Revenues

3 Months Ended

Mar. 31, 2026

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,
	2026		2025
Rental income	$	475,812	$	455,860
Other property	6,631		6,229
Management and other fees from affiliates	2,313		2,494
Total revenues	$	484,756	$	464,583

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,
	2026		2025
Southern California	$	195,305	$	188,622
Northern California	201,618		180,916
Seattle Metro	79,021		77,214
Other real estate assets (1)	6,499		15,337
Total rental and other property revenues	$	482,443	$	462,089

(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,
	2026		2025
Same-property (1)	$	442,572	$	430,009
Acquisitions (2)	20,761		4,570
Non-residential/other, net (3)	19,225		27,898
Straight-line rent concessions (4)	(115)		(388)
Total rental and other property revenues	$	482,443	$	462,089

(1)Same-property includes properties that have comparable stabilized results as of January 1, 2025 and are consolidated by the Company for the three months ended March 31, 2026 and 2025. 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, 2025.

(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, properties subject to upcoming ground lease expirations, two communities located in the California counties of Santa Barbara and Santa Cruz, which the Company does not consider its core markets, and properties without comparable operating results in the reported periods.

(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 $0.2 million as of both March 31, 2026 and December 31, 2025, 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, 2026 that was included in the December 31, 2025 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, 2026, the Company had $0.2 million of remaining performance obligations. The Company expects to recognize approximately 69% of these remaining performance obligations in 2026 and the remaining 31% through 2027.