Revenues

12 Months Ended

Dec. 31, 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):

	2023		2022		2021
Rental income	$	1,636,070	$	1,573,368	$	1,410,197
Other property	22,194		22,307		21,221
Management and other fees from affiliates	11,131		11,139		9,138
Total revenues	$	1,669,395	$	1,606,814	$	1,440,556

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

	2023		2022		2021
Southern California	$	682,116	$	646,252	$	574,129
Northern California	666,836		639,306		584,034
Seattle Metro	282,092		271,248		239,839
Other real estate assets (1)	27,220		38,869		33,416
Total rental and other property revenues	$	1,658,264	$	1,595,675	$	1,431,418

(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):

	2023		2022		2021
Same-property (1)	$	1,581,890	$	1,515,505	$	1,364,379
Acquisitions (2)	5,449		1,561		—
Development (3)	22,883		20,425		15,807
Redevelopment	6,232		5,766		6,170
Non-residential/other, net (4)	44,353		57,976		56,377
Straight line rent concession (5)	(2,543)		(5,558)		(11,315)
Total rental and other property revenues	$	1,658,264	$	1,595,675	$	1,431,418

(1)Properties that have comparable stabilized results as of January 1, 2022 and are consolidated by the Company for the years ended December 31, 2023, 2022, and 2021. 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, 2022.

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

(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 $1.0 million and $1.7 million as of December 31, 2023 and December 31, 2022, 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, 2023 that was included in the December 31, 2022 deferred revenue balance was $0.7 million, which was included in rental and other property revenue 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, 2023, the Company had $1.0 million of remaining performance obligations. The Company expects to recognize approximately 68% of these remaining performance obligations in 2024, an additional 27% through 2026, 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.