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Segment Information
 3 Months Ended
Mar. 31, 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 months ended March 31, 2025 and 2024 ($ in thousands):
 Three Months Ended March 31,
 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$188,622 $54,630 $133,992 $168,890 $49,733 $119,157 
Northern California184,344 57,695 126,649 162,656 51,171 111,485 
Seattle Metro77,214 23,902 53,312 71,913 21,126 50,787 
Other real estate assets
11,909 2,394 9,515 20,756 4,468 16,288 
Total$462,089 $138,621 $323,468 $424,215 $126,498 $297,717 
Total net operating income323,468 297,717 
Management and other fees from affiliates2,494 2,713 
Corporate-level property management expenses(12,332)(11,099)
Depreciation and amortization(151,287)(139,733)
General and administrative(16,292)(17,171)
Expensed acquisition and investment related costs— (68)
Gain on sale of real estate and land111,030 — 
Interest expense(62,732)(55,933)
Total return swap income1,200 796 
Interest and other income4,289 57,275 
Equity income from co-investments13,209 12,366 
Tax benefit (expense) on unconsolidated co-investments163 (49)
Loss on early retirement of debt(762)— 
Gain on remeasurement of co-investment330 138,326 
Net income$212,778 $285,140 
Total assets for each of the reportable operating segments are summarized as follows as of March 31, 2025 and December 31, 2024 ($ in thousands):
 March 31, 2025December 31, 2024
Assets:
Southern California$4,124,581 $4,275,506 
Northern California5,875,927 5,501,160 
Seattle Metro1,447,563 1,460,865 
Other real estate assets (1)
157,847 201,369 
Net reportable operating segments - real estate assets11,605,918 11,438,900 
Real estate under development96,268 52,682 
Co-investments906,686 935,014 
Real estate held for sale112,173 — 
Cash and cash equivalents, including restricted cash107,862 75,846 
Marketable securities76,013 69,794 
Notes and other receivables133,724 206,706 
Operating lease right-of-use assets53,351 51,556 
Prepaid expenses and other assets94,263 96,861 
Total assets$13,186,258 $12,927,359 

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