Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2020

Schedule of reconciliation of NOI to net income

A reconciliation of NOI to net income for the three and nine months ended September 30, 2020 and 2019 is as follows (dollars in thousands):


	For the three months ended				For the nine months ended
	9/30/2020		9/30/2019		9/30/2020		9/30/2019
Net income	$	147,717	$	279,709	$	486,592	$	618,432
Indirect operating expenses, net of corporate income	23,837		20,195		70,043		62,935
Expensed transaction, development and other pursuit costs, net of recoveries	567		175		4,289		2,562
Interest expense, net	53,249		51,493		162,562		149,395
(Gain) loss on extinguishment of debt, net	(105)		93		9,333		602
General and administrative expense	13,985		12,769		46,878		45,440
Equity in income of unconsolidated real estate entities	(5,083)		(1,643)		(6,770)		(780)
Depreciation expense	175,348		165,463		529,508		490,213
Income tax (benefit) expense	(27)		11,184		(1,069)		11,178
Gain on sale of communities	(31,607)		(130,484)		(91,338)		(165,849)
Gain on other real estate transactions, net	(129)		(73)		(328)		(374)
Gain on for-sale condominiums, net of marketing and administrative costs	646		1,108		(4,162)		2,526
Net operating income from real estate assets sold or held for sale	(720)		(3,404)		(3,572)		(16,161)
Net operating income	$	377,678	$	406,585	$	1,201,966	$	1,200,119

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
	9/30/2020		9/30/2019		9/30/2020		9/30/2019
Rental income from real estate assets sold or held for sale	$	1,449	$	6,094	$	6,159	$	28,116
Operating expenses from real estate assets sold or held for sale	(729)		(2,690)		(2,587)		(11,955)
Net operating income from real estate assets sold or held for sale	$	720	$	3,404	$	3,572	$	16,161

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, 2020
Established
New England	$	78,057	$	49,089	$	239,456	$	155,604	$	2,774,519
Metro NY/NJ	112,507		75,193		344,475		236,138		4,303,971
Mid-Atlantic	84,038		56,190		259,086		180,886		3,505,272
Pacific Northwest	27,125		18,578		83,539		59,042		994,486
Northern California	95,234		69,752		300,856		228,047		3,274,052
Southern California	105,964		71,125		327,865		228,181		4,152,209
Expansion Markets	5,633		3,015		17,424		10,004		320,944
Total Established	508,558		342,942		1,572,701		1,097,902		19,325,453

Other Stabilized	35,080		22,834		105,246		69,438		1,595,739
Development / Redevelopment	21,300		11,902		58,403		34,626		2,569,413
Land Held for Development	N/A		N/A		N/A		N/A		43,494
Non-allocated (2)	1,017		N/A		2,950		N/A		407,821

Total	$	565,955	$	377,678	$	1,739,300	$	1,201,966	$	23,941,920



For the period ended September 30, 2019
Established
New England	$	81,924	$	54,244	$	240,178	$	158,801	$	2,742,940
Metro NY/NJ	119,857		82,602		355,990		248,530		4,284,077
Mid-Atlantic	88,829		62,430		262,806		185,431		3,475,939
Pacific Northwest	28,589		20,684		84,615		61,498		988,952
Northern California	103,511		79,076		307,207		235,884		3,258,942
Southern California	113,202		79,357		337,488		239,452		4,119,312
Expansion Markets	5,825		3,261		17,607		10,177		320,114
Total Established	541,737		381,654		1,605,891		1,139,773		19,190,276

Other Stabilized	30,199		20,125		77,749		52,091		1,404,506
Development / Redevelopment	8,352		4,806		15,820		8,255		1,824,012
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	$	581,519	$	406,585	$	1,702,944	$	1,200,119	$	22,991,068

__________________________________

(1)Does not include gross real estate either sold or classified as held for sale subsequent to September 30, 2019 of $131,790.

(2)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."