Quarterly report pursuant to Section 13 or 15(d)

Revenue

v3.22.1
Revenue
 3 Months Ended
Mar. 31, 2022
Disaggregation of Revenue [Line Items]  
Revenue
3.
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 construction and development fees, insurance premiums, fund administration fees, and other asset management and property income, which includes property management and leasing fees, and are described in more detail in Note 2. The following tables present revenues disaggregated by significant product offerings, which align with the

Company’s performance obligations and the basis for calculating each amount for the three months ended March 31, 2022 and 2021, respectively (in thousands):

 

 

 

Three Months Ended March 31,

 

FUND MANAGEMENT FEES

 

2022

 

 

2021

 

Funds

 

$

51,209

 

 

$

29,470

 

Joint ventures and separately managed accounts

 

 

1,491

 

 

 

1,381

 

Total fund management fees

 

$

52,700

 

 

$

30,851

 

 

 

 

Three Months Ended March 31,

 

PROPERTY MANAGEMENT AND LEASING FEES

 

2022

 

 

2021

 

Seniors Housing

 

$

7,106

 

 

$

6,557

 

Multifamily

 

 

5,313

 

 

 

4,094

 

Office

 

 

4,264

 

 

 

6,096

 

Single-Family Rental

 

 

1,596

 

 

 

—

 

Total property management and leasing fees

 

$

18,279

 

 

$

16,747

 

 

 

 

Three Months Ended March 31,

 

CONSTRUCTION MANAGEMENT FEES

 

2022

 

 

2021

 

Multifamily

 

$

1,383

 

 

$

925

 

Office

 

 

434

 

 

 

749

 

Seniors Housing

 

 

70

 

 

 

152

 

Total construction management fees

 

$

1,887

 

 

$

1,826

 

 

 

 

Three Months Ended March 31,

 

TRANSACTION FEES

 

2022

 

 

2021

 

Acquisition fees

 

$

16,597

 

 

$

4,651

 

Brokerage fees

 

 

5,401

 

 

 

675

 

Total transaction fees

 

$

21,998

 

 

$

5,326

 

 

For the three months ended March 31, 2022 and 2021, no individual client represented 10% or more of the Company’s total reported revenues and substantially all of revenue was derived from operations in the United States.

As of March 31, 2022 and December 31, 2021, the Company had $5.1 million and $3.2 million, respectively, of deferred revenues, which is included in other liabilities in the condensed consolidated balance sheets for the periods then ended. During the three months ended March 31, 2022, the Company recognized $0.8 million as revenue from amounts included in the deferred revenue balance as of December 31, 2021. The Company expects to recognize the deferred revenues within a year of the balance sheet date.