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Lease Accounting (Tables) | 6 Months Ended
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Jun. 30, 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 and six months ended June 30, 2024 and 2023:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
Classification |  | 2024 |  | 2023 |  | 2024 |  | 2023
Fixed |  | $ | 69,748 |  |  | $ | 69,049 |  |  | $ | 139,760 |  |  | $ | 137,136 |
Sales-type lease income |  | 1,917 |  |  | 1,848 |  |  | 3,816 |  |  | 3,681 |
Variable(1) |  | 13,103 |  |  | 14,168 |  |  | 26,399 |  |  | 27,665 |
Total |  | $ | 84,768 |  |  | $ | 85,065 |  |  | $ | 169,975 |  |  | $ | 168,482 |
(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, 2024 were as follows:
| Operating | Sales-Type
2024 - remainder | $ | 136,494 |  | $ | 2,648 |
2025 | 270,138 |  | 5,473 |
2026 | 255,230 |  | 5,692 |
2027 | 220,623 |  | 5,920 |
2028 | 186,951 |  | 6,156 |
2029 | 160,456 |  | 6,403 |
Thereafter | 447,527 |  | 726,604 |
Total | $ | 1,677,419 |  | $ | 758,896 |
Difference between undiscounted cash flow and present value |  | (694,169) |
Investment in a sales-type lease |  | $ | 64,727 |
Assets and Liabilities, Lessee | Supplemental information related to operating leases is as follows:
|  | Six Months Ended
|  | June 30, 2024 |  | June 30, 2023
Weighted-average remaining lease term |  |  |
Operating leases (years) | 8.6 |  | 9.2
Weighted-average discount rate |  |  |
Operating leases | 4.1 | % |  | 4.1 | %
Lease, Cost | The components of lease expense for the six months ended June 30, 2024 and 2023 were as follows:
Income Statement Classification | Fixed |  | Variable |  | Total
2024: |  |  |  |  |
Property operating | $ | 1,756 |  |  | $ | 15 |  |  | $ | 1,771 |
General and administrative(1) | 788 |  |  | 124 |  |  | 912 |
Total | $ | 2,544 |  |  | $ | 139 |  |  | $ | 2,683 |
2023: |  |  |  |  |
Property operating | $ | 1,771 |  |  | $ | 7 |  |  | $ | 1,778 |
General and administrative | 767 |  |  | 151 |  |  | 918 |
Total | $ | 2,538 |  |  | $ | 158 |  |  | $ | 2,696 |
(1) The general and administrative lease expense excludes a reduction of $267 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 June 30, 2024:
|  | Operating Leases
2024 - remainder |  | $ | 2,489 |
2025 |  | 5,174 |
2026 |  | 4,144 |
2027 |  | 3,643 |
2028 |  | 1,031 |
2029 |  | 193 |
Thereafter |  | 5,287 |
Total lease payments |  | $ | 21,961 |
Less: Imputed interest |  | (4,026) |
Present value of lease liabilities |  | $ | 17,935 |

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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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