XML 69 R54.htm IDEA: XBRL DOCUMENT v3.23.3
Segment Information (Details)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
USD ($)
Sep. 30, 2022
USD ($)
Sep. 30, 2023
USD ($)
segment
Sep. 30, 2022
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Revenues from External Customers and Long-Lived Assets [Line Items]            
Number of reportable segments | segment     3      
Number of operating segments | segment     3      
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 0 0 (433) 0    
Gain on sale of real estate and land 0 0 59,238 0    
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 0 (2) 0 (2)    
Gain on remeasurement of co-investment 0 17,423 0 17,423    
Net income 93,009 98,700 360,359 238,765    
Net reportable operating segment - real estate assets 10,545,386   10,545,386   $ 10,814,094  
Real estate under development 23,067   23,067   24,857  
Co-investments 1,133,515   1,133,515   1,127,491  
Cash and cash equivalents, including restricted cash 400,497 53,569 400,497 53,569 42,681 $ 58,638
Marketable securities 90,186   90,186   112,743  
Notes and other receivables 164,603   164,603   103,045  
Operating lease right-of-use assets 64,636   64,636   67,239  
Prepaid expenses and other assets 75,757   75,757   80,755  
Total assets 12,497,647   12,497,647   12,372,905  
Rental and Other Property Revenues            
Revenues from External Customers and Long-Lived Assets [Line Items]            
Total revenues 416,398 406,862 1,239,319 1,183,318    
Management and other fees from affiliates            
Revenues from External Customers and Long-Lived Assets [Line Items]            
Management and other fees from affiliates 2,785 2,886 8,328 8,313    
Operating Segments | Southern California            
Revenues from External Customers and Long-Lived Assets [Line Items]            
Net operating income 121,110 117,014 359,975 339,992    
Net reportable operating segment - real estate assets 3,824,670   3,824,670   3,892,003  
Operating Segments | Southern California | Rental and Other Property Revenues            
Revenues from External Customers and Long-Lived Assets [Line Items]            
Total revenues 172,139 164,954 508,873 479,102    
Operating Segments | Northern California            
Revenues from External Customers and Long-Lived Assets [Line Items]            
Net operating income 116,958 113,401 347,594 331,636    
Net reportable operating segment - real estate assets 5,282,972   5,282,972   5,414,467  
Operating Segments | Northern California | Rental and Other Property Revenues            
Revenues from External Customers and Long-Lived Assets [Line Items]            
Total revenues 168,224 163,157 498,263 476,415    
Operating Segments | Seattle Metro            
Revenues from External Customers and Long-Lived Assets [Line Items]            
Net operating income 49,611 48,816 149,894 141,380    
Net reportable operating segment - real estate assets 1,345,028   1,345,028   1,374,379  
Operating Segments | Seattle Metro | Rental and Other Property Revenues            
Revenues from External Customers and Long-Lived Assets [Line Items]            
Total revenues 70,631 69,054 210,885 200,964    
Other real estate assets            
Revenues from External Customers and Long-Lived Assets [Line Items]            
Net operating income 4,823 7,588 18,324 20,647    
Net reportable operating segment - real estate assets 92,716   92,716   $ 133,245  
Other real estate assets | Rental and Other Property Revenues            
Revenues from External Customers and Long-Lived Assets [Line Items]            
Total revenues $ 5,404 $ 9,697 $ 21,298 $ 26,837