Segment Information (Tables)

9 Months Ended

Sep. 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 nine months ended September 30, 2021 and 2020 ($ in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Revenues:
Southern California	$	150,807	$	136,651	$	434,926	$	426,987
Northern California	145,807		147,081		435,883		457,655
Seattle Metro	60,280		60,617		178,180		184,310
Other real estate assets	3,726		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 California	98,948		102,559		299,489		329,338
Seattle Metro	39,876		41,216		119,041		126,422
Other real estate assets	2,805		20,655		9,659		45,527
Total net operating income	245,289		256,069		728,950		796,689
Management and other fees from affiliates	2,237		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 land	42,897		22,654		142,993		39,251
Interest expense	(50,019)		(55,430)		(152,639)		(165,024)
Total return swap income	2,660		2,977		8,137		7,749
Interest and other income	11,998		6,512		48,756		12,696
Equity income from co-investments	25,433		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

Reconciliation of Assets from Segment to Consolidated

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, 2021		December 31, 2020
Assets:
Southern California	$	3,949,224	$	3,981,650
Northern California	5,489,918		5,408,019
Seattle Metro	1,369,129		1,403,678
Other real estate assets	95,160		134,439
Net reportable operating segment - real estate assets	10,903,431		10,927,786
Real estate under development	212,426		386,047
Co-investments	1,081,861		1,018,010
Real estate held for sale	—		57,938
Cash and cash equivalents, including restricted cash	60,952		84,041
Marketable securities	183,140		147,768
Notes and other receivables	213,985		195,104
Operating lease right-of-use assets	69,756		72,143
Prepaid expenses and other assets	63,090		47,340
Total assets	$	12,788,641	$	12,936,177