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Segment Reporting (Tables) | 9 Months Ended
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Sep. 30, 2018
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, 2018 and 2017 is as follows (dollars in thousands):
| For the three months ended |  | For the nine months ended
| 9/30/2018 |  | 9/30/2017 |  | 9/30/2018 |  | 9/30/2017
Net income | $ | 192,407 |  |  | $ | 238,199 |  |  | $ | 588,540 |  |  | $ | 639,174 |
Indirect operating expenses, net of corporate income | 18,855 |  |  | 15,752 |  |  | 55,850 |  |  | 48,472 |
Investments and investment management expense | 1,726 |  |  | 1,501 |  |  | 4,898 |  |  | 4,277 |
Expensed transaction, development and other pursuit costs, net of recoveries | 1,020 |  |  | 789 |  |  | 2,709 |  |  | 2,087 |
Interest expense, net | 54,097 |  |  | 47,741 |  |  | 165,795 |  |  | 147,138 |
Loss on extinguishment of debt, net | 1,678 |  |  | — |  |  | 2,717 |  |  | 24,162 |
General and administrative expense | 13,905 |  |  | 11,655 |  |  | 42,013 |  |  | 38,808 |
Equity in income of unconsolidated real estate entities | (10,031 | ) |  | (52,568 | ) |  | (12,560 | ) |  | (70,386 | )
Depreciation expense | 156,538 |  |  | 144,990 |  |  | 472,282 |  |  | 427,050 |
Income tax expense | 29 |  |  | 24 |  |  | 87 |  |  | 102 |
Casualty and impairment (gain) loss, net | (554 | ) |  | — |  |  | (612 | ) |  | 11,688 |
Gain on sale of communities | (27,243 | ) |  | (27,738 | ) |  | (132,444 | ) |  | (159,754 | )
(Gain) loss on other real estate transactions, net | (12 | ) |  | 120 |  |  | (335 | ) |  | (246 | )
Net operating income from real estate assets sold or held for sale | (2,545 | ) |  | (10,340 | ) |  | (15,913 | ) |  | (35,162 | )
Net operating income | $ | 399,870 |  |  | $ | 370,125 |  |  | $ | 1,173,027 |  |  | $ | 1,077,410 |
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
| 9/30/2018 |  | 9/30/2017 |  | 9/30/2018 |  | 9/30/2017
Rental income from real estate assets sold or held for sale | $ | 4,006 |  |  | $ | 16,280 |  |  | $ | 24,747 |  |  | $ | 54,803 |
Operating expenses from real estate assets sold or held for sale | (1,461 | ) |  | (5,940 | ) |  | (8,834 | ) |  | (19,641 | )
Net operating income from real estate assets sold or held for sale | $ | 2,545 |  |  | $ | 10,340 |  |  | $ | 15,913 |  |  | $ | 35,162 |
Schedule of details of segment information |
| For the three months ended |  | For the nine months ended |  |
| Total revenue |  | NOI |  | Total revenue |  | NOI |  | Gross real estate (1)
For the period ended September 30, 2018 |  |  |  |  |  |  |
Established |  |  |  |  |  |  |  |  |  |  |  |
New England | $ | 60,690 |  |  | $ | 40,005 |  |  | $ | 178,841 |  |  | $ | 117,008 |  |  | $ | 2,006,671 |
Metro NY/NJ | 106,341 |  |  | 74,562 |  |  | 315,683 |  |  | 219,396 |  |  | 3,729,612 |
Mid-Atlantic | 59,752 |  |  | 41,432 |  |  | 177,342 |  |  | 123,056 |  |  | 2,223,386 |
Pacific Northwest | 22,014 |  |  | 15,681 |  |  | 64,609 |  |  | 45,753 |  |  | 726,752 |
Northern California | 92,292 |  |  | 70,465 |  |  | 274,206 |  |  | 209,866 |  |  | 2,983,019 |
Southern California | 85,934 |  |  | 60,931 |  |  | 255,385 |  |  | 182,875 |  |  | 2,916,530 |
Total Established | 427,023 |  |  | 303,076 |  |  | 1,266,066 |  |  | 897,954 |  |  | 14,585,970 |
Other Stabilized | 66,542 |  |  | 45,196 |  |  | 195,034 |  |  | 132,498 |  |  | 2,740,944 |
Development / Redevelopment | 77,499 |  |  | 51,598 |  |  | 217,416 |  |  | 142,575 |  |  | 4,895,487 |
Land Held for Development | N/A |  |  | N/A |  |  | N/A |  |  | N/A |  |  | 116,582 |
Non-allocated (2) | 912 |  |  | N/A |  |  | 2,752 |  |  | N/A |  |  | 96,876 |
Total | $ | 571,976 |  |  | $ | 399,870 |  |  | $ | 1,681,268 |  |  | $ | 1,173,027 |  |  | $ | 22,435,859 |
For the period ended September 30, 2017 |  |  |  |  |  |  |
Established |  |  |  |  |  |  |  |  |  |  |  |
New England | $ | 58,872 |  |  | $ | 38,635 |  |  | $ | 174,018 |  |  | $ | 113,423 |  |  | $ | 1,988,987 |
Metro NY/NJ | 105,225 |  |  | 71,864 |  |  | 311,301 |  |  | 215,187 |  |  | 3,617,773 |
Mid-Atlantic | 58,561 |  |  | 40,020 |  |  | 174,653 |  |  | 120,186 |  |  | 2,213,522 |
Pacific Northwest | 21,531 |  |  | 15,692 |  |  | 62,833 |  |  | 45,632 |  |  | 723,674 |
Northern California | 89,798 |  |  | 68,731 |  |  | 267,316 |  |  | 205,168 |  |  | 2,966,133 |
Southern California | 83,343 |  |  | 59,013 |  |  | 246,087 |  |  | 177,326 |  |  | 2,901,525 |
Total Established | 417,330 |  |  | 293,955 |  |  | 1,236,208 |  |  | 876,922 |  |  | 14,411,614 |
Other Stabilized | 52,885 |  |  | 34,746 |  |  | 137,739 |  |  | 88,946 |  |  | 2,477,846 |
Development / Redevelopment (3) | 63,012 |  |  | 41,424 |  |  | 171,297 |  |  | 111,542 |  |  | 3,847,578 |
Land Held for Development | N/A |  |  | N/A |  |  | N/A |  |  | N/A |  |  | 85,863 |
Non-allocated (2) | 993 |  |  | N/A |  |  | 3,290 |  |  | N/A |  |  | 93,778 |
Real estate disposed or held for sale (4) |  |  |  |  |  |  |  |  | 629,970 |
Total | $ | 534,220 |  |  | $ | 370,125 |  |  | $ | 1,548,534 |  |  | $ | 1,077,410 |  |  | $ | 21,546,649 |
__________________________________
(1) | Does not include gross real estate assets held for sale of $109,900 and $53,723 as of September 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.
(3) | 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.
(4) | Represents real estate sold or held for sale during the period of September 30, 2017 to September 30, 2018, which is not allocated to a reportable segment.

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- Definition Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8924-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8906-108599 + Details
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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8736-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8813-108599 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=108376223&loc=d3e13816-109267 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8721-108599 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8906-108599 + Details
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