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Segment Information
 9 Months Ended
Sep. 30, 2026
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. Other real estate assets revenues, property operating expenses, including real estate taxes, and NOI included in the following schedule 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 and nine months ended September 30, 2026 and 2025 ($ in thousands):
Three Months Ended September 30,
20262025
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$195,141 $60,254 $134,887 $189,262 $57,019 $132,243 
Northern California208,638 64,038 144,600 193,208 61,158 132,050 
Seattle Metro79,711 24,372 55,339 78,683 23,141 55,542 
Other real estate assets6,856 832 6,024 9,789 2,118 7,671 
Total$490,346 $149,496 $340,850 $470,942 $143,436 $327,506 
Total net operating income340,850 327,506 
Management and other fees from affiliates2,344 2,361 
Corporate-level property management expenses(13,393)(12,216)
Depreciation and amortization(152,552)(151,489)
General and administrative(16,561)(18,058)
Expensed acquisition and investment related costs— (25)
Impairment loss(10,709)— 
Gain on sale of real estate and land6,781 62,320 
Interest expense(64,755)(64,660)
Total return swap income1,339 1,329 
Interest and other income686 5,900 
Equity income from co-investments9,212 17,798 
Tax benefit on unconsolidated technology co-investments493 1,958 
Net income$103,735 $172,724 
Nine Months Ended September 30,
20262025
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$583,177 $173,919 $409,258 $564,861 $164,971 $399,890 
Northern California615,344 183,897 431,447 563,915 175,499 388,416 
Seattle Metro237,249 70,430 166,819 233,083 67,151 165,932 
Other real estate assets23,750 3,528 20,222 38,782 9,865 28,917 
Total$1,459,520 $431,774 $1,027,746 $1,400,641 $417,486 $983,155 
Total net operating income1,027,746 983,155 
Management and other fees from affiliates6,975 7,078 
Corporate-level property management expenses(40,223)(36,768)
Depreciation and amortization(461,520)(454,277)
General and administrative(109,724)(51,507)
Expensed acquisition and investment related costs— (25)
Impairment loss(10,709)— 
Gain on sale of real estate and land8,781 299,524 
Interest expense(197,155)(192,654)
Total return swap income4,108 3,600 
Interest and other income10,809 16,997 
Equity income from co-investments46,542 39,984 
Tax (expense) benefit on unconsolidated technology co-investments(2,758)2,353 
Loss on early retirement of debt— (762)
Gain on remeasurement of co-investment— 330 
Net income$282,872 $617,028 
Total assets for each of the reportable operating segments are summarized as follows as of September 30, 2026 and December 31, 2025 ($ in thousands):
September 30, 2026December 31, 2025
Assets:
Southern California$4,048,757 $4,176,549 
Northern California5,981,917 6,136,977 
Seattle Metro1,356,710 1,392,105 
Other real estate assets (1)
183,257 198,951 
Net reportable operating segments - real estate assets11,570,641 11,904,582 
Real estate under development210,654 157,122 
Co-investments612,871 630,550 
Cash and cash equivalents, including restricted cash80,298 85,586 
Marketable securities102,665 98,070 
Notes and other receivables94,064 141,591 
Operating lease right-of-use assets31,231 50,833 
Prepaid expenses and other assets113,830 90,675 
Total assets$12,816,254 $13,159,009 

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