Revenues (Tables)

3 Months Ended

Mar. 31, 2021

Revenue from Contract with Customer [Abstract]

Disaggregation of 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.