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	%