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Leases, Codification Topic 842 | 6 Months Ended
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Jun. 30, 2024
Leases [Abstract] |
Lessor, Operating Leases | Operating Leases The Company’s real estate investments are leased under operating leases. In addition to its lessor arrangements on its real estate investments, as of June 30, 2024 and December 31, 2023, the Company was le ssee in 51 operating ground leases. The Company's tenants, who are generally sub-tenants under these ground leases, are responsible for paying the rent under these ground leases. As of June 30, 2024, rental revenue from one of the Company's tenants, who are also sub-tenants under the ground leases, is being recognized on a cash basis. In most cases, the ground lease sub-tenants have continued to pay the rent under these ground leases, however, one of these properties does not currently have a sub-tenant. In the event the tenant fails to pay the ground lease rent or if the property does not have a sub-tenant, the Company is primarily responsible for the payment, assuming the Company does not sell or re-tenant the property. The Company is also the lessee in an operating lease of its executive office. The following table summarizes rental revenue, including sublease arrangements and lease costs, for the three and six months ended June 30, 2024 and 2023 (in thousands):
|  |  | Three Months Ended June 30, |  | Six Months Ended June 30,
| Classification |  | 2024 |  | 2023 |  | 2024 |  | 2023
Operating leases | Rental revenue |  | $ | 138,606 |  |  | $ | 145,531 |  |  | $ | 274,400 |  |  | $ | 290,766 |
Sublease income - operating ground leases | Rental revenue |  | 6,487 |  |  | 6,339 |  |  | 12,974 |  |  | 12,695 |
Lease costs |  |  |  |  |  |  |  |  |
Operating ground lease cost | Property operating expense |  | $ | 6,539 |  |  | $ | 6,563 |  |  | $ | 13,086 |  |  | $ | 13,163 |
Operating office lease cost | General and administrative expense |  | 224 |  |  | 224 |  |  | 448 |  |  | 448 |

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- 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
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