Segment Information

12 Months Ended

Dec. 31, 2014

Segment Reporting [Abstract]

Segment Information

Segment Information

The Company defines its reportable operating segments as the three geographical regions in which its communities are located: Southern California, Northern California and Seattle Metro.  Excluded from segment revenues and net operating income are communities classified in discontinued operations, management and other fees from affiliates, and interest and other income.  Non-segment revenues and net operating income included in the following schedule also consist of revenue generated from commercial properties.  Other non-segment assets include real estate under development, co-investments, cash and cash equivalents, marketable securities, notes and other receivables, prepaid expenses and other assets and deferred charges.

The revenues and net operating income for each of the reportable operating segments are summarized as follows for the years ended December 31, 2014, 2013, and 2012 ($ in thousands):

	Years Ended December 31,
	2014			2013			2012
Revenues:
Southern California	$	422,899		$	263,064		$	248,150
Northern California	338,006			212,167			173,264
Seattle Metro	168,053			107,553			92,489
Other real estate assets	31,000			19,219			12,793
Total property revenues	$	959,958		$	602,003		$	526,696
Net operating income:
Southern California	$	279,178		$	175,557		$	164,841
Northern California	236,927			146,699			119,154
Seattle Metro	112,384			71,407			60,853
Other real estate assets	20,556			12,328			9,681
Total net operating income	649,045			405,991			354,529
Depreciation and amortization	(360,592		)	(192,420		)	(169,173		)
Interest expense	(164,551		)	(116,524		)	(111,888		)
Management and other fees from affiliates	9,347			7,263			8,457
General and administrative	(40,878		)	(26,684		)	(24,573		)
Merger and integration expenses	(53,530		)	(4,284		)	—
Acquisition and disposition costs	(1,878		)	(1,161		)	(2,215		)
Interest and other income	11,811			11,633			13,833
Loss on early retirement of debt, net	(268		)	(300		)	(5,009		)
Gain on sale of real estate and land	46,039			1,503			—
Equity income from co-investments	39,893			55,865			41,745
Gain on remeasurement of co-investment	—			—			21,947
Income before discontinued operations	$	134,438		$	140,882		$	127,653

Total assets for each of the reportable operating segments are summarized as follows as of December 31, 2014 and 2013 ($ in thousands):

	As of December 31,
Assets:	2014		2013
Southern California	$	4,249,107	$	1,732,791
Northern California	3,641,720		1,605,303
Seattle Metro	1,647,058		741,533
Other real estate assets	149,820		109,244
Net reportable operating segments - real estate assets	9,687,705		4,188,871
Real estate under development	434,371		50,430
Co-investments	1,036,411		677,133
Real estate held for sale, net	56,300		—
Cash and cash equivalents, including restricted cash	95,420		53,766
Marketable securities and other investments	117,240		90,084
Notes and other receivables	24,923		68,255
Other non-segment assets	110,504		58,300
Total assets	$	11,562,874	$	5,186,839