Segment Information

9 Months Ended

Sep. 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 and nine months ended September 30, 2011 and 2010 (dollars in thousands):

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2011			2010			2011			2010
Revenues:
Southern California	$	56,945		$	50,666		$	167,649		$	151,662
Northern California		37,757			32,770			109,624			92,731
Seattle Metro		20,530			17,932			60,495			51,377
Other real estate assets		2,886			2,000			8,216			6,034
Total property revenues	$	118,118		$	103,368		$	345,984		$	301,804
Net operating income:
Southern California	$	36,780		$	32,742		$	109,105		$	100,191
Northern California		24,790			20,922			72,129			59,966
Seattle Metro		12,964			10,882			38,294			31,581
Other real estate assets		2,235			1,116			5,944			3,501
Total net operating income		76,769			65,662			225,472			195,239
Depreciation		(38,137	)		(31,531	)		(112,563	)		(93,068	)
Interest expense before amortization		(22,096	)		(21,025	)		(66,612	)		(61,085	)
Amortization expense		(2,936	)		(1,177	)		(8,527	)		(2,958	)
Interest and other income		2,741			5,788			12,357			20,730
General and administrative		(6,066	)		(6,175	)		(18,551	)		(17,988	)
Impairment and other charges		-			(1,615	)		-			(1,615	)
Management and other fees from affiliates		1,940			959			4,585			3,458
Equity income (loss) from co-investments		317			(626	)		(330	)		(1,027	)
Loss on early retirement of debt		(567	)		-			(820	)		(10	)
Income before discontinued operations	$	11,965		$	10,260		$	35,011		$	41,676

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

	September 30,		December 31,
	2011		2010
Assets:
Southern California	$	1,482,611	$	1,428,264
Northern California		1,137,647		1,119,555
Seattle Metro		566,506		560,463
Other real estate assets		97,809		80,726
Net reportable operating segments - real estate assets		3,284,573		3,189,008
Real estate under development		145,226		217,531
Cash and cash equivalents		33,017		35,694
Marketable securities		75,624		92,310
Co-investments		275,410		107,840
Notes and other receivables		51,599		49,444
Other non-segment assets		39,716		41,060
Total assets	$	3,905,165	$	3,732,887