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Segment Information (Tables) | 6 Months Ended
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Jun. 30, 2022
Segment Reporting [Abstract] |
Reconciliation of Revenues and Operating Profit (Loss) From Segments to Consolidated | The revenues and NOI for each of the reportable operating segments are summarized as follows for the three and six months ended June 30, 2022 and 2021 ($ in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Revenues: |  |  |  |  |  |  |
Southern California | $ | 164,511 |  |  | $ | 142,150 |  |  | $ | 321,480 |  |  | $ | 284,119 |
Northern California | 160,498 |  |  | 143,386 |  |  | 313,088 |  |  | 290,076 |
Seattle Metro | 67,707 |  |  | 59,267 |  |  | 131,910 |  |  | 117,900 |
Other real estate assets | 4,524 |  |  | 3,954 |  |  | 9,978 |  |  | 9,538 |
Total property revenues | $ | 397,240 |  |  | $ | 348,757 |  |  | $ | 776,456 |  |  | $ | 701,633 |
Net operating income: |  |  |  |  |  |  |
Southern California | $ | 117,667 |  |  | $ | 98,533 |  |  | $ | 227,880 |  |  | $ | 197,110 |
Northern California | 113,080 |  |  | 98,900 |  |  | 218,065 |  |  | 200,549 |
Seattle Metro | 49,268 |  |  | 40,377 |  |  | 92,564 |  |  | 79,169 |
Other real estate assets | 3,705 |  |  | 3,411 |  |  | 8,327 |  |  | 6,856 |
Total net operating income | 283,720 |  |  | 241,221 |  |  | 546,836 |  |  | 483,684 |
Management and other fees from affiliates | 2,738 |  |  | 2,221 |  |  | 5,427 |  |  | 4,470 |
Corporate-level property management expenses | (10,176) |  |  | (9,062) |  |  | (20,348) |  |  | (18,075) |
Depreciation and amortization | (134,517) |  |  | (128,736) |  |  | (268,050) |  |  | (257,323) |
General and administrative | (13,127) |  |  | (12,222) |  |  | (25,369) |  |  | (22,034) |
Expensed acquisition and investment related costs | (10) |  |  | (41) |  |  | (18) |  |  | (56) |
Gain on sale of real estate and land | — |  |  | — |  |  | — |  |  | 100,096 |
Interest expense | (50,477) |  |  | (50,971) |  |  | (100,854) |  |  | (102,620) |
Total return swap income | 2,283 |  |  | 2,633 |  |  | 4,827 |  |  | 5,477 |
Interest and other (loss) income | (17,208) |  |  | 22,371 |  |  | (24,775) |  |  | 36,758 |
Equity income from co-investments | (8,400) |  |  | 18,248 |  |  | 12,771 |  |  | 35,259 |
Deferred tax benefit (expense) on unconsolidated co-investments | 6,864 |  |  | (1,842) |  |  | 9,618 |  |  | (2,350) |
Loss on early retirement of debt, net | — |  |  | (16,465) |  |  | — |  |  | (18,982) |
Gain on remeasurement of co-investment | — |  |  | 2,260 |  |  | — |  |  | 2,260 |
Net income | $ | 61,690 |  |  | $ | 69,615 |  |  | $ | 140,065 |  |  | $ | 246,564 |
Reconciliation of Assets from Segment to Consolidated | Total assets for each of the reportable operating segments are summarized as follows as of June 30, 2022 and December 31, 2021 ($ in thousands):
| June 30, 2022 |  | December 31, 2021
Assets: |  |  |
Southern California | $ | 3,951,932 |  |  | $ | 4,018,839 |
Northern California | 5,480,837 |  |  | 5,460,701 |
Seattle Metro | 1,386,956 |  |  | 1,407,033 |
Other real estate assets | 109,684 |  |  | 96,500 |
Net reportable operating segment - real estate assets | 10,929,409 |  |  | 10,983,073 |
Real estate under development | 21,950 |  |  | 111,562 |
Co-investments | 1,093,235 |  |  | 1,177,802 |
Cash and cash equivalents, including restricted cash | 48,463 |  |  | 58,638 |
Marketable securities | 154,513 |  |  | 191,829 |
Notes and other receivables | 175,345 |  |  | 341,033 |
Operating lease right-of-use assets | 67,345 |  |  | 68,972 |
Prepaid expenses and other assets | 67,751 |  |  | 64,964 |
Total assets | $ | 12,558,011 |  |  | $ | 12,997,873 |

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