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Segment Reporting (Tables) | 6 Months Ended
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Jun. 30, 2017
Segment Reporting [Abstract] |
Schedule of reconciliation of NOI to net income | A reconciliation of NOI to net income for the three and six months ended June 30, 2017 and 2016 is as follows (dollars in thousands):
| For the three months ended |  | For the six months ended
| 6/30/2017 |  | 6/30/2016 |  | 6/30/2017 |  | 6/30/2016
Net income | $ | 165,194 |  |  | $ | 197,319 |  |  | $ | 400,975 |  |  | $ | 435,197 |
Indirect operating expenses, net of corporate income | 16,423 |  |  | 15,477 |  |  | 32,720 |  |  | 32,015 |
Investments and investment management expense | 1,455 |  |  | 1,194 |  |  | 2,776 |  |  | 2,340 |
Expensed acquisition, development and other pursuit costs, net of recoveries | 570 |  |  | 1,436 |  |  | 1,298 |  |  | 4,897 |
Interest expense, net | 50,102 |  |  | 46,581 |  |  | 99,397 |  |  | 89,991 |
Loss on extinguishment of debt, net | 24,162 |  |  | 2,461 |  |  | 24,162 |  |  | 2,461 |
General and administrative expense | 13,947 |  |  | 12,011 |  |  | 27,153 |  |  | 23,414 |
Equity in income of unconsolidated real estate entities | (1,146 | ) |  | (27,151 | ) |  | (17,819 | ) |  | (55,120 | )
Depreciation expense | 141,439 |  |  | 132,469 |  |  | 282,060 |  |  | 259,685 |
Income tax expense | 58 |  |  | 36 |  |  | 78 |  |  | 73 |
Casualty and impairment (gain) loss, net | — |  |  | (1,732 | ) |  | 11,688 |  |  | (3,935 | )
Gain on sale of real estate | (44,067 | ) |  | (31,133 | ) |  | (132,382 | ) |  | (82,563 | )
Net operating income from real estate assets sold or held for sale | (1,038 | ) |  | (9,345 | ) |  | (3,900 | ) |  | (19,321 | )
Net operating income | $ | 367,099 |  |  | $ | 339,623 |  |  | $ | 728,206 |  |  | $ | 689,134 |
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 |  | For the six months ended
| 6/30/2017 |  | 6/30/2016 |  | 6/30/2017 |  | 6/30/2016
Rental income from real estate assets sold or held for sale | $ | 1,664 |  |  | $ | 15,277 |  |  | $ | 6,376 |  |  | $ | 31,188 |
Operating expenses from real estate assets sold or held for sale | (626 | ) |  | (5,932 | ) |  | (2,476 | ) |  | (11,867 | )
Net operating income from real estate assets sold or held for sale | $ | 1,038 |  |  | $ | 9,345 |  |  | $ | 3,900 |  |  | $ | 19,321 |
Schedule of details of segment information |
| For the three months ended |  | For the six months ended |  |
| Total revenue |  | NOI |  | % NOI change from prior year |  | Total revenue |  | NOI |  | % NOI change from prior year |  | Gross real estate (1)
For the period ended June 30, 2017 |  |  |  |  |  |  |  |  |  |  |  |
Established |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
New England | $ | 59,292 |  |  | $ | 37,658 |  |  | 1.3 | % |  | $ | 117,898 |  |  | $ | 75,474 |  |  | 2.3 | % |  | $ | 1,879,079 |
Metro NY/NJ | 90,402 |  |  | 61,538 |  |  | 0.9 | % |  | 179,564 |  |  | 122,502 |  |  | 2.3 | % |  | 2,967,335 |
Mid-Atlantic | 56,022 |  |  | 38,343 |  |  | — | % |  | 111,777 |  |  | 77,490 |  |  | 1.8 | % |  | 2,064,723 |
