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Segment Reporting (Tables)

6 Months Ended

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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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.

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