Segment Information

6 Months Ended

Jun. 30, 2012

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 six months ended June 30, 2012 and 2011 (dollars in thousands):

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2012			2011			2012			2011
Revenues:
Southern California	$	61,356		$	55,330		$	119,916		$	109,193
Northern California		42,570			36,550			84,192			71,867
Seattle Metro		22,668			20,210			44,977			39,966
Other real estate assets		3,171			2,816			6,153			5,088
Total property revenues	$	129,765		$	114,906		$	255,238		$	226,114
Net operating income:
Southern California	$	41,107		$	36,173		$	80,937		$	71,559
Northern California		29,225			24,099			58,168			47,438
Seattle Metro		14,841			12,774			29,673			25,331
Other real estate assets		2,175			2,089			3,878			3,591
Total net operating income		87,348			75,135			172,656			147,919
Management and other fees from affiliates		2,796			1,420			5,240			2,645
Depreciation		(41,801	)		(37,250	)		(82,535	)		(73,908	)
General and administrative		(5,764	)		(5,385	)		(11,164	)		(10,659	)
Cost of management and other fees		(1,611	)		(1,073	)		(3,251	)		(1,997	)
Interest expense before amortization		(24,659	)		(22,710	)		(49,316	)		(44,518	)
Amortization expense		(2,882	)		(2,736	)		(5,754	)		(5,590	)
Interest and other income		5,455			2,628			7,868			9,616
Equity income (loss) from co-investments		3,111			726			5,451			(647	)
Gain on remeasurement of co-investment		21,947			-			21,947			-
Loss on early retirement of debt		(1,450	)		(253	)		(1,450	)		(253	)
Income from continuing operations	$	42,490		$	10,502		$	59,692		$	22,608

Total assets for each of the reportable operating segments are summarized as follows as of June 30, 2012 and December 31, 2011:

	June 30,		December 31,
	2012		2011
Assets:
Southern California	$	1,682,453	$	1,478,018
Northern California		1,247,579		1,241,320
Seattle Metro		589,653		579,612
Other real estate assets		89,577		94,088
Net reportable operating segment - real estate assets		3,609,262		3,393,038
Real estate under development		55,343		44,280
Cash and cash equivalents		27,810		35,463
Marketable securities		114,166		74,275
Co-investments		436,230		383,412
Notes and other receivables		50,895		66,369
Other non-segment assets		45,410		40,127
Total assets	$	4,339,116	$	4,036,964