Annual report pursuant to Section 13 and 15(d)

Revenue

v3.22.0.1
Revenue
 12 Months Ended
Dec. 31, 2021
Disaggregation of Revenue [Line Items]  
Revenue REVENUE

The Company earns base management fees for the day-to-day operations and administration of its managed private funds and other investment vehicles. Other revenue sources include insurance premiums, other asset management and property income and are described in Note 2, “Significant Accounting Policies.” The following tables present revenues disaggregated by product offering, which aligns with the Company’s performance obligations and the basis for calculating each amount:

 

FUND MANAGEMENT FEES

 

Year Ended December 31,

 

(in thousands)

 

2021

 

 

2020

 

 

2019

 

Funds

 

$

150,418

 

 

$

104,571

 

 

$

113,676

 

Joint ventures and separately managed accounts

 

 

5,510

 

 

 

5,664

 

 

 

4,518

 

Total fund management fees

 

$

155,928

 

 

$

110,235

 

 

$

118,194

 

 

PROPERTY MANAGEMENT AND LEASING FEES

 

Year Ended December 31,

 

(in thousands)

 

2021

 

 

2020

 

 

2019

 

Seniors Housing

 

$

25,560

 

 

$

27,227

 

 

$

26,295

 

Multifamily

 

 

17,955

 

 

 

15,352

 

 

 

13,202

 

Office

 

 

26,139

 

 

 

17,407

 

 

 

20,257

 

Total property management and leasing fees

 

$

69,654

 

 

$

59,986

 

 

$

59,754

 

 

CONSTRUCTION MANAGEMENT FEES

 

Year Ended December 31,

 

(in thousands)

 

2021

 

 

2020

 

 

2019

 

Multifamily

 

$

4,925

 

 

$

4,059

 

 

$

4,011

 

Office

 

 

2,969

 

 

 

3,608

 

 

 

2,568

 

Seniors Housing

 

 

398

 

 

 

488

 

 

 

733

 

Total construction management fees

 

$

8,292

 

 

$

8,155

 

 

$

7,312

 

 

TRANSACTION FEES

 

Year Ended December 31,

 

(in thousands)

 

2021

 

 

2020

 

 

2019

 

Acquisition fees

 

$

60,834

 

 

$

30,849

 

 

$

38,503

 

Brokerage fees

 

 

14,239

 

 

 

8,449

 

 

 

9,585

 

Total transaction fees

 

$

75,073

 

 

$

39,298

 

 

$

48,088

 

 

For the years ended December 31, 2021, 2020, and 2019, no individual client represented 10% or more of the Company’s total reported revenues and substantially all revenue was derived from operations in the United States.

As of December 31, 2021, 2020 and 2019, the Company had $3.2 million, $2.9 million, and $1.4 million, respectively, of deferred revenues, which is included in other current liabilities in the consolidated and combined balance sheets for the periods then ended. Deferred revenue is related to certain insurance premiums and deferred development and legal fees. During the year ended December 31, 2021, the Company recognized essentially all of the revenue from amounts included in the deferred revenue balance as of December 31, 2020. The Company generally expects to recognize deferred revenues within a year of the balance sheet date.