Segment Information (Tables)

9 Months Ended

Sep. 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 nine months ended September 30, 2022 and 2021 ($ in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Revenues:
Southern California	$	168,883	$	150,807	$	490,363	$	434,926
Northern California	163,157		145,807		476,245		435,883
Seattle Metro	69,054		60,280		200,964		178,180
Other real estate assets	5,768		3,726		15,746		13,264
Total property revenues	$	406,862	$	360,620	$	1,183,318	$	1,062,253
Net operating income:
Southern California	$	119,655	$	103,656	$	347,535	$	300,766
Northern California	113,401		98,944		331,466		299,494
Seattle Metro	48,816		39,875		141,380		119,044
Other real estate assets	4,947		2,806		13,274		9,661
Total net operating income	286,819		245,281		833,655		728,965
Management and other fees from affiliates	2,886		2,237		8,313		6,707
Corporate-level property management expenses	(10,184)		(9,060)		(30,532)		(27,135)
Depreciation and amortization	(135,511)		(130,564)		(403,561)		(387,887)
General and administrative	(15,172)		(12,712)		(40,541)		(34,746)

Expensed acquisition and investment related costs	(230)		(108)		(248)		(164)
Gain on sale of real estate and land	—		42,897		—		142,993
Interest expense	(51,645)		(50,019)		(152,499)		(152,639)
Total return swap income	1,882		2,660		6,709		8,137
Interest and other (loss) income	(6,796)		11,998		(31,571)		48,756
Equity income from co-investments	10,985		25,433		23,756		60,692
Deferred tax (expense) benefit on unconsolidated co-investments	(1,755)		(3,041)		7,863		(5,391)
Loss on early retirement of debt, net	(2)		—		(2)		(18,982)
Gain on remeasurement of co-investment	17,423		—		17,423		2,260
Net income	$	98,700	$	125,002	$	238,765	$	371,566

Reconciliation of Assets from Segment to Consolidated

Total assets for each of the reportable operating segments are summarized as follows as of September 30, 2022 and December 31, 2021 ($ in thousands):


	September 30, 2022		December 31, 2021
Assets:
Southern California	$	3,993,289	$	4,018,839
Northern California	5,444,582		5,460,701
Seattle Metro	1,381,428		1,407,033
Other real estate assets	104,426		96,500
Net reportable operating segment - real estate assets	10,923,725		10,983,073
Real estate under development	23,752		111,562
Co-investments	1,145,345		1,177,802

Cash and cash equivalents, including restricted cash	53,569		58,638
Marketable securities	141,699		191,829
Notes and other receivables	197,543		341,033
Operating lease right-of-use assets	66,531		68,972
Prepaid expenses and other assets	72,166		64,964
Total assets	$	12,624,330	$	12,997,873