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Segment Reporting (Tables) | 6 Months Ended
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Jun. 30, 2018
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, 2018 and 2017 is as follows (dollars in thousands):
| For the three months ended |  | For the six months ended
| 6/30/2018 |  | 6/30/2017 |  | 6/30/2018 |  | 6/30/2017
Net income | $ | 254,543 |  |  | $ | 165,194 |  |  | $ | 396,133 |  |  | $ | 400,975 |
Indirect operating expenses, net of corporate income | 18,913 |  |  | 16,423 |  |  | 36,996 |  |  | 32,720 |
Investments and investment management expense | 1,529 |  |  | 1,455 |  |  | 3,172 |  |  | 2,776 |
Expensed acquisition, development and other pursuit costs, net of recoveries | 889 |  |  | 570 |  |  | 1,689 |  |  | 1,298 |
Interest expense, net | 56,585 |  |  | 50,102 |  |  | 111,698 |  |  | 99,397 |
Loss on extinguishment of debt, net | 642 |  |  | 24,162 |  |  | 1,039 |  |  | 24,162 |
General and administrative expense | 14,444 |  |  | 13,947 |  |  | 28,108 |  |  | 27,153 |
Equity in income of unconsolidated real estate entities | (789 | ) |  | (1,146 | ) |  | (2,529 | ) |  | (17,819 | )
Depreciation expense | 156,685 |  |  | 141,439 |  |  | 315,743 |  |  | 282,060 |
Income tax expense | 58 |  |  | 58 |  |  | 58 |  |  | 78 |
Casualty and impairment (gain) loss, net | — |  |  | — |  |  | (58 | ) |  | 11,688 |
Gain on sale of communities | (105,201 | ) |  | (44,067 | ) |  | (105,201 | ) |  | (132,016 | )
Gain on other real estate transactions, net | (370 | ) |  | — |  |  | (323 | ) |  | (366 | )
Net operating income from real estate assets sold or held for sale | (4,442 | ) |  | (9,727 | ) |  | (9,900 | ) |  | (21,493 | )
Net operating income | $ | 393,486 |  |  | $ | 358,410 |  |  | $ | 776,625 |  |  | $ | 710,613 |
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
| 6/30/2018 |  | 6/30/2017 |  | 6/30/2018 |  | 6/30/2017
Rental income from real estate assets sold or held for sale | $ | 6,778 |  |  | $ | 15,138 |  |  | $ | 15,241 |  |  | $ | 33,198 |
Operating expenses from real estate assets sold or held for sale | (2,336 | ) |  | (5,411 | ) |  | (5,341 | ) |  | (11,705 | )
Net operating income from real estate assets sold or held for sale | $ | 4,442 |  |  | $ | 9,727 |  |  | $ | 9,900 |  |  | $ | 21,493 |
Schedule of details of segment information |
| For the three months ended |  | For the six months ended |  |
| Total revenue |  | NOI |  | Total revenue |  | NOI |  | Gross real estate (1)
For the period ended June 30, 2018 |  |  |  |  |  |  |
Established |  |  |  |  |  |  |  |  |  |  |  |
New England | $ | 58,571 |  |  | $ | 38,354 |  |  | $ | 116,480 |  |  | $ | 75,997 |  |  | $ | 1,977,465 |
Metro NY/NJ | 105,246 |  |  | 72,913 |  |  | 209,342 |  |  | 144,835 |  |  | 3,726,001 |
Mid-Atlantic | 60,192 |  |  | 41,759 |  |  | 119,351 |  |  | 82,826 |  |  | 2,236,706 |
Pacific Northwest | 21,352 |  |  | 15,234 |  |  | 42,594 |  |  | 30,072 |  |  | 726,279 |
Northern California | 91,487 |  |  | 70,342 |  |  | 181,913 |  |  | 139,400 |  |  | 2,978,830 |
Southern California | 83,709 |  |  | 60,473 |  |  | 166,650 |  |  | 119,867 |  |  | 2,845,699 |
Total Established | 420,557 |  |  | 299,075 |  |  | 836,330 |  |  | 592,997 |  |  | 14,490,980 |
Other Stabilized | 68,968 |  |  | 47,264 |  |  | 136,703 |  |  | 92,650 |  |  | 2,833,892 |
Development / Redevelopment | 71,982 |  |  | 47,147 |  |  | 139,917 |  |  | 90,978 |  |  | 4,625,227 |
Land Held for Development | N/A |  |  | N/A |  |  | N/A |  |  | N/A |  |  | 130,802 |
Non-allocated (2) | 954 |  |  | N/A |  |  | 1,841 |  |  | N/A |  |  | 98,530 |
Total | $ | 562,461 |  |  | $ | 393,486 |  |  | $ | 1,114,791 |  |  | $ | 776,625 |  |  | $ | 22,179,431 |
For the period ended June 30, 2017 |  |  |  |  |  |  |
Established |  |  |  |  |  |  |  |  |  |  |  |
New England | $ | 57,137 |  |  | $ | 36,762 |  |  | $ | 113,483 |  |  | $ | 73,733 |  |  | $ | 1,962,635 |
Metro NY/NJ | 103,694 |  |  | 72,027 |  |  | 206,077 |  |  | 143,323 |  |  | 3,612,725 |
Mid-Atlantic | 59,104 |  |  | 40,331 |  |  | 117,819 |  |  | 81,314 |  |  | 2,225,022 |
Pacific Northwest | 20,825 |  |  | 15,010 |  |  | 41,302 |  |  | 29,940 |  |  | 722,654 |
Northern California | 89,133 |  |  | 68,608 |  |  | 177,517 |  |  | 136,437 |  |  | 2,961,569 |
Southern California | 80,195 |  |  | 57,999 |  |  | 159,899 |  |  | 116,309 |  |  | 2,832,453 |
Total Established | 410,088 |  |  | 290,737 |  |  | 816,097 |  |  | 581,056 |  |  | 14,317,058 |
Other Stabilized | 49,298 |  |  | 32,019 |  |  | 92,959 |  |  | 59,438 |  |  | 2,400,217 |
Development / Redevelopment | 54,890 |  |  | 35,654 |  |  | 108,285 |  |  | 70,119 |  |  | 3,634,897 |
Land Held for Development | N/A |  |  | N/A |  |  | N/A |  |  | N/A |  |  | 86,016 |
Non-allocated (2) | 1,098 |  |  | N/A |  |  | 2,298 |  |  | N/A |  |  | 94,277 |
Real estate disposed or held for sale (3) |  |  |  |  |  |  |  |  | 556,331 |
Total | $ | 515,374 |  |  | $ | 358,410 |  |  | $ | 1,019,639 |  |  | $ | 710,613 |  |  | $ | 21,088,796 |
__________________________________
(1) | Does not include gross real estate assets held for sale of $167,247 and $15,271 as of June 30, 2018 and 2017, 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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