v3.25.0.1
Leases (Tables)
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Operating Lease, Lease Income [Table Text Block] 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 
Lessor, Operating Lease, Payments to be Received, Maturity [Table Text Block]
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 
Lease, Cost [Table Text Block]
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 $— 
Lessee, Operating Lease, Liability, Maturity [Table Text Block]
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.