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Leases | 3 Months Ended
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Mar. 31, 2025
Leases [Abstract] |
Leases | Leases Lessor We lease various spaces to tenants over terms ranging from one to 30 years. Certain leases have termination options for a fee and/or renewal options. The leases provide for base monthly rentals and reimbursements for real estate taxes, escalations linked to the consumer price index or common area maintenance known as operating expense escalation. Tenant expense reimbursements are reflected in our March 31, 2025 and 2024 condensed consolidated statements of operations as rental revenue. Rental revenue includes fixed and variable payments. Fixed payments primarily relate to base rent and variable payments primarily relate to tenant expense reimbursements for certain property operating costs. The components of rental revenue consisted of the following:
|  | Three Months Ended |  |
(amounts in thousands) |  | March 31, 2025 |  | March 31, 2024 |  |  |  |
Fixed payments |  | $ | 135,956 |  |  | $ | 136,353 |  |  |  |  |
Variable payments |  | 18,586 |  |  | 17,529 |  |  |  |  |
Total rental revenue |  | $ | 154,542 |  |  | $ | 153,882 |  |  |  |  |
As of March 31, 2025, we were entitled to the following future contractual minimum lease payments (excluding tenant expense reimbursements) on non-cancellable operating leases to be received which expire on various dates through 2054 (amounts in thousands):
Remainder of 2025 | $ | 375,551 |
2026 | 477,099 |
2027 | 445,498 |
2028 | 407,976 |
2029 | 342,144 |
Thereafter | 1,629,266 |
| $ | 3,677,534 |
The above future minimum lease payments exclude tenant recoveries and the net accretion of above-market leases and below-market lease intangibles. Some leases are subject to termination options generally upon payment of a termination fee. The preceding table is prepared assuming such options are not exercised. As of March 31, 2025, the future lease payments to be received for signed leases that have not yet commenced was approximately $590.7 million. Lessee We determine if an arrangement is a lease at inception. Our operating lease agreements relate to three ground lease assets and are reflected in right-of-use assets and lease liabilities of $28.1 million as of March 31, 2025 and right-of-use assets and lease liabilities of $28.2 million as of December 31, 2024 in our condensed consolidated balance sheets. Right-of-use assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Right-of-use assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. Variable lease payments are excluded from the right-of-use assets and lease liabilities and are recognized in the period in which the obligation for those payments is incurred. The ground leases are due to expire between the years 2050 and 2077, inclusive of extension options, and have no variable payments or residual value guarantees. As our leases do not provide an implicit rate, we determined our incremental borrowing rate based on information available at the date of adoption of Accounting Standards Update No. 2016-02, Leases (Topic 842), in determining the present value of lease payments. The weighted average incremental borrowing rate used to calculate the right-of-use assets and lease liabilities as of March 31, 2025 was 4.5%. Rent expense for lease payments related to our operating leases is recognized on a straight-line basis over the non-cancellable term of the leases. The weighted average remaining lease term as of March 31, 2025 was 45.3 years. As of March 31, 2025, the following table summarizes our future minimum lease payments discounted by our incremental borrowing rates to calculate the lease liabilities of our leases (amounts in thousands):
Remainder of 2025 | $ | 1,138 |
2026 | 1,503 |
2027 | 1,482 |
2028 | 1,482 |
2029 | 1,482 |
Thereafter | 59,283 |
Total undiscounted lease payments | 66,370 |
Present value discount | (38,236) |
Ground lease liabilities | $ | 28,134 |
Leases | Leases Lessor We lease various spaces to tenants over terms ranging from one to 30 years. Certain leases have termination options for a fee and/or renewal options. The leases provide for base monthly rentals and reimbursements for real estate taxes, escalations linked to the consumer price index or common area maintenance known as operating expense escalation. Tenant expense reimbursements are reflected in our March 31, 2025 and 2024 condensed consolidated statements of operations as rental revenue. Rental revenue includes fixed and variable payments. Fixed payments primarily relate to base rent and variable payments primarily relate to tenant expense reimbursements for certain property operating costs. The components of rental revenue consisted of the following:
|  | Three Months Ended |  |
(amounts in thousands) |  | March 31, 2025 |  | March 31, 2024 |  |  |  |
Fixed payments |  | $ | 135,956 |  |  | $ | 136,353 |  |  |  |  |
Variable payments |  | 18,586 |  |  | 17,529 |  |  |  |  |
Total rental revenue |  | $ | 154,542 |  |  | $ | 153,882 |  |  |  |  |
As of March 31, 2025, we were entitled to the following future contractual minimum lease payments (excluding tenant expense reimbursements) on non-cancellable operating leases to be received which expire on various dates through 2054 (amounts in thousands):
Remainder of 2025 | $ | 375,551 |
2026 | 477,099 |
2027 | 445,498 |
2028 | 407,976 |
2029 | 342,144 |
Thereafter | 1,629,266 |
| $ | 3,677,534 |
The above future minimum lease payments exclude tenant recoveries and the net accretion of above-market leases and below-market lease intangibles. Some leases are subject to termination options generally upon payment of a termination fee. The preceding table is prepared assuming such options are not exercised. As of March 31, 2025, the future lease payments to be received for signed leases that have not yet commenced was approximately $590.7 million. Lessee We determine if an arrangement is a lease at inception. Our operating lease agreements relate to three ground lease assets and are reflected in right-of-use assets and lease liabilities of $28.1 million as of March 31, 2025 and right-of-use assets and lease liabilities of $28.2 million as of December 31, 2024 in our condensed consolidated balance sheets. Right-of-use assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Right-of-use assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. Variable lease payments are excluded from the right-of-use assets and lease liabilities and are recognized in the period in which the obligation for those payments is incurred. The ground leases are due to expire between the years 2050 and 2077, inclusive of extension options, and have no variable payments or residual value guarantees. As our leases do not provide an implicit rate, we determined our incremental borrowing rate based on information available at the date of adoption of Accounting Standards Update No. 2016-02, Leases (Topic 842), in determining the present value of lease payments. The weighted average incremental borrowing rate used to calculate the right-of-use assets and lease liabilities as of March 31, 2025 was 4.5%. Rent expense for lease payments related to our operating leases is recognized on a straight-line basis over the non-cancellable term of the leases. The weighted average remaining lease term as of March 31, 2025 was 45.3 years. As of March 31, 2025, the following table summarizes our future minimum lease payments discounted by our incremental borrowing rates to calculate the lease liabilities of our leases (amounts in thousands):
Remainder of 2025 | $ | 1,138 |
2026 | 1,503 |
2027 | 1,482 |
2028 | 1,482 |
2029 | 1,482 |
Thereafter | 59,283 |
Total undiscounted lease payments | 66,370 |
Present value discount | (38,236) |
Ground lease liabilities | $ | 28,134 |

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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- Definition The entire disclosure for lessor's operating leases. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-30/tableOfContent + Details
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