Leases (Tables)

3 Months Ended

Mar. 31, 2024

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, 2024 and 2023 (amounts in thousands):

	Quarter Ended March 31, 2024									Quarter Ended March 31, 2023
Income Type	Residential Leases			Non-Residential Leases			Total			Residential Leases			Non-Residential Leases		Total
Residential and non-residential rent	$	652,361		$	18,823		$	671,184		$	634,752		$	15,986	$	650,738
Utility recoveries (RUBS income) (1)		22,669			227			22,896			21,383			207		21,590
Parking rent		11,424			220			11,644			10,882			109		10,991
Other lease revenue (2)		(5,945	)		(92	)		(6,037	)		(7,589	)		669		(6,920	)
Total lease revenue	$	680,509		$	19,178			699,687		$	659,428		$	16,971		676,399
Parking revenue								10,678								10,203
Other revenue								20,453								18,486
Total other rental income (3)								31,131								28,689
Rental income							$	730,818							$	705,088

(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 (see below for further discussion) and other miscellaneous lease revenue.

(3)Other rental income is accounted for under the revenue recognition standard and primarily consists of third-party transient parking revenue and ancillary income such as cable and laundry revenue.

Summary of Residential Accounts Receivable and Straight-Line Receivable Balances

The following table presents residential accounts receivable and straight-line receivable balances for the Company’s properties as of March 31, 2024 and December 31, 2023 (amounts in thousands):

Balance Sheet (Other assets):	March 31, 2024			December 31, 2023
Residential accounts receivable balances	$	18,710		$	21,477
Allowance for doubtful accounts		(13,571	)		(15,846	)
Net receivable balances	$	5,139		$	5,631
Straight-line receivable balances	$	9,091		$	9,183

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, 2024 and 2023 (amounts in thousands):

	Quarter Ended March 31,
Income Statement (Rental income):	2024			2023
Bad debt, net (1)	$	9,215		$	10,755
% of residential rental income		1.3	%		1.6	%

(1)Bad debt, net benefited from additional resident payments due to governmental rental assistance programs of approximately $0.4 million and $1.2 million for the quarters ended March 31, 2024 and 2023, respectively.