Revenues

3 Months Ended

Mar. 31, 2021

Revenue from Contract with Customer [Abstract]

Revenues

Revenues

Disaggregated Revenue

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

	Three Months Ended March 31,
	2021		2020
Rental income	$	347,305	$	383,498
Other property	5,571		6,252
Management and other fees from affiliates	2,249		2,617
Total revenues	$	355,125	$	392,367

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

	Three Months Ended March 31,
	2021		2020
Southern California	$	143,012	$	151,895
Northern California	146,690		158,456
Seattle Metro	58,633		63,044
Other real estate assets (1)	4,541		16,355
Total rental and other property revenues	$	352,876	$	389,750

(1) Other real estate assets consist of revenues 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):

	Three Months Ended March 31,
	2021		2020
Same-property (1)	$	317,806	$	345,652
Acquisitions (2)	13,673		12,558
Development (3)	6,930		4,075
Redevelopment	4,590		5,401
Non-residential/other, net (4)	13,246		22,064
Straight line rent concession (5)	(3,369)		—
Total rental and other property revenues	$	352,876	$	389,750

(1) Properties that have comparable stabilized results as of January 1, 2020 and are consolidated by the Company for the three months ended March 31, 2021 and 2020. A community is generally considered to have reached stabilized operations once it achieves an initial occupancy of 90%.

(2) Acquisitions includes properties acquired which did not have comparable stabilized results as of January 1, 2020.

(3) Development includes properties developed which did not have stabilized results as of January 1, 2020.

(4) Non-residential/other, net consists of revenues 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 $3.0 million and $3.1 million as of March 31, 2021 and December 31, 2020, respectively, and was included in accounts payable and accrued liabilities within the accompanying condensed consolidated balance sheets. The amount of revenue recognized for the three months ended March 31, 2021 that was included in the December 31, 2020 deferred revenue balance was $0.1 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 March 31, 2021, the Company had $3.0 million of remaining performance obligations. The Company expects to recognize approximately 19% of these remaining performance obligations in 2021, an additional 48% through 2023, and the remaining balance thereafter.