Revenues (Tables)

12 Months Ended

Dec. 31, 2023

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):

	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.