Revenues

9 Months Ended

Sep. 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 September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
Rental income ⁽¹⁾	$	358,001	$	342,246	$	1,058,973	$	1,021,742
Other property ⁽¹⁾	6,503		6,364		18,794		18,341
Management and other fees from affiliates	2,428		2,307		7,023		6,812
Total revenues	$	366,932	$	350,917	$	1,084,790	$	1,046,895

(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 September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
Southern California	$	152,312	$	148,575	455,302		442,382
Northern California	144,124		131,538		420,544		389,750
Seattle Metro	61,657		59,231		182,738		176,740
Other real estate assets ⁽¹⁾	6,411		9,266		19,183		31,211
Total rental and other property revenues	$	364,504	$	348,610	$	1,077,767	$	1,040,083

(1) Other real estate assets consists of revenues generated from retail space, commercial properties, held for sale properties, and disposition properties.

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



	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
Same-property ⁽¹⁾	$	342,115	$	331,695	$	1,019,509	$	987,564
Acquisitions ⁽²⁾	7,309		—		14,416		—
Development ⁽³⁾	1,859		1,091		4,184		1,560
Redevelopment	5,255		5,125		15,690		15,185
Non-residential/other, net ⁽⁴⁾	7,966		10,699		23,968		35,774
Total rental and other property revenues	$	364,504	$	348,610	$	1,077,767	$	1,040,083

(1) Properties that have stabilized operations as of January 1, 2018 and are consolidated by the Company for the three and nine months ended September 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 $4.1 million and $6.2 million as of September 30, 2019 and December 31, 2018, respectively, and was included in accounts payable and accrued liabilities within the accompanying condensed consolidated balance sheets. The amount of revenue recognized for the nine months ended September 30, 2019 that was included in the December 31, 2018 deferred revenue balance was $2.1 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 September 30, 2019, the Company had $4.1 million of remaining

performance obligations. The Company expects to recognize approximately 5% of these remaining performance obligations in 2019, an additional 36% through 2021, and the remaining balance thereafter.