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Segment Reporting (Tables) | 3 Months Ended
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Mar. 31, 2018
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, 2018 and 2017 is as follows (dollars in thousands):
| For the three months ended
| 3/31/2018 |  | 3/31/2017
Net income | $ | 141,590 |  |  | $ | 235,781 |
Indirect operating expenses, net of corporate income | 18,082 |  |  | 16,297 |
Investments and investment management expense | 1,643 |  |  | 1,321 |
Expensed acquisition, development and other pursuit costs, net of recoveries | 800 |  |  | 728 |
Interest expense, net | 55,113 |  |  | 49,295 |
Loss on extinguishment of debt, net | 397 |  |  | — |
General and administrative expense | 13,664 |  |  | 13,206 |
Equity in income of unconsolidated real estate entities | (1,740 | ) |  | (16,672 | )
Depreciation expense | 159,059 |  |  | 140,621 |
Income tax expense | — |  |  | 20 |
Casualty and impairment loss (gain), net | (58 | ) |  | 11,688 |
Gain on sale of communities | — |  |  | (87,949 | )
Loss (gain) on other real estate transactions | 47 |  |  | (366 | )
Net operating income from real estate assets sold or held for sale | (2,144 | ) |  | (8,101 | )
Net operating income | $ | 386,453 |  |  | $ | 355,869 |
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
| 3/31/2018 |  | 3/31/2017
Rental income from real estate assets sold or held for sale | $ | 3,225 |  |  | $ | 12,706 |
Operating expenses from real estate assets sold or held for sale | (1,081 | ) |  | (4,605 | )
Net operating income from real estate assets sold or held for sale | $ | 2,144 |  |  | $ | 8,101 |
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, 2018 |  |  |  |  |  |
Established |  |  |  |  |  |  |  |  |  |  |
New England | $ | 57,909 |  |  | $ | 37,643 |  |  | 1.8 | % |  | $ | 1,973,203 |
Metro NY/NJ | 104,096 |  |  | 71,921 |  |  | 0.9 | % |  | 3,722,387 |
Mid-Atlantic | 59,159 |  |  | 41,067 |  |  | 0.2 | % |  | 2,233,711 |
Pacific Northwest | 21,242 |  |  | 14,838 |  |  | (0.6 | )% |  | 725,487 |
Northern California | 92,197 |  |  | 70,494 |  |  | 1.8 | % |  | 3,017,863 |
Southern California | 82,941 |  |  | 59,394 |  |  | 1.9 | % |  | 2,842,685 |
Total Established | 417,544 |  |  | 295,357 |  |  | 1.2 | % |  | 14,515,336 |
Other Stabilized | 71,203 |  |  | 47,265 |  |  | N/A |  |  | 3,036,815 |
Development / Redevelopment | 67,934 |  |  | 43,831 |  |  | N/A |  |  | 4,321,466 |
Land Held for Development | N/A |  |  | N/A |  |  | N/A |  |  | 136,771 |
Non-allocated (2) | 886 |  |  | N/A |  |  | N/A |  |  | 98,368 |
Total | $ | 557,567 |  |  | $ | 386,453 |  |  | 8.6 | % |  | $ | 22,108,756 |
For the period ended March 31, 2017 |  |  |  |  |  |
Established |  |  |  |  |  |  |  |  |  |  |
New England | $ | 56,154 |  |  | $ | 36,180 |  |  | 1.0 | % |  | $ | 1,875,024 |
Metro NY/NJ | 85,760 |  |  | 58,938 |  |  | 2.9 | % |  | 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 | 81,311 |  |  | 59,223 |  |  | 5.0 | % |  | 3,005,810 |
Total Established | 382,757 |  |  | 272,020 |  |  | 3.1 | % |  | 13,393,588 |
Other Stabilized | 70,116 |  |  | 48,943 |  |  | 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 (2) | 1,200 |  |  | N/A |  |  | N/A |  |  | 112,987 |
Total | $ | 509,620 |  |  | $ | 355,869 |  |  | 3.4 | % |  | $ | 20,919,484 |
__________________________________
(1) | Does not include gross real estate assets held for sale of $153,151 as of March 31, 2018.
(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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