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v3.25.1

Leases (Tables) | 3 Months Ended
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Mar. 31, 2025
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, 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 |
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 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 |
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, 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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