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Leases | 9 Months Ended
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Sep. 30, 2024
Leases [Abstract] |
Leases | 7. Leases Lessor Accounting The Company is the lessor for its residential and non-residential leases and these leases are accounted for as operating leases under the lease standard. The following tables present the lease income types relating to lease payments for residential and non-residential leases along with the total other rental income for the nine months and quarters ended September 30, 2024 and 2023 (amounts in thousands):
|  | Nine Months Ended September 30, 2024 |  |  | Nine Months Ended September 30, 2023 |
Income Type |  | Residential Leases |  |  | Non-Residential Leases |  |  | Total |  |  | Residential Leases |  |  | Non-Residential Leases |  |  | Total |
Residential and non-residential rent |  | $ | 1,978,847 |  |  | $ | 48,658 |  |  | $ | 2,027,505 |  |  | $ | 1,926,869 |  |  | $ | 46,642 |  |  | $ | 1,973,511 |
Utility recoveries (RUBS income) (1) |  |  | 67,731 |  |  |  | 752 |  |  |  | 68,483 |  |  |  | 64,007 |  |  |  | 662 |  |  |  | 64,669 |
Parking rent |  |  | 34,738 |  |  |  | 1,027 |  |  |  | 35,765 |  |  |  | 32,955 |  |  |  | 354 |  |  |  | 33,309 |
Other lease revenue (2) |  |  | (15,417 | ) |  |  | (1,070 | ) |  |  | (16,487 | ) |  |  | (19,172 | ) |  |  | 330 |  |  |  | (18,842 | )
Total lease revenue |  | $ | 2,065,899 |  |  | $ | 49,367 |  |  |  | 2,115,266 |  |  | $ | 2,004,659 |  |  | $ | 47,988 |  |  |  | 2,052,647 |
Parking revenue |  |  |  |  |  |  |  |  | 32,553 |  |  |  |  |  |  |  |  |  | 30,033 |
Other revenue |  |  |  |  |  |  |  |  | 65,510 |  |  |  |  |  |  |  |  |  | 63,784 |
Total other rental income (3) |  |  |  |  |  |  |  |  | 98,063 |  |  |  |  |  |  |  |  |  | 93,817 |
Rental income |  |  |  |  |  |  |  | $ | 2,213,329 |  |  |  |  |  |  |  |  | $ | 2,146,464 |
|  | Quarter Ended September 30, 2024 |  |  | Quarter Ended September 30, 2023 |
Income Type |  | Residential Leases |  |  | Non-Residential Leases |  |  | Total |  |  | Residential Leases |  |  | Non-Residential Leases |  |  | Total |
Residential and non-residential rent |  | $ | 670,450 |  |  | $ | 14,948 |  |  | $ | 685,398 |  |  | $ | 650,531 |  |  | $ | 14,669 |  |  | $ | 665,200 |
Utility recoveries (RUBS income) (1) |  |  | 22,275 |  |  |  | 317 |  |  |  | 22,592 |  |  |  | 21,221 |  |  |  | 243 |  |  |  | 21,464 |
Parking rent |  |  | 11,703 |  |  |  | 394 |  |  |  | 12,097 |  |  |  | 11,062 |  |  |  | 129 |  |  |  | 11,191 |
Other lease revenue (2) |  |  | (4,685 | ) |  |  | (589 | ) |  |  | (5,274 | ) |  |  | (5,752 | ) |  |  | (404 | ) |  |  | (6,156 | )
Total lease revenue |  | $ | 699,743 |  |  | $ | 15,070 |  |  |  | 714,813 |  |  | $ | 677,062 |  |  | $ | 14,637 |  |  |  | 691,699 |
Parking revenue |  |  |  |  |  |  |  |  | 10,838 |  |  |  |  |  |  |  |  |  | 9,638 |
Other revenue |  |  |  |  |  |  |  |  | 22,697 |  |  |  |  |  |  |  |  |  | 22,730 |
Total other rental income (3) |  |  |  |  |  |  |  |  | 33,535 |  |  |  |  |  |  |  |  |  | 32,368 |
Rental income |  |  |  |  |  |  |  | $ | 748,348 |  |  |  |  |  |  |  |  | $ | 724,067 |
(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. The following table presents residential accounts receivable and straight-line receivable balances for the Company’s properties as of September 30, 2024 and December 31, 2023 (amounts in thousands):
Balance Sheet (Other assets): |  | September 30, 2024 |  |  | December 31, 2023 |
Residential accounts receivable balances |  | $ | 16,281 |  |  | $ | 21,477 |
Allowance for doubtful accounts |  |  | (10,044 | ) |  |  | (15,846 | )
Net receivable balances |  | $ | 6,237 |  |  | $ | 5,631 |
Straight-line receivable balances |  | $ | 9,141 |  |  | $ | 9,183 |
The following table presents residential bad debt for the Company’s properties for the nine months and quarters ended September 30, 2024 and 2023 (amounts in thousands):
|  | Nine Months Ended September 30, |  |  | Quarter Ended September 30, |
Income Statement (Rental income): |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Bad debt, net (1) |  | $ | 25,045 |  |  | $ | 28,862 |  |  | $ | 7,906 |  |  | $ | 9,042 |
% of residential rental income |  |  | 1.2 | % |  |  | 1.4 | % |  |  | 1.1 | % |  |  | 1.3 | %
(1) Bad debt, net benefited from additional resident payments due to governmental rental assistance programs of approximately $1.2 mi llion and $2.4 million for the nine months ended September 30, 2024 and 2023, respectively, and $0.4 million and $0.5 million for the quarters ended September 30, 2024 and 2023, respectively. Lessee Accounting During the nine months ended September 30, 2024, the Company acquired below market long-term ground and parking leases, each fully prepaid at $1 and expiring in 2110, in connection with an apartment property acquisition as described in Note 4 and recorded a lease intangible asset of approximately $12.7 million, which is included in right-of-use assets on the consolidated balance sheets.

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