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Segment Information | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Segment Information | Segment Information The Company’s segment disclosures present the measure used by the chief operating decision maker (“CODM”) for purposes of assessing each segment’s performance. The Company’s CODM is a group comprised of its Chief Executive Officer, Chief Financial Officer, Chief Administrative Officer, and Chief Investment Officer, who use net operating income (“NOI”) to assess the performance of the business for the Company’s reportable operating segments. NOI represents total property revenues less direct property operating expenses. The CODM evaluates the Company’s operating performance geographically. The Company defines its reportable operating segments as the three geographical regions in which its communities are located: Southern California, Northern California and Seattle Metro. Excluded from segment revenues and NOI are management and other fees from affiliates and interest and other income (loss). Other real estate assets revenues, property operating expenses, including real estate taxes, and NOI included in the following schedule also consist of revenues generated from retail space, commercial properties, held for sale properties, disposition properties and straight-line adjustments for concessions. Executive management does not evaluate such operating performance geographically. Other non-segment assets include items such as real estate under development, co-investments, real estate held for sale, cash and cash equivalents, marketable securities, notes and other receivables, and prepaid expenses and other assets. 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 |
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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- Definition The entire disclosure for reporting segments including data and tables. 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