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Lease Accounting (Tables)

9 Months Ended

Sep. 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 nine months ended September 30, 2024 and 2023:

						Three Months Ended September 30,												Nine Months Ended September 30,
Classification						2024						2023						2024						2023
Fixed						$	69,708					$	68,849					$	209,468					$	205,984
Sales-type lease income						1,863						1,865						5,679						5,546
Variable(1)						12,978						13,130						39,377						40,796
Total						$	84,549					$	83,844					$	254,524					$	252,326

(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, 2024 were as follows:

			Operating			Sales-Type
2024 - remainder			$	68,761		$	1,269
2025			273,774			5,435
2026			260,207			5,652
2027			226,265			5,878
2028			192,161			6,114
2029			165,174			6,358
Thereafter			459,784			721,541
Total			$	1,646,126		$	752,247
Difference between undiscounted cash flow and present value						(686,893)
Investment in a sales-type lease						$	65,354

Assets and Liabilities, Lessee

Supplemental information related to operating leases is as follows:

						Nine Months Ended
						September 30, 2024						September 30, 2023
Weighted-average remaining lease term
Operating leases (years)						8.9						9.3
Weighted-average discount rate
Operating leases						4.1		%				4.1		%

Lease, Cost

The components of lease expense for the nine months ended September 30, 2024 and 2023 were as follows:

Income Statement Classification			Fixed						Variable						Total
2024:
Property operating			$	2,628					$	15					$	2,643
General and administrative(1)			1,213						187						1,400
Total			$	3,841					$	202					$	4,043
2023:
Property operating			$	2,657					$	7					$	2,664
General and administrative			1,144						215						1,359
Total			$	3,801					$	222					$	4,023

(1) The general and administrative lease expense excludes a reduction of $492 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 September 30, 2024:

						Operating Leases
2024 - remainder						$	1,225
2025						5,098
2026						4,125
2027						3,643
2028						1,031
2029						193
Thereafter						5,287
Total lease payments						$	20,602
Less: Imputed interest						(3,848)
Present value of lease liabilities						$	16,754

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+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
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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
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
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Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
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Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479773/842-30-50-5

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