Segment Information (Tables)

3 Months Ended

Mar. 31, 2014

Reconciliation of Revenues and Operating Profit Loss from Segments to Consolidated

The revenues, net operating income, and assets for each of the reportable operating segments are summarized as follows for the three months ended March 31, 2014 and 2013 (dollars in thousands):

	Three Months Ended
	March 31,
	2014			2013
Revenues:
Southern California	$	69,687		$	64,740
Northern California		56,944			50,770
Seattle Metro		28,641			25,751
Other real estate assets		3,745			3,796
Total property revenues	$	159,017		$	145,057

Net operating income:
Southern California	$	47,066		$	43,708
Northern California		40,353			35,283
Seattle Metro		19,045			16,995
Other real estate assets		580			2,745
Total net operating income		107,044			98,731



Management and other fees		2,628			2,948
Depreciation		(50,312	)		(46,787	)
General and administrative		(7,075	)		(6,239	)
Merger expenses		(16,059	)		-
Cost of management and other fees		(1,477	)		(1,701	)
Acquisition and dispositon costs		(975	)		(387	)
Interest expense before amortization		(26,055	)		(25,211	)
Amortization expense		(2,986	)		(2,930	)
Interest and other income		2,879			5,023
Equity income from co-investments		10,526			4,211
Gains on sale of real estate and land		8,268			1,503
Income from continuing operations	$	26,406		$	29,161

Reconciliation of Assets from Segment to Consolidated

Total assets for each of the reportable operating segments are summarized as follows as of March 31, 2014 and December 31, 2013 (in thousands):

	March 31,		December 31,
	2014		2013
Assets:
Southern California	$	2,551,297	$	1,746,434
Northern California		1,967,133		1,614,159
Seattle Metro		734,972		741,533
Other real estate assets		86,586		86,745
Net reportable operating segment - real estate assets		5,339,988		4,188,871
Real estate under development		308,266		50,430
Co-investments		716,443		677,133
Cash and cash equivalents, including restricted cash		48,671		53,766
Marketable securities		100,348		90,084
Notes and other receivables		36,105		68,255
Other non-segment assets		83,221		58,300
Total assets	$	6,633,042	$	5,186,839