Segment Information (Tables)

12 Months Ended

Dec. 31, 2020

Summary of Reportable Operating Segments of Revenue and NOI

The revenues and NOI for each of the reportable operating segments are summarized as follows for the years ended December 31, 2020, 2019, and 2018 ($ in thousands):


	Years Ended December 31,
	2020		2019		2018
Revenues:
Southern California	$	570,673	$	597,330	$	579,533
Northern California	610,867		557,139		520,117
Seattle Metro	243,900		243,060		234,138
Other real estate assets	60,710		53,099		57,082
Total property revenues	$	1,486,150	$	1,450,628	$	1,390,870
Net operating income:
Southern California	$	393,776	$	425,882	$	412,517
Northern California	435,403		412,706		384,548
Seattle Metro	166,847		172,601		163,927
Other real estate assets	49,724		42,912		45,537
Total net operating income	1,045,750		1,054,101		1,006,529
Management and other fees from affiliates	9,598		9,527		9,183
Corporate-level property management expenses	(34,573)		(34,067)		(32,055)
Depreciation and amortization	(525,497)		(483,750)		(479,884)
General and administrative	(65,388)		(54,262)		(53,451)

Expensed acquisition and investment related costs	(1,591)		(168)		(194)
Impairment loss	(1,825)		(7,105)		—
Gain (loss) on sale of real estate and land	64,967		(3,164)		61,861
Interest expense	(220,633)		(217,339)		(220,492)
Total return swap income	10,733		8,446		8,707
Interest and other income	40,999		46,298		23,010
Equity income from co-investments	66,512		112,136		89,132

Deferred tax expense on unrealized gain on unconsolidated co-investment	(1,531)		(1,457)		—
(Loss) Gain on early retirement of debt, net	(22,883)		3,717		—
Gain on remeasurement of co-investment	234,694		31,535		1,253
Net income	$	599,332	$	464,448	$	413,599

Summary of Total Assets from Reportable Operating Segments

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


	As of December 31,
	2020		2019
Assets:
Southern California	$	3,993,275	$	4,139,104
Northern California	5,520,019		4,408,404
Seattle Metro	1,403,678		1,456,187
Other real estate assets	10,814		344,965
Net reportable operating segments - real estate assets	10,927,786		10,348,660
Real estate under development	386,047		546,075
Co-investments	1,018,010		1,335,339
Real estate held for sale	57,938		—
Cash and cash equivalents, including restricted cash	84,041		81,094
Marketable securities	147,768		144,193
Notes and other receivables	195,104		134,365
Operating lease right-of-use assets	72,143		74,744
Prepaid expenses and other assets	47,340		40,935
Total assets	$	12,936,177	$	12,705,405