v3.25.1
Leases (Tables)
12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Schedule of Future Lease Payments

The following table presents the future lease payments due under the Company’s ground leases as of December 31, 2024 ($ in thousands):

Year

 

Operating
Leases

 

2025

 

$

 

714

 

2026

 

 

 

714

 

2027

 

 

 

714

 

2028

 

 

 

714

 

2029

 

 

 

714

 

Thereafter

 

 

 

24,351

 

Total undiscounted future lease payments

 

 

 

27,921

 

Difference between undiscounted cash flows and discounted cash flows

 

 

 

(15,593

)

Total lease liability

 

$

 

12,328

 

Summary of Fixed and Variable Components of Operating Leases

The following table summarizes the fixed and variable components of the Company’s operating leases ($ in thousands):

 

 

For the Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

Fixed lease payments

 

$

 

1,498,556

 

 

$

 

1,540,130

 

 

$

 

1,376,577

 

Variable lease payments

 

 

 

150,735

 

 

 

 

155,787

 

 

 

 

144,078

 

Rental revenue

 

$

 

1,649,291

 

 

$

 

1,695,917

 

 

$

 

1,520,655

 

Schedule of Undiscounted Future Minimum Rents Income Receivables

The following table presents the undiscounted future minimum rents the Company expects to receive for its industrial, office, and other properties as of December 31, 2024 ($ in thousands). Leases at the Company’s multifamily and certain other properties, including single-family and self-storage properties, are short term, generally 12 months or less, and are therefore not included.

 

Year

 

Future Minimum Rents

 

2025

 

$

 

268,710

 

2026

 

 

 

243,312

 

2027

 

 

 

214,445

 

2028

 

 

 

176,798

 

2029

 

 

 

151,733

 

Thereafter

 

 

 

357,324

 

Total

 

$

 

1,412,322