Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2020

Segment Reporting [Abstract]

Schedule of reconciliation of NOI to net income

A reconciliation of NOI to net income for the three months ended March 31, 2020 and 2019 is as follows (dollars in thousands):

	For the three months ended
	3/31/2020			3/31/2019
Net income	$	168,006		$	170,418
Indirect operating expenses, net of corporate income	22,799			19,722
Expensed transaction, development and other pursuit costs, net of recoveries	3,334			622
Interest expense, net	55,914			47,892
Loss on extinguishment of debt, net	9,170			280
General and administrative expense	17,320			13,706
Equity in (income) loss of unconsolidated real estate entities	(1,175		)	1,060
Depreciation expense	177,911			162,057
Income tax expense (benefit)	91			(6		)
Gain on sale of communities	(24,436		)	(14,835		)
Gain on other real estate transactions, net	(43		)	(267		)
Gain on for-sale condominiums, net of marketing and administrative costs	(3,460		)	473
Net operating income from real estate assets sold or held for sale	(896		)	(6,205		)
Net operating income	$	424,535		$	394,917

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
	3/31/2020			3/31/2019
Rental income from real estate assets sold or held for sale	$	1,424		$	10,640
Operating expenses from real estate assets sold or held for sale	(528		)	(4,435		)
Net operating income from real estate assets sold or held for sale	$	896		$	6,205

Schedule of details of segment information

	For the three months ended
	Total revenue		NOI			Gross real estate (1)
For the period ended March 31, 2020
Established
New England	$	81,669	$	53,680		$	2,765,270
Metro NY/NJ	120,731		84,484			4,343,033
Mid-Atlantic	91,717		66,309			3,545,582
Pacific Northwest	28,736		20,838			991,802
Northern California	104,360		80,451			3,268,787
Southern California	114,810		82,455			4,142,235
Expansion Markets	5,933		3,428			320,415
Total Established	547,956		391,645			19,377,124
Other Stabilized	35,491		23,496			1,591,348
Development / Redevelopment (2)	15,773		9,394			2,220,386
Land Held for Development	N/A		N/A			38,115
Non-allocated (3)	1,007		N/A			481,095
Total	$	600,227	$	424,535		$	23,708,068
For the period ended March 31, 2019
Established
New England	$	78,688	$	52,083		$	2,717,130
Metro NY/NJ	118,377		82,984			4,311,202
Mid-Atlantic	88,370		62,916			3,507,734
Pacific Northwest	27,802		20,210			986,190
Northern California	101,261		78,715			3,248,903
Southern California	111,466		79,916			4,092,527
Expansion Markets	5,865		3,513			319,558
Total Established	531,829		380,337			19,183,244
Other Stabilized	22,027		14,729			1,171,127
Development / Redevelopment (2)	549		(149		)	1,130,302
Land Held for Development	N/A		N/A			104,963
Non-allocated (3)	1,139		N/A			672,727
Total	$	555,544	$	394,917		$	22,262,363

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(1) Does not include gross real estate held for sale of $41,866 as of March 31, 2020 and gross real estate either sold or classified as held for sale subsequent to March 31, 2019 of $285,943.

(2) The Company had no Redevelopment Communities for the three months ended March 31, 2020 and 2019.

(3)

Revenue represents third-party management, accounting, 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, as discussed in Note 6, "Real Estate Disposition Activities."