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Segment Information
 9 Months Ended
Sep. 30, 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 and nine months ended September 30, 2021 and 2020 ($ in thousands):
 Three Months Ended September 30,Nine Months Ended September 30,
 2021202020212020
Revenues:
Southern California$150,807 $136,651 $434,926 $426,987 
Northern California145,807 147,081 435,883 457,655 
Seattle Metro60,280 60,617 178,180 184,310 
Other real estate assets3,726 24,115 13,264 57,411 
Total property revenues$360,620 $368,464 $1,062,253 $1,126,363 
Net operating income:
Southern California$103,660 $91,639 $300,761 $295,402 
Northern California98,948 102,559 299,489 329,338 
Seattle Metro39,876 41,216 119,041 126,422 
Other real estate assets2,805 20,655 9,659 45,527 
Total net operating income245,289 256,069 728,950 796,689 
Management and other fees from affiliates2,237 2,347 6,707 7,312 
Corporate-level property management expenses(9,068)(8,619)(27,120)(26,024)
Depreciation and amortization(130,564)(130,202)(387,887)(395,370)
General and administrative(12,712)(13,310)(34,746)(42,244)
Expensed acquisition and investment related costs(108)(2)(164)(104)
Gain on sale of real estate and land42,897 22,654 142,993 39,251 
Interest expense(50,019)(55,430)(152,639)(165,024)
Total return swap income2,660 2,977 8,137 7,749 
Interest and other income11,998 6,512 48,756 12,696 
Equity income from co-investments25,433 14,960 60,692 53,514 
Deferred tax expense on unrealized gain on unconsolidated co-investment(3,041)— (5,391)(1,636)
Loss on early retirement of debt, net— (19,114)(18,982)(23,820)
Gain on remeasurement of co-investment— — 2,260 234,694 
Net income$125,002 $78,842 $371,566 $497,683 
Total assets for each of the reportable operating segments are summarized as follows as of September 30, 2021 and December 31, 2020 ($ in thousands):
 September 30, 2021December 31, 2020
Assets:
Southern California$3,949,224 $3,981,650 
Northern California5,489,918 5,408,019 
Seattle Metro1,369,129 1,403,678 
Other real estate assets95,160 134,439 
Net reportable operating segment - real estate assets10,903,431 10,927,786 
Real estate under development212,426 386,047 
Co-investments1,081,861 1,018,010 
Real estate held for sale— 57,938 
Cash and cash equivalents, including restricted cash60,952 84,041 
Marketable securities183,140 147,768 
Notes and other receivables213,985 195,104 
Operating lease right-of-use assets69,756 72,143 
Prepaid expenses and other assets63,090 47,340 
Total assets$12,788,641 $12,936,177