Segment Information (Tables)

9 Months Ended

Sep. 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 nine months ended September 30, 2024 and 2023 ($ in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Revenues:
Southern California	$	188,959	$	172,139	$	551,565	$	508,873
Northern California	172,163		162,104		501,042		480,431
Seattle Metro	74,576		70,630		220,271		210,885
Other real estate assets	12,437		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 California	119,450		112,985		348,042		336,090
Seattle Metro	52,090		49,612		154,996		149,894
Other real estate assets	9,031		8,795		31,958		29,828
Total net operating income	313,883		292,502		925,981		875,787
Management and other fees from affiliates	2,563		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 income	807		690		2,232		2,544
Interest and other income	11,449		4,406		78,292		29,055
Equity income from co-investments	11,649		10,694		33,667		33,802
Tax benefit (expense) on unconsolidated co-investments	441		(404)		1,199		(1,237)
Gain on remeasurement of co-investment	31,583		—		169,909		—
Net income	$	125,487	$	93,009	$	509,613	$	360,359

Schedule of Reconciliation of Assets from Segment to Consolidated

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, 2024		December 31, 2023
Assets:
Southern California	$	4,142,512	$	3,802,648
Northern California	5,467,730		5,164,643
Seattle Metro	1,353,055		1,333,031
Other real estate assets	90,954		169,970
Net reportable operating segment - real estate assets	11,054,251		10,470,292
Real estate under development	25,087		23,724
Co-investments	1,007,252		1,061,733
Real estate held for sale	74,148		—
Cash and cash equivalents, including restricted cash	80,263		400,334
Marketable securities	75,245		87,795
Notes and other receivables	200,295		174,621
Operating lease right-of-use assets	52,470		63,757
Prepaid expenses and other assets	78,436		79,171
Total assets	$	12,647,447	$	12,361,427