Revenues

6 Months Ended

Jun. 30, 2023

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,
	2023		2022		2023		2022
Rental income	$	407,786	$	391,778	$	812,421	$	765,203
Other property	5,479		5,462		10,500		11,253
Management and other fees from affiliates	2,778		2,738		5,543		5,427
Total revenues	$	416,043	$	399,978	$	828,464	$	781,883

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,
	2023		2022		2023		2022
Southern California	$	169,857	$	160,809	$	336,734	$	314,147
Northern California	166,415		160,513		330,039		313,258
Seattle Metro	70,216		67,707		140,255		131,910
Other real estate assets (1)	6,777		8,211		15,893		17,141
Total rental and other property revenues	$	413,265	$	397,240	$	822,921	$	776,456

(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,
	2023		2022		2023		2022
Same-property (1)	$	394,204	$	378,874	$	783,099	$	740,289
Acquisitions (2)	1,332		—		2,353		—
Development (3)	5,710		5,371		11,210		9,598
Redevelopment	1,595		1,491		3,132		2,926
Non-residential/other, net (4)	11,099		14,597		23,226		29,620
Straight line rent concession (5)	(675)		(3,093)		(99)		(5,977)
Total rental and other property revenues	$	413,265	$	397,240	$	822,921	$	776,456

(1) Same-property includes properties that have comparable stabilized results as of January 1, 2022 and are consolidated by the Company for the three and six months ended June 30, 2023 and 2022. A community is 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, 2022.

(3) Development includes properties developed which did not have stabilized results as of January 1, 2022.

(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) Represents straight-line concessions for residential operating communities. 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 $1.3 million and $1.7 million as of June 30, 2023 and December 31, 2022, 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, 2023 that was included in the December 31, 2022 deferred revenue balance was $0.4 million, which was included in rental and other property revenue 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, 2023, the Company had $1.3 million of remaining performance obligations. The Company expects to recognize approximately 25% of these remaining performance obligations in 2023, an additional 60% through 2025, and the remaining balance thereafter.