Segment Information

9 Months Ended

Sep. 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 September 30,2013 and 2012 (dollars in thousands):

	Three Months Ended September 30,						Nine Months Ended September 30,
	2013			2012			2013			2012
Revenues:
Southern California	$	67,114		$	64,339		$	199,177		$	184,255
Northern California		54,755			43,605			158,614			127,797
Seattle Metro		27,212			23,559			79,443			67,436
Other real estate assets		3,864			3,015			11,084			9,154
Total property revenues	$	152,945		$	134,518		$	448,318		$	388,642
Net operating income:
Southern California	$	44,084		$	41,932		$	132,983		$	122,868
Northern California		37,822			29,572			109,567			87,740
Seattle Metro		18,047			15,411			52,453			44,481
Other real estate assets		2,429			2,530			7,673			6,399
Total net operating income		102,382			89,445			302,676			261,488
Management and other fees		2,957			3,072			9,139			8,312
Depreciation		(48,438	)		(42,897	)		(143,320	)		(125,137	)
General and administrative		(6,075	)		(5,276	)		(18,925	)		(16,440	)
Cost of management and other fees		(1,613	)		(1,642	)		(5,047	)		(4,893	)
Interest expense before amortization		(26,187	)		(25,064	)		(77,724	)		(74,380	)
Amortization expense		(3,005	)		(2,927	)		(8,937	)		(8,681	)
Interest and other income		2,387			3,003			9,326			10,869
Equity income from co-investments		40,802			3,547			52,295			8,998
Gain (loss) on early retirement of debt		(178	)		(1,211	)		846			(2,661	)
Gain on sale of land		-			-			1,503			-
Gain on remeasurement of co-investment		-			-			-			21,947
Income from continuing operations	$	63,032		$	20,050		$	121,832		$	79,422

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

	September 30, 2013		December 31, 2012
Assets:
Southern California	$	1,650,435	$	1,675,265
Northern California		1,620,434		1,489,095
Seattle Metro		723,175		699,465
Other real estate assets		86,776		88,330
Net reportable operating segment  - real estate assets		4,080,820		3,952,155
Real estate under development		45,804		66,851
Co-investments		674,075		571,345
Cash and cash equivalents, including restricted cash		55,994		42,126
Marketable securities		89,899		92,713
Notes and other receivables		67,628		66,163
Other non-segment assets		71,382		55,870
Total assets	$	5,085,602	$	4,847,223