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Segment Information (Tables) | 12 Months Ended
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Dec. 31, 2022
Segment Reporting [Abstract] |
Summary of Reportable Operating Segments of Revenue and NOI | The revenues and NOI for each of the reportable operating segments are summarized as follows for the years ended December 31, 2022, 2021, and 2020 ($ in thousands):
| Years Ended December 31,
| 2022 |  | 2021 |  | 2020
Revenues: |  |  |  |  |
Southern California | $ | 652,742 |  |  | $ | 580,305 |  |  | $ | 558,839 |
Northern California | 639,138 |  |  | 584,034 |  |  | 604,348 |
Seattle Metro | 271,248 |  |  | 239,839 |  |  | 243,900 |
Other real estate assets | 32,547 |  |  | 27,240 |  |  | 79,063 |
Total property revenues | $ | 1,595,675 |  |  | $ | 1,431,418 |  |  | $ | 1,486,150 |
Net operating income: |  |  |  |  |
Southern California | $ | 464,023 |  |  | $ | 402,608 |  |  | $ | 385,766 |
Northern California | 445,763 |  |  | 401,870 |  |  | 431,047 |
Seattle Metro | 191,476 |  |  | 160,959 |  |  | 166,806 |
Other real estate assets | 27,144 |  |  | 20,745 |  |  | 61,919 |
Total net operating income | 1,128,406 |  |  | 986,182 |  |  | 1,045,538 |
Management and other fees from affiliates | 11,139 |  |  | 9,138 |  |  | 9,598 |
Corporate-level property management expenses | (40,704) |  |  | (36,211) |  |  | (34,361) |
Depreciation and amortization | (539,319) |  |  | (520,066) |  |  | (525,497) |
General and administrative | (56,577) |  |  | (51,838) |  |  | (65,388) |
Expensed acquisition and investment related costs | (2,132) |  |  | (203) |  |  | (1,591) |
Impairment loss | — |  |  | — |  |  | (1,825) |
Gain on sale of real estate and land | 94,416 |  |  | 142,993 |  |  | 64,967 |
Interest expense | (204,798) |  |  | (203,125) |  |  | (220,633) |
Total return swap income | 7,907 |  |  | 10,774 |  |  | 10,733 |
Interest and other (loss) income | (19,040) |  |  | 98,744 |  |  | 40,999 |
Equity income from co-investments | 26,030 |  |  | 111,721 |  |  | 66,512 |
Deferred tax benefit (expense) on unconsolidated co-investments | 10,236 |  |  | (15,668) |  |  | (1,531) |
Loss on early retirement of debt, net | (2) |  |  | (19,010) |  |  | (22,883) |
Gain on remeasurement of co-investment | 17,423 |  |  | 2,260 |  |  | 234,694 |
Net income | $ | 432,985 |  |  | $ | 515,691 |  |  | $ | 599,332 |
Summary of Total Assets from Reportable Operating Segments | Total assets for each of the reportable operating segments are summarized as follows as of December 31, 2022 and 2021 ($ in thousands):
| As of December 31,
| 2022 |  | 2021
Assets: |  |  |
Southern California | $ | 3,925,251 |  |  | $ | 3,956,814 |
Northern California | 5,414,467 |  |  | 5,460,701 |
Seattle Metro | 1,374,379 |  |  | 1,407,033 |
Other real estate assets | 99,997 |  |  | 158,525 |
Net reportable operating segments - real estate assets | 10,814,094 |  |  | 10,983,073 |
Real estate under development | 24,857 |  |  | 111,562 |
Co-investments | 1,127,491 |  |  | 1,177,802 |
Cash and cash equivalents, including restricted cash | 42,681 |  |  | 58,638 |
Marketable securities | 112,743 |  |  | 191,829 |
Notes and other receivables | 103,045 |  |  | 341,033 |
Operating lease right-of-use assets | 67,239 |  |  | 68,972 |
Prepaid expenses and other assets | 80,755 |  |  | 64,964 |
Total assets | $ | 12,372,905 |  |  | $ | 12,997,873 |

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- Definition Tabular disclosure of all significant reconciling items in the reconciliation of revenues and total profit or loss from reportable segments, to the entity's consolidated income before income taxes, extraordinary items, and discontinued operations. + References No definition available. + Details
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