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Leases (Tables) | 12 Months Ended
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Dec. 31, 2024
Leases [Abstract] |
Schedule of Rental Revenue | The components of rental revenue are as follows (in thousands):
| Year Ended December 31, |
| 2024 |  |  | 2023 |  |  | 2022 |
Fixed lease revenue | $ | 282,492 |  |  | $ | 269,648 |  |  | $ | 258,472 |
Variable lease revenue |  | 67,038 |  |  |  | 63,396 |  |  |  | 59,342 |
Total rental revenue | $ | 349,530 |  |  | $ | 333,044 |  |  | $ | 317,814 |
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 December 31, 2024, are summarized as follows (in thousands):
Year Ending December 31, |  | Minimum Rental Revenues (a) |
2025 |  | $ | 252,564 |
2026 |  |  | 243,817 |
2027 |  |  | 218,934 |
2028 |  |  | 187,739 |
2029 |  |  | 154,725 |
Thereafter |  |  | 577,342 |
Total |  | $ | 1,635,121 |
Amount represents contractual lease maturities at December 31, 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) |
2025 |  | $ | 5,338 |  |  | $ | 1,319 |
2026 |  |  | 5,246 |  |  |  | 1,350 |
2027 |  |  | 4,450 |  |  |  | 1,350 |
2028 |  |  | 4,236 |  |  |  | 1,396 |
2029 |  |  | 3,700 |  |  |  | 1,414 |
Thereafter |  |  | 12,267 |  |  |  | 155,319 |
|  |  | 35,237 |  |  |  | 162,148 |
Interest |  |  | (7,317 | ) |  |  | (130,774 | )
Total |  | $ | 27,920 |  |  | $ | 31,374 |
(a) Minimum rental payments include $7.3 million of interest related to operating leases and $130.8 m illion related 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):
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Lease Cost |  |  |  |  |  |  |  |  |
Finance lease cost: |  |  |  |  |  |  |  |  |
Amortization of right-of-use assets |  | $ | 1,338 |  |  | $ | 1,244 |  |  | $ | 903 |
Interest on lease liabilities |  |  | 2,061 |  |  |  | 1,239 |  |  |  | 410 |
Subtotal |  |  | 3,399 |  |  |  | 2,483 |  |  |  | 1,313 |
Operating lease cost |  |  | 5,265 |  |  |  | 5,291 |  |  |  | 5,338 |
Variable lease cost |  |  | 276 |  |  |  | 228 |  |  |  | 80 |
Total lease cost |  | $ | 8,940 |  |  | $ | 8,002 |  |  | $ | 6,731 |
Cash Paid |  |  |  |  |  |  |  |  |
Payments of operating lease obligations - operating activities |  | $ | 5,438 |  |  | $ | 5,386 |  |  | $ | 5,364 |
Payments of interest on finance lease obligations - operating activities |  |  | 2,061 |  |  |  | 1,239 |  |  |  | 410 |
Payments of finance lease obligations - financing activities |  |  | 2,437 |  |  |  | 100 |  |  |  | — |
|  | As of December 31, |  |  |  |
|  | 2024 |  |  | 2023 |  |  |  |
Other Information |  |  |  |  |  |  |  |  |
Weighted-average remaining lease term - finance leases (years) |  |  | 56.8 |  |  |  | 58.3 |  |  |  |
Weighted-average remaining lease term - operating leases (years) |  |  | 8.7 |  |  |  | 9.7 |  |  |  |
Weighted-average discount rate - finance leases |  |  | 6.5 | % |  |  | 6.5 | % |  |  |
Weighted-average discount rate - operating leases |  |  | 5.1 | % |  |  | 5.1 | % |  |  |

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