Leases (Tables)

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Summary of Lease Income Types Relating to Lease Payments Along With the Total Other Rental Income

The following table presents the lease income types relating to lease payments for residential and non-residential leases along with the total other rental income for the years ended December 31, 2022, 2021 and 2020 (amounts in thousands):

	Year Ended December 31, 2022									Year Ended December 31, 2021								Year Ended December 31, 2020
Income Type	Residential Leases			Non-Residential Leases			Total			Residential Leases			Non-Residential Leases		Total			Residential Leases			Non-Residential Leases			Total
Residential and non-residential rent	$	2,441,332		$	63,995		$	2,505,327		$	2,199,986		$	61,033	$	2,261,019		$	2,336,778		$	51,663		$	2,388,441
Utility recoveries (RUBS income) (1)		81,140			844			81,984			74,846			723		75,569			70,699			677			71,376
Parking rent		43,335			435			43,770			40,934			565		41,499			38,743			412			39,155
Other lease revenue (2)		(12,637	)		(69	)		(12,706	)		(17,667	)		4,027		(13,640	)		(28,663	)		(5,519	)		(34,182	)
Total lease revenue	$	2,553,170		$	65,205			2,618,375		$	2,298,099		$	66,348		2,364,447		$	2,417,557		$	47,233			2,464,790
Parking revenue								37,338								26,789									22,210
Other revenue								79,467								72,761									84,705
Total other rental income (3)								116,805								99,550									106,915
Rental income							$	2,735,180							$	2,463,997								$	2,571,705

(1)RUBS income primarily consists of variable payments representing the recovery of utility costs from residents.

(2)Other lease revenue consists of the revenue adjustment related to bad debt and other miscellaneous lease revenue.

(3)Other rental income is accounted for under the revenue recognition standard.

Summary of Residential and Non-Residential Accounts Receivable and Straight-Line Receivable Balances

The following table presents residential and non-residential accounts receivable and straight-line receivable balances for the Company’s properties as of December 31, 2022 and 2021 (amounts in thousands):

	Residential						Non-Residential
Balance Sheet (Other assets):	December 31, 2022			December 31, 2021			December 31, 2022			December 31, 2021
Resident/tenant accounts receivable balances	$	35,688		$	37,959		$	2,820		$	3,218
Allowance for doubtful accounts		(31,405	)		(33,121	)		(2,152	)		(2,365	)
Net receivable balances	$	4,283		$	4,838		$	668		$	853
Straight-line receivable balances	$	4,398		$	7,460		$	13,795		$	13,021

Summary of Residential Bad Debt for Company's Properties

The following table presents residential bad debt for the Company’s properties for the years ended December 31, 2022, 2021 and 2020 (amounts in thousands):

	Year Ended December 31,
Income Statement (Rental income):		2022			2021			2020
Bad debt, net (1)	$	26,570		$	31,485		$	42,505
% of rental income		1.0	%		1.3	%		1.7	%

(1)Bad debt, net benefited from additional resident payments due to governmental rental assistance programs of approximately $34.1 million and $34.8 million for the years ended December 31, 2022 and 2021, respectively.

Summary of Right-of-Use Assets and Related Lease Liabilities

The following table presents the Company’s ROU assets and related lease liabilities as of December 31, 2022 and 2021 (amounts in thousands):

	2022		2021
Right-of-use assets:
Corporate office leases (operating)	$	34,767	$	36,897
Ground leases (finance)		95,834		97,575
Ground leases (operating)		332,355		340,241
Right-of-use assets	$	462,956	$	474,713
Lease liabilities:
Corporate office leases (operating)	$	35,747	$	37,760
Ground leases (finance)		68,919		69,479
Ground leases (operating)		204,082		205,096
Lease liabilities	$	308,748	$	312,335

Summary of Quantitative Disclosures for Lessees

The following tables illustrate the quantitative disclosures for lessees as of and for the years ended December 31, 2022, 2021 and 2020 (amounts in thousands):

	Year Ended December 31, 2022		Year Ended December 31, 2021		Year Ended December 31, 2020
Lease cost:
Finance lease cost:
Amortization of right-of-use assets (capitalized)	$	351	$	351	$	—
Amortization of right-of-use assets (expensed)		1,391		1,391		—
Interest on lease liabilities (capitalized)		—		452		1,029
Interest on lease liabilities (expensed)		1,904		1,464		—
Operating lease cost:
Corporate office leases		4,061		3,581		3,747
Ground leases		18,338		18,338		22,102
Variable lease cost:
Corporate office leases		430		1,037		1,307
Ground leases		4,342		2,973		3,304
Total lease cost	$	30,817	$	29,587	$	31,489

	December 31, 2022			December 31, 2021			December 31, 2020
Other information:
Cash paid for amounts included in the measurement of    lease liabilities:
Investing cash flows from finance leases	$	—		$	383		$	567
Financing cash flows from finance leases	$	2,463		$	1,898		$	—
Operating cash flows from operating leases:
Corporate office leases	$	4,385		$	5,016		$	5,296
Ground leases	$	15,037		$	14,682		$	16,552
Weighted-average remaining lease term – finance leases	24.1 years			25.2 years			18.7 years
Weighted-average remaining lease term – operating leases:
Corporate office leases	16.1 years			16.8 years			17.4 years
Ground leases	61.2 years			61.8 years			55.3 years
Weighted-average discount rate – finance leases		2.8	%		2.8	%		3.0	%
Weighted-average discount rate – operating leases:
Corporate office leases		3.2	%		3.2	%		3.2	%
Ground leases		5.1	%		5.1	%		5.0	%

Summary of Undiscounted Cash Flows for Contractual Obligations for Minimum Rent Payments/Receipts

The following table summarizes the Company’s undiscounted cash flows for contractual obligations for minimum rent payments/receipts under operating and financing leases for the next five years and thereafter as of December 31, 2022:

(Payments)/Receipts Due by Year (in thousands)
	2023			2024			2025			2026			2027			Thereafter			Total
Finance Leases:
Minimum Rent Payments (a)	$	(2,662	)	$	(2,880	)	$	(2,946	)	$	(2,959	)	$	(2,971	)	$	(85,238	)	$	(99,656	)
Operating Leases:
Minimum Rent Payments (a)	$	(15,173	)	$	(15,255	)	$	(15,024	)	$	(14,849	)	$	(14,923	)	$	(816,532	)	$	(891,756	)
Minimum Rent Receipts (b)	$	58,776		$	54,271		$	48,333		$	40,461		$	35,808		$	119,008		$	356,657

(a)Minimum basic rent due for corporate office leases and base rent due on ground leases where the Company is the lessee.

(b)Minimum basic rent receipts due for various non-residential space where the Company is the lessor. Excludes residential leases due to their short-term nature.

Summary of Reconciliation of Lease Liabilities

The following table provides a reconciliation of lease liabilities from our undiscounted cash flows for minimum rent payments as of December 31, 2022 (amounts in thousands):

	2022
Total minimum rent payments	$	991,412
Less: Lease discount		(682,664	)
Lease liabilities	$	308,748