Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2012

Segment Reporting

Schedule of reconciliation of NOI to net income

	For the three months ended						For the nine months ended
	9-30-12			9-30-11			9-30-12			9-30-11
Net income	$	86,747		$	44,677		$	301,178		$	118,405
Indirect operating expenses, net of corporate income	7,396			7,743			24,049			22,490
Investments and investment management expense	1,582			1,328			4,526			3,860
Expensed acquisition, development and other pursuit costs	608			633			1,749			2,636
Interest expense, net	33,985			42,659			100,804			130,174
Loss on extinguishment of debt, net	—			—			1,179			—
General and administrative expense	8,372			6,087			26,398			21,524
Equity in income of unconsolidated entities	(5,553		)	(2,615		)	(9,801		)	(3,513		)
Depreciation expense	65,998			60,893			193,434			180,953
Impairment loss	—			14,052			—			14,052
Gain on sale of real estate assets	—			(13,716		)	(95,329		)	(21,391		)
Income from discontinued operations	—			(327		)	(2,870		)	(631		)
Gain on acquisition of unconsolidated entity	(14,194		)	—			(14,194		)	—
Net operating income	$	184,941		$	161,414		$	531,123		$	468,559

Schedule of details of segment information

	For the three months ended						For the nine months ended
	Total				% NOI change		Total				% NOI change		Gross
	revenue		NOI		from prior year		revenue		NOI		from prior year		real estate (1)
For the period ended September 30, 2012
Established
New England	$	42,755	$	27,374	2.7	%	$	125,568	$	81,268	5.6	%	$	1,287,578
Metro NY/NJ	59,346		41,051		5.6	%	174,734		121,280		7.2	%	1,966,938
Mid-Atlantic	26,300		18,618		3.7	%	77,825		56,156		4.2	%	591,802
Pacific Northwest	8,401		5,984		19.6	%	24,426		17,207		13.6	%	304,381
Northern California	32,949		24,316		15.9	%	95,979		70,344		14.7	%	1,180,656
Southern California	25,131		17,224		6.2	%	74,000		51,225		8.8	%	946,802
Total Established	194,882		134,567		7.1	%	572,532		397,480		8.1	%	6,278,157
Other Stabilized	39,222		25,691		N/A		110,200		71,641		N/A		1,383,135
Development / Redevelopment	35,267		24,683		N/A		90,692		62,002		N/A		1,871,336
Land Held for Future Development	N/A		N/A		N/A		N/A		N/A		N/A		304,295
Non-allocated (2)	2,533		N/A		N/A		7,852		N/A		N/A		54,829
Total	$	271,904	$	184,941	14.6	%	$	781,276	$	531,123	14.4	%	$	9,891,752
For the period ended September 30, 2011
Established
New England	$	43,277	$	27,560	8.6	%	$	126,387	$	80,048	8.6	%	$	1,300,019
Metro NY/NJ	49,721		33,707		10.0	%	145,912		98,420		7.3	%	1,532,296
Mid-Atlantic	26,031		18,403		5.6	%	76,677		55,242		6.7	%	602,609
Pacific Northwest	9,560		6,120		7.1	%	28,035		18,609		4.7	%	362,806
Northern California	24,172		17,244		11.3	%	70,449		50,445		8.9	%	868,400
Southern California	19,035		12,699		13.1	%	55,997		37,047		7.8	%	695,828
Total Established	171,796		115,733		9.3	%	503,457		339,811		7.7	%	5,361,958
Other Stabilized	35,742		23,310		N/A		101,773		65,605		N/A		1,566,557
Development / Redevelopment	33,748		22,371		N/A		93,708		63,143		N/A		1,627,772
Land Held for Future Development	N/A		N/A		N/A		N/A		N/A		N/A		263,155
Non-allocated (2)	2,433		N/A		N/A		7,085		N/A		N/A		76,321
Total	$	243,719	$	161,414	15.1	%	$	706,023	$	468,559	14.0	%	$	8,895,763

(1)Does not include gross real estate assets held for sale of $0 and $269,719 as of September 30, 2012 and 2011, respectively.

(2)Revenue represents third party management, asset management and developer fees and miscellaneous income which are not allocated to a reportable segment.