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Leases (Tables) | 12 Months Ended
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Dec. 31, 2021
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 years ended December 31, 2021, 2020 and 2019 (amounts in thousands):
|  | Year Ended December 31, 2021 |  |  | Year Ended December 31, 2020 |  |  | Year Ended December 31, 2019 |
Income Type |  | Residential Leases |  |  | Non-Residential Leases |  |  | Total |  |  | Residential Leases |  |  | Non-Residential Leases |  |  | Total |  |  | Residential Leases |  |  | Non-Residential Leases |  |  | Total |
Residential and non-residential rent |  | $ | 2,199,986 |  |  | $ | 61,033 |  |  | $ | 2,261,019 |  |  | $ | 2,336,778 |  |  | $ | 51,663 |  |  | $ | 2,388,441 |  |  | $ | 2,414,201 |  |  | $ | 71,988 |  |  | $ | 2,486,189 |
Utility recoveries (RUBS income) (1) |  |  | 74,846 |  |  |  | 723 |  |  |  | 75,569 |  |  |  | 70,699 |  |  |  | 677 |  |  |  | 71,376 |  |  |  | 67,659 |  |  |  | 917 |  |  |  | 68,576 |
Parking rent |  |  | 40,934 |  |  |  | 565 |  |  |  | 41,499 |  |  |  | 38,743 |  |  |  | 412 |  |  |  | 39,155 |  |  |  | 37,557 |  |  |  | 348 |  |  |  | 37,905 |
Other lease revenue (2) |  |  | (17,667 | ) |  |  | 4,027 |  |  |  | (13,640 | ) |  |  | (28,663 | ) |  |  | (5,519 | ) |  |  | (34,182 | ) |  |  | 1,979 |  |  |  | (820 | ) |  |  | 1,159 |
Total lease revenue |  | $ | 2,298,099 |  |  | $ | 66,348 |  |  |  | 2,364,447 |  |  | $ | 2,417,557 |  |  | $ | 47,233 |  |  |  | 2,464,790 |  |  | $ | 2,521,396 |  |  | $ | 72,433 |  |  |  | 2,593,829 |
Parking revenue |  |  |  |  |  |  |  |  |  |  | 26,789 |  |  |  |  |  |  |  |  |  |  |  | 22,210 |  |  |  |  |  |  |  |  |  |  |  | 28,272 |
Other revenue |  |  |  |  |  |  |  |  |  |  | 72,761 |  |  |  |  |  |  |  |  |  |  |  | 84,705 |  |  |  |  |  |  |  |  |  |  |  | 78,590 |
Total other rental income (3) |  |  |  |  |  |  |  |  |  |  | 99,550 |  |  |  |  |  |  |  |  |  |  |  | 106,915 |  |  |  |  |  |  |  |  |  |  |  | 106,862 |
Rental income |  |  |  |  |  |  |  |  |  | $ | 2,463,997 |  |  |  |  |  |  |  |  |  |  | $ | 2,571,705 |  |  |  |  |  |  |  |  |  |  | $ | 2,700,691 |
(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 and other miscellaneous lease revenue.
(3) | Other rental income is accounted for under the revenue recognition standard.
Summary of Residential and Non-Residential Accounts Receivable and Straight-Line Receivable Balances | The following table presents residential and non-residential accounts receivable and straight-line receivable balances for the Company’s properties as of December 31, 2021 and 2020 (amounts in thousands):
|  | Residential |  |  | Non-Residential |
Balance Sheet (Other assets): |  | December 31, 2021 |  |  | December 31, 2020 |  |  | December 31, 2021 |  |  | December 31, 2020 |
Resident/tenant accounts receivable balances |  | $ | 37,959 |  |  | $ | 30,856 |  |  | $ | 3,218 |  |  | $ | 7,598 |
Allowance for doubtful accounts |  |  | (33,121 | ) |  |  | (24,021 | ) |  |  | (2,365 | ) |  |  | (6,527 | )
Net receivable balances |  | $ | 4,838 |  | (1) | $ | 6,835 |  |  | $ | 853 |  |  | $ | 1,071 |
Straight-line receivable balances |  | $ | 7,460 |  |  | $ | 19,992 |  |  | $ | 13,021 |  |  | $ | 13,413 |
(1) | The Company held residential security deposits approximating 48.2% of the net receivable balance at December 31, 2021.
