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Leases (Tables)
6 Months Ended
Jun. 30, 2025
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, 2025 and 2024 (amounts in thousands):

 

 

 

June 30, 2025

 

 

June 30, 2024

 

Income Type

 

Residential

 

 

Non-Residential

 

 

Total

 

 

Residential

 

 

Non-Residential

 

 

Total

 

Residential and non-residential rent

 

$

1,367,197

 

 

$

32,253

 

 

$

1,399,450

 

 

$

1,313,208

 

 

$

33,710

 

 

$

1,346,918

 

Utility recoveries (RUBS income) (1)

 

 

51,033

 

 

 

399

 

 

 

51,432

 

 

 

45,456

 

 

 

435

 

 

 

45,891

 

Parking rent

 

 

23,832

 

 

 

808

 

 

 

24,640

 

 

 

23,035

 

 

 

633

 

 

 

23,668

 

Other lease revenue, net (2)

 

 

3,265

 

 

 

(644

)

 

 

2,621

 

 

 

(3,035

)

 

 

(463

)

 

 

(3,498

)

Total lease revenue

 

 

1,445,327

 

 

 

32,816

 

 

 

1,478,143

 

 

 

1,378,664

 

 

 

34,315

 

 

 

1,412,979

 

Parking revenue

 

 

832

 

 

 

20,719

 

 

 

21,551

 

 

 

821

 

 

 

20,894

 

 

 

21,715

 

Other revenue

 

 

29,489

 

 

 

454

 

 

 

29,943

 

 

 

29,549

 

 

 

738

 

 

 

30,287

 

Total other rental income (3)

 

 

30,321

 

 

 

21,173

 

 

 

51,494

 

 

 

30,370

 

 

 

21,632

 

 

 

52,002

 

Rental income

 

$

1,475,648

 

 

$

53,989

 

 

$

1,529,637

 

 

$

1,409,034

 

 

$

55,947

 

 

$

1,464,981

 

 

(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), service fees, late fees 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.

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, 2025 and 2024 (amounts in thousands):

 

 

 

June 30, 2025

 

 

June 30, 2024

 

Income Type

 

Residential

 

 

Non-Residential

 

 

Total

 

 

Residential

 

 

Non-Residential

 

 

Total

 

Residential and non-residential rent

 

$

686,936

 

 

$

15,405

 

 

$

702,341

 

 

$

658,665

 

 

$

14,887

 

 

$

673,552

 

Utility recoveries (RUBS income) (1)

 

 

25,717

 

 

 

217

 

 

 

25,934

 

 

 

22,787

 

 

 

208

 

 

 

22,995

 

Parking rent

 

 

11,969

 

 

 

408

 

 

 

12,377

 

 

 

11,611

 

 

 

413

 

 

 

12,024

 

Other lease revenue, net (2)

 

 

2,274

 

 

 

(268

)

 

 

2,006

 

 

 

(1,127

)

 

 

(387

)

 

 

(1,514

)

Total lease revenue

 

 

726,896

 

 

 

15,762

 

 

 

742,658

 

 

 

691,936

 

 

 

15,121

 

 

 

707,057

 

Parking revenue

 

 

397

 

 

 

10,480

 

 

 

10,877

 

 

 

480

 

 

 

10,557

 

 

 

11,037

 

Other revenue

 

 

15,084

 

 

 

208

 

 

 

15,292

 

 

 

15,364

 

 

 

705

 

 

 

16,069

 

Total other rental income (3)

 

 

15,481

 

 

 

10,688

 

 

 

26,169

 

 

 

15,844

 

 

 

11,262

 

 

 

27,106

 

Rental income

 

$

742,377

 

 

$

26,450

 

 

$

768,827

 

 

$

707,780

 

 

$

26,383

 

 

$

734,163

 

 

(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), service fees, late fees 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 June 30, 2025 and December 31, 2024 (amounts in thousands):

 

Balance Sheet (Other assets):

 

June 30, 2025

 

 

December 31, 2024

 

Residential accounts receivable balances

 

$

13,904

 

 

$

15,152

 

Allowance for doubtful accounts

 

 

(8,310

)

 

 

(9,904

)

Net receivable balances

 

$

5,594

 

 

$

5,248

 

 

 

 

 

 

 

Straight-line receivable balances

 

$

11,828

 

 

$

10,234

 

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, 2025 and 2024 (amounts in thousands):

 

 

Six Months Ended June 30,

 

 

Quarter Ended June 30,

 

Income Statement (Rental income):

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Bad debt, net

 

$

14,990

 

 

$

17,139

 

 

$

7,293

 

 

$

7,924

 

% of residential rental income

 

 

1.0

%

 

 

1.2

%

 

 

1.0

%

 

 

1.1

%