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Segment Reporting (Tables) | 6 Months Ended
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Jun. 30, 2019
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, 2019 and 2018 is as follows (dollars in thousands):
| For the three months ended |  | For the six months ended
| 6/30/2019 |  | 6/30/2018 |  | 6/30/2019 |  | 6/30/2018
Net income | $ | 168,305 |  |  | $ | 254,543 |  |  | $ | 338,723 |  |  | $ | 396,133 |
Indirect operating expenses, net of corporate income | 23,018 |  |  | 19,677 |  |  | 42,740 |  |  | 38,636 |
Expensed transaction, development and other pursuit costs, net of recoveries | 2,711 |  |  | 1,047 |  |  | 3,806 |  |  | 1,847 |
Interest expense, net | 50,010 |  |  | 56,585 |  |  | 97,902 |  |  | 111,698 |
Loss on extinguishment of debt, net | 229 |  |  | 642 |  |  | 509 |  |  | 1,039 |
General and administrative expense | 18,965 |  |  | 15,209 |  |  | 32,671 |  |  | 29,640 |
Equity in (income) loss of unconsolidated real estate entities | (197 | ) |  | (789 | ) |  | 863 |  |  | (2,529 | )
Depreciation expense | 162,693 |  |  | 156,685 |  |  | 324,749 |  |  | 315,743 |
Income tax expense (refund) | — |  |  | 58 |  |  | (6 | ) |  | 58 |
Casualty and impairment gain, net | — |  |  | — |  |  | — |  |  | (58 | )
Gain on sale of communities | (20,530 | ) |  | (105,201 | ) |  | (35,365 | ) |  | (105,201 | )
Gain on other real estate transactions, net | (34 | ) |  | (370 | ) |  | (300 | ) |  | (323 | )
Net operating income from real estate assets sold or held for sale | (1,495 | ) |  | (19,680 | ) |  | (4,077 | ) |  | (40,377 | )
Net operating income | $ | 403,675 |  |  | $ | 378,406 |  |  | $ | 802,215 |  |  | $ | 746,306 |
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
| 6/30/2019 |  | 6/30/2018 |  | 6/30/2019 |  | 6/30/2018
Rental income from real estate assets sold or held for sale | $ | 2,591 |  |  | $ | 30,024 |  |  | $ | 7,193 |  |  | $ | 61,857 |
Operating expenses from real estate assets sold or held for sale | (1,096 | ) |  | (10,344 | ) |  | (3,116 | ) |  | (21,480 | )
Net operating income from real estate assets sold or held for sale | $ | 1,495 |  |  | $ | 19,680 |  |  | $ | 4,077 |  |  | $ | 40,377 |
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, 2019 |  |  |  |  |  |  |
Established |  |  |  |  |  |  |  |  |  |  |  |
New England | $ | 63,819 |  |  | $ | 41,907 |  |  | $ | 127,092 |  |  | $ | 83,715 |  |  | $ | 2,118,237 |
Metro NY/NJ | 103,073 |  |  | 73,212 |  |  | 204,276 |  |  | 145,055 |  |  | 3,531,694 |
Mid-Atlantic | 73,094 |  |  | 51,073 |  |  | 145,103 |  |  | 102,125 |  |  | 2,674,020 |
Pacific Northwest | 28,224 |  |  | 20,605 |  |  | 56,026 |  |  | 40,815 |  |  | 987,121 |
Northern California | 88,301 |  |  | 67,384 |  |  | 175,661 |  |  | 135,622 |  |  | 2,776,718 |
Southern California | 101,288 |  |  | 72,593 |  |  | 201,829 |  |  | 145,288 |  |  | 3,589,188 |
Total Established | 457,799 |  |  | 326,774 |  |  | 909,987 |  |  | 652,620 |  |  | 15,676,978 |
Other Stabilized | 75,696 |  |  | 50,813 |  |  | 148,371 |  |  | 100,024 |  |  | 3,327,804 |
Development / Redevelopment | 40,063 |  |  | 26,088 |  |  | 75,643 |  |  | 49,571 |  |  | 3,719,999 |
Land Held for Development | N/A |  |  | N/A |  |  | N/A |  |  | N/A |  |  | 18,606 |
Non-allocated (2) | 1,114 |  |  | N/A |  |  | 2,252 |  |  | N/A |  |  | 98,492 |
Total | $ | 574,672 |  |  | $ | 403,675 |  |  | $ | 1,136,253 |  |  | $ | 802,215 |  |  | $ | 22,841,879 |
For the period ended June 30, 2018 |  |  |  |  |  |  |
Established |  |  |  |  |  |  |  |  |  |  |  |
New England | $ | 62,110 |  |  | $ | 40,750 |  |  | $ | 123,318 |  |  | $ | 80,441 |  |  | $ | 2,109,273 |
Metro NY/NJ | 99,745 |  |  | 70,412 |  |  | 197,774 |  |  | 139,429 |  |  | 3,518,123 |
Mid-Atlantic | 71,099 |  |  | 49,917 |  |  | 140,868 |  |  | 98,772 |  |  | 2,662,775 |
Pacific Northwest | 26,894 |  |  | 19,142 |  |  | 53,381 |  |  | 37,766 |  |  | 984,029 |
Northern California | 85,559 |  |  | 66,133 |  |  | 169,983 |  |  | 130,946 |  |  | 2,764,856 |
Southern California | 98,179 |  |  | 71,482 |  |  | 195,094 |  |  | 141,082 |  |  | 3,561,270 |
Total Established | 443,586 |  |  | 317,836 |  |  | 880,418 |  |  | 628,436 |  |  | 15,600,326 |
Other Stabilized | 59,134 |  |  | 38,776 |  |  | 114,894 |  |  | 75,000 |  |  | 2,764,061 |
Development / Redevelopment | 31,965 |  |  | 21,794 |  |  | 63,411 |  |  | 42,870 |  |  | 2,618,434 |
Land Held for Development | N/A |  |  | N/A |  |  | N/A |  |  | N/A |  |  | 130,802 |
Non-allocated (2) | 954 |  |  | N/A |  |  | 1,841 |  |  | N/A |  |  | 79,703 |
Total | $ | 535,639 |  |  | $ | 378,406 |  |  | $ | 1,060,564 |  |  | $ | 746,306 |  |  | $ | 21,193,326 |
__________________________________
(1) | Does not include gross real estate assets held for sale of $77,030 as of June 30, 2019 and gross real estate either sold or classified as held for sale subsequent to June 30, 2018 of $1,153,352.
(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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