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Leases | 3 Months Ended
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Mar. 31, 2025
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 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, 2025 and 2024 (amounts in thousands):
|  | March 31, 2025 |  |  | March 31, 2024 |
Income Type |  | Residential Leases |  |  | Non-Residential Leases |  |  | Total |  |  | Residential Leases |  |  | Non-Residential Leases |  |  | Total |
Residential and non-residential rent |  | $ | 680,261 |  |  | $ | 16,848 |  |  | $ | 697,109 |  |  | $ | 654,543 |  |  | $ | 18,823 |  |  | $ | 673,366 |
Utility recoveries (RUBS income) (1) |  |  | 25,316 |  |  |  | 182 |  |  |  | 25,498 |  |  |  | 22,669 |  |  |  | 227 |  |  |  | 22,896 |
Parking rent |  |  | 11,863 |  |  |  | 400 |  |  |  | 12,263 |  |  |  | 11,424 |  |  |  | 220 |  |  |  | 11,644 |
Other lease revenue, net (2) |  |  | 991 |  |  |  | (376 | ) |  |  | 615 |  |  |  | (1,908 | ) |  |  | (76 | ) |  |  | (1,984 | )
Total lease revenue |  |  | 718,431 |  |  |  | 17,054 |  |  |  | 735,485 |  |  |  | 686,728 |  |  |  | 19,194 |  |  |  | 705,922 |
Parking revenue |  |  | 435 |  |  |  | 10,239 |  |  |  | 10,674 |  |  |  | 341 |  |  |  | 10,337 |  |  |  | 10,678 |
Other revenue |  |  | 14,405 |  |  |  | 246 |  |  |  | 14,651 |  |  |  | 14,185 |  |  |  | 33 |  |  |  | 14,218 |
Total other rental income (3) |  |  | 14,840 |  |  |  | 10,485 |  |  |  | 25,325 |  |  |  | 14,526 |  |  |  | 10,370 |  |  |  | 24,896 |
Rental income |  | $ | 733,271 |  |  | $ | 27,539 |  |  | $ | 760,810 |  |  | $ | 701,254 |  |  | $ | 29,564 |  |  | $ | 730,818 |
(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. The following table presents residential accounts receivable and straight-line receivable balances for the Company’s properties as of March 31, 2025 and December 31, 2024 (amounts in thousands):
Balance Sheet (Other assets): |  | March 31, 2025 |  |  | December 31, 2024 |
Residential accounts receivable balances |  | $ | 14,368 |  |  | $ | 15,152 |
Allowance for doubtful accounts |  |  | (9,487 | ) |  |  | (9,904 | )
Net receivable balances |  | $ | 4,881 |  |  | $ | 5,248 |
Straight-line receivable balances |  | $ | 11,541 |  |  | $ | 10,234 |
The following table presents residential bad debt for the Company’s properties for the quarters ended March 31, 2025 and 2024 (amounts in thousands):
|  | March 31, |
Income Statement (Rental income): |  | 2025 |  |  | 2024 |
Bad debt, net |  | $ | 7,697 |  |  | $ | 9,215 |
% of residential rental income |  |  | 1.0 | % |  |  | 1.3 | %

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- References No definition available. + Details
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