Segment Information (Tables)

6 Months Ended

Jun. 30, 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 and six months ended June 30, 2021 and 2020 ($ in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Revenues:
Southern California	$	143,230	$	140,510	$	286,242	$	292,405
Northern California	143,386		152,118		290,076		310,574
Seattle Metro	59,267		60,649		117,900		123,693
Other real estate assets	2,874		14,872		7,415		31,227
Total property revenues	$	348,757	$	368,149	$	701,633	$	757,899
Net operating income:
Southern California	$	99,263	$	96,829	$	198,514	$	205,118
Northern California	98,916		109,592		200,541		226,779
Seattle Metro	40,386		40,780		79,165		85,206
Other real estate assets	2,699		10,812		5,441		23,517
Total net operating income	241,264		258,013		483,661		540,620
Management and other fees from affiliates	2,221		2,348		4,470		4,965
Corporate-level property management expenses	(9,105)		(8,646)		(18,052)		(17,405)
Depreciation and amortization	(128,736)		(133,609)		(257,323)		(265,168)
General and administrative	(12,222)		(14,952)		(22,034)		(28,934)

Expensed acquisition and investment related costs	(41)		(15)		(56)		(102)
Gain on sale of real estate and land	—		16,597		100,096		16,597
Interest expense	(50,971)		(54,447)		(102,620)		(109,594)
Total return swap income	2,633		2,788		5,477		4,772
Interest and other income	22,371		11,405		36,758		6,184
Equity income from co-investments	18,248		17,257		35,259		38,554
Deferred tax expense on unrealized gain on unconsolidated co-investment	(1,842)		(1,636)		(2,350)		(1,636)
Loss on early retirement of debt, net	(16,465)		(5,027)		(18,982)		(4,706)
Gain on remeasurement of co-investment	2,260		—		2,260		234,694
Net income	$	69,615	$	90,076	$	246,564	$	418,841

Reconciliation of Assets from Segment to Consolidated

Total assets for each of the reportable operating segments are summarized as follows as of June 30, 2021 and December 31, 2020 ($ in thousands):


	June 30, 2021		December 31, 2020
Assets:
Southern California	$	3,985,599	$	3,993,275
Northern California	5,527,443		5,408,019
Seattle Metro	1,377,702		1,403,678
Other real estate assets	14,007		122,814
Net reportable operating segment - real estate assets	10,904,751		10,927,786
Real estate under development	208,330		386,047
Co-investments	1,037,270		1,018,010
Real estate held for sale	—		57,938
Cash and cash equivalents, including restricted cash	58,176		84,041
Marketable securities	175,782		147,768
Notes and other receivables	238,855		195,104
Operating lease right-of-use assets	70,551		72,143
Prepaid expenses and other assets	53,484		47,340
Total assets	$	12,747,199	$	12,936,177