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Lease Accounting (Tables) | 3 Months Ended
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Mar. 31, 2024
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, 2024 and 2023:
|  | Three Months Ended March 31, |  |
Classification |  | 2024 |  | 2023 |  |  |  |
Fixed |  | $ | 70,012 |  |  | $ | 68,087 |  |  |  |  |
Sales-type lease income |  | 1,899 |  |  | 1,833 |  |  |  |  |
Variable(1) |  | 13,296 |  |  | 13,497 |  |  |  |  |
Total |  | $ | 85,207 |  |  | $ | 83,417 |  |  |  |  |
(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, 2024 were as follows:
| Operating | Sales-Type
2024 - remainder | $ | 201,908 |  | $ | 3,956 |
2025 | 259,993 |  | 5,473 |
2026 | 243,164 |  | 5,692 |
2027 | 206,865 |  | 5,920 |
2028 | 176,381 |  | 6,156 |
2029 | 152,138 |  | 6,403 |
Thereafter | 432,562 |  | 726,604 |
Total | $ | 1,673,011 |  | $ | 760,204 |
Difference between undiscounted cash flow and present value |  | (696,087) |
Investment in a sales-type lease |  | $ | 64,117 |
Assets and Liabilities, Lessee | Supplemental information related to operating leases is as follows:
|  | Three Months Ended
|  | March 31, 2024 |  | March 31, 2023
Weighted-average remaining lease term |  |  |
Operating leases (years) | 8.5 |  | 9.2
Weighted-average discount rate |  |  |
Operating leases | 4.0 | % |  | 4.0 | %
Lease, Cost | The components of lease expense for the three months ended March 31, 2024 and 2023 were as follows:
Income Statement Classification | Fixed |  | Variable |  | Total
2024: |  |  |  |  |
Property operating | $ | 878 |  |  | $ | 15 |  |  | $ | 893 |
General and administrative(1) | 381 |  |  | 67 |  |  | 448 |
Total | $ | 1,259 |  |  | $ | 82 |  |  | $ | 1,341 |
2023: |  |  |  |  |
Property operating | $ | 886 |  |  | $ | 7 |  |  | $ | 893 |
General and administrative | 377 |  |  | 39 |  |  | 416 |
Total | $ | 1,263 |  |  | $ | 46 |  |  | $ | 1,309 |
(1) The general and administrative lease expense excludes a reduction of $42 to lease expense for the sublease of the Company's office space in New York, New York.
Lessee, Operating Lease, Liability, Maturity | The following table shows the Company's maturity analysis of its operating lease liabilities as of March 31, 2024:
|  | Operating Leases
2024 - remainder |  | $ | 3,732 |
2025 |  | 5,174 |
2026 |  | 4,144 |
2027 |  | 3,643 |
2028 |  | 1,031 |
2029 |  | 193 |
Thereafter |  | 5,287 |
Total lease payments |  | $ | 23,204 |
Less: Imputed interest |  | (4,211) |
Present value of lease liabilities |  | $ | 18,993 |

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