v3.25.2
Leases - The Company as a Lessee
 6 Months Ended
Jun. 30, 2025
Leases [Abstract]  
Leases - The Company as a Lessee Leases - The Company as a Lessee
The following table provides information about the Company's operating lease costs and finance lease costs recognized during the three and six months ended June 30, 2025 and 2024, (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Operating lease cost$568 $471 $1,191 $948 
Finance lease cost:
Amortization of right-of-use assets95 73 187 144 
Interest on lease liabilities63 47 119 95 
Total lease cost - operating and finance leases$726 $591 $1,497 $1,187 
During the three months ended June 30, 2025, the Company finalized negotiations related to an existing operating ground lease involving a 10-year renewal option and a fair market rent reset effective November 1, 2024. In conjunction with the renewal, the Company recognized a right-of-use asset of $15.9 million and lease liability of $15.2 million based on the present value of lease payments over the lease term using a discount rate of 4.6% and adjusted by the amount of any prepaid or accrued lease payments to the lease. The right-of-use asset and lease liability are included within Prepaid expenses and other assets and Accrued and other liabilities, respectively, in the Company's condensed consolidated balance sheets.
Leases - The Company as a Lessee Leases - The Company as a Lessee
The following table provides information about the Company's operating lease costs and finance lease costs recognized during the three and six months ended June 30, 2025 and 2024, (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Operating lease cost$568 $471 $1,191 $948 
Finance lease cost:
Amortization of right-of-use assets95 73 187 144 
Interest on lease liabilities63 47 119 95 
Total lease cost - operating and finance leases$726 $591 $1,497 $1,187 
During the three months ended June 30, 2025, the Company finalized negotiations related to an existing operating ground lease involving a 10-year renewal option and a fair market rent reset effective November 1, 2024. In conjunction with the renewal, the Company recognized a right-of-use asset of $15.9 million and lease liability of $15.2 million based on the present value of lease payments over the lease term using a discount rate of 4.6% and adjusted by the amount of any prepaid or accrued lease payments to the lease. The right-of-use asset and lease liability are included within Prepaid expenses and other assets and Accrued and other liabilities, respectively, in the Company's condensed consolidated balance sheets.