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Leases (Tables) | 12 Months Ended
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Dec. 31, 2024
Leases [Abstract] |
Operating Lease, Lease Income | The following table provides a disaggregation of lease income recognized as either fixed or variable lease income based on the criteria specified in Topic 842:
|  | Year ended December 31, |
(in thousands) |  | 2024 |  |  | 2023 |  |  | 2022 |
Operating lease income |  |  |  |  |  |  |  |  |
Fixed and in-substance fixed lease income |  | $ | 1,035,225 |  |  |  | 928,364 |  |  |  | 851,409 |
Variable lease income |  |  | 356,520 |  |  |  | 324,037 |  |  |  | 287,149 |
Other lease related income, net: |  |  |  |  |  |  |  |  |
Above/below market rent and tenant rent inducement amortization, net |  |  | 24,843 |  |  |  | 30,826 |  |  |  | 22,543 |
Uncollectible straight-line rent |  |  | (1,885 | ) |  |  | 1,261 |  |  |  | 12,510 |
Uncollectible amounts billable in lease income |  |  | (3,324 | ) |  |  | (549 | ) |  |  | 13,841 |
Total lease income |  | $ | 1,411,379 |  |  |  | 1,283,939 |  |  |  | 1,187,452 |
Lessor, Operating Lease, Payments to be Received, Maturity | Future minimum rental revenue under non-cancelable operating leases, excluding variable lease payments as of December 31, 2024, are as follows:
(in thousands) |  |  |
For the year ending December 31, |  |  |
2025 |  | $ | 1,021,232 |
2026 |  |  | 942,040 |
2027 |  |  | 825,189 |
2028 |  |  | 676,595 |
2029 |  |  | 536,477 |
Thereafter |  |  | 2,006,865 |
Total |  | $ | 6,008,398 |
Lessee, Operating Lease Costs, Description | Operating lease expense under the Company's ground and office leases were as follows, including straight-line rent expense and variable lease expenses such as CPI increases, percentage rent and reimbursements of landlord costs:
|  | Year ended December 31, |
(in thousands) |  | 2024 |  |  | 2023 |  |  | 2022 |
Fixed operating lease expense |  |  |  |  |  |  |  |  |
Ground leases |  | $ | 15,420 |  |  |  | 14,727 |  |  |  | 13,759 |
Office leases |  |  | 3,689 |  |  |  | 4,103 |  |  |  | 4,162 |
Total fixed operating lease expense |  |  | 19,109 |  |  |  | 18,830 |  |  |  | 17,921 |
Variable lease expense |  |  |  |  |  |  |  |  |
Ground leases |  |  | 1,953 |  |  |  | 1,586 |  |  |  | 1,591 |
Office leases |  |  | 592 |  |  |  | 729 |  |  |  | 611 |
Total variable lease expense |  |  | 2,545 |  |  |  | 2,315 |  |  |  | 2,202 |
Total lease expense |  | $ | 21,654 |  |  |  | 21,145 |  |  |  | 20,123 |
Cash paid for amounts included in the measurement of operating lease liabilities |  |  |  |  |  |  |  |  |
Operating cash flows for operating leases |  | $ | 16,212 |  |  |  | 15,823 |  |  |  | 14,656 |
Lessee, Operating Lease, Liability, Maturity | The following table summarizes the undiscounted future cash flows by year attributable to the operating lease liabilities for ground and office leases as of December 31, 2024, and provides a reconciliation to the Lease liabilities included in the accompanying Consolidated Balance Sheets:
(in thousands) |  | Lease Liabilities |
For the years ending December 31, |  | Ground Leases |  |  | Office Leases |  |  | Total |
2025 |  | $ | 12,871 |  |  |  | 3,904 |  |  |  | 16,775 |
2026 |  |  | 12,793 |  |  |  | 3,947 |  |  |  | 16,740 |
2027 |  |  | 12,819 |  |  |  | 2,748 |  |  |  | 15,567 |
2028 |  |  | 12,960 |  |  |  | 1,899 |  |  |  | 14,859 |
2029 |  |  | 12,993 |  |  |  | 733 |  |  |  | 13,726 |
Thereafter |  |  | 687,963 |  |  |  | 1,269 |  |  |  | 689,232 |
Total undiscounted lease liabilities |  | $ | 752,399 |  |  |  | 14,500 |  |  |  | 766,899 |
Present value discount |  |  | (520,621 | ) |  |  | (1,417 | ) |  |  | (522,038 | )
Lease liabilities |  | $ | 231,778 |  |  |  | 13,083 |  |  |  | 244,861 |
Weighted average discount rate |  |  | 5.5 | % |  |  | 4.1 | % |  |  |
Weighted average remaining term (in years) |  |  | 48.7 |  |  |  | 4.3 |  |  |  |

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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 undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478964/842-20-50-6 + 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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