Segment Information

3 Months Ended

Mar. 31, 2024

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 months ended March 31, 2024 and 2023 ($ in thousands):

	Three Months Ended March 31,
	2024		2023
Revenues:
Southern California	$	176,002	$	166,877
Northern California	168,839		163,728
Seattle Metro	71,913		70,038
Other real estate assets	7,461		9,013
Total property revenues	$	424,215	$	409,656
Net operating income:
Southern California	$	124,333	$	116,942
Northern California	115,679		114,555
Seattle Metro	50,916		49,894
Other real estate assets	7,421		7,853
Total net operating income	298,349		289,244
Management and other fees from affiliates	2,713		2,765
Corporate-level property management expenses	(11,731)		(11,432)
Depreciation and amortization	(139,733)		(136,347)
General and administrative	(17,171)		(15,311)
Expensed acquisition and investment related costs	(68)		(339)
Casualty loss	—		(433)
Gain on sale of real estate and land	—		59,238
Interest expense	(55,933)		(51,045)
Total return swap income	796		1,033
Interest and other income	57,275		12,450
Equity income from co-investments	12,366		10,871
Tax (expense) benefit on unconsolidated co-investments	(49)		900
Gain on remeasurement of co-investment	138,326		—
Net income	$	285,140	$	161,594

Total assets for each of the reportable operating segments are summarized as follows as of March 31, 2024 and December 31, 2023 ($ in thousands):

	March 31, 2024		December 31, 2023
Assets:
Southern California	$	4,208,556	$	3,802,648
Northern California	5,192,173		5,242,343
Seattle Metro	1,376,656		1,333,030
Other real estate assets	92,342		92,271
Net reportable operating segment - real estate assets	10,869,727		10,470,292
Real estate under development	24,631		23,724
Co-investments	1,062,575		1,061,733
Cash and cash equivalents, including restricted cash	507,870		400,334
Marketable securities	91,295		87,795
Notes and other receivables	183,040		174,621
Operating lease right-of-use assets	62,858		63,757
Prepaid expenses and other assets	83,189		79,171
Total assets	$	12,885,185	$	12,361,427