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Revenues | 9 Months Ended
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Sep. 30, 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 September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Rental income | $ | 463,892 |  |  | $ | 440,649 |  |  | $ | 1,380,438 |  |  | $ | 1,290,026 |
Other property | 7,050 |  |  | 7,486 |  |  | 20,203 |  |  | 22,106 |
Management and other fees from affiliates | 2,361 |  |  | 2,563 |  |  | 7,078 |  |  | 7,849 |
Total revenues | $ | 473,303 |  |  | $ | 450,698 |  |  | $ | 1,407,719 |  |  | $ | 1,319,981 |
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 September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Southern California | $ | 190,626 |  |  | $ | 181,673 |  |  | $ | 568,992 |  |  | $ | 530,051 |
Northern California | 193,208 |  |  | 168,838 |  |  | 563,915 |  |  | 490,824 |
Seattle Metro | 79,240 |  |  | 74,576 |  |  | 234,751 |  |  | 220,271 |
Other real estate assets (1) | 7,868 |  |  | 23,048 |  |  | 32,983 |  |  | 70,986 |
Total rental and other property revenues | $ | 470,942 |  |  | $ | 448,135 |  |  | $ | 1,400,641 |  |  | $ | 1,312,132 |
(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 September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Same-property (1) | $ | 412,710 |  |  | $ | 401,761 |  |  | $ | 1,228,141 |  |  | $ | 1,190,884 |
Acquisitions (2) | 44,001 |  |  | 16,964 |  |  | 120,555 |  |  | 31,386 |
Non-residential/other, net (3) | 13,916 |  |  | 29,637 |  |  | 51,851 |  |  | 90,663 |
Straight-line rent concessions (4) | 315 |  |  | (227) |  |  | 94 |  |  | (801) |
Total rental and other property revenues | $ | 470,942 |  |  | $ | 448,135 |  |  | $ | 1,400,641 |  |  | $ | 1,312,132 |
(1)Same-property includes properties that have comparable stabilized results as of January 1, 2024 and are consolidated by the Company for the nine months ended September 30, 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 $0.2 million and $0.3 million as of September 30, 2025 and December 31, 2024, respectively, and was included in accounts payable and accrued liabilities within the accompanying condensed consolidated balance sheets. The amount of revenue recognized for the nine months ended September 30, 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 September 30, 2025, the Company had $0.2 million of remaining performance obligations. The Company expects to recognize approximately 12% of these remaining performance obligations in 2025 and the remaining 88% through 2027.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-7 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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