,005,810 |
Total Established | 388,908 |  |  | 276,106 |  |  | 3.9 | % |  | 13,393,588 |
Other Stabilized | 74,021 |  |  | 51,571 |  |  | N/A |  |  | 3,032,689 |
Development / Redevelopment | 55,547 |  |  | 34,906 |  |  | N/A |  |  | 4,276,266 |
Land Held for Development | N/A |  |  | N/A |  |  | N/A |  |  | 103,954 |
Non-allocated (3) | 1,200 |  |  | N/A |  |  | N/A |  |  | 112,987 |
Total | $ | 519,676 |  |  | $ | 362,583 |  |  | 3.3 | % |  | $ | 20,919,484 |
For the three months ended March 31, 2016 |  |  |  |  |  |
Established |  |  |  |  |  |  |  |  |  |  |
New England | $ | 57,196 |  |  | $ | 36,508 |  |  | 15.9 | % |  | $ | 1,860,863 |
Metro NY/NJ | 83,079 |  |  | 56,702 |  |  | 3.2 | % |  | 2,883,958 |
Mid-Atlantic | 57,530 |  |  | 40,063 |  |  | 1.3 | % |  | 2,330,106 |
Pacific Northwest | 19,289 |  |  | 14,078 |  |  | 5.8 | % |  | 795,228 |
Northern California | 78,452 |  |  | 60,248 |  |  | 11.5 | % |  | 2,651,741 |
Southern California | 71,257 |  |  | 51,041 |  |  | 9.8 | % |  | 2,633,553 |
Total Established | 366,803 |  |  | 258,640 |  |  | 7.9 | % |  | 13,155,449 |
Other Stabilized (2) | 73,004 |  |  | 56,914 |  |  | N/A |  |  | 2,196,700 |
Development / Redevelopment | 53,251 |  |  | 35,327 |  |  | N/A |  |  | 3,802,952 |
Land Held for Development | N/A |  |  | N/A |  |  | N/A |  |  | 477,072 |
Non-allocated (3) | 1,524 |  |  | N/A |  |  | N/A |  |  | 89,056 |
Total | $ | 494,582 |  |  | $ | 350,881 |  |  | 21.7 | % |  | $ | 19,721,229 |
__________________________________
(1) | Does not include gross real estate assets held for sale of $20,341 as of March 31, 2016.
(2) | Total revenue and NOI for the three months ended March 31, 2016 includes $20,306 in business interruption insurance proceeds related to the Edgewater casualty loss.
(3) | 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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