Revenues

12 Months Ended

Dec. 31, 2020

Revenue from Contract with Customer [Abstract]

Revenues

Revenues

Disaggregated Revenue

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

	2020		2019		2018
Rental income (1)	$	1,462,161	$	1,425,585	$	1,366,590
Other property (1)	23,989		25,043		24,280
Management and other fees from affiliates	9,598		9,527		9,183
Total revenues	$	1,495,748	$	1,460,155	$	1,400,053

(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 revenues disaggregated by geographic operating segment ($ in thousands):

	2020		2019		2018
Southern California	$	570,673	$	597,330	$	579,533
Northern California	610,867		557,139		520,117
Seattle Metro	243,900		243,060		234,138
Other real estate assets (1)	60,710		53,099		57,082
Total rental and other property revenues	$	1,486,150	$	1,450,628	$	1,390,870

(1)Other real estate assets consist of revenue generated from retail space, commercial properties, held for sale properties, disposition properties and straight-line rent adjustments for concessions. 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):

	2020		2019		2018
Same-property (1)	$	1,286,686	$	1,338,690	$	1,288,771
Acquisitions (2)	78,666		7,704		—
Development (3)	20,050		7,675		2,741
Redevelopment	19,054		21,058		20,413
Non-residential/other, net (4)	59,838		75,501		78,945
Straight line rent concession (5)	21,856		—		—
Total rental and other property revenues	$	1,486,150	$	1,450,628	$	1,390,870

(1)Properties that have comparable stabilized results as of January 1, 2019 and are consolidated by the Company for the years ended December 31, 2020, 2019, and 2018. A community is generally considered to have reach stabilized operations once it achieves an initial occupancy of 90%.

(2)Acquisitions include properties acquired which did not have comparable stabilized results as of January 1, 2019.

(3)Development includes properties developed which did not have stabilized results as of January 1, 2019.

(4)Non-residential/other, net consists of revenue generated from retail space, commercial properties, held for sale properties, disposition properties, student housing, properties undergoing significant construction activities that do not meet our redevelopment criteria, and three communities located in the California counties of Riverside, Santa Barbara, and Santa Cruz, which the Company does not consider its core markets.

(5)Same-property revenues reflect concessions on a cash basis. Total rental and other property revenues reflect concessions on a straight-line basis in accordance with U.S. GAAP.

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 $3.1 million and $3.9 million as of December 31, 2020 and December 31, 2019, 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, 2020 that was included in the December 31, 2019 deferred revenue balance was $0.8 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, 2020, the Company had $3.1 million of remaining performance obligations. The Company expects to recognize approximately 23% of these remaining performance obligations in 2021, an additional 45% through 2023, 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.