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v3.23.2

Lease Accounting (Tables) | 6 Months Ended
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Jun. 30, 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 and six months ended June 30, 2023 and 2022:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
Classification |  | 2023 |  | 2022 |  | 2023 |  | 2022
Fixed |  | $ | 69,049 |  |  | $ | 67,015 |  |  | $ | 137,136 |  |  | $ | 133,997 |
Sales-type lease income |  | 1,848 |  |  | — |  |  | 3,681 |  |  | — |
Variable(1) |  | 14,168 |  |  | 10,924 |  |  | 27,665 |  |  | 22,478 |
Total |  | $ | 85,065 |  |  | $ | 77,939 |  |  | $ | 168,482 |  |  | $ | 156,475 |
(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 June 30, 2023 were as follows:
| Operating | Sales-Type
2023 - remainder | $ | 133,883 |  | $ | 2,614 |
2024 | 251,719 |  | 5,263 |
2025 | 234,071 |  | 5,473 |
2026 | 214,826 |  | 5,692 |
2027 | 178,132 |  | 5,920 |
2028 | 147,865 |  | 6,156 |
Thereafter | 500,591 |  | 733,006 |
Total | $ | 1,661,087 |  | $ | 764,124 |
Difference between undiscounted cash flow and present value |  | (701,731) |
Investment in a sales-type lease |  | $ | 62,393 |
Assets and Liabilities, Lessee | Supplemental information related to operating leases is as follows:
|  | Six Months Ended
|  | June 30, 2023 |  | June 30, 2022
Weighted-average remaining lease term |  |  |
Operating leases (years) | 9.2 |  | 9.5
Weighted-average discount rate |  |  |
Operating leases | 4.1 | % |  | 4.0 | %
Lease, Cost | The components of lease expense for the six months ended June 30, 2023 and 2022 were as follows:
Income Statement Classification | Fixed |  | Variable |  | Total
2023: |  |  |  |  |
Property operating | $ | 1,771 |  |  | $ | 7 |  |  | $ | 1,778 |
General and administrative | 767 |  |  | 151 |  |  | 918 |
Total | $ | 2,538 |  |  | $ | 158 |  |  | $ | 2,696 |
2022: |  |  |  |  |
Property operating | $ | 1,771 |  |  | $ | — |  |  | $ | 1,771 |
General and administrative | 767 |  |  | 42 |  |  | 809 |
Total | $ | 2,538 |  |  | $ | 42 |  |  | $ | 2,580 |
Lessee, Operating Lease, Liability, Maturity | The following table shows the Company's maturity analysis of its operating lease liabilities as of June 30, 2023:
|  | Operating Leases
2023 - remainder |  | $ | 2,501 |
2024 |  | 5,199 |
2025 |  | 5,204 |
2026 |  | 4,174 |
2027 |  | 3,673 |
2028 |  | 1,061 |
Thereafter |  | 6,440 |
Total lease payments |  | $ | 28,252 |
Less: Imputed interest |  | (5,447) |
Present value of lease liabilities |  | $ | 22,805 |

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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 -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147478964/842-20-50-4 + Details
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