Segment Information (Tables)

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Summary of Reportable Operating Segments of Revenue and NOI

The revenues and NOI for each of the reportable operating segments are summarized as follows for the years ended December 31, 2021, 2020, and 2019 ($ in thousands):

	Years Ended December 31,
	2021		2020		2019
Revenues:
Southern California	$	588,381	$	566,553	$	593,253
Northern California	584,034		604,348		557,139
Seattle Metro	239,839		243,900		243,060
Other real estate assets	19,164		71,349		57,176
Total property revenues	$	1,431,418	$	1,486,150	$	1,450,628
Net operating income:
Southern California	$	408,207	$	391,095	$	423,177
Northern California	401,862		431,124		412,706
Seattle Metro	160,954		166,847		172,601
Other real estate assets	15,136		56,684		45,617
Total net operating income	986,159		1,045,750		1,054,101
Management and other fees from affiliates	9,138		9,598		9,527
Corporate-level property management expenses	(36,188)		(34,573)		(34,067)
Depreciation and amortization	(520,066)		(525,497)		(483,750)
General and administrative	(51,838)		(65,388)		(54,262)
Expensed acquisition and investment related costs	(203)		(1,591)		(168)
Impairment loss	—		(1,825)		(7,105)
Gain (loss) on sale of real estate and land	142,993		64,967		(3,164)
Interest expense	(203,125)		(220,633)		(217,339)
Total return swap income	10,774		10,733		8,446
Interest and other income	98,744		40,999		46,298
Equity income from co-investments	111,721		66,512		112,136
Deferred tax expense on unrealized gain on unconsolidated co-investment	(15,668)		(1,531)		(1,457)
(Loss) gain on early retirement of debt, net	(19,010)		(22,883)		3,717
Gain on remeasurement of co-investment	2,260		234,694		31,535
Net income	$	515,691	$	599,332	$	464,448

Summary of Total Assets from Reportable Operating Segments

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

	As of December 31,
	2021		2020
Assets:
Southern California	$	4,018,839	$	3,981,650
Northern California	5,460,701		5,405,102
Seattle Metro	1,407,033		1,403,678
Other real estate assets	96,500		137,356
Net reportable operating segments - real estate assets	10,983,073		10,927,786
Real estate under development	111,562		386,047
Co-investments	1,177,802		1,018,010
Real estate held for sale	—		57,938
Cash and cash equivalents, including restricted cash	58,638		84,041
Marketable securities	191,829		147,768
Notes and other receivables	341,033		195,104
Operating lease right-of-use assets	68,972		72,143
Prepaid expenses and other assets	64,964		47,340
Total assets	$	12,997,873	$	12,936,177