Lease Revenue

6 Months Ended

Jun. 30, 2021

Leases [Abstract]

Lease Revenue

Lease RevenueWe lease our multifamily apartment communities and commercial properties under agreements that are classified as operating leases. Our multifamily leases generally includes minimum rents and charges for ancillary services. Our commercial property leases generally included minimum rents and recoveries for property taxes and common area maintenance. Minimum rental revenues are recognized on a straight-line basis over the terms of the related leases.

The following table summarizes the components of our rental revenue for the three and six months ended June 30, 2021 and 2020:

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Fixed component	$	9,300	$	11,192	$	19,163	$	22,004
Variable component	894		373		1,392		1,003
	$	10,194	$	11,565	$	20,555	$	23,007

The following table summarizes the future rental payments that are payable to us from non-cancelable leases. The table excludes multifamily leases, which typically have a term of one-year or less:

2021	$	11,710
2022	21,363
2023	16,003
2024	10,889
2025	6,938
Thereafter	25,566
	$	92,469