Segment Information

6 Months Ended

Jun. 30, 2013

Segment Information [Abstract]

Segment Information

(7) 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 real estate under development, co-investments, cash and cash equivalents, marketable securities, notes and other receivables, prepaid expenses and 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, 2013 and 2012 (dollars in thousands):

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2013			2012			2013			2012
Revenues:
Southern California	$	66,232		$	61,356		$	132,061		$	119,916
Northern California		53,089			42,570			103,859			84,192
Seattle Metro		27,081			22,668			53,408			44,977
Other real estate assets		3,768			3,171			7,237			6,153
Total property revenues	$	150,170		$	129,765		$	296,565		$	255,238
Net operating income:
Southern California	$	44,464		$	41,106		$	88,897		$	80,937
Northern California		36,462			29,226			71,746			58,168
Seattle Metro		17,792			14,841			35,164			29,673
Other real estate assets		2,715			2,175			5,257			3,878
Total net operating income		101,433			87,348			201,064			172,656
Management and other fees		3,234			2,796			6,182			5,240
Depreciation		(48,031	)		(41,801	)		(95,175	)		(82,535	)
General and administrative		(6,224	)		(5,764	)		(12,850	)		(11,164	)
Cost of management and other fees		(1,733	)		(1,611	)		(3,434	)		(3,251	)
Interest expense before amortization		(26,325	)		(24,659	)		(51,536	)		(49,316	)
Amortization expense		(3,002	)		(2,882	)		(5,932	)		(5,754	)
Interest and other income		1,917			5,455			6,939			7,868
Equity income from co-investments		7,282			3,111			11,493			5,451
Gain (loss) on early retirement of debt		1,024			(1,450	)		1,024			(1,450	)
Gain on sale of land		-			-			1,503			-
Gain on remeasurement of co-investment		-			21,947			-			21,947
Income from continuing operations	$	29,575		$	42,490		$	59,278		$	59,692

Total assets for each of the reportable operating segments are summarized as follows as of June 30, 2013 and December 31, 2012:

	June 30,		December 31,
	2013		2012
Assets:
Southern California	$	1,654,746	$	1,675,265
Northern California		1,625,567		1,489,095
Seattle Metro		707,473		699,465
Other real estate assets		87,151		88,330
Net reportable operating segment - real estate assets		4,074,937		3,952,155
Real estate under development		70,242		66,851
Co-investments		618,259		571,345
Cash and cash equivalents, including restricted cash		45,384		42,126
Marketable securities		88,734		92,713
Notes and other receivables		110,544		66,163
Other non-segment assets		50,898		55,870
Total assets	$	5,058,998	$	4,847,223