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Segment Information
 9 Months Ended
Sep. 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 nine months ended September 30, 2024 and 2023 ($ in thousands):
 Three Months Ended September 30,Nine Months Ended September 30,
 2024202320242023
Revenues:
Southern California$188,959 $172,139 $551,565 $508,873 
Northern California172,163 162,104 501,042 480,431 
Seattle Metro74,576 70,630 220,271 210,885 
Other real estate assets12,437 11,525 39,254 39,130 
Total property revenues$448,135 $416,398 $1,312,132 $1,239,319 
Net operating income:
Southern California$133,312 $121,110 $390,985 $359,975 
Northern California119,450 112,985 348,042 336,090 
Seattle Metro52,090 49,612 154,996 149,894 
Other real estate assets9,031 8,795 31,958 29,828 
Total net operating income313,883 292,502 925,981 875,787 
Management and other fees from affiliates2,563 2,785 7,849 8,328 
Corporate-level property management expenses(12,150)(11,504)(36,004)(34,387)
Depreciation and amortization(146,439)(137,357)(431,785)(410,422)
General and administrative(29,067)(14,611)(67,374)(43,735)
Expensed acquisition and investment related costs— (31)(68)(375)
Casualty loss— — — (433)
Gain on sale of real estate and land— — — 59,238 
Interest expense(59,232)(54,161)(174,285)(157,806)
Total return swap income807 690 2,232 2,544 
Interest and other income11,449 4,406 78,292 29,055 
Equity income from co-investments11,649 10,694 33,667 33,802 
Tax benefit (expense) on unconsolidated co-investments441 (404)1,199 (1,237)
Gain on remeasurement of co-investment31,583 — 169,909 — 
Net income$125,487 $93,009 $509,613 $360,359 
Total assets for each of the reportable operating segments are summarized as follows as of September 30, 2024 and December 31, 2023 ($ in thousands):
 September 30, 2024December 31, 2023
Assets:
Southern California$4,142,512 $3,802,648 
Northern California5,467,730 5,164,643 
Seattle Metro1,353,055 1,333,031 
Other real estate assets90,954 169,970 
Net reportable operating segment - real estate assets11,054,251 10,470,292 
Real estate under development25,087 23,724 
Co-investments1,007,252 1,061,733 
Real estate held for sale74,148 — 
Cash and cash equivalents, including restricted cash80,263 400,334 
Marketable securities75,245 87,795 
Notes and other receivables200,295 174,621 
Operating lease right-of-use assets52,470 63,757 
Prepaid expenses and other assets78,436 79,171 
Total assets$12,647,447 $12,361,427