Segment Information (Tables)

3 Months Ended

Mar. 31, 2021

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 months ended March 31, 2021 and 2020 ($ in thousands):


	Three Months Ended March 31,
	2021		2020
Revenues:
Southern California	$	143,012	$	151,895
Northern California	146,690		158,456
Seattle Metro	58,633		63,044
Other real estate assets	4,541		16,355
Total property revenues	$	352,876	$	389,750
Net operating income:
Southern California	$	99,251	$	108,289
Northern California	101,625		117,187
Seattle Metro	38,779		44,426
Other real estate assets	2,742		12,705
Total net operating income	242,397		282,607
Management and other fees from affiliates	2,249		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 land	100,096		—
Interest expense	(51,649)		(55,147)
Total return swap income	2,844		1,984
Interest and other income (loss)	14,387		(5,221)
Equity income from co-investments	17,011		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

Reconciliation of Assets from Segment to Consolidated

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, 2021		December 31, 2020
Assets:
Southern California	$	3,956,663	$	3,993,275
Northern California	5,363,795		5,408,019
Seattle Metro	1,389,142		1,403,678
Other real estate assets	9,171		122,814
Net reportable operating segment - real estate assets	10,718,771		10,927,786
Real estate under development	404,496		386,047
Co-investments	962,625		1,018,010
Real estate held for sale	—		57,938
Cash and cash equivalents, including restricted cash	113,360		84,041
Marketable securities	165,265		147,768
Notes and other receivables	266,896		195,104
Operating lease right-of-use assets	71,347		72,143
Prepaid expenses and other assets	87,444		47,340
Total assets	$	12,790,204	$	12,936,177