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Segment Information
 9 Months Ended
Sep. 30, 2023
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 nine months ended September 30, 2023 and 2022 ($ in thousands):
 Three Months Ended September 30,Nine Months Ended September 30,
 2023202220232022
Revenues:
Southern California$172,139 $164,954 $508,873 $479,102 
Northern California168,224 163,157 498,263 476,415 
Seattle Metro70,631 69,054 210,885 200,964 
Other real estate assets5,404 9,697 21,298 26,837 
Total property revenues$416,398 $406,862 $1,239,319 $1,183,318 
Net operating income:
Southern California$121,110 $117,014 $359,975 $339,992 
Northern California116,958 113,401 347,594 331,636 
Seattle Metro49,611 48,816 149,894 141,380 
Other real estate assets4,823 7,588 18,324 20,647 
Total net operating income292,502 286,819 875,787 833,655 
Management and other fees from affiliates2,785 2,886 8,328 8,313 
Corporate-level property management expenses(11,504)(10,184)(34,387)(30,532)
Depreciation and amortization(137,357)(135,511)(410,422)(403,561)
General and administrative(14,611)(15,172)(43,735)(40,541)
Expensed acquisition and investment related costs(31)(230)(375)(248)
Casualty loss— — (433)— 
Gain on sale of real estate and land— — 59,238 — 
Interest expense(54,161)(51,645)(157,806)(152,499)
Total return swap income690 1,882 2,544 6,709 
Interest and other income (loss)4,406 (6,796)29,055 (31,571)
Equity income from co-investments10,694 10,985 33,802 23,756 
Tax (expense) benefit on unconsolidated co-investments(404)(1,755)(1,237)7,863 
Loss on early retirement of debt, net— (2)— (2)
Gain on remeasurement of co-investment— 17,423 — 17,423 
Net income$93,009 $98,700 $360,359 $238,765 
Total assets for each of the reportable operating segments are summarized as follows as of September 30, 2023 and December 31, 2022 ($ in thousands):
 September 30, 2023December 31, 2022
Assets:
Southern California$3,824,670 $3,892,003 
Northern California5,282,972 5,414,467 
Seattle Metro1,345,028 1,374,379 
Other real estate assets92,716 133,245 
Net reportable operating segment - real estate assets10,545,386 10,814,094 
Real estate under development23,067 24,857 
Co-investments1,133,515 1,127,491 
Cash and cash equivalents, including restricted cash400,497 42,681 
Marketable securities90,186 112,743 
Notes and other receivables164,603 103,045 
Operating lease right-of-use assets64,636 67,239 
Prepaid expenses and other assets75,757 80,755 
Total assets$12,497,647 $12,372,905