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Leases (Tables) | 3 Months Ended
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Mar. 31, 2025
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 March 31, |  |
Lease revenue | 2025 |  | 2024 |  |  |  |
Fixed | $ | 131,691 |  |  | $ | 126,198 |  |  |  |  |
Variable | 43,617 |  |  | 39,235 |  |  |  |  |
| $ | 175,308 |  |  | $ | 165,433 |  |  |  |  |
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 |  | March 31, 2025 |  | December 31, 2024
Right-of-use assets |  |  |  |  |  |
Operating leases - Property |  | Property - operating lease right-of-use assets |  | $ | 54,374 |  |  | $ | 55,760 |
Finance leases - Property |  | Prepaid expenses and other assets, net |  | 2,473 |  |  | 2,491 |
Total right-of-use assets |  |  |  | $ | 56,847 |  |  | $ | 58,251 |
Lease liabilities |  |  |  |  |  |
Operating leases - Property |  | Property - operating lease liabilities |  | $ | 48,216 |  |  | $ | 49,240 |
Finance leases - Property |  | Other liabilities |  | 384 |  |  | 391 |
Total lease liabilities |  |  |  | $ | 48,600 |  |  | $ | 49,631 |
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 March 31, |  |
Lease cost |  |  | 2025 |  | 2024 |  |  |  |
Operating lease cost |  |  |  |  |  |  |  |  |  |
Property leases - fixed |  | Property operating expenses |  | $ | 2,266 |  |  | $ | 1,859 |  |  |  |  |
Property leases - variable |  | Property operating expenses |  | 27 |  |  | 34 |  |  |  |  |
Finance lease cost |  |  |  |  |  |  |  |  |  |
Amortization of property right-of-use assets |  | Property operating expenses |  | 19 |  |  | 19 |  |  |  |  |
Interest on lease liabilities |  | Interest expense |  | 9 |  |  | 9 |  |  |  |  |
|  |  |  | $ | 2,321 |  |  | $ | 1,921 |  |  |  |  |
The table below presents the effect of property lease payments on our consolidated statements of cash flows (in thousands):
|  |  | For the Three Months Ended March 31,
Supplemental cash flow information |  |  | 2025 |  | 2024
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |
Operating cash flows for operating leases |  |  | $ | 1,903 |  |  | $ | 1,724 |
Operating cash flows for finance leases |  |  | $ | 9 |  |  | $ | 9 |
Financing cash flows for finance leases |  |  | $ | 7 |  |  | $ | 6 |
Schedule of Payments Due on Property Operating Leases | Payments on property leases were due as follows (in thousands):
|  | March 31, 2025 |  |  |  |  |  |
Year Ending December 31, |  | Operating Leases |  | Finance Leases |  |  |  |  |  |  |  |
2025 (1) |  | $ | 6,011 |  |  | $ | 47 |  |  |  |  |  |  |  |  |
2026 |  | 8,192 |  |  | 65 |  |  |  |  |  |  |  |  |
2027 |  | 8,392 |  |  | 67 |  |  |  |  |  |  |  |  |
2028 |  | 2,812 |  |  | 69 |  |  |  |  |  |  |  |  |
2029 |  | 2,068 |  |  | 71 |  |  |  |  |  |  |  |  |
Thereafter |  | 152,110 |  |  | 226 |  |  |  |  |  |  |  |  |
Total lease payments |  | 179,585 |  |  | 545 |  |  |  |  |  |  |  |  |
Less: Amount representing interest |  | (131,369) |  |  | (161) |  |  |  |  |  |  |  |  |
Lease liability |  | $ | 48,216 |  |  | $ | 384 |  |  |  |  |  |  |  |  |
(1)Represents the nine months ending December 31, 2025.
Schedule of Payments Due on Property Finance Leases | Payments on property leases were due as follows (in thousands):
|  | March 31, 2025 |  |  |  |  |  |
Year Ending December 31, |  | Operating Leases |  | Finance Leases |  |  |  |  |  |  |  |
2025 (1) |  | $ | 6,011 |  |  | $ | 47 |  |  |  |  |  |  |  |  |
2026 |  | 8,192 |  |  | 65 |  |  |  |  |  |  |  |  |
2027 |  | 8,392 |  |  | 67 |  |  |  |  |  |  |  |  |
2028 |  | 2,812 |  |  | 69 |  |  |  |  |  |  |  |  |
2029 |  | 2,068 |  |  | 71 |  |  |  |  |  |  |  |  |
Thereafter |  | 152,110 |  |  | 226 |  |  |  |  |  |  |  |  |
Total lease payments |  | 179,585 |  |  | 545 |  |  |  |  |  |  |  |  |
Less: Amount representing interest |  | (131,369) |  |  | (161) |  |  |  |  |  |  |  |  |
Lease liability |  | $ | 48,216 |  |  | $ | 384 |  |  |  |  |  |  |  |  |
(1)Represents the nine months ending December 31, 2025.

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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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