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Segment Information
 6 Months Ended
Jun. 30, 2022
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 six months ended June 30, 2022 and 2021 ($ in thousands):
 Three Months Ended June 30,Six Months Ended June 30,
 2022202120222021
Revenues:
Southern California$164,511 $142,150 $321,480 $284,119 
Northern California160,498 143,386 313,088 290,076 
Seattle Metro67,707 59,267 131,910 117,900 
Other real estate assets4,524 3,954 9,978 9,538 
Total property revenues$397,240 $348,757 $776,456 $701,633 
Net operating income:
Southern California$117,667 $98,533 $227,880 $197,110 
Northern California113,080 98,900 218,065 200,549 
Seattle Metro49,268 40,377 92,564 79,169 
Other real estate assets3,705 3,411 8,327 6,856 
Total net operating income283,720 241,221 546,836 483,684 
Management and other fees from affiliates2,738 2,221 5,427 4,470 
Corporate-level property management expenses(10,176)(9,062)(20,348)(18,075)
Depreciation and amortization(134,517)(128,736)(268,050)(257,323)
General and administrative(13,127)(12,222)(25,369)(22,034)
Expensed acquisition and investment related costs(10)(41)(18)(56)
Gain on sale of real estate and land— — — 100,096 
Interest expense(50,477)(50,971)(100,854)(102,620)
Total return swap income2,283 2,633 4,827 5,477 
Interest and other (loss) income(17,208)22,371 (24,775)36,758 
Equity income from co-investments(8,400)18,248 12,771 35,259 
Deferred tax benefit (expense) on unconsolidated co-investments6,864 (1,842)9,618 (2,350)
Loss on early retirement of debt, net— (16,465)— (18,982)
Gain on remeasurement of co-investment— 2,260 — 2,260 
Net income$61,690 $69,615 $140,065 $246,564 
Total assets for each of the reportable operating segments are summarized as follows as of June 30, 2022 and December 31, 2021 ($ in thousands):
 June 30, 2022December 31, 2021
Assets:
Southern California$3,951,932 $4,018,839 
Northern California5,480,837 5,460,701 
Seattle Metro1,386,956 1,407,033 
Other real estate assets109,684 96,500 
Net reportable operating segment - real estate assets10,929,409 10,983,073 
Real estate under development21,950 111,562 
Co-investments1,093,235 1,177,802 
Cash and cash equivalents, including restricted cash48,463 58,638 
Marketable securities154,513 191,829 
Notes and other receivables175,345 341,033 
Operating lease right-of-use assets67,345 68,972 
Prepaid expenses and other assets67,751 64,964 
Total assets$12,558,011 $12,997,873