Revenues (Tables)

6 Months Ended

Jun. 30, 2023

Revenue from Contract with Customer [Abstract]

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.