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v3.25.1

Segment Information (Tables) | 3 Months Ended
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Mar. 31, 2025
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 months ended March 31, 2025 and 2024 ($ in thousands):
| Three Months Ended March 31, |  |
| 2025 |  | 2024 |  |  |  |
| Rental and other property revenue |  | Property operating expenses, including real estate taxes |  | Net operating income |  | Rental and other property revenue |  | Property operating expenses, including real estate taxes |  | Net operating income |  |  |  |
Southern California | $ | 188,622 |  |  | $ | 54,630 |  |  | $ | 133,992 |  |  | $ | 168,890 |  |  | $ | 49,733 |  |  | $ | 119,157 |  |  |  |  |
Northern California | 184,344 |  |  | 57,695 |  |  | 126,649 |  |  | 162,656 |  |  | 51,171 |  |  | 111,485 |  |  |  |  |
Seattle Metro | 77,214 |  |  | 23,902 |  |  | 53,312 |  |  | 71,913 |  |  | 21,126 |  |  | 50,787 |  |  |  |  |
Other real estate assets | 11,909 |  |  | 2,394 |  |  | 9,515 |  |  | 20,756 |  |  | 4,468 |  |  | 16,288 |  |  |  |  |
Total | $ | 462,089 |  |  | $ | 138,621 |  |  | $ | 323,468 |  |  | $ | 424,215 |  |  | $ | 126,498 |  |  | $ | 297,717 |  |  |  |  |
Total net operating income |  |  |  |  | 323,468 |  |  |  |  |  |  | 297,717 |  |  |  |  |
Management and other fees from affiliates |  |  |  |  | 2,494 |  |  |  |  |  |  | 2,713 |  |  |  |  |
Corporate-level property management expenses |  |  |  |  | (12,332) |  |  |  |  |  |  | (11,099) |  |  |  |  |
Depreciation and amortization |  |  |  |  | (151,287) |  |  |  |  |  |  | (139,733) |  |  |  |  |
General and administrative |  |  |  |  | (16,292) |  |  |  |  |  |  | (17,171) |  |  |  |  |
Expensed acquisition and investment related costs |  |  |  |  | — |  |  |  |  |  |  | (68) |  |  |  |  |
Gain on sale of real estate and land |  |  |  |  | 111,030 |  |  |  |  |  |  | — |  |  |  |  |
Interest expense |  |  |  |  | (62,732) |  |  |  |  |  |  | (55,933) |  |  |  |  |
Total return swap income |  |  |  |  | 1,200 |  |  |  |  |  |  | 796 |  |  |  |  |
Interest and other income |  |  |  |  | 4,289 |  |  |  |  |  |  | 57,275 |  |  |  |  |
Equity income from co-investments |  |  |  |  | 13,209 |  |  |  |  |  |  | 12,366 |  |  |  |  |
Tax benefit (expense) on unconsolidated co-investments |  |  |  |  | 163 |  |  |  |  |  |  | (49) |  |  |  |  |
Loss on early retirement of debt |  |  |  |  | (762) |  |  |  |  |  |  | — |  |  |  |  |
Gain on remeasurement of co-investment |  |  |  |  | 330 |  |  |  |  |  |  | 138,326 |  |  |  |  |
Net income |  |  |  |  | $ | 212,778 |  |  |  |  |  |  | $ | 285,140 |  |  |  |  |
Schedule of Reconciliation of Assets from Segment to Consolidated | Total assets for each of the reportable operating segments are summarized as follows as of March 31, 2025 and December 31, 2024 ($ in thousands):
| March 31, 2025 |  | December 31, 2024
Assets: |  |  |
Southern California | $ | 4,124,581 |  |  | $ | 4,275,506 |
Northern California | 5,875,927 |  |  | 5,501,160 |
Seattle Metro | 1,447,563 |  |  | 1,460,865 |
Other real estate assets (1) | 157,847 |  |  | 201,369 |
Net reportable operating segments - real estate assets | 11,605,918 |  |  | 11,438,900 |
Real estate under development | 96,268 |  |  | 52,682 |
Co-investments | 906,686 |  |  | 935,014 |
Real estate held for sale | 112,173 |  |  | — |
Cash and cash equivalents, including restricted cash | 107,862 |  |  | 75,846 |
Marketable securities | 76,013 |  |  | 69,794 |
Notes and other receivables | 133,724 |  |  | 206,706 |
Operating lease right-of-use assets | 53,351 |  |  | 51,556 |
Prepaid expenses and other assets | 94,263 |  |  | 96,861 |
Total assets | $ | 13,186,258 |  |  | $ | 12,927,359 |
(1)Includes retail space, commercial properties, held for sale properties, and disposition properties.

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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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