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Segment Information
 6 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
Segment Information Segment Information
The Company's segment disclosures present the measure used by the chief operating decision makers for purposes of assessing each segment's performance. The Company's chief operating decision makers are comprised of several members of its executive management team 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 executive management team generally 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. Non-segment revenues and NOI included in the following schedule also consist of revenues generated from commercial properties and properties that have been sold. 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 six months ended June 30, 2024 and 2023 ($ in thousands):
 Three Months Ended June 30,Six Months Ended June 30,
 2024202320242023
Revenues:
Southern California$186,604 $169,857 $362,606 $336,734 
Northern California172,615 166,459 341,454 330,187 
Seattle Metro73,782 70,217 145,695 140,255 
Other real estate assets6,781 6,732 14,242 15,745 
Total property revenues$439,782 $413,265 $863,997 $822,921 
Net operating income:
Southern California$133,340 $121,923 $257,673 $238,865 
Northern California120,916 116,228 236,595 230,783 
Seattle Metro51,990 50,388 102,906 100,283 
Other real estate assets7,503 5,502 14,924 13,354 
Total net operating income313,749 294,041 612,098 583,285 
Management and other fees from affiliates2,573 2,778 5,286 5,543 
Corporate-level property management expenses(12,123)(11,451)(23,854)(22,883)
Depreciation and amortization(145,613)(136,718)(285,346)(273,065)
General and administrative(21,136)(13,813)(38,307)(29,124)
Expensed acquisition and investment related costs— (5)(68)(344)
Casualty loss— — — (433)
Gain on sale of real estate and land— — — 59,238 
Interest expense(59,120)(52,600)(115,053)(103,645)
Total return swap income629 821 1,425 1,854 
Interest and other income9,568 12,199 66,843 24,649 
Equity income from co-investments9,652 12,237 22,018 23,108 
Tax benefit (expense) on unconsolidated co-investments807 (1,733)758 (833)
Gain on remeasurement of co-investment— — 138,326 — 
Net income$98,986 $105,756 $384,126 $267,350 
Total assets for each of the reportable operating segments are summarized as follows as of June 30, 2024 and December 31, 2023 ($ in thousands):
 June 30, 2024December 31, 2023
Assets:
Southern California$4,173,397 $3,802,648 
Northern California5,294,272 5,242,343 
Seattle Metro1,363,449 1,333,030 
Other real estate assets91,380 92,271 
Net reportable operating segment - real estate assets10,922,498 10,470,292 
Real estate under development24,515 23,724 
Co-investments1,041,328 1,061,733 
Cash and cash equivalents, including restricted cash64,151 400,334 
Marketable securities84,291 87,795 
Notes and other receivables233,776 174,621 
Operating lease right-of-use assets53,373 63,757 
Prepaid expenses and other assets85,528 79,171 
Total assets$12,509,460 $12,361,427