Leases (Tables)

3 Months Ended

Mar. 31, 2022

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, 2022 and 2021 (amounts in thousands):

	Quarter Ended March 31, 2022									Quarter Ended March 31, 2021
Income Type	Residential Leases			Non-Residential Leases			Total			Residential Leases			Non-Residential Leases		Total
Residential and non-residential rent	$	586,890		$	15,874		$	602,764		$	539,655		$	15,839	$	555,494
Utility recoveries (RUBS income) (1)		19,598			181			19,779			17,954			178		18,132
Parking rent		10,783			98			10,881			9,734			267		10,001
Other lease revenue (2)		(6,301	)		(43	)		(6,344	)		(10,262	)		609		(9,653	)
Total lease revenue	$	610,970		$	16,110			627,080		$	557,081		$	16,893		573,974
Parking revenue								8,808								5,433
Other revenue								17,460								18,195
Total other rental income (3)								26,268								23,628
Rental income							$	653,348							$	597,602

(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, 2022 and December 31, 2021 (amounts in thousands):

	Residential							Non-Residential
Balance Sheet (Other assets):	March 31, 2022				December 31, 2021			March 31, 2022			December 31, 2021
Resident/tenant accounts receivable balances	$	43,267			$	37,959		$	3,639		$	3,218
Allowance for doubtful accounts		(38,774	)			(33,121	)		(2,379	)		(2,365	)
Net receivable balances	$	4,493		(1)	$	4,838		$	1,260		$	853

Straight-line receivable balances	$	5,542			$	7,460		$	13,301		$	13,021

(1)	The Company held residential security deposits approximating 56.5% of the net receivable balance at March 31, 2022.

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, 2022 and 2021 (amounts in thousands):

	Quarter Ended March 31,
Income Statement (Rental income):		2022			2021
Bad debt, net (1)	$	9,895		$	13,693
% of rental income		1.6	%		2.4	%

(1)	Bad debt, net benefited from additional resident payments due to governmental rental assistance programs of approximately $9.8 million for the quarter ended March 31, 2022.