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Revenues
 6 Months Ended
Jun. 30, 2024
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,
 2024202320242023
Rental income$432,141 $407,786 $849,377 $812,421 
Other property7,641 5,479 14,620 10,500 
Management and other fees from affiliates2,573 2,778 5,286 5,543 
Total revenues$442,355 $416,043 $869,283 $828,464 

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,
 2024202320242023
Southern California$186,604 $169,857 $362,606 $336,734 
Northern California172,615 166,459 341,454 330,187 
Seattle Metro73,782 70,217 145,695 140,255 
Other real estate assets (1)
6,781 6,732 14,242 15,745 
Total rental and other property revenues$439,782 $413,265 $863,997 $822,921 

(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,
 2024202320242023
Same-property (1)
$414,845 $401,065 $824,664 $796,585 
Acquisitions (2)
12,824 225 14,422 225 
Redevelopment1,565 1,595 3,106 3,132 
Non-residential/other, net (3)
11,059 11,055 22,379 23,078 
Straight line rent concession (4)
(511)(675)(574)(99)
Total rental and other property revenues$439,782 $413,265 $863,997 $822,921 

(1) Same-property includes properties that have comparable stabilized results as of January 1, 2023 and are consolidated by the Company for the three and six months ended June 30, 2024 and 2023. 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, 2023.
(3) 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.
(4) 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 $0.7 million and $1.0 million as of June 30, 2024 and December 31, 2023, 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, 2024 that was included in the December 31, 2023 deferred revenue balance was $0.3 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, 2024, the Company had $0.7 million of remaining performance obligations. The Company expects to recognize approximately 51% of these remaining performance obligations in 2024, an additional 41% through 2026, and the remaining balance thereafter.