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Segment Information (Tables)
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Summary of Total Assets from Reportable Operating Segments
The revenues and NOI for each of the reportable operating segments are summarized as follows for the years ended December 31, 2024, 2023 and 2022 ($ in thousands):
Year Ended December 31,
 202420232022
Rental and other property revenue (1)
Property operating expenses, including real estate taxesNet operating income
Rental and other property revenue (1)
Property operating expenses, including real estate taxesNet operating income
Rental and other property revenue (1)
Property operating expenses, including real estate taxesNet operating income
Southern California$744,004 $216,355 $527,649 $682,116 $199,103 $483,013 $646,252 $186,490 $459,762 
Northern California677,393 207,484 469,909 642,658 193,161 449,497 615,677 185,403 430,274 
Seattle Metro295,002 87,144 207,858 282,092 80,864 201,228 271,248 80,018 191,230 
Other real estate assets (2)
47,786 8,543 39,243 51,398 12,351 39,047 62,498 15,358 47,140 
Total$1,764,185 $519,526 $1,244,659 $1,658,264 $485,479 $1,172,785 $1,595,675 $467,269 $1,128,406 
   
Total net operating income$1,244,659 $1,172,785 $1,128,406 
Management and other fees from affiliates10,265 11,131 11,139 
Corporate-level property management expenses(48,218)(45,872)(40,704)
Depreciation and amortization(580,220)(548,438)(539,319)
General and administrative(98,902)(63,474)(56,577)
Expensed acquisition and investment related costs(72)(595)(2,132)
Casualty loss— (433)— 
Gain on sale of real estate and land175,583 59,238 94,416 
Interest expense(235,529)(212,905)(204,798)
Total return swap income3,099 3,148 7,907 
Interest and other income (loss)80,951 46,259 (19,040)
Equity income from co-investments48,206 10,561 26,030 
Tax benefit (expense) on unconsolidated co-investments929 (697)10,236 
Loss on early retirement of debt, net— — (2)
Gain on remeasurement of co-investments210,555 — 17,423 
Net income$811,306 $430,708 $432,985 

(1) Segment revenue excludes management and other fees from affiliates and interest and other income.
(2) Other real estate assets consist of revenues generated from retail space, commercial properties, held for sale properties, disposition properties and straight-line rent adjustments for concessions. Executive management does not evaluate such operating performance geographically.
Total assets for each of the reportable operating segments as of December 31, 2024 and 2023 are summarized as follows ($ in thousands):
 December 31,
20242023
Assets:
Southern California$4,290,547 $3,763,745 
Northern California5,501,160 5,124,987 
Seattle Metro1,460,865 1,316,421 
Other real estate assets (1)
186,328 265,139 
Net reportable operating segments - real estate assets11,438,900 10,470,292 
Real estate under development52,682 23,724 
Co-investments935,014 1,061,733 
Cash and cash equivalents, including restricted cash75,846 400,334 
Marketable securities69,794 87,795 
Notes and other receivables206,706 174,621 
Operating lease right-of-use assets51,556 63,757 
Prepaid expenses and other assets96,861 79,171 
Total assets$12,927,359 $12,361,427 
(1) Includes retail space, commercial properties, held for sale properties, and disposition properties.