v3.25.1
Leases (Tables)
 3 Months Ended
Mar. 31, 2025
Leases [Abstract]  
Operating Lease, Lease Income [Table Text Block]
The following table summarizes the components of rental income included in the accompanying Consolidated Statements of Operations for the three months ended March 31, 2025 and 2024.

 Three months ended March 31,
Rental Income (in thousands)20252024
Fixed lease payments$156,782 $142,111 
Variable lease payments43,759 42,189 
Straight-line rental income4,243 2,805 
Net increase to rental income related to above and below market lease amortization578 297 
Total rental income$205,362 $187,402 
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 March 31, 2025 and December 31, 2024.

Operating Lease Term and Discount RateMarch 31, 2025December 31, 2024
Weighted average remaining lease term (years)35.134.9
Weighted average discount rate6.9 %6.9 %

The following table summarizes the operating lease cost included in the Company’s Consolidated Statements of Operations for the three months ended March 31, 2025 and 2024.

 Three months ended March 31,
Operating Lease Cost (in thousands)20252024
Operating lease cost included in property expense attributable to ground leases$697 $616 
Operating lease cost included in general and administrative expense attributable to corporate office leases430 430 
Total operating lease cost$1,127 $1,046 

The following table summarizes supplemental cash flow information related to operating leases in the Company’s Consolidated Statements of Cash Flows for the three months ended March 31, 2025 and 2024.

 Three months ended March 31,
Operating Leases (in thousands)20252024
Cash paid for amounts included in the measurement of lease liabilities (operating cash flows)$1,057 $989 
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 March 31, 2025.

Year
Maturity of Operating Lease Liabilities(1) (in thousands)
Remainder of 2025$3,196 
20263,245 
20272,265 
20282,306 
20292,312 
Thereafter94,551 
Total lease payments107,875 
Less: Imputed interest(73,042)
Present value of operating lease liabilities$34,833 
(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.