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v3.19.3

Segment Reporting (Tables) | 9 Months Ended
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Sep. 30, 2019
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, 2019 and 2018 is as follows (dollars in thousands):
| For the three months ended |  | For the nine months ended
| 9/30/2019 |  | 9/30/2018 |  | 9/30/2019 |  | 9/30/2018
Net income | $ | 279,709 |  |  | $ | 192,407 |  |  | $ | 618,432 |  |  | $ | 588,540 |
Indirect operating expenses, net of corporate income | 20,195 |  |  | 19,742 |  |  | 62,935 |  |  | 58,377 |
Expensed transaction, development and other pursuit costs, net of recoveries | 175 |  |  | 523 |  |  | 2,562 |  |  | 2,212 |
Interest expense, net | 51,493 |  |  | 54,097 |  |  | 149,395 |  |  | 165,795 |
Loss on extinguishment of debt, net | 93 |  |  | 1,678 |  |  | 602 |  |  | 2,717 |
General and administrative expense | 12,769 |  |  | 14,744 |  |  | 45,440 |  |  | 44,384 |
Equity in income of unconsolidated real estate entities | (1,643 | ) |  | (10,031 | ) |  | (780 | ) |  | (12,560 | )
Depreciation expense | 165,463 |  |  | 156,538 |  |  | 490,213 |  |  | 472,282 |
Income tax expense | 11,184 |  |  | 29 |  |  | 11,178 |  |  | 87 |
Casualty and impairment gain, net | — |  |  | (554 | ) |  | — |  |  | (612 | )
Gain on sale of communities | (130,484 | ) |  | (27,243 | ) |  | (165,849 | ) |  | (132,444 | )
Gain on other real estate transactions, net | (73 | ) |  | (12 | ) |  | (374 | ) |  | (335 | )
For-sale condominium marketing and administrative costs | 1,108 |  |  | 339 |  |  | 2,526 |  |  | 497 |
Net operating income from real estate assets sold or held for sale | (880 | ) |  | (17,876 | ) |  | (8,600 | ) |  | (61,623 | )
Net operating income | $ | 409,109 |  |  | $ | 384,381 |  |  | $ | 1,207,680 |  |  | $ | 1,127,317 |
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
| 9/30/2019 |  | 9/30/2018 |  | 9/30/2019 |  | 9/30/2018
Rental income from real estate assets sold or held for sale | $ | 1,972 |  |  | $ | 28,135 |  |  | $ | 15,837 |  |  | $ | 96,517 |
Operating expenses from real estate assets sold or held for sale | (1,092 | ) |  | (10,259 | ) |  | (7,237 | ) |  | (34,894 | )
Net operating income from real estate assets sold or held for sale | $ | 880 |  |  | $ | 17,876 |  |  | $ | 8,600 |  |  | $ | 61,623 |
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, 2019 |  |  |  |  |  |  |
Established |  |  |  |  |  |  |  |  |  |  |  |
New England | $ | 64,608 |  |  | $ | 42,651 |  |  | $ | 190,009 |  |  | $ | 125,362 |  |  | $ | 2,103,731 |
Metro NY/NJ | 103,471 |  |  | 72,476 |  |  | 307,746 |  |  | 217,531 |  |  | 3,539,251 |
Mid-Atlantic | 73,906 |  |  | 51,474 |  |  | 219,008 |  |  | 153,599 |  |  | 2,678,892 |
Pacific Northwest | 28,589 |  |  | 20,683 |  |  | 84,615 |  |  | 61,498 |  |  | 988,952 |
Northern California | 88,914 |  |  | 68,000 |  |  | 264,575 |  |  | 203,623 |  |  | 2,782,426 |
Southern California | 101,745 |  |  | 71,741 |  |  | 303,573 |  |  | 217,029 |  |  | 3,599,266 |
Total Established | 461,233 |  |  | 327,025 |  |  | 1,369,526 |  |  | 978,642 |  |  | 15,692,518 |
Other Stabilized | 76,727 |  |  | 51,187 |  |  | 220,120 |  |  | 148,570 |  |  | 3,372,470 |
Development / Redevelopment | 46,450 |  |  | 30,897 |  |  | 122,093 |  |  | 80,468 |  |  | 3,485,596 |
Land Held for Development | N/A |  |  | N/A |  |  | N/A |  |  | N/A |  |  | 20,095 |
Non-allocated (2) | 1,231 |  |  | N/A |  |  | 3,484 |  |  | N/A |  |  | 552,179 |
Total | $ | 585,641 |  |  | $ | 409,109 |  |  | $ | 1,715,223 |  |  | $ | 1,207,680 |  |  | $ | 23,122,858 |
For the period ended September 30, 2018 |  |  |  |  |  |  |
Established |  |  |  |  |  |  |  |  |  |  |  |
New England | $ | 62,705 |  |  | $ | 41,591 |  |  | $ | 184,377 |  |  | $ | 121,028 |  |  | $ | 2,090,871 |
Metro NY/NJ | 101,285 |  |  | 72,131 |  |  | 299,058 |  |  | 211,560 |  |  | 3,520,938 |
Mid-Atlantic | 71,715 |  |  | 50,067 |  |  | 212,584 |  |  | 148,838 |  |  | 2,666,241 |
Pacific Northwest | 27,723 |  |  | 19,679 |  |  | 81,104 |  |  | 57,445 |  |  | 983,942 |
Northern California | 86,369 |  |  | 66,362 |  |  | 256,351 |  |  | 197,308 |  |  | 2,768,192 |
Southern California | 99,255 |  |  | 70,392 |  |  | 294,350 |  |  | 211,474 |  |  | 3,567,619 |
Total Established | 449,052 |  |  | 320,222 |  |  | 1,327,824 |  |  | 947,653 |  |  | 15,597,803 |
Other Stabilized | 61,448 |  |  | 41,537 |  |  | 171,466 |  |  | 114,171 |  |  | 2,791,565 |
Development / Redevelopment | 33,223 |  |  | 22,622 |  |  | 96,633 |  |  | 65,493 |  |  | 2,460,076 |
Land Held for Development | N/A |  |  | N/A |  |  | N/A |  |  | N/A |  |  | 116,582 |
Non-allocated (2) | 912 |  |  | N/A |  |  | 2,752 |  |  | N/A |  |  | 473,928 |
Total | $ | 544,635 |  |  | $ | 384,381 |  |  | $ | 1,598,675 |  |  | $ | 1,127,317 |  |  | $ | 21,439,954 |
__________________________________
(1) | Does not include gross real estate either sold or classified as held for sale subsequent to September 30, 2018 of $1,103,809.
(2) Revenue represents third-party management, asset management and developer fees and miscellaneous income which are not allocated to a reportable segment. Gross real estate includes the for-sale residential condominiums at The Park Loggia development, as discussed in Note 5, "Investments in Real Estate."

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