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Leases (Tables) | 12 Months Ended
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Dec. 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 years ended December 31, 2023, 2022 and 2021 (amounts in thousands):
|  | Year Ended December 31, 2023 |  |  | Year Ended December 31, 2022 |  |  | Year Ended December 31, 2021 |
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 |  | $ | 2,578,565 |  |  | $ | 62,193 |  |  | $ | 2,640,758 |  |  | $ | 2,446,516 |  |  | $ | 63,995 |  |  | $ | 2,510,511 |  |  | $ | 2,202,133 |  |  | $ | 61,033 |  |  | $ | 2,263,166 |
Utility recoveries (RUBS income) (1) |  |  | 86,628 |  |  |  | 906 |  |  |  | 87,534 |  |  |  | 81,140 |  |  |  | 844 |  |  |  | 81,984 |  |  |  | 74,846 |  |  |  | 723 |  |  |  | 75,569 |
Parking rent |  |  | 44,081 |  |  |  | 449 |  |  |  | 44,530 |  |  |  | 43,335 |  |  |  | 435 |  |  |  | 43,770 |  |  |  | 40,934 |  |  |  | 565 |  |  |  | 41,499 |
Other lease revenue (2) |  |  | (25,095 | ) |  |  | (142 | ) |  |  | (25,237 | ) |  |  | (12,637 | ) |  |  | (69 | ) |  |  | (12,706 | ) |  |  | (17,667 | ) |  |  | 4,027 |  |  |  | (13,640 | )
Total lease revenue |  | $ | 2,684,179 |  |  | $ | 63,406 |  |  |  | 2,747,585 |  |  | $ | 2,558,354 |  |  | $ | 65,205 |  |  |  | 2,623,559 |  |  | $ | 2,300,246 |  |  | $ | 66,348 |  |  |  | 2,366,594 |
Parking revenue |  |  |  |  |  |  |  |  | 40,836 |  |  |  |  |  |  |  |  |  | 37,338 |  |  |  |  |  |  |  |  |  | 26,789 |
Other revenue |  |  |  |  |  |  |  |  | 85,543 |  |  |  |  |  |  |  |  |  | 74,283 |  |  |  |  |  |  |  |  |  | 70,614 |
Total other rental income (3) |  |  |  |  |  |  |  |  | 126,379 |  |  |  |  |  |  |  |  |  | 111,621 |  |  |  |  |  |  |  |  |  | 97,403 |
Rental income |  |  |  |  |  |  |  | $ | 2,873,964 |  |  |  |  |  |  |  |  | $ | 2,735,180 |  |  |  |  |  |  |  |  | $ | 2,463,997 |
(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) 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 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, 2023 and 2022 (amounts in thousands):
|  | Residential |  |  | Non-Residential |
Balance Sheet (Other assets): |  | December 31, 2023 |  |  | December 31, 2022 |  |  | December 31, 2023 |  |  | December 31, 2022 |
Resident/tenant accounts receivable balances |  | $ | 21,477 |  |  | $ | 35,688 |  |  | $ | 2,822 |  |  | $ | 2,820 |
Allowance for doubtful accounts |  |  | (15,846 | ) |  |  | (31,405 | ) |  |  | (1,849 | ) |  |  | (2,152 | )
Net receivable balances |  | $ | 5,631 |  |  | $ | 4,283 |  |  | $ | 973 |  |  | $ | 668 |
Straight-line receivable balances |  | $ | 9,183 |  |  | $ | 4,398 |  |  | $ | 11,915 |  | (1) | $ | 13,795 |
(1) During the year ended December 31, 2023, the Company recorded a non-cash write-off of approximately $1.5 million in straight-line receivables due to the bankruptcy of Rite Aid.
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, 2023, 2022 and 2021 (amounts in thousands):
|  | Year Ended December 31, |
Income Statement (Rental income): |  | 2023 |  |  | 2022 |  |  | 2021 |
Bad debt, net (1) |  | $ | 38,117 |  |  | $ | 26,570 |  |  | $ | 31,485 |
% of residential rental income |  |  | 1.4 | % |  |  | 1.0 | % |  |  | 1.3 | %
(1) Bad debt, net benefited from additional resident payments due to governmental rental assistance programs of approximately $2.8 million, $34.7 million and $34.8 million for the years ended December 31, 2023, 2022 and 2021, respectively.
