Segment Information (Tables)

12 Months Ended

Dec. 31, 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 years ended December 31, 2025, 2024 and 2023 ($ in thousands):

	Year Ended December 31,
	2025						2024						2023
	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		Rental and other property revenue		Property operating expenses, including real estate taxes		Net operating income
Southern California	$	763,124	$	225,015	$	538,109	$	714,975	$	208,380	$	506,595	$	654,422	$	190,897	$	463,525
Northern California	760,821		235,979		524,842		663,825		202,059		461,766		628,880		188,041		440,839
Seattle Metro	313,410		90,967		222,443		295,002		87,558		207,444		282,092		81,334		200,758
Other real estate assets	40,609		7,025		33,584		90,383		23,539		66,844		92,870		27,486		65,384
Total	$	1,877,964	$	558,986	$	1,318,978	$	1,764,185	$	521,536	$	1,242,649	$	1,658,264	$	487,758	$	1,170,506
Total net operating income					$	1,318,978					$	1,242,649					$	1,170,506
Management and other fees from affiliates					9,381						10,265						11,131
Corporate-level property management expenses					(49,052)						(46,208)						(43,593)
Depreciation and amortization					(607,542)						(580,220)						(548,438)
General and administrative					(71,948)						(98,902)						(63,474)
Expensed acquisition and investment related costs					(25)						(72)						(595)
Casualty loss					—						—						(433)
Gain on sale of real estate and land					299,524						175,583						59,238
Interest expense					(258,404)						(235,529)						(212,905)
Total return swap income					4,729						3,099						3,148
Interest and other income					20,004						80,951						46,259
Equity income from co-investments					35,464						48,206						10,561
Tax benefit (expense) on unconsolidated co-investments					2,096						929						(697)
Loss on early retirement of debt					(762)						—						—
Gain on remeasurement of co-investment					330						210,555						—
Net income					$	702,773					$	811,306					$	430,708

Schedule of Reconciliation of Assets from Segment to Consolidated

Total assets for each of the reportable operating segments as of December 31, 2025 and 2024 are summarized as follows ($ in thousands):

	December 31,
	2025		2024
Assets:
Southern California	$	4,194,554	$	4,162,462
Northern California	6,136,977		5,414,689
Seattle Metro	1,412,405		1,460,865
Other real estate assets (1)	160,646		400,884
Net reportable operating segments - real estate assets	11,904,582		11,438,900
Real estate under development	157,122		52,682
Co-investments	630,550		935,014
Cash and cash equivalents, including restricted cash	85,586		75,846
Marketable securities	98,070		69,794
Notes and other receivables	141,591		206,706
Operating lease right-of-use assets	50,833		51,556
Prepaid expenses and other assets	90,675		96,861
Total assets	$	13,159,009	$	12,927,359

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