v3.25.0.1
Leases
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Lessee, Operating Leases [Text Block] Leases
Lessor Leases

The Company has operating leases in which it is the lessor for its rental property. Certain leases contain variable lease payments based upon changes in the Consumer Price Index (“CPI”). Billings for real estate taxes and other expenses are also considered to be variable lease payments. Certain leases contain options to renew or terminate the lease, and options for the lessee to purchase the rental property, all of which are predominately at the sole discretion of the lessee.

The following table summarizes the components of rental income included in the accompanying Consolidated Statements of Operations for the years ended December 31, 2024, 2023 and 2022.

 Year ended December 31,
Rental Income (in thousands)202420232022
Fixed lease payments$585,611 $540,447 $500,267 
Variable lease payments162,090 146,954 135,888 
Straight-line rental income14,612 16,894 17,893 
Net increase to rental income related to above and below market lease amortization579 865 329 
Total rental income$762,892 $705,160 $654,377 

As of December 31, 2024 and December 31, 2023, the Company had accrued rental income of approximately $118.6 million and $105.9 million, respectively, included in tenant accounts receivable on the accompanying Consolidated Balance Sheets.

As of December 31, 2024 and December 31, 2023, the Company’s total liability associated with tenant lease security deposits was approximately $23.9 million and $21.8 million, respectively, which is included in tenant prepaid rent and security deposits on the accompanying Consolidated Balance Sheets.

The following table summarizes the maturity of fixed lease payments under the Company’s leases as of December 31, 2024.

YearMaturity of Fixed Lease Payments (in thousands)
2025$620,000 
2026$560,792 
2027$473,583 
2028$395,035 
2029$315,126 
Thereafter$721,207 

Lessee Leases

The Company has operating leases in which it is the lessee for its ground leases and corporate office leases. These leases have remaining lease terms of approximately 1.3 years to 57.7 years. Certain ground leases contain options to extend the leases for ten years to 20 years, all of which are reasonably certain to be exercised, and are included in the computation of the Company’s right-of-use assets and operating lease liabilities.

The following table summarizes supplemental information related to operating lease right-of-use assets and operating lease liabilities recognized in the Company’s Consolidated Balance Sheets as of December 31, 2024 and December 31, 2023.

Operating Lease Term and Discount RateDecember 31, 2024December 31, 2023
Weighted average remaining lease term (years)34.931.6
Weighted average discount rate6.9 %6.8 %

The following table summarizes the operating lease cost included in the Company’s Consolidated Statements of Operations for the years ended December 31, 2024, 2023 and 2022.
 Year ended December 31,
Operating Lease Cost (in thousands)202420232022
Operating lease cost included in property expense attributable to ground leases$2,516 $2,467 $2,372 
Operating lease cost included in general and administrative expense attributable to corporate office leases1,722 1,732 1,747 
Total operating lease cost$4,238 $4,199 $4,119 

The following table summarizes supplemental cash flow information related to operating leases in the Company’s Consolidated Statements of Cash Flows for the years ended December 31, 2024, 2023 and 2022.

 Year ended December 31,
Operating Leases (in thousands)202420232022
Cash paid for amounts included in the measurement of lease liabilities (operating cash flows)$4,013 $3,890 $3,784 
Right-of-use assets obtained in exchange for new lease liabilities$— $141 $— 

The following table summarizes the maturity of operating lease liabilities under the Company’s ground leases and corporate office leases as of December 31, 2024.

Year
Maturity of Operating Lease Liabilities(1)
(in thousands)
2025$4,252 
20263,245 
20272,265 
20282,306 
20292,312 
Thereafter94,551 
Total lease payments108,931 
Less: Imputed interest(73,627)
Present value of operating lease liabilities$35,304 
(1)Operating lease liabilities do not include estimates of CPI rent changes required by certain ground lease agreements. Therefore, actual payments may differ from those presented.
Lessor, Operating Leases [Text Block] Leases
Lessor Leases

The Company has operating leases in which it is the lessor for its rental property. Certain leases contain variable lease payments based upon changes in the Consumer Price Index (“CPI”). Billings for real estate taxes and other expenses are also considered to be variable lease payments. Certain leases contain options to renew or terminate the lease, and options for the lessee to purchase the rental property, all of which are predominately at the sole discretion of the lessee.

The following table summarizes the components of rental income included in the accompanying Consolidated Statements of Operations for the years ended December 31, 2024, 2023 and 2022.

 Year ended December 31,
Rental Income (in thousands)202420232022
Fixed lease payments$585,611 $540,447 $500,267 
Variable lease payments162,090 146,954 135,888 
Straight-line rental income14,612 16,894 17,893 
Net increase to rental income related to above and below market lease amortization579 865 329 
Total rental income$762,892 $705,160 $654,377 

As of December 31, 2024 and December 31, 2023, the Company had accrued rental income of approximately $118.6 million and $105.9 million, respectively, included in tenant accounts receivable on the accompanying Consolidated Balance Sheets.

As of December 31, 2024 and December 31, 2023, the Company’s total liability associated with tenant lease security deposits was approximately $23.9 million and $21.8 million, respectively, which is included in tenant prepaid rent and security deposits on the accompanying Consolidated Balance Sheets.

The following table summarizes the maturity of fixed lease payments under the Company’s leases as of December 31, 2024.

YearMaturity of Fixed Lease Payments (in thousands)
2025$620,000 
2026$560,792 
2027$473,583 
2028$395,035 
2029$315,126 
Thereafter$721,207 

Lessee Leases

The Company has operating leases in which it is the lessee for its ground leases and corporate office leases. These leases have remaining lease terms of approximately 1.3 years to 57.7 years. Certain ground leases contain options to extend the leases for ten years to 20 years, all of which are reasonably certain to be exercised, and are included in the computation of the Company’s right-of-use assets and operating lease liabilities.

The following table summarizes supplemental information related to operating lease right-of-use assets and operating lease liabilities recognized in the Company’s Consolidated Balance Sheets as of December 31, 2024 and December 31, 2023.

Operating Lease Term and Discount RateDecember 31, 2024December 31, 2023
Weighted average remaining lease term (years)34.931.6
Weighted average discount rate6.9 %6.8 %

The following table summarizes the operating lease cost included in the Company’s Consolidated Statements of Operations for the years ended December 31, 2024, 2023 and 2022.
 Year ended December 31,
Operating Lease Cost (in thousands)202420232022
Operating lease cost included in property expense attributable to ground leases$2,516 $2,467 $2,372 
Operating lease cost included in general and administrative expense attributable to corporate office leases1,722 1,732 1,747 
Total operating lease cost$4,238 $4,199 $4,119 

The following table summarizes supplemental cash flow information related to operating leases in the Company’s Consolidated Statements of Cash Flows for the years ended December 31, 2024, 2023 and 2022.

 Year ended December 31,
Operating Leases (in thousands)202420232022
Cash paid for amounts included in the measurement of lease liabilities (operating cash flows)$4,013 $3,890 $3,784 
Right-of-use assets obtained in exchange for new lease liabilities$— $141 $— 

The following table summarizes the maturity of operating lease liabilities under the Company’s ground leases and corporate office leases as of December 31, 2024.

Year
Maturity of Operating Lease Liabilities(1)
(in thousands)
2025$4,252 
20263,245 
20272,265 
20282,306 
20292,312 
Thereafter94,551 
Total lease payments108,931 
Less: Imputed interest(73,627)
Present value of operating lease liabilities$35,304 
(1)Operating lease liabilities do not include estimates of CPI rent changes required by certain ground lease agreements. Therefore, actual payments may differ from those presented.