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v3.23.1

Lease Accounting (Tables) | 3 Months Ended
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Mar. 31, 2023
Leases [Abstract] |
Operating Lease, Lease Income | The following table presents the Company’s classification of rental revenue for its operating leases and sales-type lease for the three months ended March 31, 2023 and 2022:
|  | Three Months Ended March 31, |  |
Classification |  | 2023 |  | 2022 |  |  |  |
Fixed |  | $ | 68,087 |  |  | $ | 66,982 |  |  |  |  |
Sales-type lease income |  | 1,833 |  |  | — |  |  |  |  |
Variable(1) |  | 13,497 |  |  | 11,554 |  |  |  |  |
Total |  | $ | 83,417 |  |  | $ | 78,536 |  |  |  |  |
(1) Primarily comprised of tenant reimbursements.
Lessor, Operating Lease, Payments to be Received, Maturity | Future fixed rental receipts for operating and sales-type leases, assuming no new or re-negotiated leases as of March 31, 2023 were as follows:
| Operating | Sales-Type
2023 - remainder | $ | 199,952 |  | $ | 3,921 |
2024 | 251,668 |  | 5,263 |
2025 | 234,021 |  | 5,473 |
2026 | 214,776 |  | 5,692 |
2027 | 178,082 |  | 5,920 |
2028 | 147,815 |  | 6,156 |
Thereafter | 500,439 |  | 733,006 |
Total | $ | 1,726,753 |  | $ | 765,431 |
Difference between undiscounted cash flow and present value |  | (703,579) |
Investment in a sales-type lease |  | $ | 61,852 |
Assets and Liabilities, Lessee | Supplemental information related to operating leases is as follows:
|  | Three Months Ended
|  | March 31, 2023 |  | March 31, 2022
Weighted-average remaining lease term |  |  |
Operating leases (years) | 9.2 |  | 9.5
Weighted-average discount rate |  |  |
Operating leases | 4.0 | % |  | 4.0 | %
Lease, Cost | The components of lease expense for the three months ended March 31, 2023 and 2022 were as follows:
Income Statement Classification | Fixed |  | Variable |  | Total
2023: |  |  |  |  |
Property operating | $ | 886 |  |  | $ | 7 |  |  | $ | 893 |
General and administrative | 377 |  |  | 39 |  |  | 416 |
Total | $ | 1,263 |  |  | $ | 46 |  |  | $ | 1,309 |
2022: |  |  |  |  |
Property operating | $ | 886 |  |  | $ | — |  |  | $ | 886 |
General and administrative | 377 |  |  | 35 |  |  | 412 |
Total | $ | 1,263 |  |  | $ | 35 |  |  | $ | 1,298 |
Lessee, Operating Lease, Liability, Maturity | The following table shows the Company's maturity analysis of its operating lease liabilities as of March 31, 2023:
|  | Operating Leases
2023 - remainder |  | $ | 3,914 |
2024 |  | 5,199 |
2025 |  | 5,204 |
2026 |  | 4,174 |
2027 |  | 3,673 |
2028 |  | 1,061 |
Thereafter |  | 6,440 |
Total lease payments |  | $ | 29,665 |
Less: Imputed interest |  | (5,680) |
Present value of lease liabilities |  | $ | 23,985 |

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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 4 -URI https://asc.fasb.org/extlink&oid=128292326&loc=SL77918686-209980 + Details
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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 -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 6 -URI https://asc.fasb.org/extlink&oid=128292326&loc=SL77918701-209980 + Details
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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 -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 30 -Section 50 -Paragraph 12 -URI https://asc.fasb.org/extlink&oid=124258985&loc=SL77919396-209981 + Details
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