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Segment Reporting (Tables) | 9 Months Ended
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Sep. 30, 2017
Segment Reporting [Abstract] |
Schedule of reconciliation of NOI to net income | A reconciliation of NOI to net income for the three and nine months ended September 30, 2017 and 2016 is as follows (dollars in thousands):
| For the three months ended |  | For the nine months ended
| 9/30/2017 |  | 9/30/2016 |  | 9/30/2017 |  | 9/30/2016
Net income | $ | 238,199 |  |  | $ | 356,329 |  |  | $ | 639,174 |  |  | $ | 791,525 |
Indirect operating expenses, net of corporate income | 15,752 |  |  | 14,946 |  |  | 48,472 |  |  | 46,960 |
Investments and investment management expense | 1,501 |  |  | 1,205 |  |  | 4,277 |  |  | 3,545 |
Expensed acquisition, development and other pursuit costs, net of recoveries | 789 |  |  | 3,804 |  |  | 2,087 |  |  | 8,702 |
Interest expense, net | 47,741 |  |  | 47,871 |  |  | 147,138 |  |  | 137,862 |
Loss on extinguishment of debt, net | — |  |  | — |  |  | 24,162 |  |  | 2,461 |
General and administrative expense | 11,655 |  |  | 11,928 |  |  | 38,808 |  |  | 35,343 |
Equity in (income) loss of unconsolidated real estate entities | (52,568 | ) |  | 342 |  |  | (70,386 | ) |  | (54,779 | )
Depreciation expense | 144,990 |  |  | 131,729 |  |  | 427,050 |  |  | 391,414 |
Income tax expense | 24 |  |  | 22 |  |  | 102 |  |  | 95 |
Casualty and impairment loss (gain), net | — |  |  | — |  |  | 11,688 |  |  | (3,935 | )
Gain on sale of real estate | (27,618 | ) |  | (212,941 | ) |  | (160,000 | ) |  | (295,503 | )
Net operating income from real estate assets sold or held for sale | (1,874 | ) |  | (10,039 | ) |  | (9,633 | ) |  | (33,175 | )
Net operating income | $ | 378,591 |  |  | $ | 345,196 |  |  | $ | 1,102,939 |  |  | $ | 1,030,515 |
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 nine months ended
| 9/30/2017 |  | 9/30/2016 |  | 9/30/2017 |  | 9/30/2016
Rental income from real estate assets sold or held for sale | $ | 3,044 |  |  | $ | 16,388 |  |  | $ | 15,582 |  |  | $ | 53,582 |
Operating expenses from real estate assets sold or held for sale | (1,170 | ) |  | (6,349 | ) |  | (5,949 | ) |  | (20,407 | )
Net operating income from real estate assets sold or held for sale | $ | 1,874 |  |  | $ | 10,039 |  |  | $ | 9,633 |  |  | $ | 33,175 |
Schedule of details of segment information |
| For the three months ended |  | For the nine 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 September 30, 2017 |  |  |  |  |  |  |  |  |  |  |  |
Established |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
New England | $ | 58,941 |  |  | $ | 38,055 |  |  | 3.0 | % |  | $ | 174,348 |  |  | $ | 111,931 |  |  | 2.6 | % |  | $ | 1,846,937 |
Metro NY/NJ | 91,699 |  |  | 61,932 |  |  | 1.6 | % |  | 271,262 |  |  | 184,434 |  |  | 2.0 | % |  | 2,969,873 |
Mid-Atlantic | 56,321 |  |  | 38,782 |  |  | 1.8 | % |  | 168,098 |  |  | 116,272 |  |  | 1.8 | % |  | 2,069,486 |
Pacific Northwest | 21,528 |  |  | 15,687 |  |  | 5.1 | % |  | 62,773 |  |  | 45,519 |  |  | 5.4 | % |  | 734,407 |
Northern California | 84,634 |  |  | 64,557 |  |  | 1.3 | % |  | 251,985 |  |  | 192,861 |  |  | 1.9 | % |  | 2,824,608 |
Southern California | 85,226 |  |  | 60,024 |  |  | 2.3 | % |  | 252,229 |  |  | 180,383 |  |  | 4.3 | % |  | 3,013,215 |
Total Established | 398,349 |  |  | 279,037 |  |  | 2.1 | % |  | 1,180,695 |  |  | 831,400 |  |  | 2.7 | % |  | 13,458,526 |
