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Leases (Tables) | 12 Months Ended
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Dec. 31, 2024
Leases [Abstract] |
Summary Of Operating Lease Income | The disaggregation of the Company’s lease income, which is included in Revenue from rental properties, net on the Company’s Consolidated Statements of Income, as either fixed or variable lease income based on the criteria specified in ASC 842, for the years ended December 31, 2024, 2023 and 2022, was as follows (in thousands):
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Lease income: |  |  |  |  |  |  |  |  |
Fixed lease income (1) |  | $ | 1,615,352 |  |  | $ | 1,409,609 |  |  | $ | 1,353,024 |
Variable lease income (2) |  |  | 399,627 |  |  |  | 354,093 |  |  |  | 339,722 |
Above-market and below-market leases amortization, net |  |  | 25,205 |  |  |  | 17,253 |  |  |  | 13,591 |
Adjustments for potentially uncollectible lease income or disputed amounts |  |  | (21,119 | ) |  |  | (13,898 | ) |  |  | 4,511 |
Total lease income |  | $ | 2,019,065 |  |  | $ | 1,767,057 |  |  | $ | 1,710,848 |
(1) Includes minimum base rents, expense reimbursements, ancillary income and straight-line rent adjustments. (2) Includes minimum base rents, expense reimbursements, percentage rent, lease termination fee income and ancillary income.
Summary of Minimum Revenues from Rental Properties | The minimum revenues expected to be received by the Company from rental properties under the terms of all non-cancelable tenant leases for future years, assuming no new or renegotiated leases are executed for such premises and excluding variable lease payments, are as follows (in millions):
|  | 2025 |  |  | 2026 |  |  | 2027 |  |  | 2028 |  |  | 2029 |  |  | Thereafter |
Minimum revenues |  | $ | 1,560.2 |  |  | $ | 1,432.5 |  |  | $ | 1,238.2 |  |  | $ | 1,022.6 |  |  | $ | 796.2 |  |  | $ | 3,574.2 |
Summary Of Weighted-average Remaining Non-cancelable Lease Term And Weighted-average Discount Rates | The weighted-average remaining non-cancelable lease term and weighted-average discount rates for the Company’s operating and finance leases as of December 31, 2024 were as follows:
|  | Operating Leases |  |  | Finance Leases |
Weighted-average remaining lease term (in years) |  |  | 30.4 |  |  |  | - |
Weighted-average discount rate |  |  | 6.79 | % |  |  | 6.00 | %
The components of the Company’s lease expense, which are included in interest expense, rent expense and general and administrative expense on the Company’s Consolidated Statements of Income for the years ended December 31, 2024, 2023 and 2022, were as follows (in thousands):
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Lease cost: |  |  |  |  |  |  |  |  |
Finance lease cost |  | $ | 1,459 |  |  | $ | 1,261 |  |  | $ | 1,294 |
Operating lease cost |  |  | 15,107 |  |  |  | 14,736 |  |  |  | 12,994 |
Variable lease cost |  |  | 2,300 |  |  |  | 2,241 |  |  |  | 4,143 |
Total lease cost |  | $ | 18,866 |  |  | $ | 18,238 |  |  | $ | 18,431 |
Schedule of Future Minimum Lease Payments | The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the operating and financing lease liabilities (in thousands):
Year Ending December 31, |
|  | Operating Leases |  |  | Financing Leases |
2025 |  | $ | 12,092 |  |  | $ | 24,167 |
2026 |  |  | 11,466 |  |  |  | - |
2027 |  |  | 11,191 |  |  |  | - |
2028 |  |  | 11,209 |  |  |  | - |
2029 |  |  | 10,391 |  |  |  | - |
Thereafter |  |  | 255,629 |  |  |  | - |
Total minimum lease payments |  | $ | 311,978 |  |  | $ | 24,167 |
Less imputed interest |  |  | (194,779 | ) |  | - |
Total lease liabilities (1) |  | $ | 117,199 |  |  | $ | 24,167 |
(1) Operating lease liabilities are included in Operating lease liabilities and financing lease liabilities are included in Other liabilities on the Company’s Consolidated Balance Sheets.

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- Definition Tabular disclosure of undiscounted cash flows of lessee's operating and finance lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating and finance lease liability recognized in statement of financial position. + References No definition available. + Details
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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478964/842-20-50-4 + Details
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- Definition Tabular disclosure of maturity of undiscounted cash flows to be received by lessor on annual basis for operating lease. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479773/842-30-50-12 + Details
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