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Commitments and Contingencies (Tables) | 6 Months Ended
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Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract] |
Schedule of Contractual Expiration Dates for Ground Leases | The following table summarizes our properties that are held subject to long-term noncancellable ground lease obligations as of June 30, 2024 and the respective contractual expiration dates:
Property | Contractual Expiration Date (1)
701, 801, and 837 N. 34th Street, Seattle, WA (2) | December 2041
1701 Page Mill Road and 3150 Porter Drive, Palo Alto, CA | December 2067
Kilroy Airport Center Phases I, II, and III, Long Beach, CA | July 2084
3243 S. La Cienega Boulevard, Los Angeles, CA | October 2106
200 W. 6th Street, Austin, TX | December 2112
____________________ (1) Reflects the contractual expiration date prior to the impact of any extension or purchase options held by the Company. (2) The Company has three 10-year and one 45-year extension options for this ground lease, which if exercised would extend the expiration date to December 2116. These extension options are not assumed to be exercised in our calculation of the present value of the future minimum lease payments for this lease.
Schedule of Minimum Commitment Under Ground Leases | The minimum commitment under our ground leases, as of June 30, 2024, for future periods is as follows:
Year Ending | (in thousands)
Remaining 2024 | $ | 3,368 |
2025 | 6,772 |
2026 | 6,809 |
2027 | 6,850 |
2028 | 6,869 |
2029 | 6,869 |
Thereafter | 367,744 |
Total undiscounted cash flows (1)(2)(3)(4)(5)(6) | $ | 405,281 |
Present value discount | (276,494) |
Ground lease liabilities | $ | 128,787 |
________________________ (1)Excludes contingent future rent payments based on gross income or adjusted gross income and reflects the minimum ground lease obligations before the impact of ground lease extension options. (2) One of our ground lease obligations is subject to a fair market value adjustment every five years. The contractual obligations for that lease included above assume the current annual ground lease obligation in effect at June 30, 2024 for the remainder of the lease term, as we cannot predict future adjustments. (3) One of our ground lease obligations is subject to a fair market value adjustment every five years based on a combination of CPI adjustments and third-party appraisals limited to maximum increases annually. The contractual obligations for that lease included above assume the contractual minimum annual rent prior to the consideration of any variable rental payments in effect at June 30, 2024 for the remainder of the lease term, as we cannot predict future adjustments. (4) One of our ground lease obligations includes a component that is based on the percentage of adjusted gross income that exceeds the minimum ground rent. The minimum rent is subject to increases every 10 years by an amount equal to 60% of the average annual percentage rent for the previous three years. The contractual obligations for this lease included above assume the current annual ground lease obligation in effect at June 30, 2024 for the remainder of the lease term, as we cannot predict future adjustments. (5) One of our ground lease obligations is subject to fixed 5% ground rent increases every five years, with the next increase occurring on November 1, 2027. (6) One of our ground lease obligations is subject to fixed 2% ground rent increases every year, with ground rent resets occurring every ten years based on CPI. The contractual obligations for that lease included above assume increases for the remaining current ten-year period based on the contractual minimum annual rent prior to the consideration of any variable rental payments in effect at June 30, 2024.

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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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