Segment Information (Tables)

3 Months Ended

Mar. 31, 2015

Reconciliation of Revenues and Operating Profit Loss from Segments to Consolidated

The revenues and net operating income for each of the reportable operating segments are summarized as follows for the three months ended March 31, 2015 and 2014 ($ in thousands):



	Three Months Ended March 31,
	2015			2014
Revenues:
Southern California	$	123,455		$	69,611
Northern California	102,427			56,488
Seattle Metro	48,654			28,705
Other real estate assets	5,693			4,545
Total property revenues	$	280,229		$	159,349
Net operating income:
Southern California	$	83,088		$	46,939
Northern California	72,516			39,923
Seattle Metro	33,129			19,046
Other real estate assets	4,325			1,135
Total net operating income	193,058			107,043
Management and other fees from affiliates	2,644			1,660
Depreciation and amortization	(106,907		)	(50,312		)
General and administrative	(10,545		)	(7,583		)
Merger and integration expenses	(2,388		)	(16,059		)
Acquisition costs	(547		)	(188		)
Interest expense	(47,546		)	(29,041		)
Interest and other income	4,199			2,879
Equity income from co-investments	4,311			10,526
Gains on sale of real estate and land	7,112			7,481
Gain on remeasurement of co-investment	21,362			—
Net income	$	64,753		$	26,406

Reconciliation of Assets from Segment to Consolidated

Total assets for each of the reportable operating segments are summarized as follows as of March 31, 2015 and December 31, 2014 ($ in thousands):



	March 31, 2015		December 31, 2014
Assets:
Southern California	$	4,612,162	$	4,241,277
Northern California	3,782,875		3,641,720
Seattle Metro	1,634,249		1,647,058
Other real estate assets	149,751		149,820
Net reportable operating segment - real estate assets	10,179,037		9,679,875
Real estate under development	339,386		429,096
Co-investments	1,057,298		1,042,423
Real estate held for sale, net	—		56,300
Cash and cash equivalents, including restricted cash	255,230		95,749
Marketable securities and other investments	128,502		117,240
Notes and other receivables	28,954		24,923
Other non-segment assets	96,752		110,565
Total assets	$	12,085,159	$	11,556,171