Revenues (Tables)

9 Months Ended

Sep. 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 September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Rental income	$	410,438	$	401,467	$	1,222,859	$	1,166,670
Other property	5,960		5,395		16,460		16,648
Management and other fees from affiliates	2,785		2,886		8,328		8,313
Total revenues	$	419,183	$	409,748	$	1,247,647	$	1,191,631

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,
	2023		2022		2023		2022
Southern California	$	172,139	$	164,954	$	508,873	$	479,102
Northern California	168,224		163,157		498,263		476,415
Seattle Metro	70,631		69,054		210,885		200,964
Other real estate assets (1)	5,404		9,697		21,298		26,837
Total rental and other property revenues	$	416,398	$	406,862	$	1,239,319	$	1,183,318

(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,
	2023		2022		2023		2022
Same-property (1)	$	398,460	$	386,200	$	1,181,559	$	1,126,489
Acquisitions (2)	1,528		675		3,881		675
Development (3)	5,808		5,410		17,018		15,008
Redevelopment	1,564		1,422		4,696		4,348
Non-residential/other, net (4)	10,432		14,783		33,658		44,403
Straight line rent concession (5)	(1,394)		(1,628)		(1,493)		(7,605)
Total rental and other property revenues	$	416,398	$	406,862	$	1,239,319	$	1,183,318

(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 nine months ended September 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.