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Leases (Tables) | 12 Months Ended
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Dec. 31, 2024
Leases [Abstract] |
Operating Lease, Lease Income | The following table presents the Company’s classification of rental revenue for its operating and sales-type leases for the years ended December 31, 2024, 2023 and 2022:
|  | Years Ended December 31,
Classification |  | 2024 |  | 2023 |  | 2022
Fixed |  | $ | 280,433 |  |  | $ | 275,186 |  |  | $ | 267,644 |
Sales-type lease income |  | 22,027 |  |  | 7,427 |  |  | 1,936 |
Variable(1) |  | 51,893 |  |  | 51,607 |  |  | 44,412 |
Total |  | $ | 354,353 |  |  | $ | 334,220 |  |  | $ | 313,992 |
(1) Primarily comprised of tenant reimbursements.
Lessor, Operating Lease, Payments to be Received, Maturity | Future fixed rental receipts for operating leases, assuming no new or re-negotiated leases as of December 31, 2024 were as follows:
Year ending December 31, | Operating |
2025 | $ | 282,180 |  |
2026 | 271,036 |  |
2027 | 236,526 |  |
2028 | 199,846 |  |
2029 | 172,801 |  |
Thereafter | 532,790 |  |
Total | $ | 1,695,179 |  |
Lease, Cost | Supplemental information related to operating leases is as follows:
|  | Years Ended December 31,
|  | 2024 |  | 2023
Weighted-average remaining lease term (years) |  |  |
Operating leases | 8.7 |  | 8.7
Weighted-average discount rate |  |  |
Operating leases | 4.2 | % |  | 4.0 | %
The components of lease expense for the years ended December 31, 2024, 2023 and 2022 were as follows:
Income Statement Classification | Fixed |  | Variable |  | Total
2024: |  |  |  |  |
Property operating | $ | 3,487 |  |  | $ | 15 |  |  | $ | 3,502 |
General and administrative (1) | 1,642 |  |  | 262 |  |  | 1,904 |
Total | $ | 5,129 |  |  | $ | 277 |  |  | $ | 5,406 |
2023: |  |  |  |  |
Property operating | $ | 3,539 |  |  | $ | 7 |  |  | $ | 3,546 |
General and administrative | 1,521 |  |  | 280 |  |  | 1,801 |
Total | $ | 5,060 |  |  | $ | 287 |  |  | $ | 5,347 |
2022: |  |  |  |  |
Property operating | $ | 3,543 |  |  | $ | — |  |  | $ | 3,543 |
General and administrative | 1,520 |  |  | 122 |  |  | 1,642 |
Total | $ | 5,063 |  |  | $ | 122 |  |  | $ | 5,185 |
(1) The general and administrative lease expense excludes a reduction of $718 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 December 31, 2024:
Year ending December 31, |  | Operating Leases
2025 |  | $ | 5,424 |
2026 |  | 4,451 |
2027 |  | 3,968 |
2028 |  | 1,356 |
2029 |  | 508 |
Thereafter |  | 5,288 |
Total lease payments |  | 20,995 |
Less: Imputed interest |  | (3,881) |
Present value of lease liabilities |  | $ | 17,114 |

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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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- Definition 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 -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478964/842-20-50-6 + Details
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- Definition Tabular disclosure of maturity of undiscounted cash flows to be received by lessor on annual basis for operating lease. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479773/842-30-50-12 + Details
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