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Leases (Tables) | 9 Months Ended
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Sep. 30, 2024
Leases [Abstract] |
Schedule of Rental Revenue | The components of rental revenue are as follows (in thousands):
| Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
| 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Fixed lease revenue | $ | 70,073 |  |  | $ | 65,086 |  |  | $ | 208,096 |  |  | $ | 203,070 |
Variable lease revenue |  | 16,215 |  |  |  | 14,875 |  |  |  | 49,855 |  |  |  | 45,769 |
Total rental revenue | $ | 86,288 |  |  | $ | 79,961 |  |  | $ | 257,951 |  |  | $ | 248,839 |
Schedule of Future Minimum Rental Revenues | The scheduled future minimum rental revenues from rental properties under the terms of non-cancelable tenant leases greater than one year (assuming no new or renegotiated leases or option extensions for such premises) as of September 30, 2024, are summarized as follows (in thousands):
Year Ending December 31, |  | Minimum Rental Revenues (a) |
2024 (Remainder) |  | $ | 59,123 |
2025 |  |  | 245,577 |
2026 |  |  | 231,681 |
2027 |  |  | 208,095 |
2028 |  |  | 177,253 |
Thereafter |  |  | 684,265 |
Total |  | $ | 1,605,994 |
Amount represents contractual lease maturities as of September 30, 2024 including any extension options that management determined were reasonably certain of exercise.
Schedule of Future Minimum Rental Payments for Operating and Capital Leases |
|  | Minimum Rental Payments |
Year Ending December 31, |  | Operating Leases (a) |  |  | Finance Leases (a) |
2024 (Remainder) |  | $ | 1,362 |  |  | $ | 690 |
2025 |  |  | 5,402 |  |  |  | 1,515 |
2026 |  |  | 5,247 |  |  |  | 1,350 |
2027 |  |  | 4,450 |  |  |  | 1,350 |
2028 |  |  | 4,236 |  |  |  | 1,396 |
Thereafter |  |  | 15,999 |  |  |  | 156,727 |
|  |  | 36,696 |  |  |  | 163,028 |
Interest |  |  | (7,683 | ) |  |  | (131,290 | )
Total |  | $ | 29,013 |  |  | $ | 31,738 |
(a) Minimum rental payments include $7.7 million of interest related to operating leases and $131.3 million r elated to finance leases and exclude options or renewals not reasonably certain of exercise.
Schedule of Lease Cost | Additional disclosures regarding the Company’s leases as lessee are as follows (dollars in thousands):
| Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
| 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Lease Cost |  |  |  |  |  |  |  |  |  |  |
Finance lease cost: |  |  |  |  |  |  |  |  |  |  |
Amortization of right-of-use assets | $ | 361 |  |  |  | 332 |  |  | $ | 964 |  |  | $ | 783 |
Interest on lease liabilities |  | 511 |  |  |  | 495 |  |  |  | 1,545 |  |  |  | 709 |
Subtotal |  | 872 |  |  |  | 827 |  |  |  | 2,509 |  |  |  | 1,492 |
Operating lease cost |  | 1,306 |  |  |  | 1,324 |  |  |  | 3,941 |  |  |  | 3,988 |
Variable lease cost |  | 78 |  |  |  | 43 |  |  |  | 222 |  |  |  | 187 |
Total lease cost | $ | 2,256 |  |  | $ | 2,194 |  |  | $ | 6,672 |  |  | $ | 5,667 |
Other Information |  |  |  |  |  |  |  |  |  |  |
Weighted-average remaining lease term - finance leases (years) |  |  |  |  |  |  |  | 56.9 |  |  |  | 58.4 |
Weighted-average remaining lease term - operating leases (years) |  |  |  |  |  |  |  | 9.2 |  |  |  | 9.8 |
Weighted-average discount rate - finance leases |  |  |  |  |  |  |  | 6.5 | % |  |  | 6.5 | %
Weighted-average discount rate - operating leases |  |  |  |  |  |  |  | 5.1 | % |  |  | 5.1 | %

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- Definition Tabular disclosure of maturity of undiscounted cash flows to be received by lessor on annual basis for operating lease. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479773/842-30-50-12 + Details
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