Leases (Tables)

9 Months Ended

Sep. 30, 2021

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 nine months ended September 30, 2021 and 2020 (amounts in thousands):

	Nine Months Ended September 30, 2021								Nine Months Ended September 30, 2020
Income Type	Residential Leases			Non-Residential Leases		Total			Residential Leases			Non-Residential Leases			Total
Residential and non-residential rent	$	1,629,778		$	45,680	$	1,675,458		$	1,783,298		$	36,263		$	1,819,561
Utility recoveries (RUBS income) (1)		55,331			519		55,850			52,538			509			53,047
Parking rent		30,403			465		30,868			29,052			324			29,376
Other lease revenue (2)		(19,442	)		2,914		(16,528	)		(19,000	)		(5,530	)		(24,530	)
Total lease revenue	$	1,696,070		$	49,578		1,745,648		$	1,845,888		$	31,566			1,877,454
Parking revenue							18,455									16,648
Other revenue							54,764									64,168
Total other rental income (3)							73,219									80,816
Rental income						$	1,818,867								$	1,958,270

(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 September 30, 2021 and 2020 (amounts in thousands):

	Quarter Ended September 30, 2021							Quarter Ended September 30, 2020
Income Type	Residential Leases			Non-Residential Leases		Total		Residential Leases			Non-Residential Leases			Total
Residential and non-residential rent	$	551,474		$	14,443	$	565,917	$	576,192		$	6,042		$	582,234
Utility recoveries (RUBS income) (1)		18,798			189		18,987		17,306			134			17,440
Parking rent		10,513			103		10,616		9,592			101			9,693
Other lease revenue (2)		(472	)		1,776		1,304		(12,727	)		(4,299	)		(17,026	)
Total lease revenue	$	580,313		$	16,511		596,824	$	590,363		$	1,978			592,341
Parking revenue							6,883								5,336
Other revenue							19,499								24,756
Total other rental income (3)							26,382								30,092
Rental income						$	623,206							$	622,433

(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 September 30, 2021 and December 31, 2020 (amounts in thousands):

	Residential							Non-Residential
Balance Sheet (Other assets):	September 30, 2021				December 31, 2020			September 30, 2021			December 31, 2020
Resident/tenant accounts receivable balances	$	42,126			$	30,856		$	4,001		$	7,598
Allowance for doubtful accounts		(37,669	)			(24,021	)		(3,442	)		(6,527	)
Net receivable balances	$	4,457		(1)	$	6,835		$	559		$	1,071

Straight-line receivable balances	$	12,650			$	19,992		$	12,759		$	13,413

(1)	The Company held residential security deposits approximating 58.4% of the net receivable balance at September 30, 2021.

Summary of Residential Bad Debt for Company's Properties

The following table presents residential bad debt for the Company’s properties for the nine months and quarters ended September 30, 2021 and 2020 (amounts in thousands):

	Nine Months Ended September 30,						Quarter Ended September 30,
Income Statement (Rental income):		2021			2020			2021			2020
Bad debt, net (1)	$	29,751		$	29,419		$	3,979		$	16,071
% of rental income		1.7	%		1.5	%		0.7	%		2.6	%

(1)	The nine months and quarter ended September 30, 2021 benefited from additional resident payments due to governmental rental assistance programs.