Revenues

6 Months Ended

Jun. 30, 2019

Revenue from Contract with Customer [Abstract]

Disaggregated Revenue

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



	Three Months Ended June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
Rental income ⁽¹⁾	$	353,167	$	340,481	$	700,972	$	679,496
Other property ⁽¹⁾	6,208		6,045		12,291		11,977
Management and other fees from affiliates	2,260		2,197		4,595		4,505
Total revenues	$	361,635	$	348,723	$	717,858	$	695,978

(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 June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
Southern California	$	151,966	$	147,249	302,990		293,807
Northern California	140,095		129,590		276,420		258,212
Seattle Metro	60,841		58,796		121,081		117,509
Other real estate assets ⁽¹⁾	6,473		10,891		12,772		21,945
Total rental and other property revenues	$	359,375	$	346,526	$	713,263	$	691,473

(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 June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
Same-property ⁽¹⁾	$	340,042	$	328,602	$	677,394	$	655,869
Acquisitions ⁽²⁾	4,836		—		7,107		—
Development ⁽³⁾	1,192		450		2,325		469
Redevelopment	5,223		5,036		10,435		10,060
Non-residential/other, net ⁽⁴⁾	8,082		12,438		16,002		25,075
Total rental and other property revenues	$	359,375	$	346,526	$	713,263	$	691,473

(1) Properties that have stabilized operations as of January 1, 2018 and are consolidated by the Company for the three and six months ended June 30, 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 $4.8 million and $6.2 million as of June 30, 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 six months ended June 30, 2019 that was included in the December 31, 2018 deferred revenue balance was $1.4 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 June 30, 2019, the Company had $4.8 million of remaining

performance obligations. The Company expects to recognize approximately 19% of these remaining performance obligations in 2019, an additional 31% through 2021, and the remaining balance thereafter.