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Leases | 3 Months Ended
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Mar. 31, 2020
Leases [Abstract] |
Leases |
8. | Leases
Lessor Accounting The Company is the lessor for its residential and retail leases (including commercial leases) and these leases will continue to be accounted for as operating leases under the standard as described in Note 2. For both the quarters ended March 31, 2020 and 2019, approximately 97% of the Company’s total lease revenue is generated from residential apartment leases that are generally twelve months or less in length. The residential apartment leases may include lease income related to such items as RUBS income, parking, storage and pet rent that the Company treats as a single lease component because the amenities cannot be leased on their own and the timing and pattern of revenue recognition are the same. The collection of lease payments at lease commencement is probable and therefore the Company subsequently recognizes lease income over the lease term on a straight-line basis. Residential leases are renewable upon consent of both parties on an annual or monthly basis. For both the quarters ended March 31, 2020 and 2019, approximately 3% of the Company’s total lease revenue is generated by retail leases that are generally for terms ranging between five to ten years. The retail leases generally consist of ground floor retail spaces and master-leased parking garages that serve as additional amenities for our residents. The retail leases may include lease income related to such items as RUBS income, parking rent and storage rent that the Company treats as a single lease component because the amenities cannot be leased on their own and the timing and pattern of revenue recognition are the same. The collection of lease payments at lease commencement is probable and therefore the Company subsequently recognizes lease income over the lease term on a straight-line basis. Retail leases are renewable with market-based renewal options. The following table presents the lease income types relating to lease payments for residential and retail leases for the quarters ended March 31, 2020 and 2019 (amounts in thousands):
|  | Quarter Ended March 31, 2020 |  |  | Quarter Ended March 31, 2019 |
Lease Income Type |  | Residential Leases |  |  | Retail Leases |  |  | Total |  |  | Residential Leases |  |  | Retail Leases |  |  | Total |
Residential and retail rent |  | $ | 612,480 |  |  | $ | 18,094 |  |  | $ | 630,574 |  |  | $ | 592,520 |  |  | $ | 18,470 |  |  | $ | 610,990 |
Utility recoveries (RUBS income) (1) |  |  | 17,418 |  |  |  | 228 |  |  |  | 17,646 |  |  |  | 16,445 |  |  |  | 203 |  |  |  | 16,648 |
Parking rent |  |  | 9,833 |  |  |  | 97 |  |  |  | 9,930 |  |  |  | 9,137 |  |  |  | 72 |  |  |  | 9,209 |
Storage rent |  |  | 962 |  |  |  | 19 |  |  |  | 981 |  |  |  | 919 |  |  |  | 44 |  |  |  | 963 |
Pet rent |  |  | 2,901 |  |  |  | — |  |  |  | 2,901 |  |  |  | 2,887 |  |  |  | — |  |  |  | 2,887 |
Total lease revenue (2) |  | $ | 643,594 |  |  | $ | 18,438 |  |  | $ | 662,032 |  |  | $ | 621,908 |  |  | $ | 18,789 |  |  | $ | 640,697 |
(1) | RUBS income primarily consists of variable payments representing the recovery of utility costs from residents.
(2) | Excludes other rental income of $20.3 million and $21.6 million for the quarters ended March 31, 2020 and 2019, respectively, which is accounted for under the revenue recognition standard.

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