Segment Information (Tables)

9 Months Ended

Sep. 30, 2019

Segment Reporting [Abstract]

Reconciliation of revenues and operating profit (loss) from segments to consolidated

The revenues and NOI for each of the reportable operating segments are summarized as follows for the three and nine months ended September 30, 2019 and 2018 ($ in thousands):

	Three Months Ended September 30,						Nine Months Ended September 30,
	2019			2018			2019			2018
Revenues:
Southern California	$	152,312		$	148,575		$	455,302		$	442,382
Northern California	144,124			131,538			420,544			389,750
Seattle Metro	61,657			59,231			182,738			176,740
Other real estate assets	6,411			9,266			19,183			31,211
Total property revenues	$	364,504		$	348,610		$	1,077,767		$	1,040,083
Net operating income:
Southern California	$	106,951		$	104,732		$	323,073		$	314,977
Northern California	105,381			97,244			310,407			288,222
Seattle Metro	43,701			40,999			129,013			123,432
Other real estate assets	6,000			7,860			19,040			26,568
Total net operating income	262,033			250,835			781,533			753,199
Management and other fees from affiliates	2,428			2,307			7,023			6,812
Corporate-level property management expenses	(8,255		)	(7,761		)	(24,620		)	(23,313		)
Depreciation and amortization	(120,809		)	(120,852		)	(360,842		)	(359,287		)
General and administrative	(11,345		)	(10,601		)	(38,731		)	(36,539		)
Expensed acquisition and investment related costs	(13		)	(31		)	(69		)	(156		)
Gain on sale of real estate and land	—			—			—			22,244
Interest expense	(54,896		)	(55,196		)	(162,651		)	(166,335		)
Total return swap income	2,154			2,184			6,174			6,682
Interest and other income	8,685			8,437			29,293			21,241
Equity income from co-investments	21,700			16,788			54,935			64,611
Deferred tax expense on unrealized gain on unconsolidated co-investment	(1,457		)	—			(1,457		)	—
Gain on early retirement of debt, net	5,475			—			7,143			—
Gain on remeasurement of co-investment	—			—			31,535			—
Net income	$	105,700		$	86,110		$	329,266		$	289,159

Reconciliation of assets from segment to consolidated

Total assets for each of the reportable operating segments are summarized as follows as of September 30, 2019 and December 31, 2018 ($ in thousands):

	September 30, 2019		December 31, 2018
Assets:
Southern California	$	4,245,335	$	4,350,377
Northern California	4,623,559		4,270,238
Seattle Metro	1,444,045		1,472,916
Other real estate assets	66,579		63,022
Net reportable operating segment - real estate assets	10,379,518		10,156,553
Real estate under development	562,338		454,629
Co-investments	1,413,861		1,300,140
Cash and cash equivalents, including restricted cash	91,726		151,395
Marketable securities	216,894		209,545
Notes and other receivables	216,541		71,895
Operating lease right-of-use assets	75,478		—
Prepaid expenses and other assets	41,536		39,439
Total assets	$	12,997,892	$	12,383,596