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Segment Information (Tables) | 9 Months Ended
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Sep. 30, 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 and nine months ended September 30, 2025 and 2024 ($ in thousands):
| Three Months Ended September 30,
| 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 | $ | 190,626 |  |  | $ | 57,828 |  |  | $ | 132,798 |  |  | $ | 181,673 |  |  | $ | 53,584 |  |  | $ | 128,089 |
Northern California | 193,208 |  |  | 61,158 |  |  | 132,050 |  |  | 168,838 |  |  | 52,230 |  |  | 116,608 |
Seattle Metro | 79,240 |  |  | 23,333 |  |  | 55,907 |  |  | 74,576 |  |  | 22,597 |  |  | 51,979 |
Other real estate assets | 7,868 |  |  | 1,117 |  |  | 6,751 |  |  | 23,048 |  |  | 6,381 |  |  | 16,667 |
Total | $ | 470,942 |  |  | $ | 143,436 |  |  | $ | 327,506 |  |  | $ | 448,135 |  |  | $ | 134,792 |  |  | $ | 313,343 |
Total net operating income |  |  |  |  | 327,506 |  |  |  |  |  |  | 313,343 |
Management and other fees from affiliates |  |  |  |  | 2,361 |  |  |  |  |  |  | 2,563 |
Corporate-level property management expenses |  |  |  |  | (12,216) |  |  |  |  |  |  | (11,610) |
Depreciation and amortization |  |  |  |  | (151,489) |  |  |  |  |  |  | (146,439) |
General and administrative |  |  |  |  | (18,058) |  |  |  |  |  |  | (29,067) |
Expensed acquisition and investment related costs |  |  |  |  | (25) |  |  |  |  |  |  | — |
Gain on sale of real estate and land |  |  |  |  | 62,320 |  |  |  |  |  |  | — |
Interest expense |  |  |  |  | (64,660) |  |  |  |  |  |  | (59,232) |
Total return swap income |  |  |  |  | 1,329 |  |  |  |  |  |  | 807 |
Interest and other income |  |  |  |  | 5,900 |  |  |  |  |  |  | 11,449 |
Equity income from co-investments |  |  |  |  | 17,798 |  |  |  |  |  |  | 11,649 |
Tax benefit on unconsolidated technology co-investments |  |  |  |  | 1,958 |  |  |  |  |  |  | 441 |
Gain on remeasurement of co-investment |  |  |  |  | — |  |  |  |  |  |  | 31,583 |
Net income |  |  |  |  | $ | 172,724 |  |  |  |  |  |  | $ | 125,487 |
| Nine Months Ended September 30,
| 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 | $ | 568,992 |  |  | $ | 167,422 |  |  | $ | 401,570 |  |  | $ | 530,051 |  |  | $ | 154,727 |  |  | $ | 375,324 |
Northern California | 563,915 |  |  | 175,499 |  |  | 388,416 |  |  | 490,824 |  |  | 148,956 |  |  | 341,868 |
Seattle Metro | 234,751 |  |  | 67,691 |  |  | 167,060 |  |  | 220,271 |  |  | 65,619 |  |  | 154,652 |
Other real estate assets | 32,983 |  |  | 6,874 |  |  | 26,109 |  |  | 70,986 |  |  | 18,522 |  |  | 52,464 |
Total | $ | 1,400,641 |  |  | $ | 417,486 |  |  | $ | 983,155 |  |  | $ | 1,312,132 |  |  | $ | 387,824 |  |  | $ | 924,308 |
Total net operating income |  |  |  |  | 983,155 |  |  |  |  |  |  | 924,308 |
Management and other fees from affiliates |  |  |  |  | 7,078 |  |  |  |  |  |  | 7,849 |
Corporate-level property management expenses |  |  |  |  | (36,768) |  |  |  |  |  |  | (34,331) |
Depreciation and amortization |  |  |  |  | (454,277) |  |  |  |  |  |  | (431,785) |
General and administrative |  |  |  |  | (51,507) |  |  |  |  |  |  | (67,374) |
Expensed acquisition and investment related costs |  |  |  |  | (25) |  |  |  |  |  |  | (68) |
Gain on sale of real estate and land |  |  |  |  | 299,524 |  |  |  |  |  |  | — |
Interest expense |  |  |  |  | (192,654) |  |  |  |  |  |  | (174,285) |
Total return swap income |  |  |  |  | 3,600 |  |  |  |  |  |  | 2,232 |
Interest and other income |  |  |  |  | 16,997 |  |  |  |  |  |  | 78,292 |
Equity income from co-investments |  |  |  |  | 39,984 |  |  |  |  |  |  | 33,667 |
Tax benefit on unconsolidated technology co-investments |  |  |  |  | 2,353 |  |  |  |  |  |  | 1,199 |
Loss on early retirement of debt |  |  |  |  | (762) |  |  |  |  |  |  | — |
Gain on remeasurement of co-investment |  |  |  |  | 330 |  |  |  |  |  |  | 169,909 |
Net income |  |  |  |  | $ | 617,028 |  |  |  |  |  |  | $ | 509,613 |
Schedule of Reconciliation of Assets from Segment to Consolidated | Total assets for each of the reportable operating segments are summarized as follows as of September 30, 2025 and December 31, 2024 ($ in thousands):
| September 30, 2025 |  | December 31, 2024
Assets: |  |  |
Southern California | $ | 4,061,622 |  |  | $ | 4,162,462 |
Northern California | 6,038,112 |  |  | 5,414,689 |
Seattle Metro | 1,426,094 |  |  | 1,460,865 |
Other real estate assets (1) | 163,492 |  |  | 400,884 |
Net reportable operating segments - real estate assets | 11,689,320 |  |  | 11,438,900 |
Real estate under development | 139,161 |  |  | 52,682 |
Co-investments | 808,238 |  |  | 935,014 |
Cash and cash equivalents, including restricted cash | 75,243 |  |  | 75,846 |
Marketable securities | 84,116 |  |  | 69,794 |
Notes and other receivables | 221,628 |  |  | 206,706 |
Operating lease right-of-use assets | 51,682 |  |  | 51,556 |
Prepaid expenses and other assets | 80,853 |  |  | 96,861 |
Total assets | $ | 13,150,241 |  |  | $ | 12,927,359 |
(1)Includes retail space, commercial properties, held for sale properties and disposition properties.

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