Summary of Residential Bad Debt for Company's Properties | The following table presents residential bad debt for the Company’s properties for the years ended December 31, 2021, 2020 and 2019 (amounts in thousands):
|  | Year Ended December 31, |
Income Statement (Rental income): |  |  | 2021 |  |  |  | 2020 |  |  |  | 2019 |
Bad debt, net (1) |  | $ | 31,485 |  |  | $ | 42,505 |  |  | $ | 12,067 |
% of rental income |  |  | 1.3 | % |  |  | 1.7 | % |  |  | 0.5 | %
(1) | Bad debt, net benefited from additional resident payments due to governmental rental assistance programs of approximately $34.8 million for the year ended December 31, 2021.
Summary of Right-of-Use Assets and Related Lease Liabilities | The following table presents the Company’s ROU assets and related lease liabilities as of December 31, 2021 and 2020 (amounts in thousands):
|  | 2021 |  |  | 2020 |
Right-of-use assets: |  |  |  |  |  |  |  |
Corporate office leases (operating) |  | $ | 36,897 |  |  | $ | 39,203 |
Ground leases (finance) |  |  | 97,575 |  |  |  | 57,584 |
Ground leases (operating) |  |  | 340,241 |  |  |  | 402,500 |
Right-of-use assets |  | $ | 474,713 |  |  | $ | 499,287 |
Lease liabilities: |  |  |  |  |  |  |  |
Corporate office leases (operating) |  | $ | 37,760 |  |  | $ | 40,470 |
Ground leases (finance) |  |  | 69,479 |  |  |  | 23,350 |
Ground leases (operating) |  |  | 205,096 |  |  |  | 265,310 |
Lease liabilities |  | $ | 312,335 |  |  | $ | 329,130 |
Summary of Quantitative Disclosures for Lessees | The following tables illustrate the quantitative disclosures for lessees as of and for the years ended December 31, 2021, 2020 and 2019 (amounts in thousands):
|  | Year Ended December 31, 2021 |  |  | Year Ended December 31, 2020 |  |  | Year Ended December 31, 2019 |
Lease cost: |  |  |  |  |  |  |  |  |  |  |  |
Finance lease cost: |  |  |  |  |  |  |  |  |  |  |  |
Amortization of right-of-use assets (capitalized) |  | $ | 351 |  |  | $ | — |  |  | $ | — |
Amortization of right-of-use assets (expensed) |  |  | 1,391 |  |  |  | — |  |  |  | — |
Interest on lease liabilities (capitalized) |  |  | 452 |  |  |  | 1,029 |  |  |  | 225 |
Interest on lease liabilities (expensed) |  |  | 1,464 |  |  |  | — |  |  |  | — |
Operating lease cost: |  |  |  |  |  |  |  |  |  |  |  |
Corporate office leases |  |  | 3,581 |  |  |  | 3,747 |  |  |  | 3,937 |
Ground leases |  |  | 18,338 |  |  |  | 22,102 |  |  |  | 22,198 |
Variable lease cost: |  |  |  |  |  |  |  |  |  |  |  |
Corporate office leases |  |  | 1,037 |  |  |  | 1,307 |  |  |  | 1,489 |
Ground leases |  |  | 2,973 |  |  |  | 3,304 |  |  |  | 3,700 |
Total lease cost |  | $ | 29,587 |  |  | $ | 31,489 |  |  | $ | 31,549 |
|  | December 31, 2021 |  |  | December 31, 2020 |  |  | December 31, 2019 |
Other information: |  |  |  |  |  |  |  |  |  |  |  |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Investing cash flows from finance leases |  | $ | 383 |  |  | $ | 567 |  |  | $ | 188 |
Financing cash flows from finance leases |  | $ | 1,898 |  |  | $ | — |  |  | $ | 34,734 |
