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Segment Reporting (Tables)
 6 Months Ended
Jun. 30, 2020
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, 2020 and 2019 is as follows (dollars in thousands):
 
For the three months ended
 
For the six months ended
 
6/30/2020
 
6/30/2019
 
6/30/2020
 
6/30/2019
Net income
$
170,869

 
$
168,305

 
$
338,875

 
$
338,723

Indirect operating expenses, net of corporate income
23,407

 
23,018

 
46,206

 
42,740

Expensed transaction, development and other pursuit costs, net of recoveries
388

 
1,766

 
3,722

 
2,388

Interest expense, net
53,399

 
50,010

 
109,313

 
97,902

Loss on extinguishment of debt, net
268

 
229

 
9,438

 
509

General and administrative expense
15,573

 
18,965

 
32,893

 
32,671

Equity in (income) loss of unconsolidated real estate entities
(512
)
 
(197
)
 
(1,687
)
 
863

Depreciation expense
176,249

 
162,693

 
354,160

 
324,749

Income tax benefit
(1,133
)
 
—

 
(1,042
)
 
(6
)
Gain on sale of communities
(35,295
)
 
(20,530
)
 
(59,731
)
 
(35,365
)
Gain on other real estate transactions, net
(156
)
 
(34
)
 
(199
)
 
(300
)
Gain on for-sale condominiums, net of marketing and administrative costs
(1,348
)
 
945

 
(4,808
)
 
1,418

Net operating income from real estate assets sold or held for sale
(336
)
 
(5,075
)
 
(1,232
)
 
(11,281
)
        Net operating income
$
401,373

 
$
400,095

 
$
825,908

 
$
795,011
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
 
6/30/2020
 
6/30/2019
 
6/30/2020
 
6/30/2019
Rental income from real estate assets sold or held for sale
$
579

 
$
8,712

 
$
2,004

 
$
19,352

Operating expenses from real estate assets sold or held for sale
(243
)
 
(3,637
)
 
(772
)
 
(8,071
)
Net operating income from real estate assets sold or held for sale
$
336

 
$
5,075

 
$
1,232

 
$
11,281
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, 2020
 
 
 
 
 
 

Established
 

 
 

 
 
 
 
 
 

New England
$
79,729

 
$
52,835

 
$
161,398

 
$
106,515

 
$
2,768,509

Metro NY/NJ
113,942

 
78,080

 
234,673

 
162,564

 
4,339,998

Mid-Atlantic
87,970

 
61,644

 
179,687

 
127,953

 
3,552,832

Pacific Northwest
27,678

 
19,626

 
56,414

 
40,464

 
992,976

Northern California
101,263

 
77,844

 
205,623

 
158,295

 
3,271,293

Southern California
107,091

 
74,601

 
221,901

 
157,056

 
4,147,828

Expansion Markets
5,858

 
3,561

 
11,791

 
6,989

 
320,683

Total Established
523,531

 
368,191

 
1,071,487

 
759,836

 
19,394,119

 
 
 
 
 
 
 
 
 
 
Other Stabilized
34,677

 
23,108

 
70,167

 
46,604

 
1,593,551

Development / Redevelopment (2)
16,692

 
10,074

 
32,465

 
19,468

 
2,346,168

Land Held for Development
N/A

 
N/A

 
N/A

 
N/A

 
39,829

Non-allocated (3)
926

 
N/A

 
1,933

 
N/A

 
416,134

 
 
 
 
 
 
 
 
 
 
Total
$
575,826

 
$
401,373

 
$
1,176,052

 
$
825,908

 
$
23,789,801

 
 
 
 
 
 
 
 
 
 
For the period ended June 30, 2019
 
 
 
 
 
 

Established
 

 
 

 
 
 
 
 
 

New England
$
79,566

 
$
52,474

 
$
158,254

 
$
104,557

 
$
2,728,480

Metro NY/NJ
120,427

 
84,420

 
238,804

 
167,404

 
4,316,859

Mid-Atlantic
90,115

 
63,241

 
178,486

 
126,157

 
3,517,332

Pacific Northwest
28,224

 
20,605

 
56,026

 
40,815

 
987,121

Northern California
102,435

 
78,093

 
203,695

 
156,808

 
3,252,502

Southern California
112,821

 
80,180

 
224,287

 
160,096

 
4,106,419

Expansion Markets
5,917

 
3,403

 
11,783

 
6,916

 
319,695

Total Established
539,505

 
382,416

 
1,071,335

 
762,753

 
19,228,408

 
 
 
 
 
 
 
 
 
 
Other Stabilized
25,522

 
17,237

 
47,548

 
31,966

 
1,257,613

Development / Redevelopment (2)
2,410

 
442

 
2,959

 
292

 
1,589,009

Land Held for Development
N/A

 
N/A

 
N/A

 
N/A

 
18,606

Non-allocated (3)
1,114

 
N/A

 
2,252

 
N/A

 
539,073

 
 
 
 
 
 
 
 
 
 
Total
$
568,551

 
$
400,095

 
$
1,124,094

 
$
795,011

 
$
22,632,709

__________________________________
(1)
Does not include gross real estate either sold or classified as held for sale subsequent to June 30, 2019 of $209,170.
(2)
The Company had no Redevelopment Communities for the three and six months ended June 30, 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."