v3.26.1
Segment Information
 6 Months Ended
Jun. 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 six months ended June 30, 2026 and 2025 ($ in thousands):
 Three Months Ended June 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$195,506 $57,842 $137,664 $189,744 $54,964 $134,780 
Northern California205,088 59,512 145,576 189,791 58,195 131,596 
Seattle Metro79,633 23,355 56,278 78,297 20,456 57,841 
Other real estate assets6,504 313 6,191 9,778 1,814 7,964 
Total$486,731 $141,022 $345,709 $467,610 $135,429 $332,181 
Total net operating income345,709 332,181 
Management and other fees from affiliates2,318 2,223 
Corporate-level property management expenses(13,432)(12,220)
Depreciation and amortization(154,073)(151,501)
General and administrative(73,149)(17,157)
Gain on sale of real estate and land2,000 126,174 
Interest expense(66,835)(65,262)
Total return swap income1,226 1,071 
Interest and other income9,087 6,808 
Equity income from co-investments13,715 8,977 
Tax benefit on unconsolidated technology co-investments363 232 
Net income$66,929 $231,526 
Six Months Ended June 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$390,811 $115,464 $275,347 $378,366 $109,594 $268,772 
Northern California406,706 119,859 286,847 370,707 114,341 256,366 
Seattle Metro158,654 46,435 112,219 155,511 44,358 111,153 
Other real estate assets13,003 520 12,483 25,115 5,757 19,358 
Total$969,174 $282,278 $686,896 $929,699 $274,050 $655,649 
Total net operating income686,896 655,649 
Management and other fees from affiliates4,631 4,717 
Corporate-level property management expenses(26,830)(24,552)
Depreciation and amortization(308,968)(302,788)
General and administrative(93,163)(33,449)
Gain on sale of real estate and land2,000 237,204 
Interest expense(132,399)(127,994)
Total return swap income2,768 2,271 
Interest and other income10,123 11,097 
Equity income from co-investments37,330 22,186 
Tax (expense) benefit on unconsolidated technology co-investments(3,251)395 
Loss on early retirement of debt— (762)
Gain on remeasurement of co-investment— 330 
Net income$179,137 $444,304 
Total assets for each of the reportable operating segments are summarized as follows as of June 30, 2026 and December 31, 2025 ($ in thousands):
 June 30, 2026December 31, 2025
Assets:
Southern California$4,100,610 $4,194,554 
Northern California6,029,262 6,136,977 
Seattle Metro1,385,591 1,412,405 
Other real estate assets (1)
182,040 160,646 
Net reportable operating segments - real estate assets11,697,503 11,904,582 
Real estate under development184,130 157,122 
Co-investments612,512 630,550 
Cash and cash equivalents, including restricted cash66,344 85,586 
Marketable securities92,165 98,070 
Notes and other receivables96,334 141,591 
Operating lease right-of-use assets49,077 50,833 
Prepaid expenses and other assets100,237 90,675 
Total assets$12,898,302 $13,159,009 

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