XML 61 R38.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Lease Income | 12 Months Ended
--- | ---
Dec. 31, 2024
Leases [Abstract] |
Lease Income | Lease Income The Operating Partnership is the lessor and the sublessor to tenants under operating and sales-type leases. The minimum rental amounts due under the leases are generally subject to scheduled fixed increases or adjustments. The leases generally also require that the tenants reimburse us for increases in certain operating costs and real estate taxes above their base year costs. Future minimum rents to be received over the next five years and thereafter for operating leases in effect at December 31, 2024 are as follows (in thousands):
2025 | $ | 544,452 |
2026 | 507,298 |
2027 | 454,095 |
2028 | 390,475 |
2029 | 355,565 |
Thereafter | 1,402,994 |
| $ | 3,654,879 |
The components of lease income from operating leases in our consolidated statements of operations for the years ended December 31, 2024, 2023 and 2022 were as follows (in thousands):
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Fixed lease payments | $ | 545,573 |  |  | $ | 589,469 |  |  | $ | 583,107 |
Variable lease payments | 63,004 |  |  | 79,641 |  |  | 82,676 |
Total lease payments (1) | $ | 608,577 |  |  | $ | 669,110 |  |  | $ | 665,783 |
Amortization of acquired above and below-market leases | (2,578) |  |  | 14,225 |  |  | 5,717 |
Total rental revenue | $ | 605,999 |  |  | $ | 683,335 |  |  | $ | 671,500 |
(1)Amounts include $188.5 million and $196.5 million of sublease income for the years ended December 31, 2024 and 2023, respectively. The table below summarizes our investment in sales-type leases as of December 31, 2024:
Property | Year of Current Expiration | Year of Final Expiration (1)
15 Beekman (2) | 2089 | 2089
(1)Reflects exercise of all available renewal options. (2)In August 2020, the Company formed a joint venture, which then entered into a long-term sublease with the Company for the building at 15 Beekman. See Note 6, "Investments in Unconsolidated Joint Ventures." Future minimum lease payments to be received over the next five years and thereafter for our sales-type leases with initial terms in excess of one year as of December 31, 2024 are as follows (in thousands):
| Sales-type leases
2025 | $ | 3,228 |
2026 | 3,276 |
2027 | 3,325 |
2028 | 3,375 |
2029 | 3,426 |
Thereafter | 193,367 |
Total minimum lease payments | $ | 209,997 |
Amount representing interest | (103,044) |
Investment in sales-type leases (1) | $ | 106,953 |
(1)This amount is included in Other assets in our consolidated balance sheets. The components of lease income from sales-type leases during the years ended December 31, 2024, 2023 and 2022 were as follows (in thousands):
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Interest income (1) | $ | 4,500 |  |  | $ | 4,444 |  |  | $ | 4,389 |
(1)These amounts are included in Interest expense, net of interest income in our consolidated statements of operations.
Lease Income | Lease Income The Operating Partnership is the lessor and the sublessor to tenants under operating and sales-type leases. The minimum rental amounts due under the leases are generally subject to scheduled fixed increases or adjustments. The leases generally also require that the tenants reimburse us for increases in certain operating costs and real estate taxes above their base year costs. Future minimum rents to be received over the next five years and thereafter for operating leases in effect at December 31, 2024 are as follows (in thousands):
2025 | $ | 544,452 |
2026 | 507,298 |
2027 | 454,095 |
2028 | 390,475 |
2029 | 355,565 |
Thereafter | 1,402,994 |
| $ | 3,654,879 |
The components of lease income from operating leases in our consolidated statements of operations for the years ended December 31, 2024, 2023 and 2022 were as follows (in thousands):
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Fixed lease payments | $ | 545,573 |  |  | $ | 589,469 |  |  | $ | 583,107 |
Variable lease payments | 63,004 |  |  | 79,641 |  |  | 82,676 |
Total lease payments (1) | $ | 608,577 |  |  | $ | 669,110 |  |  | $ | 665,783 |
Amortization of acquired above and below-market leases | (2,578) |  |  | 14,225 |  |  | 5,717 |
Total rental revenue | $ | 605,999 |  |  | $ | 683,335 |  |  | $ | 671,500 |
(1)Amounts include $188.5 million and $196.5 million of sublease income for the years ended December 31, 2024 and 2023, respectively. The table below summarizes our investment in sales-type leases as of December 31, 2024:
Property | Year of Current Expiration | Year of Final Expiration (1)
15 Beekman (2) | 2089 | 2089
(1)Reflects exercise of all available renewal options. (2)In August 2020, the Company formed a joint venture, which then entered into a long-term sublease with the Company for the building at 15 Beekman. See Note 6, "Investments in Unconsolidated Joint Ventures." Future minimum lease payments to be received over the next five years and thereafter for our sales-type leases with initial terms in excess of one year as of December 31, 2024 are as follows (in thousands):
| Sales-type leases
2025 | $ | 3,228 |
2026 | 3,276 |
2027 | 3,325 |
2028 | 3,375 |
2029 | 3,426 |
Thereafter | 193,367 |
Total minimum lease payments | $ | 209,997 |
Amount representing interest | (103,044) |
Investment in sales-type leases (1) | $ | 106,953 |
(1)This amount is included in Other assets in our consolidated balance sheets. The components of lease income from sales-type leases during the years ended December 31, 2024, 2023 and 2022 were as follows (in thousands):
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Interest income (1) | $ | 4,500 |  |  | $ | 4,444 |  |  | $ | 4,389 |
(1)These amounts are included in Interest expense, net of interest income in our consolidated statements of operations.

X
- References No definition available. + Details
Name: | us-gaap_LeasesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure of lessor's sales-type leases. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-30/tableOfContent + Details
Name: | us-gaap_LessorSalesTypeLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for lessor's operating leases. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-30/tableOfContent + Details
Name: | us-gaap_OperatingLeasesOfLessorDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration