Revenues (Tables)

9 Months Ended

Sep. 30, 2022

Revenue from Contract with Customer [Abstract]

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Rental income	$	401,467	$	355,591	$	1,166,670	$	1,046,218
Other property	5,395		5,029		16,648		16,035
Management and other fees from affiliates	2,886		2,237		8,313		6,707
Total revenues	$	409,748	$	362,857	$	1,191,631	$	1,068,960

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Southern California	$	168,883	$	150,807	$	490,363	$	434,926
Northern California	163,157		145,807		476,245		435,883
Seattle Metro	69,054		60,280		200,964		178,180
Other real estate assets (1)	5,768		3,726		15,746		13,264
Total rental and other property revenues	$	406,862	$	360,620	$	1,183,318	$	1,062,253

(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 September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Same-property (1)	$	380,562	$	341,744	$	1,110,166	$	1,007,402
Acquisitions (2)	2,570		1,004		6,070		1,323
Development (3)	11,327		8,055		31,938		22,485
Redevelopment	1,422		1,533		4,348		4,671
Non-residential/other, net (4)	12,413		11,320		38,079		35,722
Straight line rent concession (5)	(1,432)		(3,036)		(7,283)		(9,350)
Total rental and other property revenues	$	406,862	$	360,620	$	1,183,318	$	1,062,253

(1) Properties that have comparable stabilized results as of January 1, 2021 and are consolidated by the Company for the three and nine months ended September 30, 2022 and 2021. 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, 2021.

(3) Development includes properties developed which did not have stabilized results as of January 1, 2021.

(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 two communities located in the California counties of 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.