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Leases | 6 Months Ended
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Jun. 30, 2020
Leases [Abstract] |
Leases |
8. | Leases
Lessor Accounting The Company is the lessor for its residential and non-residential leases and these leases will continue to be accounted for as operating leases under the standard as described in Note 2. For the six months ended June 30, 2020, approximately 97.6% 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 utility recoveries, 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 the six months ended June 30, 2020, approximately 2.4% of the Company’s total lease revenue is generated by non-residential leases that are generally for terms ranging between five to ten years. The non-residential leases generally consist of ground floor retail spaces and master-leased parking garages that serve as additional amenities for our residents. The non-residential leases may include lease income related to such items as utility recoveries, 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. Non-residential leases are renewable with market-based renewal options. 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 and quarter ended June 30, 2020 (amounts in thousands):
|  | Six Months Ended June 30, 2020 |  |  | Quarter Ended June 30, 2020 |
Income Type |  | Residential Leases |  |  | Non-Residential Leases |  |  | Total |  |  | Residential Leases |  |  | Non-Residential Leases |  |  | Total |
Residential and non-residential rent |  | $ | 1,207,106 |  |  | $ | 30,221 |  |  | $ | 1,237,327 |  |  | $ | 594,626 |  |  | $ | 12,127 |  |  | $ | 606,753 |
Utility recoveries (RUBS income) (1) |  |  | 35,232 |  |  |  | 375 |  |  |  | 35,607 |  |  |  | 17,814 |  |  |  | 147 |  |  |  | 17,961 |
Parking rent |  |  | 19,460 |  |  |  | 223 |  |  |  | 19,683 |  |  |  | 9,627 |  |  |  | 126 |  |  |  | 9,753 |
Storage rent |  |  | 1,913 |  |  |  | 40 |  |  |  | 1,953 |  |  |  | 951 |  |  |  | 21 |  |  |  | 972 |
Pet rent |  |  | 5,740 |  |  |  | — |  |  |  | 5,740 |  |  |  | 2,839 |  |  |  | — |  |  |  | 2,839 |
Total lease revenue |  | $ | 1,269,451 |  |  | $ | 30,859 |  |  |  | 1,300,310 |  |  | $ | 625,857 |  |  | $ | 12,421 |  |  |  | 638,278 |
Total other rental income (2) |  |  |  |  |  |  |  |  |  |  | 35,527 |  |  |  |  |  |  |  |  |  |  |  | 15,254 |
Rental income |  |  |  |  |  |  |  |  |  | $ | 1,335,837 |  |  |  |  |  |  |  |  |  |  | $ | 653,532 |
(1) | RUBS income primarily consists of variable payments representing the recovery of utility costs from residents.
(2) | Other rental income is accounted for under the revenue recognition standard.
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 and quarter ended June 30, 2019 (amounts in thousands):
|  | Six Months Ended June 30, 2019 |  |  | Quarter Ended June 30, 2019 |
Income Type |  | Residential Leases |  |  | Non-Residential Leases |  |  | Total |  |  | Residential Leases |  |  | Non-Residential Leases |  |  | Total |
Residential and non-residential rent |  | $ | 1,190,729 |  |  | $ | 36,163 |  |  | $ | 1,226,892 |  |  | $ | 598,209 |  |  | $ | 17,693 |  |  | $ | 615,902 |
Utility recoveries (RUBS income) (1) |  |  | 33,303 |  |  |  | 412 |  |  |  | 33,715 |  |  |  | 16,858 |  |  |  | 209 |  |  |  | 17,067 |
Parking rent |  |  | 18,469 |  |  |  | 159 |  |  |  | 18,628 |  |  |  | 9,332 |  |  |  | 87 |  |  |  | 9,419 |
Storage rent |  |  | 1,856 |  |  |  | 32 |  |  |  | 1,888 |  |  |  | 937 |  |  |  | (12 | ) |  |  | 925 |
Pet rent |  |  | 5,798 |  |  |  | — |  |  |  | 5,798 |  |  |  | 2,911 |  |  |  | — |  |  |  | 2,911 |
Total lease revenue |  | $ | 1,250,155 |  |  | $ | 36,766 |  |  |  | 1,286,921 |  |  | $ | 628,247 |  |  | $ | 17,977 |  |  |  | 646,224 |
Total other rental income (2) |  |  |  |  |  |  |  |  |  |  | 44,755 |  |  |  |  |  |  |  |  |  |  |  | 23,150 |
Rental income |  |  |  |  |  |  |  |  |  | $ | 1,331,676 |  |  |  |  |  |  |  |  |  |  | $ | 669,374 |
(1) | RUBS income primarily consists of variable payments representing the recovery of utility costs from residents.
(2) | Other rental income is accounted for under the revenue recognition standard.

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- Definition Leases disclosure. + References No definition available. + Details
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