Segment Information (Tables)

3 Months Ended

Mar. 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 three months ended March 31, 2025 and 2024 ($ in thousands):

	Three Months Ended March 31,
	2025						2024
	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 California	184,344		57,695		126,649		162,656		51,171		111,485
Seattle Metro	77,214		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 income					323,468						297,717
Management and other fees from affiliates					2,494						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 land					111,030						—
Interest expense					(62,732)						(55,933)
Total return swap income					1,200						796
Interest and other income					4,289						57,275
Equity income from co-investments					13,209						12,366
Tax benefit (expense) on unconsolidated co-investments					163						(49)
Loss on early retirement of debt					(762)						—
Gain on remeasurement of co-investment					330						138,326
Net income					$	212,778					$	285,140

Schedule of Reconciliation of Assets from Segment to Consolidated

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, 2025		December 31, 2024
Assets:
Southern California	$	4,124,581	$	4,275,506
Northern California	5,875,927		5,501,160
Seattle Metro	1,447,563		1,460,865
Other real estate assets (1)	157,847		201,369
Net reportable operating segments - real estate assets	11,605,918		11,438,900
Real estate under development	96,268		52,682
Co-investments	906,686		935,014
Real estate held for sale	112,173		—
Cash and cash equivalents, including restricted cash	107,862		75,846
Marketable securities	76,013		69,794
Notes and other receivables	133,724		206,706
Operating lease right-of-use assets	53,351		51,556
Prepaid expenses and other assets	94,263		96,861
Total assets	$	13,186,258	$	12,927,359

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