Segment Information

9 Months Ended

Sep. 30, 2014

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 nine months ended September, 2014 and 2013 (in thousands):

	Three Months Ended September 30,						Nine Months Ended September 30,
	2014			2013			2014			2013
Revenues:
Southern California	$	118,242		$	65,805		$	302,380		$	195,272
Northern California		94,643			54,189			238,564			156,983
Seattle Metro		47,066			27,212			120,089			79,443
Other real estate assets		8,167			4,971			22,716			14,319
Total property revenues	$	268,118		$	152,177		$	683,749		$	446,017
Net operating income:
Southern California	$	76,725		$	43,237		$	198,873		$	130,398
Northern California		66,287			37,466			166,983			108,481
Seattle Metro		31,715			18,047			80,125			52,453
Other real estate assets		5,723			3,105			14,906			9,742
Total net operating income		180,450			101,855			460,887			301,074
Management and other fees		2,361			1,771			6,856			5,812
Depreciation		(102,184	)		(48,227	)		(254,211	)		(142,687	)
General and administrative		(11,479	)		(6,263	)		(28,621	)		(19,852	)
Merger and integration expenses		(3,857	)		-			(46,413	)		-
Acquisition and disposition costs		(51	)		(237	)		(1,555	)		(792	)
Interest expense		(45,830	)		(29,192	)		(117,021	)		(86,661	)
Interest and other income		2,992			2,387			8,685			9,326
Equity income from co-investments		4,910			40,802			21,065			52,295
Gain (loss) on early retirement of debt		-			(178	)		-			846
Gains on sale of real estate and land		31,372			-			39,640			1,503
Income from continuing operations	$	58,684		$	62,718		$	89,312		$	120,864

Total assets for each of the reportable operating segments are summarized as follows as of September 30, 2014 and December 31, 2013 (in thousands):

	September 30, 2014		December 31, 2013
Assets:
Southern California	$	4,323,148	$	1,746,434
Northern California		3,698,020		1,614,159
Seattle Metro		1,635,274		741,533
Other real estate assets		147,317		86,745
Net reportable operating segment - real estate assets		9,803,759		4,188,871
Real estate under development		363,193		50,430
Co-investments		1,043,277		677,133
Real estate held for sale, net		107,772		-
Cash and cash equivalents, including restricted cash		88,000		53,766
Marketable securities		108,147		90,084
Notes and other receivables		22,973		68,255
Other non-segment assets		129,441		58,300
Total assets	$	11,666,562	$	5,186,839