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Segment Information | 6 Months Ended
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Jun. 30, 2021
Segment Reporting [Abstract] |
Segment Information | Segment Information The Company's segment disclosures present the measure used by the chief operating decision makers for purposes of assessing each segment's performance. The Company's chief operating decision makers are comprised of several members of its executive management team who use net operating income ("NOI") to assess the performance of the business for the Company's reportable operating segments. NOI represents total property revenues less direct property operating expenses. The executive management team generally evaluates the Company's operating performance geographically. The Company defines its reportable operating segments as the three geographical regions in which its communities are located: Southern California, Northern California, and Seattle Metro. Excluded from segment revenues and NOI are management and other fees from affiliates and interest and other income. Non-segment revenues and NOI included in the following schedule also consist of revenues generated from commercial properties and properties that have been sold. Other non-segment assets include items such as real estate under development, co-investments, real estate held for sale, cash and cash equivalents, marketable securities, notes and other receivables, and prepaid expenses and other assets. The revenues and NOI for each of the reportable operating segments are summarized as follows for the three and six months ended June 30, 2021 and 2020 ($ in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
Revenues: |  |  |  |  |  |  |
Southern California | $ | 143,230 |  |  | $ | 140,510 |  |  | $ | 286,242 |  |  | $ | 292,405 |
Northern California | 143,386 |  |  | 152,118 |  |  | 290,076 |  |  | 310,574 |
Seattle Metro | 59,267 |  |  | 60,649 |  |  | 117,900 |  |  | 123,693 |
Other real estate assets | 2,874 |  |  | 14,872 |  |  | 7,415 |  |  | 31,227 |
Total property revenues | $ | 348,757 |  |  | $ | 368,149 |  |  | $ | 701,633 |  |  | $ | 757,899 |
Net operating income: |  |  |  |  |  |  |
Southern California | $ | 99,263 |  |  | $ | 96,829 |  |  | $ | 198,514 |  |  | $ | 205,118 |
Northern California | 98,916 |  |  | 109,592 |  |  | 200,541 |  |  | 226,779 |
Seattle Metro | 40,386 |  |  | 40,780 |  |  | 79,165 |  |  | 85,206 |
Other real estate assets | 2,699 |  |  | 10,812 |  |  | 5,441 |  |  | 23,517 |
Total net operating income | 241,264 |  |  | 258,013 |  |  | 483,661 |  |  | 540,620 |
Management and other fees from affiliates | 2,221 |  |  | 2,348 |  |  | 4,470 |  |  | 4,965 |
Corporate-level property management expenses | (9,105) |  |  | (8,646) |  |  | (18,052) |  |  | (17,405) |
Depreciation and amortization | (128,736) |  |  | (133,609) |  |  | (257,323) |  |  | (265,168) |
General and administrative | (12,222) |  |  | (14,952) |  |  | (22,034) |  |  | (28,934) |
Expensed acquisition and investment related costs | (41) |  |  | (15) |  |  | (56) |  |  | (102) |
Gain on sale of real estate and land | — |  |  | 16,597 |  |  | 100,096 |  |  | 16,597 |
Interest expense | (50,971) |  |  | (54,447) |  |  | (102,620) |  |  | (109,594) |
Total return swap income | 2,633 |  |  | 2,788 |  |  | 5,477 |  |  | 4,772 |
Interest and other income | 22,371 |  |  | 11,405 |  |  | 36,758 |  |  | 6,184 |
Equity income from co-investments | 18,248 |  |  | 17,257 |  |  | 35,259 |  |  | 38,554 |
Deferred tax expense on unrealized gain on unconsolidated co-investment | (1,842) |  |  | (1,636) |  |  | (2,350) |  |  | (1,636) |
Loss on early retirement of debt, net | (16,465) |  |  | (5,027) |  |  | (18,982) |  |  | (4,706) |
Gain on remeasurement of co-investment | 2,260 |  |  | — |  |  | 2,260 |  |  | 234,694 |
Net income | $ | 69,615 |  |  | $ | 90,076 |  |  | $ | 246,564 |  |  | $ | 418,841 |
Total assets for each of the reportable operating segments are summarized as follows as of June 30, 2021 and December 31, 2020 ($ in thousands):
| June 30, 2021 |  | December 31, 2020
Assets: |  |  |
Southern California | $ | 3,985,599 |  |  | $ | 3,993,275 |
Northern California | 5,527,443 |  |  | 5,408,019 |
Seattle Metro | 1,377,702 |  |  | 1,403,678 |
Other real estate assets | 14,007 |  |  | 122,814 |
Net reportable operating segment - real estate assets | 10,904,751 |  |  | 10,927,786 |
Real estate under development | 208,330 |  |  | 386,047 |
Co-investments | 1,037,270 |  |  | 1,018,010 |
Real estate held for sale | — |  |  | 57,938 |
Cash and cash equivalents, including restricted cash | 58,176 |  |  | 84,041 |
Marketable securities | 175,782 |  |  | 147,768 |
Notes and other receivables | 238,855 |  |  | 195,104 |
Operating lease right-of-use assets | 70,551 |  |  | 72,143 |
Prepaid expenses and other assets | 53,484 |  |  | 47,340 |
Total assets | $ | 12,747,199 |  |  | $ | 12,936,177 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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