Pacific Northwest | 20,791 |  |  | 15,017 |  |  | 5.9 | % |  | 41,245 |  |  | 29,832 |  |  | 5.6 | % |  | 732,351 |
Northern California | 84,028 |  |  | 64,587 |  |  | 2.3 | % |  | 167,351 |  |  | 128,304 |  |  | 2.1 | % |  | 2,819,965 |
Southern California | 83,778 |  |  | 59,808 |  |  | 4.2 | % |  | 167,003 |  |  | 120,359 |  |  | 5.2 | % |  | 3,008,947 |
Total Established | 394,313 |  |  | 276,951 |  |  | 2.1 | % |  | 784,838 |  |  | 553,961 |  |  | 3.0 | % |  | 13,472,400 |
Other Stabilized | 70,907 |  |  | 50,009 |  |  | N/A |  |  | 141,248 |  |  | 99,200 |  |  | N/A |  |  | 2,903,017 |
Development / Redevelopment | 62,530 |  |  | 40,139 |  |  | N/A |  |  | 118,077 |  |  | 75,045 |  |  | N/A |  |  | 4,533,086 |
Land Held for Development | N/A |  |  | N/A |  |  | N/A |  |  | N/A |  |  | N/A |  |  | N/A |  |  | 86,016 |
Non-allocated (2) | 1,098 |  |  | N/A |  |  | N/A |  |  | 2,298 |  |  | N/A |  |  | N/A |  |  | 94,277 |
Total | $ | 528,848 |  |  | $ | 367,099 |  |  | 8.1 | % |  | $ | 1,046,461 |  |  | $ | 728,206 |  |  | 5.7 | % |  | $ | 21,088,796 |
For the period ended June 30, 2016 |  |  |  |  |  |  |  |  |  |  |  |
Established |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
New England | $ | 59,288 |  |  | $ | 37,977 |  |  | 2.9 | % |  | $ | 117,854 |  |  | $ | 75,415 |  |  | 9.0 | % |  | $ | 1,841,109 |
Metro NY/NJ | 85,021 |  |  | 58,778 |  |  | 2.3 | % |  | 168,099 |  |  | 115,480 |  |  | 2.7 | % |  | 2,889,770 |
Mid-Atlantic | 58,464 |  |  | 40,530 |  |  | 2.5 | % |  | 115,994 |  |  | 80,593 |  |  | 1.9 | % |  | 2,331,290 |
Pacific Northwest | 17,968 |  |  | 12,866 |  |  | 5.4 | % |  | 35,458 |  |  | 25,624 |  |  | 6.2 | % |  | 795,977 |
Northern California | 79,632 |  |  | 60,850 |  |  | 6.8 | % |  | 158,084 |  |  | 121,097 |  |  | 9.1 | % |  | 2,653,785 |
Southern California | 71,612 |  |  | 50,933 |  |  | 10.3 | % |  | 142,869 |  |  | 101,975 |  |  | 10.1 | % |  | 2,635,803 |
Total Established | 371,985 |  |  | 261,934 |  |  | 5.1 | % |  | 738,358 |  |  | 520,184 |  |  | 6.5 | % |  | 13,147,734 |
Other Stabilized (3) | 53,118 |  |  | 35,784 |  |  | N/A |  |  | 124,557 |  |  | 91,718 |  |  | N/A |  |  | 2,166,893 |
Development / Redevelopment | 60,460 |  |  | 41,905 |  |  | N/A |  |  | 113,711 |  |  | 77,232 |  |  | N/A |  |  | 4,065,071 |
Land Held for Development | N/A |  |  | N/A |  |  | N/A |  |  | N/A |  |  | N/A |  |  | N/A |  |  | 511,797 |
Non-allocated (2) | 1,467 |  |  | N/A |  |  | N/A |  |  | 2,990 |  |  | N/A |  |  | N/A |  |  | 81,186 |
Total | $ | 487,030 |  |  | $ | 339,623 |  |  | 12.0 | % |  | $ | 979,616 |  |  | $ | 689,134 |  |  | 16.8 | % |  | $ | 19,972,681 |
__________________________________
(1) | Does not include gross real estate assets held for sale of $15,271 and $77,943 as of June 30, 2017 and 2016, respectively.
(2) | Revenue represents third-party management, asset management and developer fees and miscellaneous income which are not allocated to a reportable segment.
(3) | Total revenue and NOI for the six months ended June 30, 2016 includes $20,306 in business interruption insurance proceeds related to the Edgewater casualty loss.

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