Segment Information

6 Months Ended

Jun. 30, 2011

Segment Information [Abstract]

Segment Information

6) Segment Information

The Company defines its reportable operating segments as the three geographical regions in which its apartment communities are located: Southern California, Northern California and Seattle Metro.  Excluded from segment revenues are properties classified in discontinued operations, management and other fees from affiliates, and interest and other income.  Non-segment revenues and net operating income included in the following schedule also consist of revenue generated from commercial properties.  Other non-segment assets include co-investments, real estate under development, cash and cash equivalents, marketable securities, notes receivable, other assets and deferred charges.  The revenues, net operating income, and assets for each of the reportable operating segments are summarized as follows for the three ended June 30, 2011 and 2010 (dollars in thousands):

	Three Months Ended June 30,
	2011			2010
Revenues:
Southern California	$	56,081		$	50,503
Northern California		36,548			29,973
Seattle Metro		20,210			16,717
Other real estate assets		2,939			1,970
Total property revenues	$	115,778		$	99,163
Net operating income:
Southern California	$	36,590		$	33,688
Northern California		24,097			19,243
Seattle Metro		12,774			10,124
Other real estate assets		2,047			1,291
Total net operating income		75,508			64,346
Depreciation		(37,510	)		(31,156	)
Interest expense before amortization		(22,710	)		(20,161	)
Amortization expense		(2,736	)		(843	)
Interest and other income		2,628			7,085
General and administrative		(6,371	)		(6,219	)
Management and other fees from affiliates		1,420			1,022
Equity income (loss) from co-investments		726			(360	)
Loss on early retirement of debt		(253	)		(10	)
Income before discontinued operations	$	10,702		$	13,704

The revenues, net operating income, and assets for each of the reportable operating segments are summarized as follows for the six ended June 30, 2011 and 2010 (dollars in thousands):

	Six Months Ended June 30,
	2011			2010
Revenues:
Southern California	$	110,704		$	100,996
Northern California		71,865			59,961
Seattle Metro		39,966			33,445
Other real estate assets		5,331			4,034
Total property revenues	$	227,866		$	198,436
Net operating income:
Southern California	$	72,425		$	67,449
Northern California		47,436			39,043
Seattle Metro		25,331			20,698
Other real estate assets		3,510			2,412
Total net operating income		148,702			129,602
Depreciation		(74,426	)		(61,539	)
Interest expense before amortization		(44,518	)		(39,758	)
Amortization expense		(5,590	)		(2,083	)
General and administrative		(12,486	)		(11,837	)
Management and other fees from affiliates		2,645			2,500
Loss on early retirement of debt		(253	)		(10	)
Interest and other income		9,616			14,941
Equity (loss) from co-investments		(647	)		(401	)
Income before discontinued operations	$	23,043		$	31,415

Total assets for each of the reportable operating segments are summarized as follows as of June 30, 2011 and December 31, 2010:

	June 30,2011		December 31,2010
Assets:
Southern California	$	1,445,006	$	1,428,264
Northern California		1,140,907		1,119,555
Seattle Metro		552,372		560,463
Other real estate assets		98,873		80,726
Net reportable operating segments  - real estate assets		3,237,158		3,189,008
Real estate under development		191,620		217,531
Cash and cash equivalents		32,847		35,694
Marketable securities		75,673		92,310
Co-investments		197,364		107,840
Notes and other receivables		49,956		49,444
Other non-segment assets		41,237		41,060
Total assets	$	3,825,855	$	3,732,887