Segment Information (Tables)

6 Months Ended

Jun. 30, 2024

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 six months ended June 30, 2024 and 2023 ($ in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Revenues:
Southern California	$	186,604	$	169,857	$	362,606	$	336,734
Northern California	172,615		166,459		341,454		330,187
Seattle Metro	73,782		70,217		145,695		140,255
Other real estate assets	6,781		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 California	120,916		116,228		236,595		230,783
Seattle Metro	51,990		50,388		102,906		100,283
Other real estate assets	7,503		5,502		14,924		13,354
Total net operating income	313,749		294,041		612,098		583,285
Management and other fees from affiliates	2,573		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 income	629		821		1,425		1,854
Interest and other income	9,568		12,199		66,843		24,649
Equity income from co-investments	9,652		12,237		22,018		23,108
Tax benefit (expense) on unconsolidated co-investments	807		(1,733)		758		(833)
Gain on remeasurement of co-investment	—		—		138,326		—
Net income	$	98,986	$	105,756	$	384,126	$	267,350

Schedule of Reconciliation of Assets from Segment to Consolidated

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, 2024		December 31, 2023
Assets:
Southern California	$	4,173,397	$	3,802,648
Northern California	5,294,272		5,242,343
Seattle Metro	1,363,449		1,333,030
Other real estate assets	91,380		92,271
Net reportable operating segment - real estate assets	10,922,498		10,470,292
Real estate under development	24,515		23,724
Co-investments	1,041,328		1,061,733
Cash and cash equivalents, including restricted cash	64,151		400,334
Marketable securities	84,291		87,795
Notes and other receivables	233,776		174,621
Operating lease right-of-use assets	53,373		63,757
Prepaid expenses and other assets	85,528		79,171
Total assets	$	12,509,460	$	12,361,427