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Revenues (Tables) | 6 Months Ended
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Jun. 30, 2024
Revenue from Contract with Customer [Abstract] |
Schedule of Disaggregation of Revenue | The following table presents the Company’s revenues disaggregated by revenue source ($ in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Rental income | $ | 432,141 |  |  | $ | 407,786 |  |  | $ | 849,377 |  |  | $ | 812,421 |
Other property | 7,641 |  |  | 5,479 |  |  | 14,620 |  |  | 10,500 |
Management and other fees from affiliates | 2,573 |  |  | 2,778 |  |  | 5,286 |  |  | 5,543 |
Total revenues | $ | 442,355 |  |  | $ | 416,043 |  |  | $ | 869,283 |  |  | $ | 828,464 |
The following table presents the Company’s rental and other property revenues disaggregated by geographic operating segment ($ in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Southern California | $ | 186,604 |  |  | $ | 169,857 |  |  | $ | 362,606 |  |  | $ | 336,734 |
Northern California | 172,615 |  |  | 166,459 |  |  | 341,454 |  |  | 330,187 |
Seattle Metro | 73,782 |  |  | 70,217 |  |  | 145,695 |  |  | 140,255 |
Other real estate assets (1) | 6,781 |  |  | 6,732 |  |  | 14,242 |  |  | 15,745 |
Total rental and other property revenues | $ | 439,782 |  |  | $ | 413,265 |  |  | $ | 863,997 |  |  | $ | 822,921 |
(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 ($ in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Same-property (1) | $ | 414,845 |  |  | $ | 401,065 |  |  | $ | 824,664 |  |  | $ | 796,585 |
Acquisitions (2) | 12,824 |  |  | 225 |  |  | 14,422 |  |  | 225 |
Redevelopment | 1,565 |  |  | 1,595 |  |  | 3,106 |  |  | 3,132 |
Non-residential/other, net (3) | 11,059 |  |  | 11,055 |  |  | 22,379 |  |  | 23,078 |
Straight line rent concession (4) | (511) |  |  | (675) |  |  | (574) |  |  | (99) |
Total rental and other property revenues | $ | 439,782 |  |  | $ | 413,265 |  |  | $ | 863,997 |  |  | $ | 822,921 |
(1) Same-property includes properties that have comparable stabilized results as of January 1, 2023 and are consolidated by the Company for the three and six months ended June 30, 2024 and 2023. 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.

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- Definition Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-5 + Details
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