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v3.25.2

Lease Accounting (Tables) | 6 Months Ended
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Jun. 30, 2025
Leases [Abstract] |
Schedule of 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, 2025 and 2024:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
Classification |  | 2025 |  | 2024 |  | 2025 |  | 2024
Fixed |  | $ | 72,285 |  |  | $ | 69,748 |  |  | $ | 145,175 |  |  | $ | 139,760 |
Sales-type lease income |  | — |  |  | 1,917 |  |  | — |  |  | 3,816 |
Variable(1) |  | 14,459 |  |  | 13,103 |  |  | 29,462 |  |  | 26,399 |
Total |  | $ | 86,744 |  |  | $ | 84,768 |  |  | $ | 174,637 |  |  | $ | 169,975 |
(1) Primarily comprised of tenant reimbursements.
Schedule of Lessor, Operating Lease, Payments to be Received, Maturity | Future fixed rental receipts for operating leases assuming no new or re-negotiated leases as of June 30, 2025 were as follows:
| Operating
2025 - remainder | $ | 141,742 |
2026 | 278,808 |
2027 | 242,688 |
2028 | 207,663 |
2029 | 181,346 |
2030 | 138,990 |
Thereafter | 395,809 |
Total | $ | 1,587,046 |
Schedule of Lease, Cost | Supplemental information related to operating leases is as follows:
|  | Six Months Ended
|  | June 30, 2025 |  | June 30, 2024
Weighted-average remaining lease term |  |  |
Operating leases (years) | 9.0 |  | 8.6
Weighted-average discount rate |  |  |
Operating leases | 4.2 | % |  | 4.1 | %
The components of lease expense for the six months ended June 30, 2025 and 2024 were as follows:
Income Statement Classification | Fixed |  | Variable |  | Total
2025: |  |  |  |  |
Property operating | $ | 1,718 |  |  | $ | 15 |  |  | $ | 1,733 |
General and administrative(1) | 954 |  |  | 169 |  |  | 1,123 |
Total | $ | 2,672 |  |  | $ | 184 |  |  | $ | 2,856 |
2024: |  |  |  |  |
Property operating | $ | 1,756 |  |  | $ | 15 |  |  | $ | 1,771 |
General and administrative | 788 |  |  | 124 |  |  | 912 |
Total | $ | 2,544 |  |  | $ | 139 |  |  | $ | 2,683 |
(1) For the six months ended June 30, 2025 and 2024, the general and administrative lease expense excludes a reduction of $451 and $267, respectively, to lease expense for the sublease of the Company's office space in New York, New York.
Schedule of Lessee, Operating Lease, Liability, Maturity | The following table shows the Company's maturity analysis of its operating lease liabilities as of June 30, 2025:
|  | Operating Leases
2025 - remainder |  | $ | 2,616 |
2026 |  | 4,451 |
2027 |  | 3,968 |
2028 |  | 1,356 |
2029 |  | 518 |
2030 |  | 301 |
Thereafter |  | 5,095 |
Total lease payments |  | $ | 18,305 |
Less: Imputed interest |  | (3,575) |
Present value of lease liabilities |  | $ | 14,730 |

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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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