Other Stabilized (2) | 71,150 |  |  | 49,177 |  |  | N/A |  |  | 208,729 |  |  | 146,242 |  |  | N/A |  |  | 3,086,022 |
Development / Redevelopment | 76,964 |  |  | 50,377 |  |  | N/A |  |  | 195,041 |  |  | 125,297 |  |  | N/A |  |  | 4,766,894 |
Land Held for Development | N/A |  |  | N/A |  |  | N/A |  |  | N/A |  |  | N/A |  |  | N/A |  |  | 85,863 |
Non-allocated (3) | 993 |  |  | N/A |  |  | N/A |  |  | 3,290 |  |  | N/A |  |  | N/A |  |  | 95,621 |
Total | $ | 547,456 |  |  | $ | 378,591 |  |  | 9.7 | % |  | $ | 1,587,755 |  |  | $ | 1,102,939 |  |  | 7.0 | % |  | $ | 21,492,926 |
For the period ended September 30, 2016 |  |  |  |  |  |  |  |  |  |  |  |
Established |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
New England | $ | 59,321 |  |  | $ | 37,657 |  |  | 0.6 | % |  | $ | 174,731 |  |  | $ | 111,497 |  |  | 5.9 | % |  | $ | 1,845,679 |
Metro NY/NJ | 91,181 |  |  | 61,905 |  |  | 1.2 | % |  | 268,781 |  |  | 183,155 |  |  | 1.8 | % |  | 3,206,696 |
Mid-Atlantic | 58,928 |  |  | 40,029 |  |  | 0.4 | % |  | 174,922 |  |  | 120,623 |  |  | 1.4 | % |  | 2,335,116 |
Pacific Northwest | 18,627 |  |  | 13,541 |  |  | 12.1 | % |  | 54,085 |  |  | 39,165 |  |  | 8.1 | % |  | 736,377 |
Northern California | 80,783 |  |  | 61,560 |  |  | 5.9 | % |  | 238,867 |  |  | 182,658 |  |  | 8.0 | % |  | 2,657,020 |
Southern California | 73,570 |  |  | 52,527 |  |  | 11.1 | % |  | 217,686 |  |  | 155,242 |  |  | 10.3 | % |  | 2,667,875 |
Total Established | 382,410 |  |  | 267,219 |  |  | 4.4 | % |  | 1,129,072 |  |  | 792,340 |  |  | 4.4 | % |  | 13,448,763 |
Other Stabilized (4) | 52,971 |  |  | 34,653 |  |  | N/A |  |  | 175,186 |  |  | 125,027 |  |  | N/A |  |  | 2,325,539 |
Development / Redevelopment | 63,122 |  |  | 43,324 |  |  | N/A |  |  | 164,865 |  |  | 113,148 |  |  | N/A |  |  | 3,994,361 |
Land Held for Development | N/A |  |  | N/A |  |  | N/A |  |  | N/A |  |  | N/A |  |  | N/A |  |  | 519,626 |
Non-allocated (3) | 1,320 |  |  | N/A |  |  | N/A |  |  | 4,310 |  |  | N/A |  |  | N/A |  |  | 74,374 |
Total | $ | 499,823 |  |  | $ | 345,196 |  |  | 20.2 | % |  | $ | 1,473,433 |  |  | $ | 1,030,515 |  |  | 37.3 | % |  | $ | 20,362,663 |
__________________________________
(1) | Does not include gross real estate assets held for sale of $53,723 and $135,054 as of September 30, 2017 and 2016, respectively.
(2) | Total revenue and NOI for the three and nine months ended September 30, 2017 includes $3,495 in business interruption insurance proceeds related to the Maplewood casualty loss.
(3) | Revenue represents third-party management, asset management and developer fees and miscellaneous income which are not allocated to a reportable segment.
(4) | Total revenue and NOI for the nine months ended September 30, 2016 includes $20,306 in business interruption insurance proceeds related to the Edgewater casualty loss.

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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 30 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8906-108599 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=68060357&loc=d3e8813-108599 Reference 3: 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=68060357&loc=d3e8721-108599 Reference 4: 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=35741047&loc=d3e13816-109267 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=68060357&loc=d3e8736-108599 + Details
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