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Leases (Tables) | 9 Months Ended
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Sep. 30, 2024
Leases [Abstract] |
Schedule of Lease Revenue Recognized Between Fixed and Variable Lease Revenue | The table below sets forth our composition of lease revenue recognized between fixed- and variable-lease revenue (in thousands):
| For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
Lease revenue | 2024 |  | 2023 |  | 2024 |  | 2023
Fixed | $ | 129,357 |  |  | $ | 120,408 |  |  | $ | 382,918 |  |  | $ | 354,908 |
Variable | 41,192 |  |  | 34,860 |  |  | 118,683 |  |  | 104,602 |
| $ | 170,549 |  |  | $ | 155,268 |  |  | $ | 501,601 |  |  | $ | 459,510 |
Schedule of Property Right-of-use Assets and Lease Liabilities | Our property right-of-use assets and property lease liabilities on our consolidated balance sheets consisted of the following (in thousands):
Leases |  | Balance Sheet Location |  | September 30, 2024 |  | December 31, 2023
Right-of-use assets |  |  |  |  |  |
Operating leases - Property |  | Property - operating right-of-use assets |  | $ | 40,523 |  |  | $ | 41,296 |
Finance leases - Property |  | Prepaid expenses and other assets, net |  | 2,510 |  |  | 2,565 |
Total right-of-use assets |  |  |  | $ | 43,033 |  |  | $ | 43,861 |
Lease liabilities |  |  |  |  |  |
Operating leases - Property |  | Property - operating lease liabilities |  | $ | 33,615 |  |  | $ | 33,931 |
Finance leases - Property |  | Other liabilities |  | 397 |  |  | 415 |
Total lease liabilities |  |  |  | $ | 34,012 |  |  | $ | 34,346 |
Schedule of Property Lease Costs and Effect of Property Lease Payments on Consolidated Statements of Cash Flows | The table below presents our total property lease cost (in thousands):
|  | Statement of Operations Location |  | For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
Lease cost |  |  | 2024 |  | 2023 |  | 2024 |  | 2023
Operating lease cost |  |  |  |  |  |  |  |  |  |
Property leases - fixed |  | Property operating expenses |  | $ | 1,929 |  |  | $ | 1,808 |  |  | $ | 5,687 |  |  | $ | 5,146 |
Property leases - variable |  | Property operating expenses |  | 42 |  |  | 17 |  |  | 219 |  |  | 50 |
Finance lease cost |  |  |  |  |  |  |  |  |  |
Amortization of property right-of-use assets |  | Property operating expenses |  | 19 |  |  | 18 |  |  | 56 |  |  | 57 |
Interest on lease liabilities |  | Interest expense |  | 9 |  |  | 10 |  |  | 28 |  |  | 33 |
|  |  |  | $ | 1,999 |  |  | $ | 1,853 |  |  | $ | 5,990 |  |  | $ | 5,286 |
The table below presents the effect of property lease payments on our consolidated statements of cash flows (in thousands):
|  |  | For the Nine Months Ended September 30,
Supplemental cash flow information |  |  | 2024 |  | 2023
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |
Operating cash flows for operating leases |  |  | $ | 5,232 |  |  | $ | 4,432 |
Operating cash flows for financing leases |  |  | $ | 28 |  |  | $ | 33 |
Financing cash flows for financing leases |  |  | $ | 18 |  |  | $ | 14 |
Schedule of Payments Due on Property Operating Leases | Payments on property leases were due as follows (in thousands):
|  | September 30, 2024 |  |  |  |  |  |
Year Ending December 31, |  | Operating Leases |  | Finance Leases |  |  |  |  |  |  |  |
2024 (1) |  | $ | 1,746 |  |  | $ | 15 |  |  |  |  |  |  |  |  |
2025 |  | 2,589 |  |  | 63 |  |  |  |  |  |  |  |  |
2026 |  | 2,001 |  |  | 65 |  |  |  |  |  |  |  |  |
2027 |  | 2,016 |  |  | 67 |  |  |  |  |  |  |  |  |
2028 |  | 2,032 |  |  | 69 |  |  |  |  |  |  |  |  |
Thereafter |  | 153,349 |  |  | 297 |  |  |  |  |  |  |  |  |
Total lease payments |  | 163,733 |  |  | 576 |  |  |  |  |  |  |  |  |
Less: Amount representing interest |  | (130,118) |  |  | (179) |  |  |  |  |  |  |  |  |
Lease liability |  | $ | 33,615 |  |  | $ | 397 |  |  |  |  |  |  |  |  |
(1)Represents the three months ending December 31, 2024.
Schedule of Payments Due on Property Finance Leases | Payments on property leases were due as follows (in thousands):
|  | September 30, 2024 |  |  |  |  |  |
Year Ending December 31, |  | Operating Leases |  | Finance Leases |  |  |  |  |  |  |  |
2024 (1) |  | $ | 1,746 |  |  | $ | 15 |  |  |  |  |  |  |  |  |
2025 |  | 2,589 |  |  | 63 |  |  |  |  |  |  |  |  |
2026 |  | 2,001 |  |  | 65 |  |  |  |  |  |  |  |  |
2027 |  | 2,016 |  |  | 67 |  |  |  |  |  |  |  |  |
2028 |  | 2,032 |  |  | 69 |  |  |  |  |  |  |  |  |
Thereafter |  | 153,349 |  |  | 297 |  |  |  |  |  |  |  |  |
Total lease payments |  | 163,733 |  |  | 576 |  |  |  |  |  |  |  |  |
Less: Amount representing interest |  | (130,118) |  |  | (179) |  |  |  |  |  |  |  |  |
Lease liability |  | $ | 33,615 |  |  | $ | 397 |  |  |  |  |  |  |  |  |
(1)Represents the three months ending December 31, 2024.

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