Segment Information (Tables)

6 Months Ended

Jun. 30, 2016

Segment Reporting [Abstract]

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 and six months ended June 30, 2016 and 2015 (in thousands):

	Three Months Ended   June 30,						Six Months Ended   June 30,
	2016			2015			2016			2015
Revenues:
Southern California	$	144,772		$	131,026		$	286,264		$	254,481
Northern California	115,361			103,041			228,094			201,692
Seattle Metro	53,575			49,826			105,649			98,480
Other real estate assets	5,854			10,208			11,733			19,677
Total property revenues	$	319,562		$	294,101		$	631,740		$	574,330
Net operating income:
Southern California	$	98,934		$	87,810		$	195,387		$	173,340
Northern California	83,510			73,682			164,221			143,579
Seattle Metro	35,975			33,674			71,664			66,803
Other real estate assets	5,064			8,858			9,899			13,360
Total net operating income	223,483			204,024			441,171			397,082
Depreciation and amortization	(109,673		)	(113,731		)	(219,380		)	(220,638		)
Interest expense	(55,568		)	(50,802		)	(108,034		)	(98,348		)
Total return swap income	2,814			—			5,937			—
Management and other fees from affiliates	2,028			2,061			4,052			4,705
General and administrative	(9,698		)	(9,549		)	(18,880		)	(20,094		)
Merger and integration expenses	—			(1,410		)	—			(3,798		)
Acquisition and investment related costs	(267		)	(429		)	(1,095		)	(976		)
Interest and other income	9,409			3,254			14,617			7,453
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	14,296			4,472			29,364			8,783
Gain on remeasurement of co-investment	—			12,652			—			34,014
Net income	$	76,824		$	50,542		$	163,731		$	115,295

Reconciliation of assets from segment to consolidated

Total assets for each of the reportable operating segments are summarized as follows as of June 30, 2016 and December 31, 2015 (in thousands):

	June 30, 2016		December 31, 2015
Assets:
Southern California	$	4,847,701	$	4,912,264
Northern California	3,866,145		3,749,072
Seattle Metro	1,686,923		1,613,175
Other real estate assets	109,798		107,066
Net reportable operating segment - real estate assets	10,510,567		10,381,577
Real estate under development	157,659		242,326
Co-investments	1,103,272		1,036,047
Real estate held for sale, net	—		26,879
Cash and cash equivalents, including restricted cash	215,376		123,055
Marketable securities	152,263		137,485
Notes and other receivables	20,448		19,285
Other non-segment assets	47,106		38,437
Total assets	$	12,206,691	$	12,005,091