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v3.23.2

Segment Information (Tables) | 6 Months Ended
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Jun. 30, 2023
Segment Reporting [Abstract] |
Schedule of 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, 2023 and 2022 ($ in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Revenues: |  |  |  |  |  |  |
Southern California | $ | 169,857 |  |  | $ | 160,809 |  |  | $ | 336,734 |  |  | $ | 314,147 |
Northern California | 166,415 |  |  | 160,513 |  |  | 330,039 |  |  | 313,258 |
Seattle Metro | 70,216 |  |  | 67,707 |  |  | 140,255 |  |  | 131,910 |
Other real estate assets | 6,777 |  |  | 8,211 |  |  | 15,893 |  |  | 17,141 |
Total property revenues | $ | 413,265 |  |  | $ | 397,240 |  |  | $ | 822,921 |  |  | $ | 776,456 |
Net operating income: |  |  |  |  |  |  |
Southern California | $ | 121,923 |  |  | $ | 115,176 |  |  | $ | 238,865 |  |  | $ | 222,978 |
Northern California | 116,184 |  |  | 113,095 |  |  | 230,635 |  |  | 218,235 |
Seattle Metro | 50,388 |  |  | 49,268 |  |  | 100,283 |  |  | 92,564 |
Other real estate assets | 5,546 |  |  | 6,181 |  |  | 13,502 |  |  | 13,059 |
Total net operating income | 294,041 |  |  | 283,720 |  |  | 583,285 |  |  | 546,836 |
Management and other fees from affiliates | 2,778 |  |  | 2,738 |  |  | 5,543 |  |  | 5,427 |
Corporate-level property management expenses | (11,451) |  |  | (10,176) |  |  | (22,883) |  |  | (20,348) |
Depreciation and amortization | (136,718) |  |  | (134,517) |  |  | (273,065) |  |  | (268,050) |
General and administrative | (13,813) |  |  | (13,127) |  |  | (29,124) |  |  | (25,369) |
Expensed acquisition and investment related costs | (5) |  |  | (10) |  |  | (344) |  |  | (18) |
Casualty loss | — |  |  | — |  |  | (433) |  |  | — |
Gain on sale of real estate and land | — |  |  | — |  |  | 59,238 |  |  | — |
Interest expense | (52,600) |  |  | (50,477) |  |  | (103,645) |  |  | (100,854) |
Total return swap income | 821 |  |  | 2,283 |  |  | 1,854 |  |  | 4,827 |
Interest and other income (loss) | 12,199 |  |  | (17,208) |  |  | 24,649 |  |  | (24,775) |
Equity income (loss) from co-investments | 12,237 |  |  | (8,400) |  |  | 23,108 |  |  | 12,771 |
Deferred tax (expense) benefit on unconsolidated co-investments | (1,733) |  |  | 6,864 |  |  | (833) |  |  | 9,618 |
Net income | $ | 105,756 |  |  | $ | 61,690 |  |  | $ | 267,350 |  |  | $ | 140,065 |
Schedule of Reconciliation of Assets from Segment to Consolidated | Total assets for each of the reportable operating segments are summarized as follows as of June 30, 2023 and December 31, 2022 ($ in thousands):
| June 30, 2023 |  | December 31, 2022
Assets: |  |  |
Southern California | $ | 3,855,167 |  |  | $ | 3,892,003 |
Northern California | 5,324,254 |  |  | 5,414,467 |
Seattle Metro | 1,354,592 |  |  | 1,374,379 |
Other real estate assets | 96,107 |  |  | 133,245 |
Net reportable operating segment - real estate assets | 10,630,120 |  |  | 10,814,094 |
Real estate under development | 22,668 |  |  | 24,857 |
Co-investments | 1,122,114 |  |  | 1,127,491 |
Cash and cash equivalents, including restricted cash | 69,114 |  |  | 42,681 |
Marketable securities | 102,131 |  |  | 112,743 |
Notes and other receivables | 150,464 |  |  | 103,045 |
Operating lease right-of-use assets | 65,505 |  |  | 67,239 |
Prepaid expenses and other assets | 83,157 |  |  | 80,755 |
Total assets | $ | 12,245,273 |  |  | $ | 12,372,905 |

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