Segment Information

3 Months Ended

Mar. 31, 2020

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 generally 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 (loss). 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, 2020 and 2019 ($ in thousands):



	Three Months Ended March 31,
	2020			2019
Revenues:
Southern California	$	155,642		$	151,463
Northern California	164,079			136,745
Seattle Metro	63,844			60,413
Other real estate assets	6,185			5,267
Total property revenues	$	389,750		$	353,888
Net operating income:
Southern California	$	111,097		$	107,996
Northern California	120,981			101,214
Seattle Metro	44,993			41,699
Other real estate assets	5,536			4,939
Total net operating income	282,607			255,848
Management and other fees from affiliates	2,617			2,335
Corporate-level property management expenses	(8,759		)	(8,429		)
Depreciation and amortization	(131,559		)	(120,568		)
General and administrative	(13,982		)	(13,459		)
Expensed acquisition and investment related costs	(87		)	(32		)
Interest expense	(55,147		)	(53,643		)
Total return swap income	1,984			2,045
Interest and other income (loss)	(5,221		)	12,261
Equity income from co-investments	21,297			16,276
Gain on early retirement of debt, net	321			1,336
Gain on remeasurement of co-investment	234,694			31,535
Net income	$	328,765		$	125,505

Total assets for each of the reportable operating segments are summarized as follows as of March 31, 2020 and December 31, 2019 ($ in thousands):



	March 31, 2020		December 31, 2019
Assets:
Southern California	$	4,198,656	$	4,233,110
Northern California	5,748,062		4,622,268
Seattle Metro	1,469,297		1,481,061
Other real estate assets	12,103		12,221
Net reportable operating segment - real estate assets	11,428,118		10,348,660
Real estate under development	435,865		546,075
Co-investments	997,137		1,335,339
Cash and cash equivalents, including restricted cash	282,347		81,094
Marketable securities	148,139		144,193
Notes and other receivables	34,867		134,365
Operating lease right-of-use assets	74,428		74,744
Prepaid expenses and other assets	49,940		40,935
Total assets	$	13,450,841	$	12,705,405