Revenues

6 Months Ended

Jun. 30, 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 June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Rental income	$	343,322	$	363,087	$	690,627	$	746,585
Other property	5,435		5,062		11,006		11,314
Management and other fees from affiliates	2,221		2,348		4,470		4,965
Total revenues	$	350,978	$	370,497	$	706,103	$	762,864

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Southern California	$	143,230	$	140,510	$	286,242	$	292,405
Northern California	143,386		152,118		290,076		310,574
Seattle Metro	59,267		60,649		117,900		123,693
Other real estate assets (1)	2,874		14,872		7,415		31,227
Total rental and other property revenues	$	348,757	$	368,149	$	701,633	$	757,899

(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 June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Same-property (1)	$	314,949	$	324,654	$	632,755	$	670,306
Acquisitions (2)	13,948		13,696		27,621		26,254
Development (3)	7,500		4,420		14,430		8,495
Redevelopment	4,149		5,096		8,739		10,497
Non-residential/other, net (4)	11,156		17,308		24,402		39,372
Straight line rent concession (5)	(2,945)		2,975		(6,314)		2,975
Total rental and other property revenues	$	348,757	$	368,149	$	701,633	$	757,899

(1) Properties that have comparable stabilized results as of January 1, 2020 and are consolidated by the Company for the three and six months ended June 30, 2021 and 2020. A community is generally considered to have reached 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, 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 $2.8 million and $3.1 million as of June 30, 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 six months ended June 30, 2021 that was included in the December 31, 2020 deferred revenue balance was $0.3 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 June 30, 2021, the Company had $2.8 million of remaining performance obligations. The Company expects to recognize approximately 13% of these remaining performance obligations in 2021, an additional 51% through 2023, and the remaining balance thereafter.