Operating cash flows from operating leases: |  |  |  |  |  |  |  |  |  |  |  |
Corporate office leases |  | $ | 5,016 |  |  | $ | 5,296 |  |  | $ | 5,494 |
Ground leases |  | $ | 14,682 |  |  | $ | 16,552 |  |  | $ | 16,837 |
ROU assets obtained in exchange for new finance lease liabilities |  | $ | — |  |  | $ | — |  |  | $ | 23,201 |
ROU assets obtained in exchange for new operating lease liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Corporate office leases |  | $ | — |  |  | $ | — |  |  | $ | 44,298 |
Ground leases |  | $ | — |  |  | $ | — |  |  | $ | 422,018 |
Weighted-average remaining lease term – finance leases |  | 25.2 years |  |  | 18.7 years |  |  | 19.7 years |
Weighted-average remaining lease term – operating leases: |  |  |  |  |  |  |  |  |  |  |  |
Corporate office leases |  | 16.8 years |  |  | 17.4 years |  |  | 18.1 years |
Ground leases |  | 61.8 years |  |  | 55.3 years |  |  | 56.2 years |
Weighted-average discount rate – finance leases |  |  | 2.8 | % |  |  | 3.0 | % |  |  | 3.0 | %
Weighted-average discount rate – operating leases: |  |  |  |  |  |  |  |  |  |  |  |
Corporate office leases |  |  | 3.2 | % |  |  | 3.2 | % |  |  | 3.2 | %
Ground leases |  |  | 5.1 | % |  |  | 5.0 | % |  |  | 5.0 | %
Summary of Undiscounted Cash Flows for Contractual Obligations for Minimum Rent Payments/Receipts | The following table summarizes the Company’s undiscounted cash flows for contractual obligations for minimum rent payments/receipts under operating and financing leases for the next five years and thereafter as of December 31, 2021:
(Payments)/Receipts Due by Year (in thousands) |
|  | 2022 |  |  | 2023 |  |  | 2024 |  |  | 2025 |  |  | 2026 |  |  | Thereafter |  |  | Total |
Finance Leases: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Minimum Rent Payments (a) |  | $ | (2,463 | ) |  | $ | (2,662 | ) |  | $ | (2,880 | ) |  | $ | (2,946 | ) |  | $ | (2,959 | ) |  | $ | (88,209 | ) |  | $ | (102,119 | )
Operating Leases: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Minimum Rent Payments (a) |  | $ | (15,090 | ) |  | $ | (14,998 | ) |  | $ | (15,131 | ) |  | $ | (14,957 | ) |  | $ | (14,843 | ) |  | $ | (831,456 | ) |  | $ | (906,475 | )
Minimum Rent Receipts (b) |  | $ | 58,561 |  |  | $ | 56,754 |  |  | $ | 51,295 |  |  | $ | 45,091 |  |  | $ | 37,283 |  |  | $ | 135,922 |  |  | $ | 384,906 |
(a) | Minimum basic rent due for corporate office leases and base rent due on ground leases where the Company is the lessee.
(b) | Minimum basic rent receipts due for various non-residential space where the Company is the lessor. Excludes residential leases due to their short-term nature.
Summary of Reconciliation of Lease Liabilities | The following table provides a reconciliation of lease liabilities from our undiscounted cash flows for minimum rent payments as of December 31, 2021 (amounts in thousands):
|  | 2021 |
Total minimum rent payments |  | $ | 1,008,594 |
Less: Lease discount |  |  | (696,259 | )
Lease liabilities |  | $ | 312,335 |

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