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Segment Reporting (Tables)
 6 Months Ended
Jun. 30, 2014
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, 2014 and 2013 is as follows (dollars in thousands):
 
For the three months ended
 
For the six months ended
 
6/30/2014
 
6/30/2013
 
6/30/2014
 
6/30/2013
 
 
 
 
 
 
 
 
Net income
$
172,197

 
$
36,097

 
$
313,796

 
$
111,570

Indirect operating expenses, net of corporate income
12,343

 
10,852

 
23,161

 
19,894

Investments and investment management expense
1,137

 
1,096

 
2,116

 
2,110

Expensed acquisition, development and other pursuit costs
2,017

 
3,806

 
2,732

 
43,865

Interest expense, net (1)
43,722

 
43,169

 
86,255

 
81,342

Loss on extinguishment of debt, net
412

 
—

 
412

 
—

General and administrative expense
10,220

 
11,345

 
19,456

 
21,384

Equity in (income) loss of unconsolidated real estate entities
(7,710
)
 
940

 
(12,933
)
 
19,503

Depreciation expense (1)
110,395

 
189,977

 
216,762

 
295,536

Gain on sale of real estate assets
(60,945
)
 
(240
)
 
(60,945
)
 
(240
)
Gain on sale of discontinued operations
—

 
(33,682
)
 
(37,869
)
 
(118,173
)
Income from discontinued operations
—

 
(2,081
)
 
(310
)
 
(7,827
)
Net operating income from real estate assets sold or held for sale, not classified as discontinued operations
(2,030
)
 
(2,308
)
 
(4,314
)
 
(4,178
)
Net operating income
$
281,758

 
$
258,971

 
$
548,319

 
$
464,786


__________________________________
(1) Includes amounts associated with assets sold or held for sale, not classified as discontinued operations.
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, not classified as discontinued operations, for the periods presented (dollars in thousands):
 
For the three months ended
 
For the six months ended
 
6/30/2014
 
6/30/2013
 
6/30/2014
 
6/30/2013
 
 
 
 
 
 
 
 
 Rental income from real estate assets sold or held for sale, not classified as discontinued operations
$
3,400

 
$
3,574

 
$
7,012

 
$
6,813

 Operating expenses real estate assets sold or held for sale, not classified as discontinued operations
(1,370
)
 
(1,266
)
 
(2,698
)
 
(2,635
)
Net operating income from real estate assets sold or held for sale, not classified as discontinued operations
$
2,030

 
$
2,308

 
$
4,314

 
$
4,178
Schedule of details of segment information
 
For the three months ended
 
For the six months ended
 
 
 
Total
revenue
 
NOI
 
% NOI  change from  prior year
 
Total
revenue
 
NOI
 
% NOI  change from  prior year
 
Gross
real estate (1)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the period ended June 30, 2014 (2)
 
 

 
 

 
 

 
 

 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Established
 

 
 

 
 

 
 

 
 

 
 

 
 

New England
$
47,903

 
$
30,759

 
(0.9
)%
 
$
92,845

 
$
58,590

 
(1.2
)%
 
$
1,420,125

Metro NY/NJ
94,471

 
66,054

 
0.9
 %
 
157,171

 
109,353

 
1.6
 %
 
2,373,214

Mid-Atlantic
46,990

 
32,531

 
(6.7
)%
 
49,260

 
34,784

 
(3.9
)%
 
645,172

Pacific Northwest
16,458

 
11,554

 
5.9
 %
 
26,683

 
18,591

 
4.8
 %
 
499,383

Northern California
62,319

 
47,498

 
13.7
 %
 
85,305

 
65,364

 
9.6
 %
 
1,400,573

Southern California
61,852

 
41,607

 
5.0
 %
 
68,658

 
47,198

 
4.5
 %
 
1,218,170

Total Established
329,993

 
230,003

 
2.8
 %
 
479,922

 
333,880

 
2.5
 %
 
7,556,637

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other Stabilized
46,001

 
32,589

 
N/A

 
248,887

 
170,159

 
N/A

 
6,091,177

Development / Redevelopment
31,740

 
19,166

 
N/A

 
72,310

 
44,280

 
N/A

 
3,318,362

Land Held for Future Development
N/A

 
N/A

 
N/A

 
N/A

 
N/A

 
N/A

 
195,673

Non-allocated (3)
2,672

 
N/A

 
N/A

 
5,750

 
N/A

 
N/A

 
43,382

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total
$
410,406

 
$
281,758

 
8.8
 %
 
$
806,869

 
$
548,319

 
18.0
 %
 
$
17,205,231

 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the period ended June 30, 2013
 
 

 
 

 
 

 
 

 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Established
 

 
 

 
 

 
 

 
 

 
 

 
 

New England
$
42,113

 
$
28,080

 
4.8
 %
 
$
83,386

 
$
54,660

 
3.6
 %
 
$
1,280,776

Metro NY/NJ
62,549

 
43,449

 
5.1
 %
 
123,794

 
85,888

 
5.3
 %
 
1,917,740

Mid-Atlantic
25,312

 
18,330

 
2.8
 %
 
50,346

 
36,518

 
2.2
 %
 
631,578

Pacific Northwest
11,603

 
7,937

 
10.5
 %
 
22,979

 
15,787

 
10.5
 %
 
443,641

Northern California
34,880

 
26,295

 
12.5
 %
 
68,945

 
51,904

 
12.0
 %
 
1,232,282

Southern California
29,542

 
20,375

 
6.9
 %
 
58,872

 
40,475

 
6.2
 %
 
1,055,368

Total Established
205,999

 
144,466

 
6.5
 %
 
408,322

 
285,232

 
6.1
 %
 
6,561,385

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other Stabilized
139,141

 
96,169

 
N/A

 
211,909

 
146,866

 
N/A

 
6,670,671

Development / Redevelopment
26,580

 
18,336

 
N/A

 
47,335

 
32,688

 
N/A

 
2,183,928

Land Held for Future Development
N/A

 
N/A

 
N/A

 
N/A

 
N/A

 
N/A

 
409,930

Non-allocated (3)
2,913

 
N/A

 
N/A

 
5,185

 
N/A

 
N/A

 
50,120

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total
$
374,633

 
$
258,971

 
58.1
 %
 
$
672,751

 
$
464,786

 
44.0
 %
 
$
15,876,034

__________________________________
(1)
Does not include gross real estate assets held for sale of $566,344 as of June 30, 2013.
(2)
Results for the three months ended June 30, 2014 reflect the operating segments updated as of April 1, 2014, which include most stabilized communities acquired as part of the Archstone Acquisition in the Established Communities segment. Results for the six months ended June 30, 2014 reflect the operating segments determined as of January 1, 2014, which include stabilized communities acquired as part of the Archstone Acquisition in the Other Stabilized segment.
(3)
Revenue represents third party management, asset management and developer fees and miscellaneous income which are not allocated to a reportable segment.