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Leases (Tables)

12 Months Ended

Dec. 31, 2024

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, 2024, 2023 and 2022 (amounts in thousands):

		December 31, 2024												December 31, 2023												December 31, 2022
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		$	2,672,772			$	63,889			$	2,736,661			$	2,588,499			$	62,193			$	2,650,692			$	2,454,587			$	63,995			$	2,518,582
Utility recoveries (RUBS income) (1)			93,021				954				93,975				86,628				906				87,534				81,140				844				81,984
Parking rent			46,717				1,422				48,139				44,081				449				44,530				43,335				435				43,770
Other lease revenue, net (2)			(3,452	)			(1,518	)			(4,970	)			(9,317	)			(131	)			(9,448	)			(415	)			(61	)			(476	)
Total lease revenue		$	2,809,058			$	64,747				2,873,805			$	2,709,891			$	63,417				2,773,308			$	2,578,647			$	65,213				2,643,860
Parking revenue											44,079												40,836												37,338
Other revenue											62,224												59,820												53,982
Total other rental income (3)											106,303												100,656												91,320
Rental income										$	2,980,108											$	2,873,964											$	2,735,180

(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), service fees, late fees 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 Accounts Receivable and Straight-Line Receivable Balances

The following table presents residential accounts receivable and straight-line receivable balances for the Company’s properties as of December 31, 2024 and 2023 (amounts in thousands):

Balance Sheet (Other assets):		December 31, 2024				December 31, 2023
Residential accounts receivable balances		$	15,152			$	21,477
Allowance for doubtful accounts			(9,904	)			(15,846	)
Net receivable balances		$	5,248			$	5,631
Straight-line receivable balances		$	10,234			$	9,183

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, 2024, 2023 and 2022 (amounts in thousands):

		December 31,
Income Statement (Rental income):		2024				2023				2022
Bad debt, net (1)		$	33,256			$	38,117			$	26,570
% of residential rental income			1.2	%			1.4	%			1.0	%

(1)Bad debt, net benefited from additional resident payments due to governmental rental assistance programs of approximately $1.6 million, $2.8 million and $34.7 million for the years ended December 31, 2024, 2023 and 2022, 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, 2024 and 2023 (amounts in thousands):

Description		Balance Sheet Location		2024				2023
Assets
Operating leases		Right-of-use assets		$	363,095			$	363,175
Finance leases		Right-of-use assets			92,350				94,091
Total				$	455,445			$	457,266
Liabilities
Operating leases		Lease liabilities		$	237,769			$	243,497
Finance leases		Lease liabilities			67,128				68,143
Total				$	304,897			$	311,640

Summary of Quantitative Disclosures for Lessees

The following tables illustrate the quantitative disclosures for lessees as of and for the years ended December 31, 2024, 2023 and 2022 (amounts in thousands):

		December 31, 2024				December 31, 2023				December 31, 2022
Lease cost:
Finance lease cost:
Amortization of right-of-use assets (capitalized)		$	—			$	146			$	351
Amortization of right-of-use assets (expensed)			1,945				1,781				1,391
Interest on lease liabilities (expensed)			1,865				1,886				1,904
Operating lease cost			23,074				22,791				22,131
Variable lease cost			6,447				4,937				4,772
Total lease cost		$	33,331			$	31,541			$	30,549

		December 31, 2024				December 31, 2023				December 31, 2022
Other information:
Cash paid for amounts included in the measurement of    lease liabilities:
Financing cash flows from finance leases		$	3,084			$	2,847			$	2,463
Operating cash flows from operating leases		$	21,046			$	20,202			$	19,154
Weighted-average remaining lease term – finance leases		22.0 years				23.1 years				24.1 years
Weighted-average remaining lease term – operating leases		53.2 years				53.0 years				54.5 years
Weighted-average discount rate – finance leases			2.8	%			2.8	%			2.8	%
Weighted-average discount rate – operating leases			4.9	%			4.9	%			4.8	%

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, 2024:

(Payments)/Receipts Due by Year (in thousands)
		2025				2026				2027				2028				2029				Thereafter				Total
Finance Leases:
Minimum Rent Payments		$	(2,946	)		$	(2,959	)		$	(2,971	)		$	(2,984	)		$	(2,998	)		$	(79,256	)		$	(94,114	)
Operating Leases:
Minimum Rent Payments		$	(15,817	)		$	(15,553	)		$	(15,651	)		$	(15,794	)		$	(15,670	)		$	(789,790	)		$	(868,275	)
Minimum Rent Receipts (a)		$	54,235			$	51,141			$	47,845			$	41,973			$	33,317			$	112,157			$	340,668

(a) 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, 2024 (amounts in thousands):

		Operating Leases				Finance Leases
Total minimum rent payments		$	868,275			$	94,114
Less: Lease discount			(630,506	)			(26,986	)
Lease liabilities		$	237,769			$	67,128

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+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478964/842-20-50-4

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Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479773/842-30-50-5

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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