Segment Information (Tables)

3 Months Ended

Mar. 31, 2016

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, 2016 and 2015 (in thousands):



	Three Months Ended March 31,
	2016			2015
Revenues:
Southern California	$	141,492		$	123,455
Northern California	112,733			102,427
Seattle Metro	52,074			48,654
Other real estate assets	5,879			5,693
Total property revenues	$	312,178		$	280,229
Net operating income:
Southern California	$	96,453		$	83,088
Northern California	80,711			72,516
Seattle Metro	35,689			33,129
Other real estate assets	4,835			4,325
Total net operating income	217,688			193,058
Depreciation and amortization	(109,707		)	(106,907		)
Interest expense	(52,466		)	(47,546		)
Total return swap income	3,123			—
Management and other fees from affiliates	2,024			2,644
General and administrative	(9,182		)	(10,545		)
Merger and integration expenses	—			(2,388		)
Acquisition and investment related costs	(828		)	(547		)
Interest and other income	5,208			4,199
Gain on sale of real estate and land	20,258			7,112
Deferred tax expense on gain on sale of real estate and land	(4,279		)	—
Equity income in co-investments	15,068			4,311
Gain on remeasurement of co-investment	—			21,362
Net income	$	86,907		$	64,753

Reconciliation of assets from segment to consolidated

Total assets for each of the reportable operating segments are summarized as follows as of March 31, 2016 and December 31, 2015 (in thousands):



	March 31, 2016		December 31, 2015
Assets:
Southern California	$	4,875,525	$	4,912,264
Northern California	3,892,121		3,749,072
Seattle Metro	1,698,550		1,613,175
Other real estate assets	108,679		107,066
Net reportable operating segment - real estate assets	10,574,875		10,381,577
Real estate under development	145,711		242,326
Co-investments	1,069,684		1,036,047
Real estate held for sale, net	—		26,879
Cash and cash equivalents, including restricted cash	80,483		123,055
Marketable securities	138,597		137,485
Notes and other receivables	18,198		19,285
Other non-segment assets	39,936		38,437
Total assets	$	12,067,484	$	12,005,091