Revenues (Tables)

3 Months Ended

Mar. 31, 2025

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

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

	Three Months Ended March 31,
	2025		2024
Rental income	$	455,860	$	417,236
Other property	6,229		6,979
Management and other fees from affiliates	2,494		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,
	2025		2024
Southern California	$	188,622	$	168,890
Northern California	184,344		162,656
Seattle Metro	77,214		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,
	2025		2024
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.