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Revenues
 3 Months Ended
Mar. 31, 2025
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):
 Three Months Ended March 31,
 20252024
Rental income$455,860 $417,236 
Other property6,229 6,979 
Management and other fees from affiliates2,494 2,713 
Total revenues$464,583 $426,928 

The following table presents the Company’s rental and other property revenues disaggregated by geographic operating segment for the periods presented ($ in thousands):
 Three Months Ended March 31,
 20252024
Southern California$188,622 $168,890 
Northern California184,344 162,656 
Seattle Metro77,214 71,913 
Other real estate assets (1)
11,909 20,756 
Total rental and other property revenues$462,089 $424,215 

(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):
 Three Months Ended March 31,
 20252024
Same-property (1)
$409,147 $395,584 
Acquisitions (2)
34,770 1,598 
Non-residential/other, net (3)
18,560 27,096 
Straight line rent concession (4)
(388)(63)
Total rental and other property revenues$462,089 $424,215 

(1)Same-property includes properties that have comparable stabilized results as of January 1, 2024 and are consolidated by the Company for the three months ended March 31, 2025 and 2024. 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, 2024.
(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 as of both March 31, 2025 and December 31, 2024, and was included in accounts payable and accrued liabilities within the accompanying condensed consolidated balance sheets. The amount of revenue recognized for the three months ended March 31, 2025 that was included in the December 31, 2024 deferred revenue balance was less than $0.1 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 March 31, 2025, the Company had $0.3 million of remaining performance obligations. The Company expects to recognize approximately 30% of these remaining performance obligations in 2025 and the remaining 70% through 2027.