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Segment Information (Tables) | 12 Months Ended
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Dec. 31, 2023
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, 2023, 2022, and 2021 ($ in thousands):
| Years Ended December 31,
| 2023 |  | 2022 |  | 2021
Revenues: |  |  |  |  |
Southern California | $ | 682,116 |  |  | $ | 646,252 |  |  | $ | 574,129 |
Northern California | 666,836 |  |  | 639,306 |  |  | 584,034 |
Seattle Metro | 282,092 |  |  | 271,248 |  |  | 239,839 |
Other real estate assets | 27,220 |  |  | 38,869 |  |  | 33,416 |
Total property revenues | $ | 1,658,264 |  |  | $ | 1,595,675 |  |  | $ | 1,431,418 |
Net operating income: |  |  |  |  |
Southern California | $ | 483,013 |  |  | $ | 459,762 |  |  | $ | 398,576 |
Northern California | 464,949 |  |  | 445,933 |  |  | 401,870 |
Seattle Metro | 201,228 |  |  | 191,476 |  |  | 160,959 |
Other real estate assets | 23,595 |  |  | 31,235 |  |  | 24,777 |
Total net operating income | 1,172,785 |  |  | 1,128,406 |  |  | 986,182 |
Management and other fees from affiliates | 11,131 |  |  | 11,139 |  |  | 9,138 |
Corporate-level property management expenses | (45,872) |  |  | (40,704) |  |  | (36,211) |
Depreciation and amortization | (548,438) |  |  | (539,319) |  |  | (520,066) |
General and administrative | (63,474) |  |  | (56,577) |  |  | (51,838) |
Expensed acquisition and investment related costs | (595) |  |  | (2,132) |  |  | (203) |
Casualty loss | (433) |  |  | — |  |  | — |
Gain on sale of real estate and land | 59,238 |  |  | 94,416 |  |  | 142,993 |
Interest expense | (212,905) |  |  | (204,798) |  |  | (203,125) |
Total return swap income | 3,148 |  |  | 7,907 |  |  | 10,774 |
Interest and other income (loss) | 46,259 |  |  | (19,040) |  |  | 98,744 |
Equity income from co-investments | 10,561 |  |  | 26,030 |  |  | 111,721 |
Tax (expense) benefit on unconsolidated co-investments | (697) |  |  | 10,236 |  |  | (15,668) |
Loss on early retirement of debt, net | — |  |  | (2) |  |  | (19,010) |
Gain on remeasurement of co-investment | — |  |  | 17,423 |  |  | 2,260 |
Net income | $ | 430,708 |  |  | $ | 432,985 |  |  | $ | 515,691 |
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, 2023 and 2022 ($ in thousands):
| As of December 31,
| 2023 |  | 2022
Assets: |  |  |
Southern California | $ | 3,802,648 |  |  | $ | 3,892,003 |
Northern California | 5,242,343 |  |  | 5,414,467 |
Seattle Metro | 1,333,030 |  |  | 1,374,379 |
Other real estate assets | 92,271 |  |  | 133,245 |
Net reportable operating segments - real estate assets | 10,470,292 |  |  | 10,814,094 |
Real estate under development | 23,724 |  |  | 24,857 |
Co-investments | 1,061,733 |  |  | 1,127,491 |
Cash and cash equivalents, including restricted cash | 400,334 |  |  | 42,681 |
Marketable securities | 87,795 |  |  | 112,743 |
Notes and other receivables | 174,621 |  |  | 103,045 |
Operating lease right-of-use assets | 63,757 |  |  | 67,239 |
Prepaid expenses and other assets | 79,171 |  |  | 80,755 |
Total assets | $ | 12,361,427 |  |  | $ | 12,372,905 |

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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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