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Revenues
 9 Months Ended
Sep. 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 September 30,Nine Months Ended September 30,
 2024202320242023
Rental income$440,649 $410,438 $1,290,026 $1,222,859 
Other property7,486 5,960 22,106 16,460 
Management and other fees from affiliates2,563 2,785 7,849 8,328 
Total revenues$450,698 $419,183 $1,319,981 $1,247,647 

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,
 2024202320242023
Southern California$188,959 $172,139 $551,565 $508,873 
Northern California172,163 162,104 501,042 480,431 
Seattle Metro74,576 70,630 220,271 210,885 
Other real estate assets (1)
12,437 11,525 39,254 39,130 
Total rental and other property revenues$448,135 $416,398 $1,312,132 $1,239,319 
(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,
 2024202320242023
Same-property (1)
$413,213 $399,292 $1,225,302 $1,184,018 
Acquisitions (2)
16,964 383 31,386 608 
Redevelopment1,671 1,564 4,777 4,696 
Non-residential/other, net (3)
16,514 16,553 51,468 51,490 
Straight line rent concession (4)
(227)(1,394)(801)(1,493)
Total rental and other property revenues$448,135 $416,398 $1,312,132 $1,239,319 

(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 nine months ended September 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 $0.5 million and $1.0 million as of September 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 nine months ended September 30, 2024 that was included in the December 31, 2023 deferred revenue balance was $0.5 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 September 30, 2024, the Company had $0.5 million of remaining performance obligations. The Company expects to recognize approximately 35% of these remaining performance obligations in 2024, an additional 54% through 2026, and the remaining balance thereafter.