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Revenues
 6 Months Ended
Jun. 30, 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 June 30,Six Months Ended June 30,
 2026202520262025
Rental income$479,418 $460,686 $955,230 $916,546 
Other property7,313 6,924 13,944 13,153 
Management and other fees from affiliates2,318 2,223 4,631 4,717 
Total revenues$489,049 $469,833 $973,805 $934,416 

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 June 30,Six Months Ended June 30,
 2026202520262025
Southern California$195,506 $189,744 $390,811 $378,366 
Northern California205,088 189,791 406,706 370,707 
Seattle Metro79,633 78,297 158,654 155,511 
Other real estate assets (1)
6,504 9,778 13,003 25,115 
Total rental and other property revenues$486,731 $467,610 $969,174 $929,699 

(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 June 30,Six Months Ended June 30,
 2026202520262025
Same-property (1)
$446,035 $434,370 $888,607 $864,379 
Acquisitions (2)
21,495 11,099 42,256 15,669 
Non-residential/other, net (3)
19,404 21,974 38,629 49,872 
Straight-line rent concessions (4)
(203)167 (318)(221)
Total rental and other property revenues$486,731 $467,610 $969,174 $929,699 

(1)Same-property includes properties that have comparable stabilized results as of January 1, 2025 and are consolidated by the Company for the six months ended June 30, 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, 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 $0.1 million and $0.2 million as of June 30, 2026 and December 31, 2025 respectively, and was included in accounts payable and accrued liabilities within the accompanying condensed consolidated balance sheets. The amount of revenue recognized for the six months ended June 30, 2026 that was included in the December 31, 2025 deferred revenue balance was $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 June 30, 2026, the Company had $0.1 million of remaining performance obligations. The Company expects to recognize approximately 59% of these remaining performance obligations in 2026 and the remaining 41% through 2027.