Revenues

12 Months Ended

Dec. 31, 2022

Revenue from Contract with Customer [Abstract]

Revenues

Revenues

Disaggregated Revenue

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

	2022		2021		2020
Rental income	$	1,573,368	$	1,410,197	$	1,462,161
Other property	22,307		21,221		23,989
Management and other fees from affiliates	11,139		9,138		9,598
Total revenues	$	1,606,814	$	1,440,556	$	1,495,748

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

	2022		2021		2020
Southern California	$	652,742	$	580,305	$	558,839
Northern California	639,138		584,034		604,348
Seattle Metro	271,248		239,839		243,900
Other real estate assets (1)	32,547		27,240		79,063
Total rental and other property revenues	$	1,595,675	$	1,431,418	$	1,486,150

(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):

	2022		2021		2020
Same-property (1)	$	1,484,976	$	1,346,680	$	1,363,241
Acquisitions (2)	8,793		2,239		—
Development (3)	43,139		31,270		20,050
Redevelopment	5,766		6,169		6,931
Non-residential/other, net (4)	58,120		55,871		74,072
Straight line rent concession (5)	(5,119)		(10,811)		21,856
Total rental and other property revenues	$	1,595,675	$	1,431,418	$	1,486,150

(1)Properties that have comparable stabilized results as of January 1, 2021 and are consolidated by the Company for the years ended December 31, 2022, 2021, and 2020. 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, 2021.

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

(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 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.

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 $1.7 million and $2.4 million as of December 31, 2022 and December 31, 2021, 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, 2022 that was included in the December 31, 2021 deferred revenue balance was $0.7 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, 2022, the Company had $1.7 million of remaining performance obligations. The Company expects to recognize approximately 40% of these remaining performance obligations in 2023, an additional 47% through 2025, 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.