Segment Information

The Company's segment disclosures present the measure used by the chief operating decision makers for purposes of assessing each segment's performance. The Company's chief operating decision makers are comprised of several members of its executive management team who use net operating income ("NOI") to assess the performance of the business for the Company's reportable operating segments. NOI represents total property revenues less direct property operating expenses.

The executive management team evaluates the Company's operating performance geographically. 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 NOI are management and other fees from affiliates and interest and other income. Non-segment revenues and NOI included in the following schedule also consist of revenues generated from commercial properties and properties that have been sold. Other non-segment assets include items such as real estate under development, co-investments, real estate held for sale, net, cash and cash equivalents, marketable securities, notes and other receivables, and prepaid expenses and other assets.

The revenues and NOI for each of the reportable operating segments are summarized as follows for the three months ended March 31, 2019 and 2018 ($ in thousands):



	Three Months Ended March 31,
	2019			2018
Revenues:
Southern California	$	151,024		$	146,558
Northern California	136,325			128,622
Seattle Metro	60,240			58,713
Other real estate assets	6,299			11,054
Total property revenues	$	353,888		$	344,947
Net operating income:
Southern California	$	107,429		$	104,363
Northern California	100,705			94,598
Seattle Metro	41,467			41,981
Other real estate assets	5,971			9,042
Total net operating income	255,572			249,984
Management and other fees from affiliates	2,335			2,308
Corporate-level property management expenses	(8,153		)	(7,770		)
Depreciation and amortization	(120,568		)	(119,105		)
General and administrative	(13,459		)	(14,813		)
Expensed acquisition and investment related costs	(32		)	(57		)
Interest expense	(53,643		)	(54,861		)
Total return swap income	2,045			2,270
Interest and other income	12,261			5,909
Equity income from co-investments	16,276			32,774
Gain on early retirement of debt, net	1,336			—
Gain on remeasurement of co-investment	31,535			—
Net income	$	125,505		$	96,639

Total assets for each of the reportable operating segments are summarized as follows as of March 31, 2019 and December 31, 2018 ($ in thousands):



	March 31, 2019		December 31, 2018
Assets:
Southern California	$	4,309,022	$	4,350,377
Northern California	4,411,355		4,270,238
Seattle Metro	1,461,068		1,472,916
Other real estate assets	61,012		63,022
Net reportable operating segment - real estate assets	10,242,457		10,156,553
Real estate under development	497,794		454,629
Co-investments	1,307,561		1,300,140
Cash and cash equivalents, including restricted cash	124,126		151,395
Marketable securities	211,030		209,545
Notes and other receivables	71,154		71,895
Operating lease right-of-use assets	76,996		—
Prepaid expenses and other assets	46,883		39,439
Total assets	$	12,578,001	$	12,383,596