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, 2023 and 2022 (amounts in thousands):
|  | 2023 |  |  | 2022 |
Right-of-use assets: |  |  |  |  |  |
Corporate office leases (operating) |  | $ | 38,745 |  |  | $ | 34,767 |
Ground leases (finance) |  |  | 94,091 |  |  |  | 95,834 |
Ground leases (operating) |  |  | 324,430 |  |  |  | 332,355 |
Right-of-use assets |  | $ | 457,266 |  |  | $ | 462,956 |
Lease liabilities: |  |  |  |  |  |
Corporate office leases (operating) |  | $ | 40,485 |  |  | $ | 35,747 |
Ground leases (finance) |  |  | 68,143 |  |  |  | 68,919 |
Ground leases (operating) |  |  | 203,012 |  |  |  | 204,082 |
Lease liabilities |  | $ | 311,640 |  |  | $ | 308,748 |
Summary of Quantitative Disclosures for Lessees | The following tables illustrate the quantitative disclosures for lessees as of and for the years ended December 31, 2023, 2022 and 2021 (amounts in thousands):
|  | Year Ended December 31, 2023 |  |  | Year Ended December 31, 2022 |  |  | Year Ended December 31, 2021 |
Lease cost: |  |  |  |  |  |  |  |  |
Finance lease cost: |  |  |  |  |  |  |  |  |
Amortization of right-of-use assets (capitalized) |  | $ | 146 |  |  | $ | 351 |  |  | $ | 351 |
Amortization of right-of-use assets (expensed) |  |  | 1,781 |  |  |  | 1,391 |  |  |  | 1,391 |
Interest on lease liabilities (capitalized) |  |  | — |  |  |  | — |  |  |  | 452 |
Interest on lease liabilities (expensed) |  |  | 1,886 |  |  |  | 1,904 |  |  |  | 1,464 |
Operating lease cost: |  |  |  |  |  |  |  |  |
Corporate office leases |  |  | 4,738 |  |  |  | 4,061 |  |  |  | 3,581 |
Ground leases |  |  | 18,338 |  |  |  | 18,338 |  |  |  | 18,338 |
Variable lease cost: |  |  |  |  |  |  |  |  |
Corporate office leases |  |  | 599 |  |  |  | 430 |  |  |  | 1,037 |
Ground leases |  |  | 4,338 |  |  |  | 4,342 |  |  |  | 2,973 |
Total lease cost |  | $ | 31,826 |  |  | $ | 30,817 |  |  | $ | 29,587 |
|  | December 31, 2023 |  |  | December 31, 2022 |  |  | December 31, 2021 |
Other information: |  |  |  |  |  |  |  |  |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |  |  |
Investing cash flows from finance leases |  | $ | — |  |  | $ | — |  |  | $ | 383 |
Financing cash flows from finance leases |  | $ | 2,847 |  |  | $ | 2,463 |  |  | $ | 1,898 |
Operating cash flows from operating leases: |  |  |  |  |  |  |  |  |
Corporate office leases |  | $ | 4,576 |  |  | $ | 4,385 |  |  | $ | 5,016 |
Ground leases |  | $ | 15,911 |  |  | $ | 15,037 |  |  | $ | 14,682 |
Weighted-average remaining lease term – finance leases |  | 23.1 years |  |  | 24.1 years |  |  | 25.2 years |
Weighted-average remaining lease term – operating leases: |  |  |  |  |  |  |  |  |
Corporate office leases |  | 17.7 years |  |  | 16.1 years |  |  | 16.8 years |
Ground leases |  | 60.7 years |  |  | 61.2 years |  |  | 61.8 years |
Weighted-average discount rate – finance leases |  |  | 2.8 | % |  |  | 2.8 | % |  |  | 2.8 | %
Weighted-average discount rate – operating leases: |  |  |  |  |  |  |  |  |
Corporate office leases |  |  | 4.3 | % |  |  | 3.2 | % |  |  | 3.2 | %
Ground leases |  |  | 5.1 | % |  |  | 5.1 | % |  |  | 5.1 | %
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, 2023:
(Payments)/Receipts Due by Year (in thousands) |
|  | 2024 |  |  | 2025 |  |  | 2026 |  |  | 2027 |  |  | 2028 |  |  | Thereafter |  |  | Total |
Finance Leases: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Minimum Rent Payments (a) |  | $ | (2,881 | ) |  | $ | (2,946 | ) |  | $ | (2,959 | ) |  | $ | (2,971 | ) |  | $ | (2,984 | ) |  | $ | (82,253 | ) |  | $ | (96,994 | )
Operating Leases: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Minimum Rent Payments (a) |  | $ | (15,797 | ) |  | $ | (16,028 | ) |  | $ | (15,881 | ) |  | $ | (15,984 | ) |  | $ | (16,132 | ) |  | $ | (806,155 | ) |  | $ | (885,977 | )
Minimum Rent Receipts (b) |  | $ | 53,000 |  |  | $ | 48,410 |  |  | $ | 44,582 |  |  | $ | 40,771 |  |  | $ | 34,709 |  |  | $ | 112,720 |  |  | $ | 334,192 |
(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, 2023 (amounts in thousands):
|  | 2023 |
Total minimum rent payments |  | $ | 982,971 |
Less: Lease discount |  |  | (671,331 | )
Lease liabilities |  | $ | 311,640 |

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