Revenues

12 Months Ended

Dec. 31, 2024

Revenue from Contract with Customer [Abstract]

Revenues

Revenues

Disaggregated Revenue

The following table presents the Company’s revenues disaggregated by revenue source for the periods presented ($ in thousands):

	Year Ended December 31,
	2024		2023		2022
Rental income	$	1,735,411	$	1,636,070	$	1,573,368
Other property	28,774		22,194		22,307
Management and other fees from affiliates	10,265		11,131		11,139
Total revenues	$	1,774,450	$	1,669,395	$	1,606,814

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

	Year Ended December 31,
	2024		2023		2022
Southern California	$	744,004	$	682,116	$	646,252
Northern California	677,393		642,658		615,677
Seattle Metro	295,002		282,092		271,248
Other real estate assets (1)	47,786		51,398		62,498
Total rental and other property revenues	$	1,764,185	$	1,658,264	$	1,595,675

(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 for the periods presented ($ in thousands):

	Year Ended December 31,
	2024		2023		2022
Same-property (1)	$	1,636,531	$	1,585,007	$	1,513,864
Acquisitions (2)	58,158		1,037		—
Redevelopment	6,519		6,232		5,765
Non-residential/other, net (3)	62,998		68,531		81,604
Straight line rent concession (4)	(21)		(2,543)		(5,558)
Total rental and other property revenues	$	1,764,185	$	1,658,264	$	1,595,675

(1)Properties that have comparable stabilized results as of January 1, 2023 and are consolidated by the Company for the years ended December 31, 2024, 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, 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 $0.3 million and $1.0 million as of December 31, 2024 and 2023, respectively, and was included in accounts payable and accrued liabilities within the consolidated balance sheets. The amount of revenue recognized for the year ended December 31, 2024 that was included in the December 31, 2023 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, 2024, the Company had $0.3 million of remaining performance obligations. The Company expects to recognize approximately 36% of these remaining performance obligations in 2025 and the remaining 64% through 2027.

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.