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LEASE ACCOUNTING | 12 Months Ended
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Dec. 31, 2024
Leases [Abstract] |
LEASE ACCOUNTING | NOTE 4: LEASE ACCOUNTING Leasing as a Lessee For leases where we are the lessee, primarily in our corporate office operating lease, we recognize a right-of-use asset and a lease liability in accordance with ASC Topic 842. The right-of-use asset and associated liability is equal to the present value of the minimum lease payments, applying our incremental borrowing rate. Our borrowing rate is computed based on observable borrowing rates taking into consideration our credit quality and adjusting to a secured borrowing rate for similar assets and term. Our right-of-use asset and lease liability are recorded within Prepaid expenses and other assets and Accounts payable and other liabilities on our consolidated balance sheets, respectively. Lease expense for the operating lease is recognized on a straight-line basis over the expected lease term and is included in “General and administrative expense.” Leasing as a Lessor Future Minimum Rental Income As of December 31, 2024, non-cancelable commercial operating leases provide for future minimum rental income as follows (in thousands):
2025 |  | $ | 15,677 |
2026 |  | 15,223 |
2027 |  | 13,290 |
2028 |  | 6,088 |
2029 |  | 6,005 |
Thereafter |  | 36,160 |
|  | $ | 92,443 |
Apartment leases are not included as the terms are generally for one year or less. Rental income under most of these commercial leases increase in future years based on agreed-upon percentages or in some instances, changes in the Consumer Price Index.
LEASE ACCOUNTING | NOTE 4: LEASE ACCOUNTING Leasing as a Lessee For leases where we are the lessee, primarily in our corporate office operating lease, we recognize a right-of-use asset and a lease liability in accordance with ASC Topic 842. The right-of-use asset and associated liability is equal to the present value of the minimum lease payments, applying our incremental borrowing rate. Our borrowing rate is computed based on observable borrowing rates taking into consideration our credit quality and adjusting to a secured borrowing rate for similar assets and term. Our right-of-use asset and lease liability are recorded within Prepaid expenses and other assets and Accounts payable and other liabilities on our consolidated balance sheets, respectively. Lease expense for the operating lease is recognized on a straight-line basis over the expected lease term and is included in “General and administrative expense.” Leasing as a Lessor Future Minimum Rental Income As of December 31, 2024, non-cancelable commercial operating leases provide for future minimum rental income as follows (in thousands):
2025 |  | $ | 15,677 |
2026 |  | 15,223 |
2027 |  | 13,290 |
2028 |  | 6,088 |
2029 |  | 6,005 |
Thereafter |  | 36,160 |
|  | $ | 92,443 |
Apartment leases are not included as the terms are generally for one year or less. Rental income under most of these commercial leases increase in future years based on agreed-upon percentages or in some instances, changes in the Consumer Price Index.

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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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