XML 41 R23.htm IDEA: XBRL DOCUMENT v3.25.2
Segment Information
 6 Months Ended
Jun. 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 six months ended June 30, 2025 and 2024 ($ in thousands):
 Three Months Ended June 30,
 20252024
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$189,744 $54,964 $134,780 $179,488 $51,411 $128,077 
Northern California191,026 58,828 132,198 164,083 47,702 116,381 
Seattle Metro78,297 20,456 57,841 73,782 21,895 51,887 
Other real estate assets8,543 1,181 7,362 22,429 5,526 16,903 
Total$467,610 $135,429 $332,181 $439,782 $126,534 $313,248 
Total net operating income332,181 313,248 
Management and other fees from affiliates2,223 2,573 
Corporate-level property management expenses(12,220)(11,622)
Depreciation and amortization(151,501)(145,613)
General and administrative(17,157)(21,136)
Gain on sale of real estate and land126,174 — 
Interest expense(65,262)(59,120)
Total return swap income1,071 629 
Interest and other income6,808 9,568 
Equity income from co-investments8,977 9,652 
Tax benefit on unconsolidated technology co-investments232 807 
Net income$231,526 $98,986 
Six Months Ended June 30,
20252024
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$378,366 $109,594 $268,772 $348,378 $101,143 $247,235 
Northern California373,209 115,592 257,617 324,523 97,969 226,554 
Seattle Metro155,511 44,358 111,153 145,695 43,022 102,673 
Other real estate assets22,613 4,506 18,107 45,401 10,898 34,503 
Total$929,699 $274,050 $655,649 $863,997 $253,032 $610,965 
Total net operating income655,649 610,965 
Management and other fees from affiliates4,717 5,286 
Corporate-level property management expenses(24,552)(22,721)
Depreciation and amortization(302,788)(285,346)
General and administrative(33,449)(38,307)
Expensed acquisition and investment related costs— (68)
Gain on sale of real estate and land237,204 — 
Interest expense(127,994)(115,053)
Total return swap income2,271 1,425 
Interest and other income11,097 66,843 
Equity income from co-investments22,186 22,018 
Tax benefit on unconsolidated technology co-investments395 758 
Loss on early retirement of debt(762)— 
Gain on remeasurement of co-investment330 138,326 
Net income$444,304 $384,126 
Total assets for each of the reportable operating segments are summarized as follows as of June 30, 2025 and December 31, 2024 ($ in thousands):
 June 30, 2025December 31, 2024
Assets:
Southern California$4,094,046 $4,162,462 
Northern California6,015,104 5,452,235 
Seattle Metro1,437,049 1,460,865 
Other real estate assets (1)
163,405 363,338 
Net reportable operating segments - real estate assets11,709,604 11,438,900 
Real estate under development105,591 52,682 
Co-investments895,821 935,014 
Real estate held for sale47,653 — 
Cash and cash equivalents, including restricted cash67,884 75,846 
Marketable securities82,162 69,794 
Notes and other receivables138,096 206,706 
Operating lease right-of-use assets52,519 51,556 
Prepaid expenses and other assets82,160 96,861 
Total assets$13,181,490 $12,927,359 

(1)Includes retail space, commercial properties, held for sale properties, and disposition properties.