Segment Information (Tables)

6 Months Ended

Jun. 30, 2023

Schedule of 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, 2023 and 2022 ($ in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Revenues:
Southern California	$	169,857	$	160,809	$	336,734	$	314,147
Northern California	166,415		160,513		330,039		313,258
Seattle Metro	70,216		67,707		140,255		131,910
Other real estate assets	6,777		8,211		15,893		17,141
Total property revenues	$	413,265	$	397,240	$	822,921	$	776,456
Net operating income:
Southern California	$	121,923	$	115,176	$	238,865	$	222,978
Northern California	116,184		113,095		230,635		218,235
Seattle Metro	50,388		49,268		100,283		92,564
Other real estate assets	5,546		6,181		13,502		13,059
Total net operating income	294,041		283,720		583,285		546,836
Management and other fees from affiliates	2,778		2,738		5,543		5,427
Corporate-level property management expenses	(11,451)		(10,176)		(22,883)		(20,348)
Depreciation and amortization	(136,718)		(134,517)		(273,065)		(268,050)
General and administrative	(13,813)		(13,127)		(29,124)		(25,369)

Expensed acquisition and investment related costs	(5)		(10)		(344)		(18)
Casualty loss	—		—		(433)		—
Gain on sale of real estate and land	—		—		59,238		—
Interest expense	(52,600)		(50,477)		(103,645)		(100,854)
Total return swap income	821		2,283		1,854		4,827
Interest and other income (loss)	12,199		(17,208)		24,649		(24,775)
Equity income (loss) from co-investments	12,237		(8,400)		23,108		12,771
Deferred tax (expense) benefit on unconsolidated co-investments	(1,733)		6,864		(833)		9,618


Net income	$	105,756	$	61,690	$	267,350	$	140,065

Schedule of Reconciliation of Assets from Segment to Consolidated

Total assets for each of the reportable operating segments are summarized as follows as of June 30, 2023 and December 31, 2022 ($ in thousands):


	June 30, 2023		December 31, 2022
Assets:
Southern California	$	3,855,167	$	3,892,003
Northern California	5,324,254		5,414,467
Seattle Metro	1,354,592		1,374,379
Other real estate assets	96,107		133,245
Net reportable operating segment - real estate assets	10,630,120		10,814,094
Real estate under development	22,668		24,857
Co-investments	1,122,114		1,127,491

Cash and cash equivalents, including restricted cash	69,114		42,681
Marketable securities	102,131		112,743
Notes and other receivables	150,464		103,045
Operating lease right-of-use assets	65,505		67,239
Prepaid expenses and other assets	83,157		80,755
Total assets	$	12,245,273	$	12,372,905