Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2012

Segment Reporting

Schedule of reconciliation of NOI to net income

A reconciliation of NOI to net income for years ended December 31, 2012, 2011 and 2010 is as follows (dollars in thousands):

	For the year ended
	12-31-12			12-31-11			12-31-10
Net income	$	423,562		$	441,370		$	174,079
Indirect operating expenses, net of corporate income		31,911			30,550			30,246
Investments and investment management expense		6,071			5,126			3,824
Expensed acquisition, development and other pursuit costs		11,350			2,967			2,741
Interest expense, net		136,920			167,814			169,997
(Gain) loss on extinguishment of debt, net		1,179			1,940			—
General and administrative expense		34,101			29,371			26,846
Equity in income of unconsolidated entities		(20,914	)		(5,120	)		(762	)
Depreciation expense		256,026			239,060			220,563
Casualty and impairment loss		1,449			14,052			—
Gain on sale of real estate assets		(146,591	)		(294,806	)		(74,074	)
Income from discontinued operations		(12,495	)		(7,880	)		(7,950	)
Gain on acquisition of unconsolidated real estate entity		(14,194	)		—			—
Net operating income	$	708,375		$	624,444		$	545,510

Schedule of details of segment information

The following table provides details of the Company's segment information as of the dates specified (dollars in thousands).

	Total revenue		NOI		% NOI change from prior year			Gross real estate(1)
For the period ended December 31, 2012
Established
New England	$	168,260	$	109,301		4.9	%	$	1,289,604
Metro NY/NJ		229,624		160,026		7.3	%		1,947,668
Mid-Atlantic		103,784		75,313		6.9	%		591,669
Pacific Northwest		32,942		23,433		15.0	%		306,289
Northern California		129,493		94,915		14.0	%		1,181,395
Southern California		99,302		68,880		7.0	%		947,743
Total Established(2)		763,405		531,868		7.6	%		6,264,368
Other Stabilized		135,231		86,722		n/a			1,314,690
Development / Redevelopment		129,767		89,785		n/a			2,032,277
Land Held for Future Development		n/a		n/a		n/a			316,037
Non-allocated(3)		10,257		n/a		n/a			73,724
Total	$	1,038,660	$	708,375		14.2	%	$	10,001,096
For the period ended December 31, 2011
Established
New England	$	169,939	$	109,048		9.6	%	$	1,302,368
Metro NY/NJ		195,652		131,605		6.6	%		1,534,923
Mid-Atlantic		102,834		74,756		6.6	%		603,345
Pacific Northwest		30,057		20,374		6.0	%		301,662
Northern California		95,209		68,173		10.9	%		869,254
Southern California		75,120		50,391		9.8	%		697,705
Total Established(2)		668,811		454,347		8.3	%		5,309,257
Other Stabilized		137,779		89,949		n/a			1,567,875
Development / Redevelopment		119,841		80,148		n/a			1,752,006
Land Held for Future Development		n/a		n/a		n/a			325,918
Non-allocated(3)		9,656		n/a		n/a			78,161
Total	$	936,087	$	624,444		14.5	%	$	9,033,217
For the period ended December 31, 2010
Established
New England	$	143,564	$	89,712		(0.3	)%	$	1,109,016
Metro NY/NJ		181,639		121,033		(1.5	)%		1,386,850
Mid-Atlantic		91,927		65,737		1.0	%		545,190
Pacific Northwest		19,045		12,426		(10.7	)%		176,940
Northern California		111,474		76,362		(6.4	)%		1,056,111
Southern California		58,888		37,703		(6.7	)%		470,162
Total Established(2)		606,537		402,973		(2.6	)%		4,744,269
Other Stabilized		122,403		74,609		n/a			1,580,910
Development / Redevelopment		106,526		67,928		n/a			1,670,398
Land Held for Future Development		n/a		n/a		n/a			184,150
Non-allocated(3)		7,354		n/a		n/a			82,806
Total	$	842,820	$	545,510		4.6	%	$	8,262,533

(1)

Does not include gross real estate assets held for sale of $70,246, $255,274 and $398,679 as of December 31, 2012, December 31, 2011 and December 31, 2010 respectively.

(2)

Gross real estate for the Company's established communities includes capitalized additions of approximately $25,448, $34,359 and $38,670 in 2012, 2011 and 2010, respectively.

(3)

Revenue represents third-party management, accounting, and developer fees and miscellaneous income which are not allocated to a reportable segment.