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Leases (Tables) | 6 Months Ended
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Jun. 30, 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 six months ended June 30, 2025 and 2024 (amounts in thousands):
|  | June 30, 2025 |  |  | June 30, 2024 |
Income Type |  | Residential |  |  | Non-Residential |  |  | Total |  |  | Residential |  |  | Non-Residential |  |  | Total |
Residential and non-residential rent |  | $ | 1,367,197 |  |  | $ | 32,253 |  |  | $ | 1,399,450 |  |  | $ | 1,313,208 |  |  | $ | 33,710 |  |  | $ | 1,346,918 |
Utility recoveries (RUBS income) (1) |  |  | 51,033 |  |  |  | 399 |  |  |  | 51,432 |  |  |  | 45,456 |  |  |  | 435 |  |  |  | 45,891 |
Parking rent |  |  | 23,832 |  |  |  | 808 |  |  |  | 24,640 |  |  |  | 23,035 |  |  |  | 633 |  |  |  | 23,668 |
Other lease revenue, net (2) |  |  | 3,265 |  |  |  | (644 | ) |  |  | 2,621 |  |  |  | (3,035 | ) |  |  | (463 | ) |  |  | (3,498 | )
Total lease revenue |  |  | 1,445,327 |  |  |  | 32,816 |  |  |  | 1,478,143 |  |  |  | 1,378,664 |  |  |  | 34,315 |  |  |  | 1,412,979 |
Parking revenue |  |  | 832 |  |  |  | 20,719 |  |  |  | 21,551 |  |  |  | 821 |  |  |  | 20,894 |  |  |  | 21,715 |
Other revenue |  |  | 29,489 |  |  |  | 454 |  |  |  | 29,943 |  |  |  | 29,549 |  |  |  | 738 |  |  |  | 30,287 |
Total other rental income (3) |  |  | 30,321 |  |  |  | 21,173 |  |  |  | 51,494 |  |  |  | 30,370 |  |  |  | 21,632 |  |  |  | 52,002 |
Rental income |  | $ | 1,475,648 |  |  | $ | 53,989 |  |  | $ | 1,529,637 |  |  | $ | 1,409,034 |  |  | $ | 55,947 |  |  | $ | 1,464,981 |
(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 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 June 30, 2025 and 2024 (amounts in thousands):
|  | June 30, 2025 |  |  | June 30, 2024 |
Income Type |  | Residential |  |  | Non-Residential |  |  | Total |  |  | Residential |  |  | Non-Residential |  |  | Total |
Residential and non-residential rent |  | $ | 686,936 |  |  | $ | 15,405 |  |  | $ | 702,341 |  |  | $ | 658,665 |  |  | $ | 14,887 |  |  | $ | 673,552 |
Utility recoveries (RUBS income) (1) |  |  | 25,717 |  |  |  | 217 |  |  |  | 25,934 |  |  |  | 22,787 |  |  |  | 208 |  |  |  | 22,995 |
Parking rent |  |  | 11,969 |  |  |  | 408 |  |  |  | 12,377 |  |  |  | 11,611 |  |  |  | 413 |  |  |  | 12,024 |
Other lease revenue, net (2) |  |  | 2,274 |  |  |  | (268 | ) |  |  | 2,006 |  |  |  | (1,127 | ) |  |  | (387 | ) |  |  | (1,514 | )
Total lease revenue |  |  | 726,896 |  |  |  | 15,762 |  |  |  | 742,658 |  |  |  | 691,936 |  |  |  | 15,121 |  |  |  | 707,057 |
Parking revenue |  |  | 397 |  |  |  | 10,480 |  |  |  | 10,877 |  |  |  | 480 |  |  |  | 10,557 |  |  |  | 11,037 |
Other revenue |  |  | 15,084 |  |  |  | 208 |  |  |  | 15,292 |  |  |  | 15,364 |  |  |  | 705 |  |  |  | 16,069 |
Total other rental income (3) |  |  | 15,481 |  |  |  | 10,688 |  |  |  | 26,169 |  |  |  | 15,844 |  |  |  | 11,262 |  |  |  | 27,106 |
Rental income |  | $ | 742,377 |  |  | $ | 26,450 |  |  | $ | 768,827 |  |  | $ | 707,780 |  |  | $ | 26,383 |  |  | $ | 734,163 |
(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 June 30, 2025 and December 31, 2024 (amounts in thousands):
Balance Sheet (Other assets): |  | June 30, 2025 |  |  | December 31, 2024 |
Residential accounts receivable balances |  | $ | 13,904 |  |  | $ | 15,152 |
Allowance for doubtful accounts |  |  | (8,310 | ) |  |  | (9,904 | )
Net receivable balances |  | $ | 5,594 |  |  | $ | 5,248 |
Straight-line receivable balances |  | $ | 11,828 |  |  | $ | 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 six months and quarters ended June 30, 2025 and 2024 (amounts in thousands):
|  | Six Months Ended June 30, |  |  | Quarter Ended June 30, |
Income Statement (Rental income): |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Bad debt, net |  | $ | 14,990 |  |  | $ | 17,139 |  |  | $ | 7,293 |  |  | $ | 7,924 |
% of residential rental income |  |  | 1.0 | % |  |  | 1.2 | % |  |  | 1.0 | % |  |  | 1.1 | %

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