Segment Information (Tables)

9 Months Ended

Sep. 30, 2020

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, 2020 and 2019 ($ in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Revenues:
Southern California	$	140,271	$	151,841	$	438,087	$	453,873
Northern California	148,712		140,509		462,558		411,694
Seattle Metro	60,617		61,052		184,310		180,942
Other real estate assets	18,864		11,102		41,408		31,258
Total property revenues	$	368,464	$	364,504	$	1,126,363	$	1,077,767
Net operating income:
Southern California	$	94,163	$	106,926	$	303,328	$	322,891
Northern California	103,657		103,232		332,566		304,975
Seattle Metro	41,216		43,401		126,422		128,081
Other real estate assets	17,033		8,772		34,373		26,417
Total net operating income	256,069		262,331		796,689		782,364
Management and other fees from affiliates	2,347		2,428		7,312		7,023
Corporate-level property management expenses	(8,619)		(8,553)		(26,024)		(25,451)
Depreciation and amortization	(130,202)		(120,809)		(395,370)		(360,842)
General and administrative	(13,310)		(11,345)		(42,244)		(38,731)

Expensed acquisition and investment related costs	(2)		(13)		(104)		(69)
Gain on sale of real estate and land	22,654		—		39,251		—
Interest expense	(55,430)		(54,896)		(165,024)		(162,651)
Total return swap income	2,977		2,154		7,749		6,174
Interest and other income	6,512		8,685		12,696		29,293
Equity income from co-investments	14,960		21,700		53,514		54,935
Deferred tax expense on unrealized gain on unconsolidated co-investment	—		(1,457)		(1,636)		(1,457)
(Loss) gain on early retirement of debt, net	(19,114)		5,475		(23,820)		7,143
Gain on remeasurement of co-investment	—		—		234,694		31,535
Net income	$	78,842	$	105,700	$	497,683	$	329,266

Reconciliation of assets from segment to consolidated

Total assets for each of the reportable operating segments are summarized as follows as of September 30, 2020 and December 31, 2019 ($ in thousands):


	September 30, 2020		December 31, 2019
Assets:
Southern California	$	4,089,875	$	4,199,377
Northern California	5,566,802		4,408,404
Seattle Metro	1,417,753		1,456,187
Other real estate assets	11,552		284,692
Net reportable operating segment - real estate assets	11,085,982		10,348,660
Real estate under development	364,875		546,075
Co-investments	1,018,235		1,335,339
Real estate held for sale, net	32,878		—
Cash and cash equivalents, including restricted cash	569,075		81,094
Marketable securities	134,971		144,193
Notes and other receivables	75,432		134,365
Operating lease right-of-use assets	72,910		74,744
Prepaid expenses and other assets	46,684		40,935
Total assets	$	13,401,042	$	12,705,405