Revenues

12 Months Ended

Dec. 31, 2019

Revenue from Contract with Customer [Abstract]

On January 1, 2018, the Company adopted ASU No. 2014-09, "Revenue from Contracts with Customers" using a modified retrospective transition method applied to those contracts which were not completed as of January 1, 2018. Results for reporting periods after January 1, 2018 are presented under the new standard, while prior period amounts are not adjusted and continue to be reported in accordance with the old revenue recognition standard.

Based on a full analysis of applicable contracts, the Company determined that the new standard did not have an impact to reported revenues from prior or current periods.

Disaggregated Revenue

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



	2019		2018		2017
Rental income ⁽¹⁾	$	1,425,585	$	1,366,590	$	1,326,464
Other property ⁽¹⁾	25,043		24,280		27,861
Management and other fees from affiliates	9,527		9,183		9,574
Total revenues	$	1,460,155	$	1,400,053	$	1,363,899


⁽¹⁾	On January 1, 2019, the Company adopted ASU No. 2016-02 and ASU No. 2018-11. 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-leasing revenues disaggregated by geographic operating segment ($ in thousands):



	2019		2018		2017
Southern California	$	610,240	$	592,281	$	574,552
Northern California	569,556		522,561		505,313
Seattle Metro	245,476		236,525		229,871
Other real estate assets ⁽¹⁾	25,356		39,503		44,589
Total rental and other property revenues	$	1,450,628	$	1,390,870	$	1,354,325


⁽¹⁾	Other real estate assets consists of revenue 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 revenues disaggregated by current property category status ($ in thousands):



	2019		2018		2017
Same-property ⁽¹⁾	$	1,367,311	$	1,321,862	$	1,284,030
Acquisitions ⁽²⁾	22,924		259		—
Development ⁽³⁾	7,562		2,713		—
Redevelopment	20,988		20,345		19,641
Non-residential/other, net ⁽⁴⁾	31,843		45,691		50,654
Total rental and other property revenues	$	1,450,628	$	1,390,870	$	1,354,325


⁽¹⁾	Properties that have comparable stabilized results as of January 1, 2018 and are consolidated by the Company for the years ended December 31, 2019, 2018, and 2017. A community is generally considered to have reach 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 revenue 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 $3.9 million and $6.2 million as of December 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 year ended December 31, 2019 that was included in the December 31, 2018 deferred revenue balance was $2.3 million, which was included in interest and other income within the 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 new revenue recognition accounting standard. As of December 31, 2019, the Company had $3.9 million of remaining performance obligations. The Company expects to recognize approximately 19% of these remaining performance obligations in 2020, an additional 38% through 2022, and the remaining balance thereafter.

Practical Expedients

The Company does not disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less or when variable consideration is allocated entirely to a wholly unsatisfied performance obligation.