Segment Information

9 Months Ended

Sep. 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 nine months ended September 30, 2012 and 2011 (dollars in thousands):

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2012			2011			2012			2011
Revenues:
Southern California	$	64,339		$	56,169		$	184,255		$	165,362
Northern California		43,605			37,757			127,797			109,624
Seattle Metro		24,103			20,530			69,080			60,496
Other real estate assets		3,023			2,770			9,176			7,858
Total property revenues	$	135,070		$	117,226		$	390,308		$	343,340
Net operating income:
Southern California	$	41,932		$	36,239		$	122,869		$	107,797
Northern California		29,572			24,689			87,740			72,128
Seattle Metro		15,718			12,964			45,391			38,295
Other real estate assets		2,539			2,484			6,417			6,075
Total net operating income		89,761			76,376			262,417			224,295
Management and other fees from affiliates		3,072			1,940			8,312			4,585
Depreciation		(43,041	)		(37,881	)		(125,575	)		(111,786	)
General and administrative		(5,276	)		(4,966	)		(16,440	)		(15,626	)
Cost of management and other fees		(1,642	)		(1,164	)		(4,893	)		(3,161	)
Interest expense before amortization		(25,064	)		(22,096	)		(74,380	)		(66,612	)
Amortization expense		(2,927	)		(2,936	)		(8,681	)		(8,527	)
Interest and other income		3,003			2,741			10,869			12,357
Equity income (loss) from co-investments		3,547			317			8,998			(330	)
Gain on remeasurement of co-investment		-			-			21,947			-
Loss on early retirement of debt		(1,211	)		(567	)		(2,661	)		(820	)
Income from continuing operations	$	20,222		$	11,764		$	79,913		$	34,375

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

	September 30,		December 31,
	2012		2011
Assets:
Southern California	$	1,675,708	$	1,478,018
Northern California		1,274,901		1,241,320
Seattle Metro		680,562		579,612
Other real estate assets		88,830		94,088
Net reportable operating segment - real estate assets		3,720,001		3,393,038
Real estate under development		60,020		44,280
Cash and cash equivalents		26,877		35,463
Marketable securities		141,573		74,275
Co-investments		477,967		383,412
Notes and other receivables		50,316		66,369
Other non-segment assets		57,918		40,127
Total assets	$	4,534,672	$	4,036,964