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Segment Information
 3 Months Ended
Mar. 31, 2021
Segment Reporting [Abstract]  
Segment Information 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 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. 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, 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, 2021 and 2020 ($ in thousands):
 Three Months Ended March 31,
 20212020
Revenues:
Southern California$143,012 $151,895 
Northern California146,690 158,456 
Seattle Metro58,633 63,044 
Other real estate assets4,541 16,355 
Total property revenues$352,876 $389,750 
Net operating income:
Southern California$99,251 $108,289 
Northern California101,625 117,187 
Seattle Metro38,779 44,426 
Other real estate assets2,742 12,705 
Total net operating income242,397 282,607 
Management and other fees from affiliates2,249 2,617 
Corporate-level property management expenses(8,947)(8,759)
Depreciation and amortization(128,587)(131,559)
General and administrative(9,812)(13,982)
Expensed acquisition and investment related costs(15)(87)
Gain on sale of real estate and land100,096 — 
Interest expense(51,649)(55,147)
Total return swap income2,844 1,984 
Interest and other income (loss)14,387 (5,221)
Equity income from co-investments17,011 21,297 
Deferred tax expense on unrealized gain on unconsolidated co-investment(508)— 
(Loss) gain on early retirement of debt, net(2,517)321 
Gain on remeasurement of co-investment— 234,694 
Net income$176,949 $328,765 
Total assets for each of the reportable operating segments are summarized as follows as of March 31, 2021 and December 31, 2020 ($ in thousands):
 March 31, 2021December 31, 2020
Assets:
Southern California$3,956,663 $3,993,275 
Northern California5,363,795 5,408,019 
Seattle Metro1,389,142 1,403,678 
Other real estate assets9,171 122,814 
Net reportable operating segment - real estate assets10,718,771 10,927,786 
Real estate under development404,496 386,047 
Co-investments962,625 1,018,010 
Real estate held for sale— 57,938 
Cash and cash equivalents, including restricted cash113,360 84,041 
Marketable securities165,265 147,768 
Notes and other receivables266,896 195,104 
Operating lease right-of-use assets71,347 72,143 
Prepaid expenses and other assets87,444 47,340 
Total assets$12,790,204 $12,936,177