Segment Information

9 Months Ended

Sep. 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 nine months ended September 30, 2015 and 2014 ($ in thousands):

	Three Months Ended   September 30,						Nine Months Ended   September 30,
	2015			2014			2015			2014
Revenues:
Southern California	$	135,900		$	122,089		$	394,375		$	311,873
Northern California	110,483			94,807			319,834			239,018
Seattle Metro	51,181			47,132			149,662			120,281
Other real estate assets	4,958			4,484			12,981			13,641
Total property revenues	$	302,522		$	268,512		$	876,852		$	684,813
Net operating income:
Southern California	90,377			78,860			263,715			204,177
Northern California	79,223			66,313			228,190			167,034
Seattle Metro	34,484			31,751			101,288			80,198
Other real estate assets	4,319			3,526			12,292			9,478
Total net operating income	208,403			180,450			605,485			460,887
Management and other fees from affiliates	2,104			2,361			6,809			6,856
Depreciation and amortization	(116,308		)	(102,286		)	(336,946		)	(253,890		)
General and administrative	(11,129		)	(11,479		)	(31,223		)	(28,621		)
Merger and integration expenses	—			(3,857		)	(3,798		)	(46,413		)
Acquisition and investment related costs	(381		)	(51		)	(1,357		)	(768		)
Interest expense	(50,053		)	(45,830		)	(148,401		)	(117,021		)
Interest and other income	7,367			2,992			14,820			8,685
Equity income from co-investments	7,179			4,910			15,962			21,065
Gains on sale of real estate and land	—			31,372			7,112			38,853
Gain on remeasurement of co-investment	—			—			34,014			—
Net income	$	47,182		$	58,582		$	162,477		$	89,633

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

	September 30, 2015		December 31, 2014
Assets:
Southern California	$	4,813,844	$	4,241,277
Northern California	3,888,700		3,641,720
Seattle Metro	1,616,932		1,647,058
Other real estate assets	142,958		149,820
Net reportable operating segment - real estate assets	10,462,434		9,679,875
Real estate under development	226,690		429,096
Co-investments	1,036,043		1,042,423
Real estate held for sale, net	8,742		56,300
Cash and cash equivalents, including restricted cash	72,306		95,749
Marketable securities and other investments	133,058		117,240
Notes and other receivables	22,668		24,923
Other non-segment assets	50,776		81,126
Total assets	$	12,012,717	$	11,526,732