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v3.23.1

Leases (Tables) | 3 Months Ended
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Mar. 31, 2023
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 quarters ended March 31, 2023 and 2022 (amounts in thousands):
|  | Quarter Ended March 31, 2023 |  |  | Quarter Ended March 31, 2022 |
Income Type |  | Residential Leases |  |  | Non-Residential Leases |  |  | Total |  |  | Residential Leases |  |  | Non-Residential Leases |  |  | Total |
Residential and non-residential rent |  | $ | 634,752 |  |  | $ | 15,986 |  |  | $ | 650,738 |  |  | $ | 587,780 |  |  | $ | 15,874 |  |  | $ | 603,654 |
Utility recoveries (RUBS income) (1) |  |  | 21,383 |  |  |  | 207 |  |  |  | 21,590 |  |  |  | 19,598 |  |  |  | 181 |  |  |  | 19,779 |
Parking rent |  |  | 10,882 |  |  |  | 109 |  |  |  | 10,991 |  |  |  | 10,783 |  |  |  | 98 |  |  |  | 10,881 |
Other lease revenue (2) |  |  | (7,589 | ) |  |  | 669 |  |  |  | (6,920 | ) |  |  | (6,301 | ) |  |  | (43 | ) |  |  | (6,344 | )
Total lease revenue |  | $ | 659,428 |  |  | $ | 16,971 |  |  |  | 676,399 |  |  | $ | 611,860 |  |  | $ | 16,110 |  |  |  | 627,970 |
Parking revenue |  |  |  |  |  |  |  |  | 10,203 |  |  |  |  |  |  |  |  |  | 8,808 |
Other revenue |  |  |  |  |  |  |  |  | 18,486 |  |  |  |  |  |  |  |  |  | 16,570 |
Total other rental income (3) |  |  |  |  |  |  |  |  | 28,689 |  |  |  |  |  |  |  |  |  | 25,378 |
Rental income |  |  |  |  |  |  |  | $ | 705,088 |  |  |  |  |  |  |  |  | $ | 653,348 |
(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 March 31, 2023 and December 31, 2022 (amounts in thousands):
|  | Residential |  |  | Non-Residential |
Balance Sheet (Other assets): |  | March 31, 2023 |  |  | December 31, 2022 |  |  | March 31, 2023 |  |  | December 31, 2022 |
Resident/tenant accounts receivable balances |  | $ | 32,781 |  |  | $ | 35,688 |  |  | $ | 2,451 |  |  | $ | 2,820 |
Allowance for doubtful accounts |  |  | (28,861 | ) |  |  | (31,405 | ) |  |  | (1,500 | ) |  |  | (2,152 | )
Net receivable balances |  | $ | 3,920 |  |  | $ | 4,283 |  |  | $ | 951 |  |  | $ | 668 |
Straight-line receivable balances |  | $ | 5,815 |  |  | $ | 4,398 |  |  | $ | 13,680 |  |  | $ | 13,795 |
Summary of Residential Bad Debt for Company's Properties | The following table presents residential bad debt for the Company’s properties for the quarters ended March 31, 2023 and 2022 (amounts in thousands):
|  | Quarter Ended March 31, |
Income Statement (Rental income): |  | 2023 |  |  | 2022 |
Bad debt, net (1) |  | $ | 10,755 |  |  | $ | 9,895 |
% of rental income |  |  | 1.6 | % |  |  | 1.6 | %
Bad debt, net benefited from additional resident payments due to governmental rental assistance programs of approximately $1.0 million and $10.0 million for the quarters ended March 31, 2023 and 2022, respectively.

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