Segment Information (Tables)

3 Months Ended

Mar. 31, 2023

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, 2023 and 2022 ($ in thousands):


	Three Months Ended March 31,
	2023		2022
Revenues:
Southern California	$	166,877	$	153,339
Northern California	163,624		152,745
Seattle Metro	70,038		64,203
Other real estate assets	9,117		8,929
Total property revenues	$	409,656	$	379,216
Net operating income:
Southern California	$	116,942	$	107,802
Northern California	114,451		105,140
Seattle Metro	49,894		43,296
Other real estate assets	7,957		6,878
Total net operating income	289,244		263,116
Management and other fees from affiliates	2,765		2,689
Corporate-level property management expenses	(11,432)		(10,172)
Depreciation and amortization	(136,347)		(133,533)
General and administrative	(15,311)		(12,242)

Expensed acquisition and investment related costs	(339)		(8)
Casualty loss	(433)		—
Gain on sale of real estate and land	59,238		—
Interest expense	(51,045)		(50,377)
Total return swap income	1,033		2,544
Interest and other income (loss)	12,450		(7,567)
Equity income from co-investments	10,871		21,171
Deferred tax benefit on unconsolidated co-investments	900		2,754


Net income	$	161,594	$	78,375

Reconciliation of Assets from Segment to Consolidated

Total assets for each of the reportable operating segments are summarized as follows as of March 31, 2023 and December 31, 2022 ($ in thousands):


	March 31, 2023		December 31, 2022
Assets:
Southern California	$	3,859,639	$	3,892,003
Northern California	5,366,386		5,414,467
Seattle Metro	1,364,364		1,374,379
Other real estate assets	96,644		133,245
Net reportable operating segment - real estate assets	10,687,033		10,814,094
Real estate under development	21,909		24,857
Co-investments	1,131,183		1,127,491

Cash and cash equivalents, including restricted cash	77,158		42,681
Marketable securities	107,002		112,743
Notes and other receivables	120,586		103,045
Operating lease right-of-use assets	66,373		67,239
Prepaid expenses and other assets	68,530		80,755
Total assets	$	12,279,774	$	12,372,905