XML 59 R43.htm IDEA: XBRL DOCUMENT v3.25.0.1

Leases (Tables)

12 Months Ended

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

X

- 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

Name:	us-gaap_LeaseCostTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_LeasesAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- 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

Name:	us-gaap_LesseeOperatingLeaseLiabilityMaturityTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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

Name:	us-gaap_LessorOperatingLeasePaymentsToBeReceivedMaturityTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of components of income from operating lease.

+ References

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-6A

+ Details

Name:	us-gaap_OperatingLeaseLeaseIncomeTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration