Leases (Tables)

6 Months Ended

Jun. 30, 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 six months ended June 30, 2023 and 2022 (amounts in thousands):

	Six Months Ended June 30, 2023								Six Months Ended June 30, 2022
Income Type	Residential Leases			Non-Residential Leases		Total			Residential Leases			Non-Residential Leases			Total
Residential and non-residential rent	$	1,276,338		$	31,973	$	1,308,311		$	1,194,087		$	32,095		$	1,226,182
Utility recoveries (RUBS income) (1)		42,786			419		43,205			39,583			369			39,952
Parking rent		21,893			225		22,118			21,706			202			21,908
Other lease revenue (2)		(13,420	)		734		(12,686	)		(889	)		(197	)		(1,086	)
Total lease revenue	$	1,327,597		$	33,351		1,360,948		$	1,254,487		$	32,469			1,286,956
Parking revenue							20,395									18,431
Other revenue							41,054									34,991
Total other rental income (3)							61,449									53,422
Rental income						$	1,422,397								$	1,340,378

(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.

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 June 30, 2023 and 2022 (amounts in thousands):

	Quarter Ended June 30, 2023								Quarter Ended June 30, 2022
Income Type	Residential Leases			Non-Residential Leases		Total			Residential Leases		Non-Residential Leases			Total
Residential and non-residential rent	$	641,586		$	15,987	$	657,573		$	606,307	$	16,221		$	622,528
Utility recoveries (RUBS income) (1)		21,403			212		21,615			19,985		188			20,173
Parking rent		11,011			116		11,127			10,923		104			11,027
Other lease revenue (2)		(5,831	)		65		(5,766	)		5,412		(154	)		5,258
Total lease revenue	$	668,169		$	16,380		684,549		$	642,627	$	16,359			658,986
Parking revenue							10,192								9,623
Other revenue							22,568								18,421
Total other rental income (3)							32,760								28,044
Rental income						$	717,309							$	687,030

(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 June 30, 2023 and December 31, 2022 (amounts in thousands):

	Residential						Non-Residential
Balance Sheet (Other assets):	June 30, 2023			December 31, 2022			June 30, 2023			December 31, 2022
Resident/tenant accounts receivable balances	$	27,098		$	35,688		$	2,382		$	2,820
Allowance for doubtful accounts		(22,609	)		(31,405	)		(1,383	)		(2,152	)
Net receivable balances	$	4,489		$	4,283		$	999		$	668
Straight-line receivable balances	$	7,072		$	4,398		$	13,562		$	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 six months and quarters ended June 30, 2023 and 2022 (amounts in thousands):

	Six Months Ended June 30,						Quarter Ended June 30,
Income Statement (Rental income):	2023			2022			2023			2022
Bad debt, net (1)	$	19,820		$	8,147		$	9,065		$	(1,748	)
% of rental income		1.4	%		0.6	%		1.3	%		(0.3	%)

Bad debt, net benefited from additional resident payments due to governmental rental assistance programs of approximately $1.8 million and $25.1 million for the six months ended June 30, 2023 and 2022, respectively, and $0.7 million and $15.0 million for the quarters ended June 30, 2023 and 2022, respectively.