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Segment Reporting (Tables) | 6 Months Ended
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Jun. 30, 2021
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, 2021 and 2020 is as follows (dollars in thousands):
| For the three months ended | For the six months ended
| 6/30/2021 |  | 6/30/2020 | 6/30/2021 |  | 6/30/2020
Net income | $ | 447,977 |  |  | $ | 170,869 |  | $ | 590,211 |  |  | $ | 338,875 |
Indirect operating expenses, net of corporate income | 24,318 |  |  | 23,407 |  | 48,788 |  |  | 46,206 |
Expensed transaction, development and other pursuit costs, net of recoveries | 1,653 |  |  | 388 |  | 1,483 |  |  | 3,722 |
Interest expense, net | 56,104 |  |  | 53,399 |  | 108,717 |  |  | 109,313 |
Loss (gain) on extinguishment of debt, net | — |  |  | 268 |  | (122) |  |  | 9,438 |
General and administrative expense | 18,465 |  |  | 15,573 |  | 35,817 |  |  | 32,893 |
Income from investments in unconsolidated entities | (26,559) |  |  | (512) |  | (26,092) |  |  | (1,687) |
Depreciation expense | 184,472 |  |  | 176,249 |  | 367,769 |  |  | 354,160 |
Income tax expense (benefit) | 10 |  |  | (1,133) |  | (745) |  |  | (1,042) |
Casualty and impairment loss | 1,177 |  |  | — |  | 1,177 |  |  | — |
Gain on sale of communities | (334,569) |  |  | (35,295) |  | (388,296) |  |  | (59,731) |
Gain on other real estate transactions, net | (32) |  |  | (156) |  | (459) |  |  | (199) |
Net for-sale condominium activity | 647 |  |  | (1,348) |  | 1,560 |  |  | (4,808) |
Net operating income from real estate assets sold or held for sale | (4,749) |  |  | (13,581) |  | (10,549) |  |  | (28,572) |
Net operating income | $ | 368,914 |  |  | $ | 388,128 |  | $ | 729,259 |  |  | $ | 798,568 |
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
| 6/30/2021 |  | 6/30/2020 |  | 6/30/2021 |  | 6/30/2020
Rental income from real estate assets sold or held for sale | $ | 7,719 |  |  | $ | 21,399 |  |  | $ | 17,307 |  |  | $ | 44,529 |
Operating expenses from real estate assets sold or held for sale | (2,970) |  |  | (7,818) |  |  | (6,758) |  |  | (15,957) |
Net operating income from real estate assets sold or held for sale | $ | 4,749 |  |  | $ | 13,581 |  |  | $ | 10,549 |  |  | $ | 28,572 |
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, 2021 |  |  |  |  |  |
Same Store |  |  |  |  |  |  |  |  |
New England | $ | 74,259 |  |  | $ | 47,895 |  |  | $ | 147,577 |  |  | $ | 94,163 |  |  | $ | 2,772,638 |
Metro NY/NJ | 105,355 |  |  | 70,944 |  |  | 210,304 |  |  | 142,584 |  |  | 4,114,155 |
Mid-Atlantic | 82,232 |  |  | 54,823 |  |  | 163,460 |  |  | 110,083 |  |  | 3,485,698 |
Southeast Florida | 7,706 |  |  | 4,557 |  |  | 14,948 |  |  | 8,746 |  |  | 395,009 |
Denver, CO | 5,853 |  |  | 3,935 |  |  | 11,505 |  |  | 7,954 |  |  | 319,994 |
Pacific Northwest | 26,935 |  |  | 18,298 |  |  | 53,548 |  |  | 36,192 |  |  | 1,054,701 |
Northern California | 89,591 |  |  | 63,506 |  |  | 179,997 |  |  | 127,569 |  |  | 3,450,054 |
Southern California | 108,710 |  |  | 73,364 |  |  | 215,801 |  |  | 145,899 |  |  | 4,373,247 |
Total Same Store | 500,641 |  |  | 337,322 |  |  | 997,140 |  |  | 673,190 |  |  | 19,965,496 |
Other Stabilized | 29,499 |  |  | 19,123 |  |  | 56,264 |  |  | 36,049 |  |  | 1,338,844 |
Development / Redevelopment | 23,076 |  |  | 12,469 |  |  | 40,483 |  |  | 20,020 |  |  | 2,324,779 |
Land Held for Development | N/A |  | N/A |  | N/A |  | N/A |  | 100,106 |
Non-allocated (2) | 808 |  |  | N/A |  | 1,685 |  |  | N/A |  | 322,576 |
Total | $ | 554,024 |  |  | $ | 368,914 |  |  | $ | 1,095,572 |  |  | $ | 729,259 |  |  | $ | 24,051,801 |
For the period ended June 30, 2020 |  |  |  |  |  |
Same Store |  |  |  |  |  |  |  |  |
New England | $ | 77,240 |  |  | $ | 52,030 |  |  | $ | 156,085 |  |  | $ | 104,299 |  |  | $ | 2,751,535 |
Metro NY/NJ | 106,452 |  |  | 73,858 |  |  | 219,266 |  |  | 153,511 |  |  | 4,097,021 |
Mid-Atlantic | 84,634 |  |  | 59,217 |  |  | 172,954 |  |  | 122,975 |  |  | 3,462,890 |
Southeast Florida | 7,364 |  |  | 4,298 |  |  | 14,868 |  |  | 8,423 |  |  | 393,329 |
Denver, CO | 5,166 |  |  | 3,326 |  |  | 10,335 |  |  | 6,666 |  |  | 318,833 |
Pacific Northwest | 28,105 |  |  | 19,932 |  |  | 57,263 |  |  | 41,065 |  |  | 1,049,913 |
Northern California | 103,867 |  |  | 79,384 |  |  | 210,744 |  |  | 161,263 |  |  | 3,427,805 |
Southern California | 109,869 |  |  | 76,433 |  |  | 227,468 |  |  | 160,671 |  |  | 4,345,382 |
Total Same Store | 522,697 |  |  | 368,478 |  |  | 1,068,983 |  |  | 758,873 |  |  | 19,846,708 |
Other Stabilized | 24,642 |  |  | 16,055 |  |  | 49,673 |  |  | 32,552 |  |  | 1,209,541 |
Development / Redevelopment | 7,368 |  |  | 3,595 |  |  | 14,181 |  |  | 7,143 |  |  | 1,614,237 |
Land Held for Development | N/A |  | N/A |  | N/A |  | N/A |  | 39,829 |
Non-allocated (2) | 299 |  |  | N/A |  | 690 |  |  | N/A |  | 407,361 |
Total | $ | 555,006 |  |  | $ | 388,128 |  |  | $ | 1,133,527 |  |  | $ | 798,568 |  |  | $ | 23,117,676 |
__________________________________ (1)Does not include gross real estate assets held for sale or classified as held for sale subsequent to June 30, 2020 of $672,125. (2)Revenue represents third-party management, accounting, and developer fees and miscellaneous income and other ancillary items which are not allocated to a reportable segment. Gross real estate includes the for-sale residential condominiums at The Park Loggia, as discussed in Note 6, "Real Estate Disposition Activities."

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