Segment Information (Tables)

9 Months Ended

Sep. 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 nine months ended September 30, 2023 and 2022 ($ in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Revenues:
Southern California	$	172,139	$	164,954	$	508,873	$	479,102
Northern California	168,224		163,157		498,263		476,415
Seattle Metro	70,631		69,054		210,885		200,964
Other real estate assets	5,404		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 California	116,958		113,401		347,594		331,636
Seattle Metro	49,611		48,816		149,894		141,380
Other real estate assets	4,823		7,588		18,324		20,647
Total net operating income	292,502		286,819		875,787		833,655
Management and other fees from affiliates	2,785		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 income	690		1,882		2,544		6,709
Interest and other income (loss)	4,406		(6,796)		29,055		(31,571)
Equity income from co-investments	10,694		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

Schedule of Reconciliation of Assets from Segment to Consolidated

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, 2023		December 31, 2022
Assets:
Southern California	$	3,824,670	$	3,892,003
Northern California	5,282,972		5,414,467
Seattle Metro	1,345,028		1,374,379
Other real estate assets	92,716		133,245
Net reportable operating segment - real estate assets	10,545,386		10,814,094
Real estate under development	23,067		24,857
Co-investments	1,133,515		1,127,491

Cash and cash equivalents, including restricted cash	400,497		42,681
Marketable securities	90,186		112,743
Notes and other receivables	164,603		103,045
Operating lease right-of-use assets	64,636		67,239
Prepaid expenses and other assets	75,757		80,755
Total assets	$	12,497,647	$	12,372,905