Leases (Tables)

3 Months Ended

Mar. 31, 2023

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 quarters ended March 31, 2023 and 2022 (amounts in thousands):

	Quarter Ended March 31, 2023								Quarter Ended March 31, 2022
Income Type	Residential Leases			Non-Residential Leases		Total			Residential Leases			Non-Residential Leases			Total
Residential and non-residential rent	$	634,752		$	15,986	$	650,738		$	587,780		$	15,874		$	603,654
Utility recoveries (RUBS income) (1)		21,383			207		21,590			19,598			181			19,779
Parking rent		10,882			109		10,991			10,783			98			10,881
Other lease revenue (2)		(7,589	)		669		(6,920	)		(6,301	)		(43	)		(6,344	)
Total lease revenue	$	659,428		$	16,971		676,399		$	611,860		$	16,110			627,970
Parking revenue							10,203									8,808
Other revenue							18,486									16,570
Total other rental income (3)							28,689									25,378
Rental income						$	705,088								$	653,348

(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 March 31, 2023 and December 31, 2022 (amounts in thousands):

	Residential						Non-Residential
Balance Sheet (Other assets):	March 31, 2023			December 31, 2022			March 31, 2023			December 31, 2022
Resident/tenant accounts receivable balances	$	32,781		$	35,688		$	2,451		$	2,820
Allowance for doubtful accounts		(28,861	)		(31,405	)		(1,500	)		(2,152	)
Net receivable balances	$	3,920		$	4,283		$	951		$	668
Straight-line receivable balances	$	5,815		$	4,398		$	13,680		$	13,795

Summary of Residential Bad Debt for Company's Properties

The following table presents residential bad debt for the Company’s properties for the quarters ended March 31, 2023 and 2022 (amounts in thousands):

	Quarter Ended March 31,
Income Statement (Rental income):	2023			2022
Bad debt, net (1)	$	10,755		$	9,895
% of rental income		1.6	%		1.6	%

Bad debt, net benefited from additional resident payments due to governmental rental assistance programs of approximately $1.0 million and $10.0 million for the quarters ended March 31, 2023 and 2022, respectively.