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Leases (Tables)
 9 Months Ended
Sep. 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 nine months ended September 30, 2025 and 2024 (amounts in thousands):

 

 

 

September 30, 2025

 

 

September 30, 2024

 

Income Type

 

Residential

 

 

Non-Residential

 

 

Total

 

 

Residential

 

 

Non-Residential

 

 

Total

 

Residential and non-residential rent

 

$

2,064,575

 

 

$

47,396

 

 

$

2,111,971

 

 

$

1,986,044

 

 

$

48,658

 

 

$

2,034,702

 

Utility recoveries (RUBS income) (1)

 

 

76,775

 

 

 

609

 

 

 

77,384

 

 

 

67,731

 

 

 

752

 

 

 

68,483

 

Parking rent

 

 

35,647

 

 

 

1,215

 

 

 

36,862

 

 

 

34,738

 

 

 

1,027

 

 

 

35,765

 

Other lease revenue, net (2)

 

 

7,038

 

 

 

(566

)

 

 

6,472

 

 

 

(3,498

)

 

 

(1,052

)

 

 

(4,550

)

Total lease revenue

 

 

2,184,035

 

 

 

48,654

 

 

 

2,232,689

 

 

 

2,085,015

 

 

 

49,385

 

 

 

2,134,400

 

Parking revenue

 

 

1,403

 

 

 

30,724

 

 

 

32,127

 

 

 

1,232

 

 

 

31,321

 

 

 

32,553

 

Other revenue

 

 

45,678

 

 

 

1,554

 

 

 

47,232

 

 

 

45,320

 

 

 

1,056

 

 

 

46,376

 

Total other rental income (3)

 

 

47,081

 

 

 

32,278

 

 

 

79,359

 

 

 

46,552

 

 

 

32,377

 

 

 

78,929

 

Rental income

 

$

2,231,116

 

 

$

80,932

 

 

$

2,312,048

 

 

$

2,131,567

 

 

$

81,762

 

 

$

2,213,329

 

 

(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 September 30, 2025 and 2024 (amounts in thousands):

 

 

 

September 30, 2025

 

 

September 30, 2024

 

Income Type

 

Residential

 

 

Non-Residential

 

 

Total

 

 

Residential

 

 

Non-Residential

 

 

Total

 

Residential and non-residential rent

 

$

697,378

 

 

$

15,143

 

 

$

712,521

 

 

$

672,836

 

 

$

14,948

 

 

$

687,784

 

Utility recoveries (RUBS income) (1)

 

 

25,742

 

 

 

210

 

 

 

25,952

 

 

 

22,275

 

 

 

317

 

 

 

22,592

 

Parking rent

 

 

11,815

 

 

 

407

 

 

 

12,222

 

 

 

11,703

 

 

 

394

 

 

 

12,097

 

Other lease revenue, net (2)

 

 

3,773

 

 

 

78

 

 

 

3,851

 

 

 

(463

)

 

 

(589

)

 

 

(1,052

)

Total lease revenue

 

 

738,708

 

 

 

15,838

 

 

 

754,546

 

 

 

706,351

 

 

 

15,070

 

 

 

721,421

 

Parking revenue

 

 

571

 

 

 

10,005

 

 

 

10,576

 

 

 

411

 

 

 

10,427

 

 

 

10,838

 

Other revenue

 

 

16,189

 

 

 

1,100

 

 

 

17,289

 

 

 

15,771

 

 

 

318

 

 

 

16,089

 

Total other rental income (3)

 

 

16,760

 

 

 

11,105

 

 

 

27,865

 

 

 

16,182

 

 

 

10,745

 

 

 

26,927

 

Rental income

 

$

755,468

 

 

$

26,943

 

 

$

782,411

 

 

$

722,533

 

 

$

25,815

 

 

$

748,348

 

 

(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 September 30, 2025 and December 31, 2024 (amounts in thousands):

 

Balance Sheet (Other assets):

 

September 30, 2025

 

 

December 31, 2024

 

Residential accounts receivable balances

 

$

13,393

 

 

$

15,152

 

Allowance for doubtful accounts

 

 

(7,664

)

 

 

(9,904

)

Net receivable balances

 

$

5,729

 

 

$

5,248

 

 

 

 

 

 

 

Straight-line receivable balances

 

$

13,604

 

 

$

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 nine months and quarters ended September 30, 2025 and 2024 (amounts in thousands):

 

 

Nine Months Ended September 30,

 

 

Quarter Ended September 30,

 

Income Statement (Rental income):

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Bad debt, net

 

$

21,930

 

 

$

25,045

 

 

$

6,940

 

 

$

7,906

 

% of residential rental income

 

 

1.0

%

 

 

1.2

%

 

 

0.9

%

 

 

1.1

%