Segment Information (Tables)

6 Months Ended

Jun. 30, 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 and six months ended June 30, 2022 and 2021 ($ in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Revenues:
Southern California	$	164,511	$	142,150	$	321,480	$	284,119
Northern California	160,498		143,386		313,088		290,076
Seattle Metro	67,707		59,267		131,910		117,900
Other real estate assets	4,524		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 California	113,080		98,900		218,065		200,549
Seattle Metro	49,268		40,377		92,564		79,169
Other real estate assets	3,705		3,411		8,327		6,856
Total net operating income	283,720		241,221		546,836		483,684
Management and other fees from affiliates	2,738		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 income	2,283		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-investments	6,864		(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

Reconciliation of Assets from Segment to Consolidated

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, 2022		December 31, 2021
Assets:
Southern California	$	3,951,932	$	4,018,839
Northern California	5,480,837		5,460,701
Seattle Metro	1,386,956		1,407,033
Other real estate assets	109,684		96,500
Net reportable operating segment - real estate assets	10,929,409		10,983,073
Real estate under development	21,950		111,562
Co-investments	1,093,235		1,177,802

Cash and cash equivalents, including restricted cash	48,463		58,638
Marketable securities	154,513		191,829
Notes and other receivables	175,345		341,033
Operating lease right-of-use assets	67,345		68,972
Prepaid expenses and other assets	67,751		64,964
Total assets	$	12,558,011	$	12,997,873