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Segment Reporting (Tables)

9 Months Ended

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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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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