Revenues (Tables)

12 Months Ended

Dec. 31, 2022

Revenue from Contract with Customer [Abstract]

Summary of Disaggregation of 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.