Revenues

Disaggregated Revenue

The following table presents the Company’s revenues disaggregated by revenue source ($ in thousands):



	Three Months Ended March 31,
	2019		2018
Rental income ⁽¹⁾	$	347,805	$	339,015
Other property ⁽¹⁾	6,083		5,932
Management and other fees from affiliates	2,335		2,308
Total revenues	$	356,223	$	347,255

(1) On January 1, 2019, the Company adopted ASU No. 2016-02 “Leases.” As a result of this adoption certain amounts previously classified as other property revenue have been reclassified to rental income. Prior period amounts have been adjusted to conform to the current period’s presentation.

The following table presents the Company’s rental and other property-related revenues disaggregated by geographic operating segment ($ in thousands):



	Three Months Ended March 31,
	2019		2018
Southern California	$	151,024	$	146,558
Northern California	136,325		128,622
Seattle Metro	60,240		58,713
Other real estate assets ⁽¹⁾	6,299		11,054
Total rental and other property revenues	$	353,888	$	344,947

(1) Other real estate assets consists of revenues generated from retail space, commercial properties, held for sale properties, and disposition properties. Executive management does not evaluate such operating performance geographically.

The following table presents the Company’s rental and other property-related revenues disaggregated by current property category status ($ in thousands):



	Three Months Ended March 31,
	2019		2018
Same-property ⁽¹⁾	$	337,352	$	327,267
Acquisitions ⁽²⁾	2,271		—
Development ⁽³⁾	1,133		19
Redevelopment	5,212		5,024
Non-residential/other, net ⁽⁴⁾	7,920		12,637
Total rental and other property revenues	$	353,888	$	344,947

(1) Stabilized properties consolidated by the Company for the three months ended March 31, 2019 and 2018. A community is generally considered to have reached stabilized operations once it achieves an initial occupancy of 95%.

(2) Acquisitions includes properties acquired which did not have comparable stabilized results as of January 1, 2018.

(3) Development includes properties developed which did not have stabilized results as of January 1, 2018.

(4) Non-residential/other, net consists of revenues generated from retail space, commercial properties, held for sale properties, disposition properties and student housing.

Deferred Revenues and Remaining Performance Obligations

When cash payments are received or due in advance of the Company’s performance of contracts with customers, deferred revenue is recorded. The total deferred revenue balance related to such contracts was $5.5 million and $6.2 million as of March 31, 2019 and December 31, 2018, respectively, and was included in accounts payable and accrued liabilities within the accompanying consolidated balance sheets. The amount of revenue recognized for the three months ended March 31, 2019 that was included in the December 31, 2018 deferred revenue balance was $0.7 million, which was included in interest and other income within the condensed consolidated statements of income and comprehensive income.

A performance obligation is a promise in a contract to transfer a distinct good or service to the customer, and is the unit of account in the revenue recognition accounting standard. As of March 31, 2019, the Company had $5.5 million of remaining performance obligations. The Company expects to recognize approximately 29% of these remaining performance obligations in 2019, an additional 27% through 2021, and the remaining balance thereafter.