Segment Information

3 Months Ended

Mar. 31, 2013

(7) Segment Information

The Operating Partnership defines its reportable operating segments as the three geographical regions in which its apartment communities are located: Southern California, Northern California and Seattle Metro. Excluded from segment revenues are properties classified in discontinued operations, management and other fees from affiliates, and interest and other income. Non-segment revenues and net operating income included in the following schedule also consist of revenue generated from commercial properties. Other non-segment assets include real estate under development, co-investments, cash and cash equivalents, marketable securities, notes and other receivables, prepaid expenses and other assets and deferred charges.

The revenues, net operating income, and assets for each of the reportable operating segments are summarized as follows for the three months ended March 31, 2013 and 2012 (dollars in thousands):

	Three Months Ended
	March 31,
	2013			2012
Revenues:
Southern California	$	65,830		$	58,560
Northern California		50,770			41,622
Seattle Metro		26,328			22,309
Other real estate assets		3,466			2,983
Total property revenues	$	146,394		$	125,474

Net operating income:
Southern California	$	44,434		$	39,830
Northern California		35,283			28,942
Seattle Metro		17,373			14,831
Other real estate assets		2,540			1,707
Total net operating income		99,630			85,310

Management and other fees from affiliates		2,948			2,444
Depreciation		(47,144	)		(40,734	)
General and administrative		(6,626	)		(5,400	)
Cost of management and other fees		(1,701	)		(1,640	)
Interest expense before amortization		(25,211	)		(24,658	)
Amortization expense		(2,930	)		(2,871	)
Interest and other income		5,023			2,413
Equity income from co-investments		4,211			2,340
Gain on sale of land		1,503			-
Income from continuing operations	$	29,703		$	17,204

Total assets for each of the reportable operating segments are summarized as follows as of March 31, 2013 and December 31, 2012:

	March 31,		December 31,
	2013		2012
Assets:
Southern California	$	1,662,493	$	1,675,265
Northern California		1,632,994		1,489,095
Seattle Metro		711,458		699,465
Other real estate assets		87,754		88,330
Net reportable operating segment - real estate assets		4,094,699		3,952,155
Real estate under development		65,568		66,851
Co-investments		579,654		571,345
Cash and cash equivalents, including restricted cash		55,634		42,126
Marketable securities		80,432		92,713
Notes and other receivables		11,359		66,163
Other non-segment assets		49,113		55,870
Total assets	$	4,936,459	$	4,847,223

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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