Segment Information (Tables)

3 Months Ended

Mar. 31, 2022

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, 2022 and 2021 ($ in thousands):


	Three Months Ended March 31,
	2022		2021
Revenues:
Southern California	$	156,969	$	141,969
Northern California	152,590		146,690
Seattle Metro	64,203		58,633
Other real estate assets	5,454		5,584
Total property revenues	$	379,216	$	352,876
Net operating income:
Southern California	$	110,213	$	98,577
Northern California	104,985		101,649
Seattle Metro	43,296		38,792
Other real estate assets	4,622		3,445
Total net operating income	263,116		242,463
Management and other fees from affiliates	2,689		2,249
Corporate-level property management expenses	(10,172)		(9,013)
Depreciation and amortization	(133,533)		(128,587)
General and administrative	(12,242)		(9,812)

Expensed acquisition and investment related costs	(8)		(15)
Gain on sale of real estate and land	—		100,096
Interest expense	(50,377)		(51,649)
Total return swap income	2,544		2,844
Interest and other (loss) income	(7,567)		14,387
Equity income from co-investments	21,171		17,011
Deferred tax benefit (expense) on unconsolidated co-investments	2,754		(508)
Loss on early retirement of debt, net	—		(2,517)

Net income	$	78,375	$	176,949

Reconciliation of Assets from Segment to Consolidated

Total assets for each of the reportable operating segments are summarized as follows as of March 31, 2022 and December 31, 2021 ($ in thousands):


	March 31, 2022		December 31, 2021
Assets:
Southern California	$	3,981,059	$	4,018,839
Northern California	5,425,077		5,460,701
Seattle Metro	1,397,195		1,407,033
Other real estate assets	101,189		96,500
Net reportable operating segment - real estate assets	10,904,520		10,983,073
Real estate under development	112,815		111,562
Co-investments	1,144,542		1,177,802

Cash and cash equivalents, including restricted cash	108,553		58,638
Marketable securities	169,702		191,829
Notes and other receivables	205,420		341,033
Operating lease right-of-use assets	68,158		68,972
Prepaid expenses and other assets	56,591		64,964
Total assets	$	12,770,301	$	12,997,873