Quarterly report pursuant to Section 13 or 15(d)

Revenue

v3.21.2
Revenue
 9 Months Ended
Sep. 30, 2021
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 insurance premiums, other asset management and property income and are described elsewhere in the Quarterly Report. 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

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

(in thousands)

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Funds

 

$

38,827

 

 

$

25,152

 

 

$

101,808

 

 

$

73,791

 

Joint ventures and separately managed accounts

 

 

1,749

 

 

 

1,472

 

 

 

4,155

 

 

 

4,275

 

Total fund management fees

 

$

40,576

 

 

$

26,624

 

 

$

105,963

 

 

$

78,066

 

 

PROPERTY MANAGEMENT AND LEASING FEES

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

(in thousands)

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Seniors Housing

 

$

6,433

 

 

$

6,490

 

 

$

19,589

 

 

$

20,641

 

Multifamily

 

 

4,536

 

 

 

3,839

 

 

 

12,951

 

 

 

11,227

 

Office

 

 

11,541

 

 

 

3,418

 

 

 

21,052

 

 

 

13,246

 

Total property management and leasing fees

 

$

22,510

 

 

$

13,747

 

 

$

53,592

 

 

$

45,114

 

 

CONSTRUCTION MANAGEMENT FEES

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

(in thousands)

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Multifamily

 

$

1,295

 

 

$

911

 

 

$

3,353

 

 

$

2,906

 

Office

 

 

730

 

 

 

796

 

 

 

2,308

 

 

 

2,297

 

Seniors Housing

 

 

72

 

 

 

85

 

 

 

327

 

 

 

366

 

Total construction management fees

 

$

2,097

 

 

$

1,792

 

 

$

5,988

 

 

$

5,569

 

 

 

TRANSACTION FEES

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

(in thousands)

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Acquisition fees

 

$

19,838

 

 

$

3,793

 

 

$

37,627

 

 

$

15,877

 

Brokerage fees

 

 

2,069

 

 

 

1,292

 

 

 

5,848

 

 

 

4,847

 

Total transaction fees

 

$

21,907

 

 

$

5,085

 

 

$

43,475

 

 

$

20,724

 

 

For the three and nine months ended September 30, 2021 and 2020, 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 September 30, 2021 and December 31, 2020, the Company had $5.9 million and $2.9 million, respectively, of deferred revenues, which is included in other current liabilities in the condensed combined and consolidated balance sheets. During the three and nine months ended September 30, 2021, the Company recognized $0.3 million and $2.3 million, respectively, as revenue from amounts included in the deferred revenue balance as of December 31, 2020. The Company expects to recognize the deferred revenues within a year of the balance sheet date.