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v3.23.3

Lease Accounting (Tables) | 9 Months Ended
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Sep. 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 nine months ended September 30, 2023 and 2022:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
Classification |  | 2023 |  | 2022 |  | 2023 |  | 2022
Fixed |  | $ | 68,849 |  |  | $ | 66,597 |  |  | $ | 205,984 |  |  | $ | 200,326 |
Sales-type lease income |  | 1,865 |  |  | 359 |  |  | 5,546 |  |  | 639 |
Variable(1) |  | 13,130 |  |  | 11,318 |  |  | 40,796 |  |  | 33,784 |
Total |  | $ | 83,844 |  |  | $ | 78,274 |  |  | $ | 252,326 |  |  | $ | 234,749 |
(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 September 30, 2023 were as follows:
| Operating | Sales-Type
2023 - remainder | $ | 66,047 |  | $ | 1,307 |
2024 | 253,391 |  | 5,263 |
2025 | 235,340 |  | 5,473 |
2026 | 216,334 |  | 5,692 |
2027 | 180,019 |  | 5,920 |
2028 | 149,755 |  | 6,156 |
Thereafter | 500,883 |  | 733,006 |
Total | $ | 1,601,769 |  | $ | 762,817 |
Difference between undiscounted cash flow and present value |  | (699,866) |
Investment in a sales-type lease |  | $ | 62,951 |
Assets and Liabilities, Lessee | Supplemental information related to operating leases is as follows:
|  | Nine Months Ended
|  | September 30, 2023 |  | September 30, 2022
Weighted-average remaining lease term |  |  |
Operating leases (years) | 9.3 |  | 9.4
Weighted-average discount rate |  |  |
Operating leases | 4.1 | % |  | 4.0 | %
Lease, Cost | The components of lease expense for the nine months ended September 30, 2023 and 2022 were as follows:
Income Statement Classification | Fixed |  | Variable |  | Total
2023: |  |  |  |  |
Property operating | $ | 2,657 |  |  | $ | 7 |  |  | $ | 2,664 |
General and administrative | 1,144 |  |  | 215 |  |  | 1,359 |
Total | $ | 3,801 |  |  | $ | 222 |  |  | $ | 4,023 |
2022: |  |  |  |  |
Property operating | $ | 2,657 |  |  | $ | — |  |  | $ | 2,657 |
General and administrative | 1,144 |  |  | 81 |  |  | 1,225 |
Total | $ | 3,801 |  |  | $ | 81 |  |  | $ | 3,882 |
Lessee, Operating Lease, Liability, Maturity | The following table shows the Company's maturity analysis of its operating lease liabilities as of September 30, 2023:
|  | Operating Leases
2023 - remainder |  | $ | 1,257 |
2024 |  | 5,199 |
2025 |  | 5,204 |
2026 |  | 4,174 |
2027 |  | 3,673 |
2028 |  | 1,061 |
Thereafter |  | 6,440 |
Total lease payments |  | 27,008 |
Less: Imputed interest |  | (5,224) |
Present value of lease liabilities |  | 21,784 |
Less: Held for Sale |  | (515) |
Present value of lease liabilities, excluding held for sale |  | $ | 21,269 |

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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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