Segment Information

6 Months Ended

Jun. 30, 2015

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 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 three and six months ended June 30, 2015 and 2014 ($ in thousands):

	Three Months Ended   June 30,						Six Months Ended   June 30,
	2015			2014			2015			2014
Revenues:
Southern California	$	131,026		$	114,780		$	254,481		$	184,391
Northern California	106,923			87,722			209,350			144,210
Seattle Metro	49,826			44,444			98,480			73,149
Other real estate assets	6,326			10,006			12,019			14,552
Total property revenues	$	294,101		$	256,952		$	574,330		$	416,302
Net operating income:
Southern California	87,810			75,292			173,340			122,231
Northern California	76,451			60,797			148,967			100,720
Seattle Metro	33,674			29,401			66,803			48,447
Other real estate assets	6,089			7,904			7,972			9,040
Total net operating income	204,024			173,394			397,082			280,438
Management and other fees from affiliates	2,061			2,836			4,705			4,495
Depreciation and amortization	(113,731		)	(101,292		)	(220,638		)	(151,604		)
General and administrative	(9,549		)	(9,558		)	(20,094		)	(17,141		)
Merger and integration expenses	(1,410		)	(26,497		)	(3,798		)	(42,556		)
Acquisition costs	(429		)	(529		)	(976		)	(717		)
Interest expense	(50,802		)	(42,151		)	(98,348		)	(71,192		)
Interest and other income	3,254			2,814			7,453			5,693
Equity income from co-investments	4,472			5,629			8,783			16,155
Gains on sale of real estate and land	—			—			7,112			7,481
Gain on remeasurement of co-investment	12,652			—			34,014			—
Net income	$	50,542		$	4,646		$	115,295		$	31,052

Total assets for each of the reportable operating segments are summarized as follows as of June 30, 2015 and December 31, 2014 ($ in thousands):

	June 30, 2015		December 31, 2014
Assets:
Southern California	$	4,836,313	$	4,241,277
Northern California	3,899,013		3,641,720
Seattle Metro	1,624,134		1,647,058
Other real estate assets	151,442		149,820
Net reportable operating segment - real estate assets	10,510,902		9,679,875
Real estate under development	220,911		429,096
Co-investments	1,044,208		1,042,423
Real estate held for sale, net	—		56,300
Cash and cash equivalents, including restricted cash	65,152		95,749
Marketable securities and other investments	121,244		117,240
Notes and other receivables	25,676		24,923
Other non-segment assets	56,911		81,126
Total assets	$	12,045,004	$	11,526,732